While China's economic growth has been impressive since 1978, regional disparity in terms of provincial per capita GDP has been increasing. On the other hand, this rapid but uneven growth was accompanied by China&...While China's economic growth has been impressive since 1978, regional disparity in terms of provincial per capita GDP has been increasing. On the other hand, this rapid but uneven growth was accompanied by China's deepening openness and structural reforms including the development of non-state-owned enterprises (non-SOEs) and fiscal decentralization. Based on quantitative analyses, this paper tries to explore the features of regional disparity in China and the relationships between regional growth and China's openness and economic structure reforms in the period from 1981 to 2000. The paper finds that the catching-up of the coastal region to the initially rich provinces, which are mainly located in inland areas, brought about a convergence of the growth pattern across provinces in the 1980s.The subsequent divergence in the provincial growth rates between the coast and the interior generated an enlarging regional disparity in China in the 1990s. The ever-faster growth in the coastal region was benefited by China's openness and the development of non-state-owned enterprises. The development of non-state-owned enterprises underlies the higher operational efficiency in the coastal region. Additionally, with the insignificant regression results, fiscal decentralization was observed to facilitate faster growth in the coast region. The findings justify the initiative of the 'West Region Development Strategy' and offer some policy implications for China.展开更多
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
Firms in China have faced high political costs during China's economic transition,because they are affected by macroeconomic policies.However,research to date has offered no consistent conclusions on the relations...Firms in China have faced high political costs during China's economic transition,because they are affected by macroeconomic policies.However,research to date has offered no consistent conclusions on the relationship between political costs and earnings management in China.This study tests whether real estate firms attempt to decrease earnings during periods of macroeconomic control,using variables related to the national real estate market as proxies for political costs.We find that political costs are negatively related to earnings management in listed real estate firms.In addition,we find that non-state-owned enterprises utilized more income-decreasing accruals during this period.Our results are consistent with the political costs hypothesis.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While China's economic growth has been impressive since 1978, regional disparity in terms of provincial per capita GDP has been increasing. On the other hand, this rapid but uneven growth was accompanied by China's deepening openness and structural reforms including the development of non-state-owned enterprises (non-SOEs) and fiscal decentralization. Based on quantitative analyses, this paper tries to explore the features of regional disparity in China and the relationships between regional growth and China's openness and economic structure reforms in the period from 1981 to 2000. The paper finds that the catching-up of the coastal region to the initially rich provinces, which are mainly located in inland areas, brought about a convergence of the growth pattern across provinces in the 1980s.The subsequent divergence in the provincial growth rates between the coast and the interior generated an enlarging regional disparity in China in the 1990s. The ever-faster growth in the coastal region was benefited by China's openness and the development of non-state-owned enterprises. The development of non-state-owned enterprises underlies the higher operational efficiency in the coastal region. Additionally, with the insignificant regression results, fiscal decentralization was observed to facilitate faster growth in the coast region. The findings justify the initiative of the 'West Region Development Strategy' and offer some policy implications for China.
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supported by the National Social Science Foundation(08CJY2009)the National Nature Science Foundation of China(70732002 and 70602011)
文摘Firms in China have faced high political costs during China's economic transition,because they are affected by macroeconomic policies.However,research to date has offered no consistent conclusions on the relationship between political costs and earnings management in China.This study tests whether real estate firms attempt to decrease earnings during periods of macroeconomic control,using variables related to the national real estate market as proxies for political costs.We find that political costs are negatively related to earnings management in listed real estate firms.In addition,we find that non-state-owned enterprises utilized more income-decreasing accruals during this period.Our results are consistent with the political costs hypothesis.
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.
