By Carsten A Holz
After many years of declining profitability, China's commercial state-owned organizations seem out of date. This examine is determined by broad info and quantitative research to envision the explanations for the decline in profitability, to envision their present profitability styles throughout a number of dimensions, and to account for any profitability hole with agencies in different possession varieties. fresh reform measures also are evaluated. A differentiated photograph emerges which seeks to make earlier advancements understandable and light up the clients of the reform of business state-owned corporations in China.
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Additional info for China's Industrial State-Owned Enterprises: Between Profitability and Bankruptcy
Barry Naughton (1992) and Fan Gang and Wing-Thye Woo (1996) relate profit plus taxes to net fixed assets plus average working capital. The latter profit rate, profit plus taxes relative to net fixed assets and average working capital, was also reported in the Statistical Yearbook from the early 1980s until 1997 as the "funds profitability rate" (zijin lishuilu). An often unnoticed severe statistical break in this profit rate occurred between 1991 and 1992. The rate was first defined in 1990 (for 1990 data) as profit plus taxes relative to the average annual net fixed assets plus the average annual fixed-quota working capital.
Due to the accounting reform in 1992, the variables on which data are available up through 1992 differ from those since 1993; the sectoral break conveniently occurs at the same time as the break in balance sheet variables. The statistical break in enterprise classification in 1998, furthermore, implies that the 1993-1997 data on industrial SOEs (or the directly reporting industrial enterprises) are not comparable to those of 1999-2000. The 1995 industrial census offers detailed data on SOEs in 37 out of the 40 sectors (first-digit industry classification), as well as on their sub-sectors (second-digit and third-digit industry classification).
401), and interest rates on enterprise deposits are well below those on loans to enterprises. Provinciallevel industrial SOE data for the years 1998 through 2000 occasionally include data on interest payments; these tend to fall only 5-10% short of the (net) financial charges; this implies that the "other fees" on liabilities must be quite high. 56% of financial charges (Industrial Census 1995, Vol. 1, p. 51). No data at all are available on non-interest fees related to liabilities. In the following, interest payments and other fees on liabilities will be approximated by financial charges.