China's Industrial State-Owned Enterprises: Between by Carsten A Holz

By Carsten A Holz

After a long time of declining profitability, China's commercial state-owned agencies seem out of date. This examine depends on wide info and quantitative research to ascertain the explanations for the decline in profitability, to envision their present profitability styles throughout a variety of dimensions, and to account for any profitability hole with firms in different possession varieties. contemporary reform measures also are evaluated. A differentiated photo emerges which seeks to make prior advancements understandable and remove darkness from the customers of the reform of business state-owned agencies in China.

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11; Shaanxi tongji nianjian 1999, pp. ; 2001, pp. , 324f. 61 18 China's Industrial State-owned Enterprises: Between Profitability and Bankruptcy shareholding companies (limited liability companies and stock companies) in which the state has a controlling share; data on these shareholding companies are included in full. ) The following equation summarizes the coverage issues for industrial SOEs. , limited liability companies and stock companies) in which the state has a controlling share, + all (other) enterprises or shareholding companies in which the state has a stake, with the economic data counted towards the SOE category in proportion to the state's equity share, where the share 14 For details on the 1998 statistical break, see Carsten Holz and Yi-min Lin (2001a).

In the following, interest payments and other fees on liabilities will be approximated by financial charges. 31 Since 1998, the Statistical Yearbookhas published a social return on assets, labeled "total asset contribution rate" (zong zichan gongxian lu). It is defined as profit plus taxes plus interest payments per unit of average annual assets (Statistical Yearbook 2000, p. 463). Across sectors, for industrial SOEs, data on this indicator are available since 1999 only (across provinces since 1998).

Yet a meaningful measure of profitability over time should not be a function of tax rates. Including circulation taxes makes sense only for a comparison between SOEs and non-SOEs when the actual rate of circulation taxes differs across ownership forms. Due to the data problems underlying these profitability indicators and due to their questionable meaning, the four profitability indicators used in the literature appear unsuitable measures of industrial SOE profitability. , profit per unit of equity.

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