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

Author: David Dollar; Shang-Jin Wei; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2007.
Series: Working paper series (National Bureau of Economic Research), no. 13103.
Edition/Format:   eBook : Document : EnglishView all editions and formats
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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Additional Physical Format: Print version:
Dollar, David.
(wasted) kapital.
Cambridge, Mass. : National Bureau of Economic Research, 2007
(DLC) 2007616258
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: David Dollar; Shang-Jin Wei; National Bureau of Economic Research.
OCLC Number: 131809047
Description: 1 online resource (1 volume).
Series Title: Working paper series (National Bureau of Economic Research), no. 13103.
Responsibility: David Dollar, 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 foreign-owned, 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 capital stock by 8 percent without sacrificing its economic growth (and hence could raise its household consumption and deliver a faster improvement to its citizens' living standard).

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Primary Entity<\/h3>\n
<http:\/\/www.worldcat.org\/oclc\/131809047<\/a>> # Das (wasted) kapital : firm ownership and investment efficiency in China<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Book<\/a>, schema:MediaObject<\/a>, schema:CreativeWork<\/a> ;\u00A0\u00A0\u00A0\nlibrary:oclcnum<\/a> \"131809047<\/span>\" ;\u00A0\u00A0\u00A0\nlibrary:placeOfPublication<\/a> <http:\/\/id.loc.gov\/vocabulary\/countries\/mau<\/a>> ;\u00A0\u00A0\u00A0\nlibrary:placeOfPublication<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/376214428#Place\/cambridge_mass<\/a>> ; # Cambridge, Mass.<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/id.loc.gov\/authorities\/subjects\/sh2008100090<\/a>> ; # Corporations--China--Finance<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/id.worldcat.org\/fast\/842570<\/a>> ; # Business enterprises--Finance--Mathematical models<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/dewey.info\/class\/330\/<\/a>> ;\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/id.loc.gov\/authorities\/subjects\/sh2008104478<\/a>> ; # Investments--China<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/id.worldcat.org\/fast\/879841<\/a>> ; # Corporations--Finance<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/376214428#Event\/1900_1999<\/a>> ; # 1900-1999<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/id.worldcat.org\/fast\/901974<\/a>> ; # Economic history<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/id.worldcat.org\/fast\/1206073<\/a>> ; # China.<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/376214428#Place\/china<\/a>> ; # China<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/id.worldcat.org\/fast\/978234<\/a>> ; # Investments<\/span>\n\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/376214428#Topic\/business_enterprises_china_finance_mathematical_models<\/a>> ; # Business enterprises--China--Finance--Mathematical models<\/span>\n\u00A0\u00A0\u00A0\nschema:bookFormat<\/a> schema:EBook<\/a> ;\u00A0\u00A0\u00A0\nschema:contributor<\/a> <http:\/\/viaf.org\/viaf\/135446122<\/a>> ; # National Bureau of Economic Research.<\/span>\n\u00A0\u00A0\u00A0\nschema:contributor<\/a> <http:\/\/viaf.org\/viaf\/66626764<\/a>> ; # Shang-Jin Wei<\/span>\n\u00A0\u00A0\u00A0\nschema:creator<\/a> <http:\/\/viaf.org\/viaf\/51760052<\/a>> ; # David Dollar<\/span>\n\u00A0\u00A0\u00A0\nschema:datePublished<\/a> \"2007<\/span>\" ;\u00A0\u00A0\u00A0\nschema:description<\/a> \"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 foreign-owned, 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 capital stock by 8 percent without sacrificing its economic growth (and hence could raise its household consumption and deliver a faster improvement to its citizens\' living standard).