Title page 1

Contents 6

Foreword 5

1. Scope, data and definitions 7

1.1. Defining a state-owned enterprise 8

1.2. Data sources 9

2. OECD methodology 10

3. Overview of large SOEs 14

3.1. An overview of non-financial SOEs 16

3.1.1. Trends in the size of the SOE sector 16

3.1.2. Financing structure of SOEs 17

3.2. Data limitations and interpretation of the results 21

3.2.1. Data coverage 22

3.2.2. Data quality 22

3.2.3. Lack of information on control 22

3.2.4. Misclassification 22

References 24

Annex A. Definitions and list of large SOEs at the jurisdiction level 26

Notes 31

Table 1.1. Overview of ORBIS tables and key variables used 9

Figure 2.1. Iterative identification of enterprises with state ownership 11

Figure 2.2. The use of consolidated and unconsolidated accounts 12

Figure 3.1. Overview of state-owned enterprises, 2023 14

Figure 3.2. Regional distribution of state-owned enterprises (2023) 15

Figure 3.3. Top 3 industries of state-owned enterprises by assets in 2023 16

Figure 3.4. Evolution of non-financial state-owned enterprises by number and asset size 17

Figure 3.5. Median size of non-financial state-owned enterprises 17

Figure 3.6. Leverage decomposition of non-financial state-owned enterprises 18

Figure 3.7. Median leverage 19

Figure 3.8. Performance distribution of non-financial state-owned enterprises by industry 20

Figure 3.9. Performance of non-financial state-owned enterprises 21

Table A A.1. Sample of definitions of "SOE" in quantitative data collection efforts 26

Table A A.2. Types of ownership relations in ORBIS 26

Table A A.3. Industry classifications 27

Table A A.4. Consolidation codes 27

Table A A.5. Summary statistics of non-financial SOEs, 2023 28

Table A A.6. Share of missing observations across key variables in non-financial SOEs, 2023 28