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Firm Performance, State Ownership, and Government Regulation

  • School: Nottingham Business School
  • Starting: 2021
  • Funding: UK student / EU student (non-UK) / International student (non-EU) / Self-funded


There have been numerous studies on state owned enterprises (SOEs) of China (Holz, 2011; Wang & Judge, 2012; Rong, Wu, & Boeing, 2017; Li & Xia, 2007). This research aims to increase understanding of how firms under different ownership structures respond to business variables and constraints. Our research uses the most recent data available from the World Bank Enterprise Survey to determine firm performance among different ownership types. The results from our research can be used for policy makers in constructing effective industrial strategies.

We construct separate models for state owned enterprise, private foreign owned enterprises and private domestic owned enterprises in order to determine the most effective policy for each ownership type. Researching the differences in ownership is crucial. State owned enterprise, private foreign owned enterprises and private domestic owned enterprises face very different constraints and incentives (Wang & Judge, 2012; Zhang, & Liu, 2017).


Holz, C. A. (2011). The unbalanced growth hypothesis and the role of the state: The case of China's state-owned enterprises, Journal of Development Economics, 96, 220–238

Li, S. & Xia, J. (2007). The Roles and Performance of State Firms and Non-State Firms in
China’s Economic Transition. World Development, 36(1), 39-54.

Rong, Z., Wu, X. & Boeing, P. (2017). The effect of institutional ownership on firm
innovation: Evidence from Chinese listed firms. Research Policy, 46: 1533–1551

Wang, L., & Judge, W. Q. (2012). Managerial ownership and the role of
privatization in transition economies: The case of China. Asia Pacific Journal of Management, 29: 479–498.

Zhang, D., & Liu, D. 2017. Determinants of the capital structure of Chinese non-
listed enterprises: Is TFP efficient? Economic System, 41: 179-202.


Dr Zhongmin Wu

Entry qualifications

An applicant for admission to read for a PhD should normally hold a first or upper second class honours degree of a UK university or an equivalent qualification, or a lower second class honours degree with a Master's degree at Merit level of a UK university or an equivalent qualification.

International students will also need to meet the English language requirements - IELTS 6.5 (with minimum sub-scores of 6.0). Applicants who have taken a higher degree at a UK university are normally exempt from the English language requirements. A research proposal (between 1,000 and a maximum of 2,000 words) must be submitted as part of the application.

For more information please visit the NTU Doctoral School – Research Degrees webpages.

How to apply

Applications are accepted all year round.

For a step-by-step guide and to make an application, please visit our how to apply page.

Fees and funding

This is a self funded PhD project. Find out more about fees and funding here.

Guidance and support

Further information on guidance and support can be found on this page.

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Zhongmin Wu