Corporate China 2.0: The Great Shakeup
This book argues that that the rise of great firms - those with sustainable high return on invested capital (ROIC) - will lay the foundation for China’s successful economic transformation. Drawn from the author’s research on corporate finance and the Chinese economy, the author maintains that being big could be easy but means little for corporate China, especially in the context of China’s transition from an investment-led economy to an efficiency-driven one. The work discusses both internal and external impediments that lead to lack of great companies in China and suggests institutional conditions which foster the rise of great companies in China, including, reversing the government’s obsession with GDP, reforming the financial system, and promoting entrepreneurship. Policy makers, investors, corporate executives, and MBA students and scholars will appreciate case studies of Huawei, Alibaba, Xiaomi, and Lenovo, among others, that illustrate the endeavors made by Chinese entrepreneurs at the grassroots level and highlight what makes successful companies in China.
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abnormal returns achieve agency problems Alibaba assets Author’s calculation average ROIC banks billion business model chaebols Chap China’s economic China’s reform Chinese companies Chinese economy Chinese firms Chinese listed companies Chinese stock market companies in China company’s competition conglomerates corporate China corporate governance COSCO debt demographic dividend e-commerce economic growth example factors financial system firm value firm’s fixed-asset investment Fortune Global 500 Global 500 companies government-controlled SOEs high ROIC higher ROIC Huawei IBM’s industry innovation institutions invested capital investment rate investors Jack Ma Kunlun Energy Lenovo level of ROIC NOPLAT operation scale ownership structure PetroChina portfolio returns private firms profit margin pyramidal structure ratio Ren Zhengfei result ROIC sector SF Express Shanghai Sinopec smartphones SOEs stock market stock market performance strategy Suntech Suntech Power surge tion value creation WACC world’s largest Xiaomi Zhengfei