Financial restructuring of state owned enterprises in China: the case of Shanghai Sunve Pharmaceutical Corporation |
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| Authors: | Chi-Wen Jevons Lee |
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| Institution: | 1. A.B. Freeman School of Business, Tulane University, New Orleans, LA 70118-5669, USA;2. School of Economics and Management, Tsinghua University, Beijing, China;1. University of Ottawa, Telfer School of Management, 55 Laurier Avenue East Ottawa, ON K1N 6N5, Canada;2. Université Laval Faculté des Sciences de l’Administration, École de Comptabilité, Pavillon Palasis-Prince 2325, Rue de la Terrasse, QC G1V 0A6, Canada;1. School of Business Administration, Dongbei University of Finance & Economics, China;2. School of Economics and Management, Hebei University of Technology, China |
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| Abstract: | This paper studies the financial conditions of a Chinese state-owned enterprise (SOE) under economic reform. To derive useful financial information from Chinese SOE's socialist accounting records, I analyse the firm's financial structure, measure the implicit economic compensation for workers, and estimate the implicit taxes in the form of compulsory social services. These analyses cast light to various issues related to the reform of SOEs. The paper suggests possible models of financial restructuring of SOEs. A case study on Shanghai Sunve Pharmaceutical Corp illustrates the financial restructuring of SOEs in China. |
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