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Resource Misallocation Among Listed Firms in China: The Evolving Role of State-Owned Enterprises

Author

Listed:
  • Ms. Emilia M Jurzyk
  • Cian Ruane

Abstract

We document that publicly listed Chinese state-owned enterprises (SOEs) are less productive and profitable than publicly listed firms in which the state has no ownership stake. In particular, Chinese listed SOEs are more capital intensive and have a lower average product of capital than non-SOEs. These productivity differences increased between 2002 and 2009, and remain sizeable in 2019. Using a heterogeneous firm model of resource misallocation, we find that there are large potential productivity gains from reforms which could equalize the marginal products of listed SOEs and listed non-SOEs.

Suggested Citation

  • Ms. Emilia M Jurzyk & Cian Ruane, 2021. "Resource Misallocation Among Listed Firms in China: The Evolving Role of State-Owned Enterprises," IMF Working Papers 2021/075, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2021/075
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    Cited by:

    1. Eswar Prasad, 2023. "Has China's Growth Gone from Miracle to Malady?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 54(1 (Spring), pages 243-270.
    2. Diego A. Cerdeiro & Cian Ruane, 2024. "China's declining business dynamism," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 57(3), pages 726-752, August.

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