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An Attempt to Profile the Finances of China's Enterprise Sector

Author/Editor: Heytens, Paul J. | Karacadag, Cem
Authorized for Distribution: November 1, 2001
Electronic Access: Free Full Text (PDF file size is 1,092KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: This paper examines the leverage, efficiency, and debt-repayment capacity of the Chinese enterprise sector using aggregate and firm level data. The cash coverage of interest expense, in particular, is used as a bridge between enterprise finances and banks' asset quality in order to develop insights on banking soundness. The interest coverage analysis corroborates the high level of nonperforming loans in the financial system. This underscores the urgency of hardening budget constraints on state-owned enterprises and stemming the flow of new bad loans by accelerating ongoing structural reforms.
 
Series: Working Paper No. 01/182
Subject(s): Economic policy | China | Financial sector | China, People's Republic of
Author's keyword(s): Chinese economy | Chinese corporate sector | Chinese financial sector
 
English  
    Published:   November 1, 2001        
    ISBN/ISSN:   1934-7073   Format:   Paper
    Stock No:   WPIEA1822001   Pages:   24
    Price:   US$15.00
       
     
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