From the perspective of financial distortoin and using the statistics China＇s industrial enterprises between 1999 and 2007,this paper examines the relationship between corporate ownership and ROIC （return on investe...From the perspective of financial distortoin and using the statistics China＇s industrial enterprises between 1999 and 2007,this paper examines the relationship between corporate ownership and ROIC （return on invested capital）.Our empirical results suggest that SOEs have a for lower ROIC average compared to enterprises of the forms of ownership,and that private enterprises have the highest ROIC.In addition,this paper＇s numerical simulation results indicate that if financial distortion is eliminated,so that more financial resources can be redirected to private enterprises with a higher ROIC,China＇s GDP growth could be increased by 2 to 8 per cent over the current level.展开更多
文摘From the perspective of financial distortoin and using the statistics China＇s industrial enterprises between 1999 and 2007,this paper examines the relationship between corporate ownership and ROIC （return on invested capital）.Our empirical results suggest that SOEs have a for lower ROIC average compared to enterprises of the forms of ownership,and that private enterprises have the highest ROIC.In addition,this paper＇s numerical simulation results indicate that if financial distortion is eliminated,so that more financial resources can be redirected to private enterprises with a higher ROIC,China＇s GDP growth could be increased by 2 to 8 per cent over the current level.
