Are the Profits of Chinese State-Owned Enterprises Real.pdf

Are the Profits of Chinese State-Owned Enterprises Real.pdf

ID:34569997

大小:225.89 KB

页数:27页

时间:2019-03-08

Are the Profits of Chinese State-Owned Enterprises Real.pdf_第1页
Are the Profits of Chinese State-Owned Enterprises Real.pdf_第2页
Are the Profits of Chinese State-Owned Enterprises Real.pdf_第3页
Are the Profits of Chinese State-Owned Enterprises Real.pdf_第4页
Are the Profits of Chinese State-Owned Enterprises Real.pdf_第5页
资源描述:

《Are the Profits of Chinese State-Owned Enterprises Real.pdf》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库

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

当前文档最多预览五页,下载文档查看全文

此文档下载收益归作者所有

当前文档最多预览五页,下载文档查看全文
温馨提示:
1. 部分包含数学公式或PPT动画的文件,查看预览时可能会显示错乱或异常,文件下载后无此问题,请放心下载。
2. 本文档由用户上传,版权归属用户,天天文库负责整理代发布。如果您对本文档版权有争议请及时联系客服。
3. 下载前请仔细阅读文档内容,确认文档内容符合您的需求后进行下载,若出现内容与标题不符可向本站投诉处理。
4. 下载文档时可能由于网络波动等原因无法下载或下载错误,付费完成后未能成功下载的用户请联系客服处理。