<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\nschema:exampleOfWork<\/a> <http:\/\/worldcat.org\/entity\/work\/id\/376214428<\/a>> ;\u00A0\u00A0\u00A0\nschema:inLanguage<\/a> \"en<\/span>\" ;\u00A0\u00A0\u00A0\nschema:isPartOf<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/376214428#Series\/working_paper_series_national_bureau_of_economic_research<\/a>> ; # Working paper series (National Bureau of Economic Research) ;<\/span>\n\u00A0\u00A0\u00A0\nschema:isPartOf<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/376214428#Series\/nber_working_paper_series<\/a>> ; # NBER working paper series ;<\/span>\n\u00A0\u00A0\u00A0\nschema:isSimilarTo<\/a> <http:\/\/worldcat.org\/entity\/work\/data\/376214428#CreativeWork\/wasted_kapital<\/a>> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Das (wasted) kapital : firm ownership and investment efficiency in China<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\nschema:productID<\/a> \"131809047<\/span>\" ;\u00A0\u00A0\u00A0\nschema:publication<\/a> <http:\/\/www.worldcat.org\/title\/-\/oclc\/131809047#PublicationEvent\/cambridge_mass_national_bureau_of_economic_research_2007<\/a>> ;\u00A0\u00A0\u00A0\nschema:publisher<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/376214428#Agent\/national_bureau_of_economic_research<\/a>> ; # National Bureau of Economic Research<\/span>\n\u00A0\u00A0\u00A0\nschema:url<\/a> <http:\/\/papers.nber.org\/papers\/w13103<\/a>> ;\u00A0\u00A0\u00A0\nschema:url<\/a> <http:\/\/papers.nber.org\/papers\/<\/a>> ;\u00A0\u00A0\u00A0\nschema:url<\/a> <http:\/\/0-papers.nber.org.biblio.eui.eu\/papers\/<\/a>> ;\u00A0\u00A0\u00A0\nschema:url<\/a> <http:\/\/public.ebookcentral.proquest.com\/choice\/publicfullrecord.aspx?p=1608458<\/a>> ;\u00A0\u00A0\u00A0\nschema:url<\/a> <http:\/\/elibrary.imf.org\/view\/IMF001\/01558-9781451865738\/01558-9781451865738\/01558-9781451865738.xml<\/a>> ;\u00A0\u00A0\u00A0\nwdrs:describedby<\/a> <http:\/\/www.worldcat.org\/title\/-\/oclc\/131809047<\/a>> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n\n

Related Entities<\/h3>\n
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<http:\/\/experiment.worldcat.org\/entity\/work\/data\/376214428#Agent\/national_bureau_of_economic_research<\/a>> # National Bureau of Economic Research<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nbgn:Agent<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"National Bureau of Economic Research<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/376214428#Event\/1900_1999<\/a>> # 1900-1999<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Event<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"1900-1999<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/376214428#Place\/cambridge_mass<\/a>> # Cambridge, Mass.<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Place<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Cambridge, Mass.<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/376214428#Place\/china<\/a>> # China<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Place<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"China<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/376214428#Series\/nber_working_paper_series<\/a>> # NBER working paper series ;<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nbgn:PublicationSeries<\/a> ;\u00A0\u00A0\u00A0\nschema:hasPart<\/a> <http:\/\/www.worldcat.org\/oclc\/131809047<\/a>> ; # Das (wasted) kapital : firm ownership and investment efficiency in China<\/span>\n\u00A0\u00A0\u00A0\nschema:name<\/a> \"NBER working paper series ;<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/376214428#Series\/working_paper_series_national_bureau_of_economic_research<\/a>> # Working paper series (National Bureau of Economic Research) ;<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nbgn:PublicationSeries<\/a> ;\u00A0\u00A0\u00A0\nschema:hasPart<\/a> <http:\/\/www.worldcat.org\/oclc\/131809047<\/a>> ; # Das (wasted) kapital : firm ownership and investment efficiency in China<\/span>\n\u00A0\u00A0\u00A0\nschema:name<\/a> \"Working paper series (National Bureau of Economic Research) ;<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/experiment.worldcat.org\/entity\/work\/data\/376214428#Topic\/business_enterprises_china_finance_mathematical_models<\/a>> # Business enterprises--China--Finance--Mathematical models<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:hasPart<\/a> <http:\/\/id.loc.gov\/authorities\/subjects\/sh2009117978<\/a>> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Business enterprises--China--Finance--Mathematical models<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/id.loc.gov\/authorities\/subjects\/sh2008100090<\/a>> # Corporations--China--Finance<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Corporations--China--Finance<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/id.loc.gov\/authorities\/subjects\/sh2008104478<\/a>> # Investments--China<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Investments--China<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/id.loc.gov\/vocabulary\/countries\/mau<\/a>>\u00A0\u00A0\u00A0\u00A0a \nschema:Place<\/a> ;\u00A0\u00A0\u00A0\ndcterms:identifier<\/a> \"mau<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/id.worldcat.org\/fast\/1206073<\/a>> # China.