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Das (wasted) kapital : firm ownership and investment efficiency in China

Author: David Dollar; Shang-Jin Wei; International Monetary Fund. Research Department.
Publisher: [Washington, D.C.] : International Monetary Fund, 2007.
Series: IMF working paper, WP/07/9.
Edition/Format:   eBook : EnglishView all editions and formats
Database:WorldCat
Summary:
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  Read more...
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Genre/Form: Electronic books
Computer network resources
Additional Physical Format: Print version:
Dollar, David.
Das (wasted) kapital.
[Washington, D.C.] : International Monetary Fund, ©2007
(OCoLC)156982869
Material Type: Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: David Dollar; Shang-Jin Wei; International Monetary Fund. Research Department.
ISBN: 1283513811 9781283513814
OCLC Number: 568151191
Notes: At head of title: Research Department.
"January 2007."
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010.
Description: 1 online resource (38 p.) : ill.
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: IMF working paper, WP/07/9.
Responsibility: prepared by David Dollar and Shang-Jin Wei.

Abstract:

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).

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