Under New Ownership : Privatizing China's State-Owned Enterprises

, by Yusuf, Shahid; Nabeshima, Kaoru; Perkins, Dwight H.

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ISBN: 9780821356241 | 0821356240
Cover: Paperback
Copyright: 9/30/2005

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This publication examines China's reform agenda for the privatisation of state-owned enterprises and surveys the results of privatisation measures in other industrialising economies. It draws upon recent survey data to assess changes in the ownership structure of state enterprises on management, governance, innovation and performance relative to other types of firms in China.

Preface

vii

Abbreviations and Acronyms

1 China's Industrial System: Where It Is Now, Where It Should Be Headed, and Why

(44)

The Changing Economic Landscape since 1979

(2)

The Impact of Reforms on Productivity and Growth

(15)

How Firms Can Succeed under the New Competition

(17)

Privatization: Wisdom from Experience

(3)

A Brief Overview of the Study

(5)

2 Reform in China, 1978-97

(32)

The Pre-Reform Industrial System

(5)

The First Step to Industrial Transformation

(4)

The Industrial Reform Initiatives, 1984-9

(14)

Renewal of the Reform Drive, 1992-7

(6)

What the First Round of Reforms Achieved

(2)

3 The Accelerated Change in Enterprise Ownership, 1997-2003

(38)

The Decision to Join the World Trade Organization

(4)

Corporatizing Chinese State Enterprises

(4)

The Formation of Business Groups

(6)

The Emergence and Significance of Nonstate Firms

(6)

Missing Market Institutions: The Weak Legal System

102

(3)

The Consequences of Reforms during 1997-2003

105

(10)

4 Chinese Ownership Reform in the East European Mirror

115

(36)

Industrial Reforms in Eastern Europe

116

(4)

Lessons from Eastern Europe

120

(11)

What China Can Learn from Other Transition Economies

131

(3)

Annex (Literature Review)

134

(17)

5 Assessing the Effects of Ownership Reform in China

151

(62)

Reform in the Chinese Urban Context

152

(2)

Data Description

154

(12)

Empirical Methodology

166

(3)

Policy Measures

169

(7)

Selection Bias

176

(6)

Empirical Tests and Findings

182

(8)

Role of Institutions and Management

190

(17)

Summary and Conclusions

207

(6)

6 Making Privatization Work

213

(28)

Taking Stock of China's Privatization

215

(3)

Assessing Gradualism

218

(1)

Conglomerate Group Formation as an Interim Strategy

219

(3)

Medium-Term Policy Objectives

222

(1)

Market Environment and the Role of the State

223

(4)

Industrial Consolidation

227

(2)

Competition Policy

229

(5)

Corporate Governance

234

(2)

Innovation Policy

236

(1)

Conclusion

237

(4)

References

241

(24)

Index

265

(18)

About the Authors

283

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Under New Ownership : Privatizing China's State-Owned Enterprises

Summary

Table of Contents

Supplemental Materials