<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Place<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"China.<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/id.worldcat.org\/fast\/842570<\/a>> # Business enterprises--Finance--Mathematical models<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Business enterprises--Finance--Mathematical models<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/id.worldcat.org\/fast\/879841<\/a>> # Corporations--Finance<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Corporations--Finance<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/id.worldcat.org\/fast\/901974<\/a>> # Economic history<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Economic history<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/id.worldcat.org\/fast\/978234<\/a>> # Investments<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Intangible<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Investments<\/span>\"@en<\/a> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/viaf.org\/viaf\/135446122<\/a>> # National Bureau of Economic Research.<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Organization<\/a> ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"National Bureau of Economic Research.<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/viaf.org\/viaf\/51760052<\/a>> # David Dollar<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Person<\/a> ;\u00A0\u00A0\u00A0\nschema:familyName<\/a> \"Dollar<\/span>\" ;\u00A0\u00A0\u00A0\nschema:givenName<\/a> \"David<\/span>\" ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"David Dollar<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/viaf.org\/viaf\/66626764<\/a>> # Shang-Jin Wei<\/span>\n\u00A0\u00A0\u00A0\u00A0a \nschema:Person<\/a> ;\u00A0\u00A0\u00A0\nschema:familyName<\/a> \"Wei<\/span>\" ;\u00A0\u00A0\u00A0\nschema:givenName<\/a> \"Shang-Jin<\/span>\" ;\u00A0\u00A0\u00A0\nschema:name<\/a> \"Shang-Jin Wei<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/worldcat.org\/entity\/work\/data\/376214428#CreativeWork\/wasted_kapital<\/a>>\u00A0\u00A0\u00A0\u00A0a \nschema:CreativeWork<\/a> ;\u00A0\u00A0\u00A0\nrdfs:label<\/a> \"(wasted) kapital.<\/span>\" ;\u00A0\u00A0\u00A0\nschema:description<\/a> \"Print version:<\/span>\" ;\u00A0\u00A0\u00A0\nschema:isSimilarTo<\/a> <http:\/\/www.worldcat.org\/oclc\/131809047<\/a>> ; # Das (wasted) kapital : firm ownership and investment efficiency in China<\/span>\n\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/www.worldcat.org\/title\/-\/oclc\/131809047<\/a>>\u00A0\u00A0\u00A0\u00A0a \ngenont:InformationResource<\/a>, genont:ContentTypeGenericResource<\/a> ;\u00A0\u00A0\u00A0\nschema:about<\/a> <http:\/\/www.worldcat.org\/oclc\/131809047<\/a>> ; # Das (wasted) kapital : firm ownership and investment efficiency in China<\/span>\n\u00A0\u00A0\u00A0\nschema:dateModified<\/a> \"2019-02-09<\/span>\" ;\u00A0\u00A0\u00A0\nvoid:inDataset<\/a> <http:\/\/purl.oclc.org\/dataset\/WorldCat<\/a>> ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n
<http:\/\/www.worldcat.org\/title\/-\/oclc\/131809047#PublicationEvent\/cambridge_mass_national_bureau_of_economic_research_2007<\/a>>\u00A0\u00A0\u00A0\u00A0a \nschema:PublicationEvent<\/a> ;\u00A0\u00A0\u00A0\nschema:location<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/376214428#Place\/cambridge_mass<\/a>> ; # Cambridge, Mass.<\/span>\n\u00A0\u00A0\u00A0\nschema:organizer<\/a> <http:\/\/experiment.worldcat.org\/entity\/work\/data\/376214428#Agent\/national_bureau_of_economic_research<\/a>> ; # National Bureau of Economic Research<\/span>\n\u00A0\u00A0\u00A0\nschema:startDate<\/a> \"2007<\/span>\" ;\u00A0\u00A0\u00A0\u00A0.\n\n\n<\/div>\n\n

Content-negotiable representations<\/p>\n