Front Matter Page
Asia-Pacific Department
Table of Contents
1. Introduction
1.1. Related Literature
2. Listed Firms in China
2.1. Wind Database of Listed Firms
2.2. Stylized Facts about Listed Firms
3. SOE vs. POE Revenue Productivity Gaps
3.1. Productivity Measurement
3.2. Main Findings
3.3. Alternative Measures of Firm Performance
3.4. SOEs and Interest Rates
4. Macroeconomic Implications
4.1. A Model of Misallocation
4.2. Inferring Allocative Efficiency
5. Gains from SOE Reforms
6. Conclusion
Appendix For Online Publication
A Figures
B Tables
Figures
1: Number of Listed Firms in China
2: Employment Distribution for POEs and SOEs
3: TFPR Distributions for SOEs and Private Firms
4: Share of SOEs and Private Firms by Decile of TFPR
5: SOE TFPR Gaps Over Time
6: SOE Capital Intensity Relative to Private Firms Over Time
7: SOE TFPR Gaps by Sector (2016-2019)
8: SOE TFPR Gap by Sector vs. SOE Share of Sectoral Employment
9: Robustness: Productivity and Profitability Gaps Over Time
10: Gains from Closing SOE TFPR Gaps
11: Gains from Closing SOE TFPR Gaps and Equalizing Capital-Intensity
12: Pre- and Post-Reform Distribution of TFPR and SOE Value-Added Share
13: SOE Share of Employment and Value-Added
14: SOE Share of Revenues, Listed and Aggregate
15: Listed Firm Share of GDP and Employment
16: Listed SOE Share of Aggregate SOE Revenues and Assets
17: Sectoral Breakdown of Employment
18: ARPK Distributions for SOEs and POEs
19: ARPL Distributions for SOEs and POEs
20: SOE-POE ARPK Gaps by Sector (2016-2019)
21: SOE-POE Capital Productivity Gaps Over Time
22: SOE-POE Labor Productivity Gaps Over Time
23: Local and Central SOE TFPR Gaps Over Time
24: TFPR vs. Employment
25: TFPR vs. TFPQ
Tables
1: Sample Summary Statistics
2: Estimates of Average Product Gaps Between SOEs and Private Firms
3: Robustness: Estimates of SOE TFPR Gaps
4: Robustness: TFPR Gaps with Gross Output Production Function
5: Robustness: Other Measures of Firm Performance
6: SOEs and Effective Interest Rates
7: AE Gains from Closing SOE-POE TFPR Gap with Lognormal Assumptions
8: Estimates of ARPK Gaps Between SOEs and POEs
9: TFPR Gaps by Broad Sector and Over Time