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State-owned enterprises in China: S...

Sun, Jian.

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State-owned enterprises in China: Soft budget constraints and competition.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	State-owned enterprises in China: Soft budget constraints and competition./
Author:	Sun, Jian.
Description:	100 p.
Notes:	Co-Chairs: Edward Greenberg; Bruce Petersen.
Contained By:	Dissertation Abstracts International62-01A.
Subject:	Economics, Commerce-Business. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3001572
ISBN:	0493103686

State-owned enterprises in China: Soft budget constraints and competition.
Sun, Jian.

State-owned enterprises in China: Soft budget constraints and competition. - 100 p.

Co-Chairs: Edward Greenberg; Bruce Petersen.

Thesis (Ph.D.)--Washington University, 2000.

In the last two decades, China's state sector and non-state sector have experienced sharp differences in economic performance. while non-state-owned enterprises (non-SOEs) have achieved rapid growth, state-owned enterprises (SOEs) have faltered. In particular, the SOEs have experienced low productivity gains, yet they pay substantially higher wages and consume a disproportionately large fraction of available credit. In addition, their extensive losses are threatening the solvency of the country's financial system.

ISBN: 0493103686Subjects--Topical Terms:

626649
Economics, Commerce-Business.

State-owned enterprises in China: Soft budget constraints and competition.
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020 $a 0493103686
035 $a (UnM)AAI3001572
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100 1 $a Sun, Jian. $3 1031963
245 1 0 $a State-owned enterprises in China: Soft budget constraints and competition.
300 $a 100 p.
500 $a Co-Chairs: Edward Greenberg; Bruce Petersen.
500 $a Source: Dissertation Abstracts International, Volume: 62-01, Section: A, page: 0258.
502 $a Thesis (Ph.D.)--Washington University, 2000.
520 $a In the last two decades, China's state sector and non-state sector have experienced sharp differences in economic performance. while non-state-owned enterprises (non-SOEs) have achieved rapid growth, state-owned enterprises (SOEs) have faltered. In particular, the SOEs have experienced low productivity gains, yet they pay substantially higher wages and consume a disproportionately large fraction of available credit. In addition, their extensive losses are threatening the solvency of the country's financial system.
520 $a One focus of my research is the role of soft budget constraints. A growing number of economists have argued that soft budget constraints have been an important cause of the poor performance of the SOEs. The research, however, has been limited to comparing the behavior and performance of the SOEs and the non-SOEs, ignoring variations in the degree of soft budget constraints across the SOEs. Using data on 539 SOEs under different levels of government supervision, I examine how different levels of government supervision (central vs. local) have affected their performance. I find that the centrally-supervised SOEs have higher wages but lower productivity and lower cash flow than the non-centrally supervised SOEs. Given the strong correlation between the level of government supervision and the extent of financial protection received by the SOEs, these results are consistent with the view that soft budget constraints lead to poor enterprise performance.
520 $a The second focus of my research is the role of competition in the presence of soft budget constraints. In market economies, competition disciplines firm behavior and improves firm performance. Since the beginning of the Chinese economic reforms, the government has been promoting competition to introduce market discipline to the SOEs. My results show that competition has had mixed success in this regard: it has had a positive effect on the operations of the enterprises, but has not been effective in containing wage costs, wage growth, or improving productivity. This suggests that competition alone can not fully alleviate the problems generated by soft budget constraints.
590 $a School code: 0252.
650 4 $a Economics, Commerce-Business. $3 626649
650 4 $a Economics, General. $3 1017424
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710 2 0 $a Washington University. $3 1250147
773 0 $t Dissertation Abstracts International $g 62-01A.
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790 1 0 $a Greenberg, Edward, $e advisor
790 1 0 $a Petersen, Bruce, $e advisor
791 $a Ph.D.
792 $a 2000
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3001572