Company | Timespan | Beta | |
---|---|---|---|
No. 1 | Anhui Grotong Hi-Tech Pipes Industry | 2004-2013 | 0.649 |
No. 2 | Anhui Water Resources | 2003-2013 | 0.904 |
No. 3 | Beijing Capital | 2002-2013 | 0.872 |
No. 4 | China Gezhouba Group | 2002-2013 | 0.748 |
No. 5 | Chongqing Water Group | 2010-2013 | 0.903 |
No. 6 | Fujian Zhangzhou Development | 2002-2013 | 0.820 |
No. 7 | Grandblue Environment | 2002-2013 | 0.606 |
No. 8 | Guangdong Golden Dragon Development | 2002-2013 | 0.896 |
No. 9 | Heilongjiang Interchina Water Treatment | 2002-2013 | 0.233 |
No. 10 | Jiangsu Jiangnan Water | 2011-2013 | 0.543 |
No. 11 | Jiangxi Hongcheng Waterworks | 2004-2013 | 0.780 |
No. 12 | Qianjiang Water Resources | 2002-2013 | 0.859 |
No. 13 | Shanghai Chengtou Holding | 2002-2013 | 0.782 |
No. 14 | Sichuan Guangan AAA Public | 2004-2013 | 0.792 |
No. 15 | Sound Environmental Resources | 2002-2013 | 0.634 |
No. 16 | Tianjin Capital Environmental Protection Group | 2002-2013 | 0.820 |
No. 17 | Wuhan Sanzhen Industry Holding | 2002-2013 | 0.797 |
No. 18 | Xinjiang Urban Construction Group | 2003-2013 | 0.894 |
No. 19 | Zhongshan Public Utilities Group | 2002-2013 | 1.029 |
Regressor | Coefficient | Adj. R2 | |||||||
---|---|---|---|---|---|---|---|---|---|
Constant | 0.804 | (67.22) |
0.52 | ||||||
COMP+ | 0.011 | (0.88) | |||||||
COMP- | -0.051 | (-3.97) |
|||||||
PRICE+ | -0.057 | (-4.72) |
|||||||
PRICE- | 0.032 | (2.72) |
|||||||
QUAL+ | 0.035 | (4.43) |
Regressor | Coefficient | Adj. R2 | |
---|---|---|---|
Constant | -0.575 | (-15.11)** | 0.61 |
ANNO | 0.006 | (1.17) |
Variable | Obs | Mean | Std. Dev. | Min | Max |
---|---|---|---|---|---|
Financial leverage ratio | 228 | 0.754 | 0.542 | 0.000 | 2.474 |
Operating efficiency ratio | 228 | -1.212 | 0.887 | -7.264 | 0.480 |
Profitability ratio | 228 | 2.438 | 1.398 | 0.000 | 11.068 |
Liquidity ratio | 228 | -0.425 | 0.854 | -3.467 | 2.366 |
Firm size | 228 | 5.437 | 2.145 | 0.000 | 9.559 |
Regressor | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
COMP+ | 0.081 | (0.97) | -0.008 | (-0.39) | -0.015 | (-0.63) | -0.023 | (-1.53) | 0.070 | (2.16) |
|
COMP- | 0.019 | (0.97) | -0.005 | (-0.14) | 0.037 | (1.04) | 0.041 | (1.43) | - | - | |
PRICE+ | -0.058 | (-2.43) |
-0.043 | (-1.54) | -0.036 | (-1.65) |
-0.014 | (-0.86) | -0.269 | (-12.86) |
|
PRICE- | 0.024 | (0.56) | -0.003 | (-0.27) | -0.003 | (-0.12) | -0.007 | (-0.47) | -0.007 | (-0.24) | |
QUAL+ | 0.013 | (0.45) | 0.010 | (0.80) | -0.009 | (-0.40) | 0.021 | (2.60) |
0.006 | (0.40) | |
COMP+ | 0.001 | (0.09) | -0.013 | (-0.81) | 0.026 | (1.73) |
0.071 | (1.13) | 0.001 | (0.03) | |
COMP- | -0.040 | (-1.67) |
0.018 | (1.51) | -0.025 | (-0.61) | -0.074 | (-1.35) | - | - | |
PRICE+ | -0.025 | (-1.93) |
-0.015 | (-0.93) | -0.079 | (-2.61) |
-0.130 | (-1.64) | - | - | |
PRICE- | -0.001 | (-0.12) | -0.003 | (-0.63) | 0.033 | (1.27) | 0.070 | (1.18) | 0.062 | (3.41) |
|
QUAL+ | 0.013 | (2.07) |
0.002 | (0.52) | 0.023 | (1.59) | 0.067 | (1.78) |
-0.026 | (-1.44) | |
COMP+ | 0.016 | (1.24) | 0.003 | (0.14) | 0.005 | (0.41) | 0.034 | (1.04) | -0.012 | (-0.84) | |
COMP- | -0.036 | (-0.99) | -0.006 | (-0.32) | 0.049 | (1.46) | -0.039 | (-1.45) | 0.016 | (0.90) | |
PRICE+ | -0.029 | (-2.34) |
-0.039 | (-1.74) |
-0.038 | (-2.18) |
-0.036 | (-2.70) |
0.006 | (0.47) | |
