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Firm Dynamics and SOE Transformation During China's Economic Reform
Chengcheng Jia 2021-11-01
We study China’s state-owned enterprises (SOE) reform with a focus on the corporatization of SOEs. We first empirically document that small SOEs are more likely to exit or become privatized, whereas big SOEs are more likely to be corporatized while remaining under state ownership. We then build a heterogeneous-firm model featuring financial frictions, endogenous entry and exit, and optimal firm-type choices. Our calibrated model suggests that in the long run, the SOE reform increases the aggregate output by facilitating resource reallocation to the private sector. Along the transition, the corporatization option leads to higher aggregate output than the privatization-only policy by giving a higher financing capacity to more productive incumbent SOEs.
이전글 | Transition Finance in China’s Guangdong Hong Kong-Macau Greater Bay Area | 2021-11-01 |
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다음글 | 小微企业减税、纳税遵从与财政可持续发展 | 2021-10-29 |