firms do not have boards of directors or shareholder meetings. Entrepreneurs contributed 77
percent of the equity capital in 2002 and 80 percent in 2000 to these firms, and the average
return on equity was about 24 percent in 2002 and 19 percent in 2000.
Our study examines how social capital, financing capital, and human capital affect firm
performance because we can argue strongly that these factors are important in the success
and survival of the Chinese private firms. Indeed, the results from our analyses indicate
that: (1) social capital, measured by cumulative charitable contributions as a percentage of
total assets, positively affects the financial performance of the firms; (2) financing capital,
measured by the ratio of equity to total capital, is also positively related to return on assets;
and (3) human capital, proxied by the management-to-employee ratio, is positively related
to financial performance in 2000 but not in 2002. The age of the entrepreneur is negatively
related to performance for the two surveys, implying that younger entrepreneurs perform
better.
SSRS 2008 Data Source下拉菜单中并找不到新建的rdsThe rest of the article is organized as follows. We first review the literature related to
the financial performance 本文来自!辣~文^文#网*原文请找腾讯@3249,114 the methodology and data of this study. Our study contains
a large sample of private Chinese firms with the empirical analysis and results presented.
The final section describes the conclusions.
2. Literature Review
A number of authors have examined the financial performance of private firms in China
and its determinants. Weiet al.(2003) examine the pre- and post-privatization financial
and operating performance of 208 firms privatized during the 1990–1997 period (firms
listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange). Their results reveal
significant improvements for these publicly traded firms in real output, real assets and sales
efficiency but no significant change in profitability. At the same time, they show significant
improvement in profitability compared to fully state-owned enterprises.
Child and Pleister (2003) use two studies of private firms in China to show that gover
nance systems and managerial capability influence the economic behavior of private firms.
One important constraint in China is the availability of capital for establishing and expanding
private companies. Attraction and development of competent managers are also important
for the continued growth of Chinese firms.
Xu and Wang (1999) show that the financial performance of Chinese firms is affected
positively by ownership concentration, profitability and fraction of legal-person (institu
tional) shares but negatively by state-owned shares. At the same time, labor productivity
declines as the proportion of state shares increases.
framebuffer在操作系统中处于什么位置Huang and Song (2005) observe that the financial performance of Chinese firms listed
in the Hong Kong stock market deteriorates after listing, while control sample firms that
are newly listed perform even more poorly in the home market. The results document the
positive effect of privatization in overseas listed Chinese companies.
For 228 private firms in Shanghai, Liang and Li (2003) found a positive but insignificant
relationship between duality of duties (i.e., dual role of CEO and chair of the board) and
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