PRICE- | -0.005 | (-0.49) | 0.031 | (2.00) |
0.029 | (3.89) |
-0.026 | (-2.18) |
-0.021 | (-1.68) |
|
QUAL+ | 0.021 | (1.84) |
0.005 | (0.51) | -0.005 | (-0.39) | 0.015 | (0.63) | 0.037 | (2.70) |
|
COMP+ | -0.026 | (-1.21) | -0.010 | (-0.90) | -0.022 | (-0.85) | -0.018 | (-0.65) | |||
COMP- | -0.007 | (-0.27) | 0.013 | (0.54) | -0.028 | (-0.73) | -0.001 | (-0.03) | |||
PRICE+ | 0.003 | (0.09) | -0.026 | (-1.85) |
-0.031 | (-1.93) |
-0.038 | (-1.49) | |||
PRICE- | 0.018 | (0.63) | 0.014 | (2.06) |
0.013 | (0.74) | -0.014 | (-0.59) | |||
QUAL+ | 0.003 | (0.15) | 0.013 | (1.75) |
0.018 | (1.28) | 0.048 | (2.23) |
Year | COMP+ | COMP- | PRICE+ | PRICE- | QUAL+ | Total |
---|---|---|---|---|---|---|
2002 | 1 | 2 | 3 | - | - | 6 |
2003 | - | 1 | 1 | - | - | 2 |
2004 | 2 | - | - | - | 2 | |
2005 | 2 | ? | ? | 5 | 7 | |
2006 | 2 | 1 | 1 | 1 | 3 | 8 |
2007 | - | - | 2 | - | - | 2 |
2008 | - | 2 | 2 | - | - | 4 |
2009 | - | - | 3 | - | 1 | 4 |
2010 | 1 | - | 1 | 2 | - | 4 |
2011 | 3 | - | 2 | 3 | 8 | |
2012 | 1 | - | - | 4 | 5 | |
2013 | 1 | - | - | 1 | 2 | 4 |
Total | 13 | 6 | 13 | 6 | 18 | 56 |
1. | Announcements that are expected to have a positive effect on competition (COMP+) |
May 19, 2009 (State Council). Fasten the reform of public utility services; expand the scope of business permits for water and wastewater services. | |
January 01, 2011 (State Council). Attract private funds by encouraging municipal-owned companies to invest in the water industry directly and indirectly. | |
2. | Announcements that are expected to have a negative effect on competition (COMP-) |
December 10, 2006 (Ministry of Water Resources). Water projects must be supervised and permitted by the Ministry of Water Resources and local water authorities. | |
April 9, 2008 (Ministry of Water Resources). The supply of water for any projects must be approved and implemented by relevant government bodies. | |
3. | Announcements that are expected to have a positive effect on prices (PRICE+) |
April 19, 2010 (Ministry of Development and Reform Commission). Develop a sustainable pricing mechanism by implementing hierarchical water prices. | |
August 31, 2011 (State Council). Promote hierarchical water prices; include additional wastewater costs in water tariff. | |
4. | Announcements that are expected to have a positive effect on prices (PRICE-) |
May 28, 2011 (State Council). Set reasonable water prices in the development of water grids in rural areas. | |
January 7, 2013 (Ministry of Development and Reform Commission and Ministry of Water Resources). Carefully and fully consider local economic development and consumers’ ability to pay when setting water prices. | |
5. | Announcements that are expected to have a negative effect on quality (QUAL+) |
May 28, 2012 (Ministry of Housing, Urban, and Rural Construction). Apply stricter criteria to drinking water quality; drive higher standards; use more advanced technologies in drinking water treatment. | |
October 2, 2013 (State Council). Apply stricter standards in wastewater management; increase investments in the processing of wastewater. |
Regressor | Coefficient | Adj. R2 | ||
---|---|---|---|---|
Constant | -0.557 | (-14.61) |
0.61 | |
COMP+ | 0.011 | (0.95) | ||
COMP- | -0.025 | (-2.03) |
||
PRICE+ | -0.043 | (-4.12) |
||
PRICE- | 0.012 | (1.15) | ||
QUAL+ | 0.020 | (2.88) |