LEADER 05672oam 22012014 450 001 9910788412803321 005 20230721050905.0 010 $a1-4623-2153-4 010 $a1-4527-2288-9 010 $a1-283-51381-1 010 $a9786613826268 010 $a1-4519-1026-6 035 $a(CKB)3360000000443617 035 $a(EBL)1608458 035 $a(OCoLC)568151191 035 $a(MiAaPQ)EBC1608458 035 $a(IMF)WPIEE2007009 035 $a(EXLCZ)993360000000443617 100 $a20020129d2007 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aDas (Wasted) Kapital : $eFirm Ownership and Investment Efficiency in China /$fDavid Dollar, Shang-Jin Wei 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2007. 215 $a1 online resource (40 p.) 225 1 $aIMF Working Papers 300 $aAt head of title: Research Department. 300 $a"January 2007." 311 $a1-4518-6573-2 320 $aIncludes bibliographical references (p. 19). 327 $aContents; I. Introduction; II. Conceptual Framework; III. Data; IV. Statistical results; V. Conclusion; References; Tables; 1. Firm Classification by Actual Ownership versus Registration; 2. Sources of Financing for Working Capital by Ownership Type; 3. Sources of Financing for Investment by Ownership Type; 4. Summary Statistics of VA/K Ratio; 5. Average Revenue Product of Capital and Ownership; 6. Average Returns to Capital: Adding Firm Size [ln(employment)]; 7. Summary Statistics of Marginal Revenue Product of Capital; 8. Marginal Revenue Product of Capital ((VA- wL)/K) and Ownership 327 $a1. City Fixed Effects from Regression of ln(VA/K)2. City Fixed Effects from Regression of ln(VA/K) 330 3 $aBased on a survey that we designed and that covers a stratified random sample of 12,400 firms in 120 cities in China with firm-level accounting information for 2002-2004, this paper examines the presence of systematic distortions in capital allocation that result in uneven marginal returns to capital across firm ownership, regions, and sectors. It provides a systematic comparison of investment efficiency among wholly and partially state-owned, wholly and partially foreignowned, and domestic privately owned firms, conditioning on their sector, location, and size characteristics. It finds that even after a quarter-of-century of reforms, state-owned firms still have significantly lower returns to capital, on average, than domestic private or foreign-owned firms. Similarly, certain regions and sectors have consistently lower returns to capital than other regions and sectors. By our calculation, if China succeeds in allocating its capital more efficiently, it could reduce its investment intensity by 5 percent of GDP without sacrificing its economic growth (and hence deliver a greater improvement to its citizens' living standard). 410 0$aIMF Working Papers; Working Paper ;$vNo. 2007/009 606 $aBusiness enterprises$zChina$xFinance$xEconometric models 606 $aCorporations$zChina$xFinance 606 $aCorporate Finance$2imf 606 $aLabor$2imf 606 $aMacroeconomics$2imf 606 $aTaxation$2imf 606 $aIndustries: Manufacturing$2imf 606 $aLabor Economics: General$2imf 606 $aMultinational Firms$2imf 606 $aInternational Business$2imf 606 $aBusiness Taxes and Subsidies$2imf 606 $aIndustry Studies: Manufacturing: General$2imf 606 $aEmployment$2imf 606 $aUnemployment$2imf 606 $aWages$2imf 606 $aIntergenerational Income Distribution$2imf 606 $aAggregate Human Capital$2imf 606 $aAggregate Labor Productivity$2imf 606 $aLabour$2imf 606 $aincome economics$2imf 606 $aMultinationals$2imf 606 $aPublic finance & taxation$2imf 606 $aManufacturing industries$2imf 606 $aForeign corporations$2imf 606 $aState equity participation$2imf 606 $aManufacturing$2imf 606 $aLabor economics$2imf 606 $aEconomic theory$2imf 607 $aChina$xEconomic conditions$y20th century 607 $aChina, People's Republic of$2imf 615 0$aBusiness enterprises$xFinance$xEconometric models. 615 0$aCorporations$xFinance. 615 7$aCorporate Finance 615 7$aLabor 615 7$aMacroeconomics 615 7$aTaxation 615 7$aIndustries: Manufacturing 615 7$aLabor Economics: General 615 7$aMultinational Firms 615 7$aInternational Business 615 7$aBusiness Taxes and Subsidies 615 7$aIndustry Studies: Manufacturing: General 615 7$aEmployment 615 7$aUnemployment 615 7$aWages 615 7$aIntergenerational Income Distribution 615 7$aAggregate Human Capital 615 7$aAggregate Labor Productivity 615 7$aLabour 615 7$aincome economics 615 7$aMultinationals 615 7$aPublic finance & taxation 615 7$aManufacturing industries 615 7$aForeign corporations 615 7$aState equity participation 615 7$aManufacturing 615 7$aLabor economics 615 7$aEconomic theory 676 $a332.11 700 $aDollar$b David$0280556 701 $aWei$b Shang-Jin$0118987 712 02$aInternational Monetary Fund.$bResearch Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788412803321 996 $aDas (Wasted) Kapital$93802264 997 $aUNINA