V. Ownership Distribution of Top 500 Manufacturers of China in 2010
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Companies on this year's list were divided into two broad categories: state-owned and private. Among the 500 companies, 225 were state-owned and 275 were private, accounting for 45 percent and 55 percent of the list respectively. The exclusion of foreign-funded companies from the list didn’t produce a substantial rise in the number of state-owned companies, suggesting that the phenomena called "guojinmintui"(國進(jìn)民退), or "state-owned companies advance while private companies recede" doesn't exist.
1. Scale comparison between state-owned companies and private companies
For the first time, private companies outnumbered state-owned companies on the list, but SOEs' scale was far larger. The 225 state-owned companies on the list generated a combined 9158.013 billion in revenue, or 69.25 percent of the aggregate of 500 companies, pulled down a combined 317.539 billion yuan in profits, accounting for 60.55 percent of the total; had a combined 10,719.465 billion yuan in asset, 78.34 percent of the aggregate; and paid a combined 872.548 billion yuan in tax, accounting for 85.45 percent of the total. In contrast, 275 state-owned companies generated a combined 4065.960 billion in revenue, or 30.75 percent of the 500 companies' total, earning a combined 206.914 billion yuan in profits, accounting for 39.45 percent of the total. Private companies had a combined 2,963.729 billion yuan in asset, 21.66 percent of the aggregate, and paid a combined 148.557 billion yuan in tax, accounting for 14.55 percent of the total. See Table 2-5 and 2-6 for details.
Table 2-5. Major indicators of China's top 500 manufacturing companies by ownership
|
Company |
No. of cos |
Revenue (mln yuan) |
Profits (mln yuan) |
Assets (mln yuan) |
Tax Paid (mln yuan) |
Employees |
|
Total |
500 |
13,223,972.07 |
524,452.94 |
13,683,193.43 |
1,021,105.31 |
10,623,419 |
|
State-owned company |
225 |
9,158,012.50 |
317,538.61 |
10,719,464.89 |
872,548.05 |
7,474,947 |
|
Private company |
275 |
4,065,959.57 |
206,914.33 |
2,963,728.54 |
148,557.26 |
3,148,472 |
Table 2-6. Percentage major indicators of China's top 500 manufacturing companies by ownership
|
Company |
No. of cos (%) |
Revenue (%) |
Profits (%) |
Assets (%) |
Tax Paid(%) |
Employees |
|
State-owned company |
45.00 |
69.25 |
60.55 |
78.34 |
55.45 |
70.36 |
|
Private company |
55.00 |
30.75 |
39.45 |
21.66 |
14.55 |
29.64 |
2. Efficiency and performance comparison
By measure of economic benefit and efficiency, state-owned companies have an advantage of larger scale over private companies, but lagged behind them in performance and efficiency. Table 2-7 compares state-owned manufacturing companies to private ones in term of performance and efficiency.
The data in the table 2-7 shows that the state-owned companies were larger than private ones in scale, but far less efficient than the latter. The situation cannot be changed in a short period due to institutional issues which lingers as a legacy of China's past planned economy.
Table 2-7. Earnings and efficiency of 2010 China's manufacturing companies by ownership
|
Company |
Return on Assets (%) |
Profit per Capita (yuan) |
Asset Turnover (%) |
Revenue per Capita (yuan) |
|
State-owned company |
2.96 |
40,000 |
85.43 |
1,225,200 |
|
Private company |
6.98 |
70,000 |
137.19 |
1,291,400 |
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Summary |
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Chapter I. |
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Chapter II. |
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Chapter III. |
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Chapter IV. |
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Chapter VI. |
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Chapter VII. |
