The Impact of Shareholding Reform on the Performance of China’s State-Owned Enterprises

• Main Authors: Ya-Ting Chang, 張雅婷
• Other Authors: 鄧志松
• Format: Others
• Language: zh-TW
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/25563101207844719557

碩士 === 國立臺灣大學 === 國家發展研究所 === 100 === At the beginning of the establishment of the People''s Republic of China, its economy was very backward. To improve its moribund economy, China chose to follow the path of Soviet Union. The planned economy helped China promote industrialization quickly, at the same time destroyed free market capitalist economy. Before 1978, state-owned economy dominated the entire country. This thesis focuses on the outcome of China’s state-owned enterprises reform over the past three decades. First, the thesis explores the evolution of China''s state-owned enterprises and the debate on reform ideology throughout the decades; Second, through linear regression, spatial analysis, and control of internal factors, monopoly factors, transport factors, industry characteristics and other variables, this thesis attempts to examine the impact of shareholding reform on the performance of China’s state-owned enterprises. The reform of state-owned enterprises in China demonstrates the characteristics of pragmatism. The empirical results reveal the following findings: first, the release of state capital has a significant impact on profitability; secondly, companies with foreign investments have higher profitability than other companies with various capital structures. The control variables that affect profitability include internal factors, firm size, capital intensity, debt ratio and export ratio. In addition, monopoly is another important factor affecting the profitability of state-owned enterprises. Monopoly factors in the regression model suggest that withdrawing from the competitive industry is the most effective allocation of resources for the state-owned enterprises.