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Property Rights and the Agency Problem in China's Enterprise Reform

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  • Lee, Keun

Abstract

This paper analyzes problems in China's enterprise reform from property rights and agency problem perspectives. Reform efforts by the mid 1980s are interpreted as dealing with only the agency problem by relocating the decision process among agents, but not solving the hierarchical collusion problem. The shareholding system experiment is the first effort to deal with property rights relations. Although it seems to have contributed to some improvement in enterprise performance, there still remains the problem of expropriation of state assets by agents seeking irregular private gains. Copyright 1993 by Oxford University Press.

Suggested Citation

  • Lee, Keun, 1993. "Property Rights and the Agency Problem in China's Enterprise Reform," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 17(2), pages 179-194, June.
    • Handle: RePEc:oup:cambje:v:17:y:1993:i:2:p:179-94
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    Cited by:

    1. Lee, Young, 1997. "Bank Loans, Self-Financing, and Grants in Chinese SOEs: Optimal Policy under Incomplete Information," Journal of Comparative Economics, Elsevier, vol. 24(2), pages 140-160, April.
    2. Keun Lee & Donghoon Hahn, 2001. "From Insider-Outsider Collusion to Insider Control in China's SOEs," Working Paper Series no44, Institute of Economic Research, Seoul National University.
    3. Yuk-Shing Cheng & Dic Lo, 2004. "Firm Size, Technical Efficiency and Productivity Growth in Chinese Industry," Working Papers 144, Department of Economics, SOAS University of London, UK.
    4. Mar, Pamela & Young, Michael N., 2001. "Corporate governance in transition economies: a case study of two Chinese airlines," Journal of World Business, Elsevier, vol. 36(3), pages 280-302, October.
    5. Lau, Chung-Ming & Fan, Dennis K.K. & Young, Michael N. & Wu, Shukun, 2007. "Corporate governance effectiveness during institutional transition," International Business Review, Elsevier, vol. 16(4), pages 425-448, August.
    6. Keun Lee & Donghoon Hahn, 1999. "Market Competition, Plan Constraints, and Asset Diversion in the Enterprise Groups in China," Working Paper Series no20, Institute of Economic Research, Seoul National University.
    7. Lee, Young, 1999. "Wages and Employment in China's SOEs, 1980-1994: Corporatization, Market Development, and Insider Forces," Journal of Comparative Economics, Elsevier, vol. 27(4), pages 702-729, December.
    8. Mi, Zhou & Wang, Xiaoming, 2000. "Agency cost and the crisis of China's SOE," China Economic Review, Elsevier, vol. 11(3), pages 297-317.
    9. Keun Lee & Donghoon Hahn & Justin Lin, 2001. "China and the East Asian Model A 'Comparative Institutional Analysis'Perspective," Working Paper Series no41, Institute of Economic Research, Seoul National University.

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