Financial Misallocation,Ownership and Capital Return:An Empirical Study from Manufacturing Enterprises from 1999-2007
研究了1999-2007年中国制造业企业中所有制与资本回报的关系，发现国企回报最低、私企最高，并模拟了消除金融错配后GDP可提升2%-8%。
In the view of financial misallocation,this paper investigated the relationship of ownership and capital return in the manufacturing enterprises from 1999～2007.The empirical results show that the state-owned enterprises had the lowest capital return,the private enterprises had the highest capital return.The simulation results also show that under the condition of removing the financial misallocation,the state-dominated financial system can put more financial resources to the private enterprises from the state-owned enterprises,the level of GDP can increase by 2%～8%.