This article analyzes the basic experiences in the reform and development of China’s non-state-owned economy,based on a review of its distinctive features and major achievements of sustained rapid development over th...This article analyzes the basic experiences in the reform and development of China’s non-state-owned economy,based on a review of its distinctive features and major achievements of sustained rapid development over the last three decades since reform and opening began. It also identifies the problems facing further reform and development of China’s non-state-owned economy. Finally,it presents an outlook of the future of non-state-owned economic development. Looking ahead,the collectively owned economy in urban areas and townships is expected to enter a new stage of development based on transition and transformation; the individual and private economy will reach new heights of development; foreign invested enterprises will further boost economic and technological investment and raise the technological content of output.展开更多
This paper investigates the free cash flow productivity of SOEs compared with non-SOEs and examines its possible determinants.We find that SOEs have slightly weak free cash flow productivity but significantly stronger...This paper investigates the free cash flow productivity of SOEs compared with non-SOEs and examines its possible determinants.We find that SOEs have slightly weak free cash flow productivity but significantly stronger than non-SOEs.Similar performance exists among commercial class I and II SOEs and public-benefit SOEs.Further analyses suggest that firm size,age,sales growth,ownership concentration,government subsidies,and industry monopoly factors cannot explain this phenomenon.The common driver for all types of SOEs to generate stronger free cash flows than non-SOEs is their stronger expense control capability.展开更多
文摘This article analyzes the basic experiences in the reform and development of China’s non-state-owned economy,based on a review of its distinctive features and major achievements of sustained rapid development over the last three decades since reform and opening began. It also identifies the problems facing further reform and development of China’s non-state-owned economy. Finally,it presents an outlook of the future of non-state-owned economic development. Looking ahead,the collectively owned economy in urban areas and townships is expected to enter a new stage of development based on transition and transformation; the individual and private economy will reach new heights of development; foreign invested enterprises will further boost economic and technological investment and raise the technological content of output.
基金support from the National Natural Science Foundation of China(Project No.71672098)Accounting Master Program of the Ministry of Finance of China(2015)and the Tsinghua University School of Economics and Management Research Grant(Project No.2020051009).
文摘This paper investigates the free cash flow productivity of SOEs compared with non-SOEs and examines its possible determinants.We find that SOEs have slightly weak free cash flow productivity but significantly stronger than non-SOEs.Similar performance exists among commercial class I and II SOEs and public-benefit SOEs.Further analyses suggest that firm size,age,sales growth,ownership concentration,government subsidies,and industry monopoly factors cannot explain this phenomenon.The common driver for all types of SOEs to generate stronger free cash flows than non-SOEs is their stronger expense control capability.
