Does Group Affiliation Improve Firm Performance? The Case of Chinese State-Owned Firms
分析中国国有商业集团的绩效，发现集团隶属关系对绩效有稳健的正向影响，为经济政策评估提供参考。
This paper analyses the performance of state-owned business groups in China. Group affiliation can be important for economic policy evaluation since the Chinese government promotes the formation of business groups as a first step in the process of reforming state enterprises into modern corporations. The analysis applies a range of econometric techniques to a sample of 657 Chinese state-owned firms in 2005 and shows that group affiliation has a robust positive effect on performance. Group affiliation may in this respect provide a successful alternative to large-scale privatisation