Recasting the Iron Rice Bowl: The Reform of China's State-Owned Enterprises

• 成果类型: Article
• 署名作者: Berkowitz, Daniel; Ma, Hong; Nishioka, Shuichiro
• 署名单位: Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Tsinghua University; West Virginia University
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/REST_a_00637
• 发表日期: 2017-10
• 页码: 735-747
• 关键词: productivity; privatization; specification; substitution; estimators; elasticity; EFFICIENCY; sector

摘要

Following the enactment of reforms in the mid-1990s, China's state-owned enterprises (SOEs) became more profitable. Using theoretical insights from Azmat, Manning, and Van Reenen (2012) and Karabarbounis and Neiman (2014) and econometric methods in De Loecker andWarzynski (2012), this paper finds that SOE restructuring was nevertheless limited. This is because SOE profitability gains in part reflect that they were under less political pressure to hire excess labor and also their cost of capital fell and their capital-labor elasticity of substitution generally exceeded unity. Moreover, SOE productivity lagged that of foreign and private firms.