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1、HONGKONGINSTITUTEFORMONETARYRESEARCHHONORTHYCREDITORSBEFORANTHYSHAREHOLDERS:ARETHEPROFITSOFCHINESESTATE-OWNEDENTERPRISESREAL?GiovanniFerriandLi-GangLiuHKIMRWorkingPaperNo.16/2009April2009HongKongInstituteforMonetaryResearch(acompanyincorporatedwithlimite
2、dliability)Allrightsreserved.Reproductionforeducationalandnon-commercialpurposesispermittedprovidedthatthesourceisacknowledged.HonorThyCreditorsBeforanThyShareholders:AretheProfitsofChineseState-OwnedEnterprisesReal?GiovanniFerriUniversityofBariHongKongI
3、nstituteforMonetaryResearchandLi-GangLiu*BBVAApril2009AbstractTheChinesestateownedenterprises(SOEs)havebecomequiteprofitablerecently.Asthelargestshareholder,thestatehasnotaskedSOEstopaydividendsinthepast.Therefore,somehavesuggestedthatthestateshouldaskSO
4、Estopaydividends.Indeed,theChinesegovernmenthasadoptedthispolicyadviceandstartedtodemanddividendpaymentstartingfrom2008.Whilewedonotquestionthesoundnessofthedividendpolicy,thepointweraiseiswhetherthoseprofitsarerealifallcostsownedbySOEsareproperlyaccount
5、edfor.Amongotherthings,weareinterestedininvestigatingwhethertheprofitsofSOEswouldstillbeaslargeastheyclaimiftheyweretopayamarketinterestrate.UsingarepresentativesampleofcorporateChina,wefindthatthecostsoffinancingforSOEsaresignificantlylowerthanforotherc
6、ompaniesaftercontrollingforsomefundamentalfactorsforprofitabilityandindividualfirmcharacteristics.Inaddition,ourestimatesshowthatifSOEsweretopayamarketinterestrate,theirexistingprofitswouldbeentirelywipedout.OurfindingssuggestthatSOEsarestillbenefitingfr
7、omcreditsubsidiesandtheyarenotyetsubjecttothemarketinterestrates.Inanenvironmentwherecreditrightsarenotfullyrespected,dividendpolicy,thoughimportant,shouldcomesecondandnotfirst.Keywords:StateOwnedEnterprises,SoftBudgetConstraint,DividendPolicyJELClassifi
8、cation:G32,O16,O53*Theauthorsare,respectively,ProfessorofEconomics,UniversityofBariandChiefEconomistforChina,BBVAHongKongBranch.WewishtothankHansGenberg,HeDong,andMatthewYiuforhelpfuldiscussionsandAngelaMariaD’Uggentoforof
