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Enterprise reform in China: agency problems and political control

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Author Info
Yingyi Qian
Abstract

The past reforms of state-owned enterprises in China delegated many effective control rights to managers while maintaining ultimate control rights for the Party and government. The result is that either the agency costs are high because managers lack accountability or the political costs are high because the government causes political interference. Reform of state-owned enterprises in China should aim at reducing both political and agency costs, which can be done through depoliticization, effective corporate governance, and deserialization. In particular, China needs an ownership transformation with a combination of privatization, denationalization, and pluralization; a state assets management system to limit political influence from the government; and corporatization to establish effective corporate governance which may take a variety of forms. Copyright 1996 The European Bank for Reconstruction and Development.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1468-0351.1996.tb00181.x
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Article provided by The European Bank for Reconstruction and Development in its journal Economics of Transition.

Volume (Year): 4 (1996)
Issue (Month): 2 (October)
Pages: 427-447
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Handle: RePEc:bla:etrans:v:4:y:1996:i:2:p:427-447

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  1. Yuanzheng Cao & Yingyi Qian & Barry R. Weingast, 1997. "From Federalism, Chinese Style, to Privatization, Chinese Style," Working Papers 97049, Stanford University, Department of Economics. [Downloadable!]
  2. Chong-En Bai & Qiao Liu & Joe Lu & Frank Song & Junxi Zhang, 2003. "Corporate Governance and Market Valuation in China," William Davidson Institute Working Papers Series 2003-564, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
  3. Sun, Laixiang, 2001. "Economics of China's Joint-Stock Co-operatives," Working Papers UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER). [Downloadable!]
  4. Maria Csanadi, 2001. "A Model Explaining Social and Political Change of Party-states Structural and Dynamic Background of Similarities and Differences in Reproduction, reforms, Collapse and Transformation," IEHAS Discussion Papers 0101, Institute of Economics, Hungarian Academy of Sciences. [Downloadable!]
  5. Xufei Ma & Xiaotao Yao & Youmin Xi, 2006. "Business group affiliation and firm performance in a transition economy: A focus on ownership voids," Asia Pacific Journal of Management, Springer, vol. 23(4), pages 467-483, December. [Downloadable!] (restricted)
  6. Qian, Yingyi, 2002. "How Reform Worked in China," CEPR Discussion Papers 3447, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  7. Yingyi Qian, 1999. "The Institutional Foundations of China's Market Transition," Working Papers 99011, Stanford University, Department of Economics. [Downloadable!]
  8. Yingyi Qian, 2002. "How Reform Worked in China," William Davidson Institute Working Papers Series 473, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
  9. Yasheng Huang, 2001. "Why More is Actually Less: New Interpretations of China's Labor-Intensive FDI," William Davidson Institute Working Papers Series 375, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
  10. Chi, Wei & Wang, Yijiang, 2007. "Ownership, Performance and Executive Turnover," MPRA Paper 15301, University Library of Munich, Germany, revised Apr 2009. [Downloadable!]
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  11. Chen Lin & Yue Ma & Dongwei Su, 2009. "Corporate governance and firm efficiency: evidence from China's publicly listed firms," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 30(3), pages 193-209. [Downloadable!]
  12. Fan, Joseph P.H. & Wong, T.J. & Zhang, Tianyu, 2006. "The Emergence of Corporate Pyramids in China," CEI Working Paper Series 2005-16, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
  13. Sebastián Claro, 2005. "How Uncompetitive is the State-Owned Industrial Sector in China," Documentos de Trabajo 305, Instituto de Economía. Pontificia Universidad Católica de Chile.. [Downloadable!]
  14. Jiahua Che & Yingyi Qian, . "Insecure Property Rights and Government Ownership of Firms," Working Papers 97050, Stanford University, Department of Economics. [Downloadable!]
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  15. Fan, Joseph P.H. & Wongb, T.J. & Zhang, Tianyu, 2006. "The Emergence of Corporate Pyramids in China," CEI Working Paper Series 2006-3, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
  16. Jan Hanousek & Evžen Kočenda, 2008. "Potential of the state to control privatized firms," Economic Change and Restructuring, Springer, vol. 41(2), pages 167-186, June. [Downloadable!] (restricted)
  17. Kevin Amess & Jun Du & Sourafel Girma, . "Full and Partial Privatization in China: The Labor Consequences," Discussion Papers 09/11, University of Nottingham, GEP. [Downloadable!]
  18. Bai, Chong-En & Li, David Daokui & Tao, Zhigang & Wang, Yijiang, 2001. "A Multi-Task Theory of the State Enterprise Reform," CEPR Discussion Papers 2781, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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