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Institutional Environment, Community Government, and Corporate Governance: Understanding China's Township-Village Enterprises

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  • Che, Jiahua
  • Qian, Yingyi

Abstract

We study China's township-village enterprises (TVEs) from an organizational perspective with a focus on governance. Unlike most previous studies, we interpret the firm boundaries of TVEs at the community level rather than the enterprise level. From this perspective, we analyze the central role that community governments play in TVE governance as an organizational response to the imperfect institutional environment of both state and market. Specifically we show that the community government's in TVEs helps overcome the problems of state predation and underfinancing of private enterprises. We also explain why TVE governance leads to harder budget constraints than the state-owned enterprises. Copyright 1998 by Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal Journal of Law, Economics and Organization.

Volume (Year): 14 (1998)
Issue (Month): 1 (April)
Pages: 1-23

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Handle: RePEc:oup:jleorg:v:14:y:1998:i:1:p:1-23

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  1. Grossman, Sanford J. & Hart, Oliver D., 1986. "The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration," Scholarly Articles 3450060, Harvard University Department of Economics.
  2. Hehui Jin & Yingyi Qian, 1997. "Ownership and Institutions: Evidence in Rural China," William Davidson Institute Working Papers Series 28, William Davidson Institute at the University of Michigan.
  3. Hart, Oliver & Moore, John, 1990. "Property Rights and the Nature of the Firm," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1119-58, December.
  4. Mathias Dewatripont & Eric Maskin, 1995. "Credit and efficiency in centralized and decentralized economies," ULB Institutional Repository 2013/9603, ULB -- Universite Libre de Bruxelles.
  5. M Weitzman & Cheng-Gang Xu, 1993. "Chinese township village enterprises as vaguely defined cooperations," LSE Research Online Documents on Economics 3754, London School of Economics and Political Science, LSE Library.
  6. Yingyi Qian & Cheng-Gang Xu, 1993. "Why China's economic reforms differ: the m-form hierarchy and entry/expansion of the non-state sector," LSE Research Online Documents on Economics 3755, London School of Economics and Political Science, LSE Library.
  7. Spiller, Pablo T. & Sampson, Cezley I., 1993. "Regulation, institutions and commitment : the Jamaican telecommunications sector," Policy Research Working Paper Series 1362, The World Bank.
  8. Naughton, Barry, 1994. "Chinese Institutional Innovation and Privatization from Below," American Economic Review, American Economic Association, vol. 84(2), pages 266-70, May.
  9. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
  10. John M. Litwack, 1991. "Legality and Market Reform in Soviet-Type Economies," Journal of Economic Perspectives, American Economic Association, vol. 5(4), pages 77-89, Fall.
  11. Yingyi Qian & Barry R. Weingast, 1996. "China's transition to markets: market-preserving federalism, chinese style," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 1(2), pages 149-185.
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