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Banks and Enterprise Privatization in China

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  • Loren Brandt
  • Hongbin Li
  • Joanne Roberts

Abstract

Drawing on a unique dataset we collected in 1998 and 2000, this article examines the determinants of privatization of township and village enterprises in China. Our theoretical model explicitly considers the role of banks in determining privatization. We find that improved human capital and incentives of bank managers as well as deteriorating bank liquidity lead to privatization. We also analyze the conditions under which shutdown might be preferred to privatization as a method to divest of government-owned firms. We find empirical evidence that is consistent with our model's predictions. Copyright 2005, Oxford University Press.

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File URL: http://hdl.handle.net/10.1093/jleo/ewi022
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Bibliographic Info

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

Volume (Year): 21 (2005)
Issue (Month): 2 (October)
Pages: 524-546

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Handle: RePEc:oup:jleorg:v:21:y:2005:i:2:p:524-546

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Cited by:
  1. K. Arin & Mehmet Ulubaşoğlu, 2009. "Leviathan resists: the endogenous relationship between privatization and firm performance," Public Choice, Springer, vol. 140(1), pages 185-204, July.
  2. Fumitoshi Mizutani & Shuji Uranishi, 2010. "Determinants of privatization of public corporations: evidence from the Japanese experience," Empirical Economics, Springer, vol. 39(2), pages 515-535, October.
  3. Kung, James Kai-sing & Lin, Yi-min, 2007. "The Decline of Township-and-Village Enterprises in China's Economic Transition," World Development, Elsevier, vol. 35(4), pages 569-584, April.
  4. Liu, Guy S. & Sun, Pei & Wing Thye Woo, 2007. "What motivates and constrains politicians to privatize? The case of China," Economics Letters, Elsevier, vol. 97(1), pages 81-86, October.
  5. Liu, Guy S. & Sun, Pei & Woo, Wing Thye, 2006. "The Political Economy of Chinese-Style Privatization: Motives and Constraints," World Development, Elsevier, vol. 34(12), pages 2016-2033, December.
  6. Pei Sun & Kamel Mellahi & Guy Liu, 2011. "Corporate governance failure and contingent political resources in transition economies: A longitudinal case study," Asia Pacific Journal of Management, Springer, vol. 28(4), pages 853-879, December.
  7. Li, Lixing, 2008. "Employment burden, government ownership and soft budget constraints: Evidence from a Chinese enterprise survey," China Economic Review, Elsevier, vol. 19(2), pages 215-229, June.

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