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Das (Wasted) Kapital : : Firm Ownership and Investment Efficiency in China / / David Dollar, Shang-Jin Wei



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Autore: Dollar David Visualizza persona
Titolo: Das (Wasted) Kapital : : Firm Ownership and Investment Efficiency in China / / David Dollar, Shang-Jin Wei Visualizza cluster
Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2007
Descrizione fisica: 1 online resource (40 p.)
Disciplina: 332.11
Soggetto topico: Business enterprises - China - Finance - Econometric models
Corporations - China - Finance
Corporate Finance
Labor
Macroeconomics
Taxation
Industries: Manufacturing
Labor Economics: General
Multinational Firms
International Business
Business Taxes and Subsidies
Industry Studies: Manufacturing: General
Employment
Unemployment
Wages
Intergenerational Income Distribution
Aggregate Human Capital
Aggregate Labor Productivity
Labour
income economics
Multinationals
Public finance & taxation
Manufacturing industries
Foreign corporations
State equity participation
Manufacturing
Labor economics
Economic theory
Soggetto geografico: China Economic conditions 20th century
China, People's Republic of
Altri autori: WeiShang-Jin  
Note generali: At head of title: Research Department.
"January 2007."
Nota di bibliografia: Includes bibliographical references (p. 19).
Nota di contenuto: Contents; 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
1. City Fixed Effects from Regression of ln(VA/K)2. City Fixed Effects from Regression of ln(VA/K)
Sommario/riassunto: Based 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).
Titolo autorizzato: Das (Wasted) Kapital  Visualizza cluster
ISBN: 1-4623-2153-4
1-4527-2288-9
1-283-51381-1
9786613826268
1-4519-1026-6
Formato: Materiale a stampa
Livello bibliografico Monografia
Lingua di pubblicazione: Inglese
Record Nr.: 9910788412803321
Lo trovi qui: Univ. Federico II
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Serie: IMF Working Papers; Working Paper ; ; No. 2007/009