본문 바로가기 주메뉴 바로가기
22대 대한민국 국회 국회정보길라잡이 국회의원검색
회원가입 로그인
HOME

정보검색

소장정보 검색

국회도서관 홈으로 정보검색 소장정보 검색

결과 내 검색

동의어 포함

고급검색

인명/단체명

저자정보 상세정보
인명/단체명을 입력하세요.

키워드

  • 대표어

  • 외국어

-

목차보기

Title page

Contents

INTRODUCTION 2

1. CORPORATE STRUCTURES WITH CHINESE CHARACTERISTICS 4

1.1. Varieties of state ownership 5

1.2. Listing status 13

1.3. Examples 18

1.4. CCP influence in the private sector 25

2. MAPPING THE LANDSCAPE OF CHINA'S LARGEST COMPANIES 28

2.1. Findings on China's largest companies by revenue 31

2.2. Findings on China's largest listed companies by market cap 38

2.3. Drivers 43

CONCLUSION 54

REFERENCES 56

APPENDIX A: METHODOLOGICAL CHOICES ON METRICS, DATA, SAMPLING, AND CODING 60

APPENDIX B: CHINESE COMPANIES IN 2021 FORTUNE GLOBAL 500 RANKING 68

APPENDIX C: CHINESE TOP LISTED 100 COMPANIES BY MARKET CAPITALISATION AT END-2021 77

Tables

Table 1. Comparing taxonomies 10

Table 2. Chinese companies in the 2021 Fortune Global 500 ranking, by ownership and listing status 34

Table 3. Non-public enterprises among Chinese Fortune 500 companies, 2015 versus 2021 37

Table 4. Top 25 non-public enterprises by market capitalisation, end-2021 42

Table 5. Top 10 listed state-owned, mixed-ownership, and nonpublic enterprises by market capitalisation, 2010 versus 2021 43

Table 6. Changes in ownership category 45

Table 7. Average and median state ownership stake in Chinese Listed Top 100 companies at end-2010 and end-2020 46

Table 8. Impact of new listings during 2011-21 on the 2021 Chinese Listed Top 100 49

Figures

Figure 1. Subset of Chinese companies in the Fortune Global 500 rankings 29

Figure 2. Aggregate revenue of Chinese Fortune 500 companies, by ownership category, 2004-20 32

Figure 3. Share of the private sector (nonpublic enterprises) in subset of Chinese Fortune 500 companies across different metrics, 2004-20 32

Figure 4. Share of aggregate revenue of Chinese Fortune 500 companies accounted for by listed companies, 2004-20 34

Figure 5. Revenue of state-owned enterprises (SOEs) and mixed-ownership enterprises (MOEs) among Chinese Fortune 500 companies, by listing status... 35

Figure 6. Listing status of nonpublic enterprises (NPEs) among Chinese Fortune 500 companies, 2004-20 36

Figure 7. Aggregate market capitalization of Chinese Listed Top 100 companies, by ownership category, 2010-21 39

Figure 8. Share of the private sector (nonpublic enterprises) in Chinese Listed Top 100 companies across different aggregates, 2010-21 40

Figure 9. Platform-services companies among nonpublic enterprises (NPEs) in Chinese Listed Top 100, 2010-21 41

Figure 10. State ownership in 2010 versus 2020 among Chinese Listed Top 100 by market capitalisation at end-2010 47

Figure 11. "New" vs "old" listings among Chinese Listed Top 100, aggregate market capitalisation, by ownership category, 2010-21 49

Figure 12. Number of Chinese listed companies, by listing jurisdiction, 2010-21 50

Figure 13. Sectoral mix of Chinese Fortune 500 companies, by aggregate revenue, 2004-20 51

Figure 14. Sectoral mix of Chinese Listed Top 100 companies, by aggregate market capitalisation, 2010-21 51

Figure 15. Revenue of Chinese Fortune 500 companies, by sector and ownership category, 2004-20 52

Figure 16. Market capitalisation of Chinese Listed Top 100 companies, by sector and ownership category, 2010-21 53

Boxes

Box 1. 'Actual controller' in mainland Chinese law and statistics 6

Box 2. China's SASACs and other state holding entities 11

Box 3. China's variable-interest entities 17

초록보기

This paper documents recent structural changes in China’s corporate landscape, based on company level data, providing a complementary perspective to that of official Chinese statistics. We classify China’s largest companies by revenue since 2004 (based on Fortune Global 500 rankings), and largest listed companies by market capitalisation since 2010, into state and private-sector categories, using a conservative definition of the private sector. Among the largest companies by revenue, the private sector was non-existent in the mid-2000s but has grown steadily in the past decade, even though the state sector still dominates. The aggregate revenue of private-sector companies grew from zero in Fortune’s ranking in 2005 (based on 2004 revenue) to $104 billion in the 2011 ranking, or merely 3.8 percent of the $2.78 trillion in aggregate revenue for all Chinese companies in the ranking, and to $1.7 trillion in the latest 2021 ranking (based on 2020 revenue), or 19 percent of the Chinese companies’ aggregate revenue. As for market value of the largest listed firms, the private sector’s share in the top 100 listed Chinese companies was only 8 percent at end-2010 but crossed the 50 percent threshold in 2020 and retreated slightly in 2021 to 48 percent, following that year’s regulatory crackdown on several private-sector-dominated industries. These findings do not support a narrative of broad based rollback in recent years of previous private-sector expansion.

추천서가 (다양한 추천 자료를 만나보세요)

권호기사보기

권호기사 목록 테이블로 기사명, 저자명, 페이지, 원문, 기사목차 순으로 되어있습니다.
기사명 저자명 페이지 원문 기사목차

권호

기사명 원문보기 기사목차
닫기