Search Result

Srl

Item

ID: 133266

Does property rights reform improve the efficiency of China's s / Wang, Qian; Feng, Xiaochu

Wang, Qian	Journal Article
	0 Rating(s) & 0 Review(s)

Publication

2014.

Summary/Abstract

China's state-owned banks have undergone radical changes over the past two decades, including partial privatization and listing in both the Hong Kong Stock Exchange and the Shanghai Stock Exchange. This paper evaluates the effects of these changes by analyzing the efficiency of Chinese banks over the period 1998-2012 using two frontier techniques and comparative analysis. The findings suggest that the performance and technical efficiency of the Big Four banks improved considerably after property rights reform, but this improvement is not sufficient to keep the banks at the production frontier. Tobit regressions confirm that static ownership effects are negative but that the property rights reform has had significant and positive effects on the technical efficiency of state-owned commercial banks. GDP growth and the financial crisis have had positive effects on the efficiency of Chinese banks, which is more significant for joint stock commercial banks than state-owned commercial banks. The results indicate the value of ownership reforms of state-owned asset management companies and insurance companies and the establishment of a countercyclical capital buffer.

Key Words

Economic Crisis ; China ; Financial Crisis ; Comparative Analysis ; Chinese Economy ; Banking Efficiency ;
Banking System - China ; Commercial Banks ; Property Rights Reform ; State-Owned Bank

In Basket

Export

ID: 182768

Environmental regulation, firm heterogeneity, and intra-industry reallocation / Wang, Qian; Zhu, Linke

Wang, Qian	Journal Article
	0 Rating(s) & 0 Review(s)

Summary/Abstract

We describe a model with firm heterogeneity and endogenous pollution abatement to show how emission intensity and exit/entry selections vary across firms. Using Chinese firm-level emission and production data, we find evidence that low productivity firms have higher emission intensity. The emission intensity of firms with productivity below 10 percentile is 5.26 times larger than firms with productivity above 90 percentile. Combining the Annual Survey of Chinese Industrial Enterprises (CIE) data, and applying a triple-difference research design, we find that firms with high emission intensity or low productivity have a higher probability of exit when exposed to strict environmental policy. We also find the exit of unproductive firms contributes to aggregate productivity and strict environmental policy can help to reduce misallocation.

Key Words

Environmental Regulation ; Emission Intensity ; Firm Dynamics ; Intra-Industry Reallocation

In Basket

Export