| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16432 |
| 来源ID | Working Paper 16432 |
| The Chinese Corporate Savings Puzzle: A Firm-level Cross-country Perspective | |
| Tamim Bayoumi; Hui Tong; Shang-Jin Wei | |
| 发表日期 | 2010-10-06 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | China's high corporate savings rate is commonly claimed to be a key driver for the country's large current account surplus. The mainstream explanation for high corporate savings is a combination of windfall profits in state-owned firms, especially in resource sectors, and mis-governance of state-owned firms represented by their low dividend payout. The paper casts doubt on these views by comparing the savings of 1557 Chinese listed firms with those of 29330 listed firms from 51 other countries over 2002 to 2007. First, Chinese firms do not have a significantly higher savings rate (as a share of total assets) than the global average because corporations in most countries have a high savings rate. The rising corporate savings rate is also consistent with a global trend. Second, there is no significant difference in the savings behavior and dividend patterns between Chinese majority state-owned and private listed firms, contrary to the received wisdom. |
| 主题 | Macroeconomics ; Consumption and Investment ; International Economics ; International Finance ; International Macroeconomics ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w16432 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/574107 |
| 推荐引用方式 GB/T 7714 | Tamim Bayoumi,Hui Tong,Shang-Jin Wei. The Chinese Corporate Savings Puzzle: A Firm-level Cross-country Perspective. 2010. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w16432.pdf（360KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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