provinces and 3,635 (3,600) sample enterprises, representing some 1.8 percent (2.4 per
cent) of all private enterprises in China.
c
Of all surveys sent out, we end up with 3,256 valid (documented) samples in 2002 and
3,073 in 2000. We include only those firms that provided data on assets and net income,
given that our goal is to analyze profitability. As a result, our final 2002 and 2000 samples
consist of 2,105 and 1,697 private enterprises in China. Responses from the 2002 and 2000
China private enterprise surveys are based on 2001 and 1999 annual firm data, respectively.
These two datasets represent the largest and most comprehensive source of information to
date available on Chinese private enterprise.
4. Empirical Results
burst读操作读不了word Table 1 reports descriptive statistics on entrepreneurs and otherhuman capital related to
Chinese private enterprises. Panel A shows the descriptive statistics for 2002 survey and
Panel B shows the descriptive statistics for 2000 survey. The average age of the entrepreneurs
is about 44 years old in 2002 and 43 years old in 2000. Most of them are male. Many of
the Chinese entrepreneurs are well-educated; over one-third of them have college degrees
or higher. Over 93 percent of the entrepreneurs also serve in their firms’ highest managerial
position and on average, entrepreneurs contribute 77 percent of the equity investments in
2002 (Panel A) and 80 percent in 2000 (Panel B) to firms.
The Chinese private companies are young, with an average age of six years in 2000 and
seven years in 2002. This result is reasonable in light of China’s recent transition from a
state-planning economy to a market-based economy. Many new private firms are established
in China. Over half of the firms do not have a board of directors and 66 percent of the firms
in 2002 and 71 percent in 2000 do not have shareholder meetings. The ratio of managers
to employees is 13 percent in 2000 and 14 percent in 2002. 77 percent of the investors are
serving as managers of the firm in 2000, and the ratio stays at 76 percent in 2002. The two
ratios are not significantly different as shown later in Table 4 Panel B. The average number
of employees is 163 in 2000 and 154 in 2002, indicting that the Chinese private firms are
sizable.
Table 2 describes the financial本文来自!辣~文^文#网*原文请找腾讯@324911,4 the results for 2002 and Panel B for 2000. The mean
(median) asset size of the firms is 14.05 (3.70) million RMB in 2002 (Panel A) and 20.00
(3.45) million RMB in 2000 (Panel B). The difference in firm size reflects the fact that
different firms are included in the survey. The mean (median) sales revenue is 21.60 (6.00)
million RMB in 2002 (Panel A) and 18.70(4.50) million RMBin 2000 (Panel B).
d
报错can't open /dev/fb0 no such deviceThe
results show that Chinese private firms are able to grow in sales, achieving significantly
higher sales revenue in 2002 relative to 2000, despite smaller asset size on average in 2002
(as shown in Table 4 Part B).
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