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

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  • Cem Karacadag
  • Paul J. Heytens
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    Abstract

    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.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=15467
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 01/182.

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    Length: 24
    Date of creation: 01 Nov 2001
    Date of revision:
    Handle: RePEc:imf:imfwpa:01/182

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    1. Pomerleano, Michael, 1998. "The East Asia crisis and corporate finances : the untold micro story," Policy Research Working Paper Series 1990, The World Bank.
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    Cited by:
    1. Reinout De Bock & Alexander Demyanets, 2012. "Bank Asset Quality in Emerging Markets," IMF Working Papers 12/71, International Monetary Fund.
    2. DeLisle Worrell, 2004. "Quantitative Assessment of the Financial Sector," IMF Working Papers 04/153, International Monetary Fund.
    3. Antonio Garcia Pascual & Jorge Cayazzo & Socorro Heysen & Eva Gutierrez, 2006. "Toward An Effective Supervision of Partially Dollarized Banking Systems," IMF Working Papers 06/32, International Monetary Fund.

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