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The Impact of Economic Reform on the Performance of Chinese State Enterprises, 1980-1989

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  • Li, Wei
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    Abstract

    The effectiveness of China's incremental industrial reform between 1980 and 1989 is investigated using a panel data set of 272 state enterprises. This paper applies a method that measures marginal products of factors and changes in total factor productivity (TFP) by comparing actual changes in output to actual changes in inputs and in the institutional environment. This paper finds that there were marked improvements in the marginal productivity of factors and in TFP between 1980 and 1989. More important, the evidence shows that over 87 percent of the TFP growth was attributable to improved incentives, intensified product market competition, and improved factor allocation. Copyright 1997 by the University of Chicago.

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    Bibliographic Info

    Article provided by University of Chicago Press in its journal Journal of Political Economy.

    Volume (Year): 105 (1997)
    Issue (Month): 5 (October)
    Pages: 1080-1106

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    Handle: RePEc:ucp:jpolec:v:105:y:1997:i:5:p:1080-1106

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    Web page: http://www.journals.uchicago.edu/JPE/

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    Cited by:
    1. Huang, Can & Wu, Yilin & Mohnen, Pierre & Zhao, Yanyun, 2013. "Government support, innovation and productivity in the Haidian (Beijing) District," MERIT Working Papers 058, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    2. Hang, Leiming & Tu, Meizeng, 2007. "The impacts of energy prices on energy intensity: Evidence from China," Energy Policy, Elsevier, vol. 35(5), pages 2978-2988, May.
    3. Dongwei Su & Xingxing He, 2012. "Ownership structure, corporate governance and productive efficiency in China," Journal of Productivity Analysis, Springer, vol. 38(3), pages 303-318, December.
    4. Ram Mohan, T. T., . "Privatisation in China: softly, softly does it," IIMA Working Papers WP2004-09-04, Indian Institute of Management Ahmedabad, Research and Publication Department.
    5. Fisher-Vanden, Karen, 2003. "Management structure and technology diffusion in Chinese state-owned enterprises," Energy Policy, Elsevier, vol. 31(3), pages 247-257, February.
    6. Lu, Susan Feng & Dranove, David, 2013. "Profiting from gaizhi: Management buyouts during China’s privatization," Journal of Comparative Economics, Elsevier, vol. 41(2), pages 634-650.
    7. Trien Le & Amon Chizema, 2011. "State ownership and firm performance: Evidence from the Chinese listed firms," Organizations and Markets in Emerging Economies, Faculty of Economics, Vilnius University, vol. 2(2).
    8. Tran Thi, Que Giang, 2008. "The Impacts of Corporate Governance On the Performance of Privatized Firms In Vietnam," Economics Papers from University Paris Dauphine 123456789/3860, Paris Dauphine University.
    9. Robert Elliott & Ying Zhou, 2013. "State-owned Enterprises, Exporting and Productivity in China: A Stochastic Dominance Approach," The World Economy, Wiley Blackwell, vol. 36(8), pages 1000-1028, 08.
    10. Chen, Shiyi & Jefferson, Gary H. & Zhang, Jun, 2011. "Structural change, productivity growth and industrial transformation in China," China Economic Review, Elsevier, vol. 22(1), pages 133-150, March.
    11. Tian, Xu & Yu, Xiaohua, 2012. "The Enigmas of TFP in China: A meta-analysis," China Economic Review, Elsevier, vol. 23(2), pages 396-414.
    12. Trien Le & Trevor Buck, 2011. "State ownership and listed firm performance: a universally negative governance relationship?," Journal of Management and Governance, Springer, vol. 15(2), pages 227-248, May.
    13. Yong Wang & Xuewen Liu & Xi Li, 2013. "A Model of China's State Capitalism," 2013 Meeting Papers 853, Society for Economic Dynamics.
    14. Jeffry M. Netter & William L. Megginson, 2001. "From State to Market: A Survey of Empirical Studies on Privatization," Journal of Economic Literature, American Economic Association, vol. 39(2), pages 321-389, June.
    15. Xiaodong Zhu, 2012. "Understanding China's Growth: Past, Present, and Future," Journal of Economic Perspectives, American Economic Association, vol. 26(4), pages 103-24, Fall.
    16. Zhang, Anming & Zhang, Yimin & Zhao, Ronald, 2002. "Profitability and productivity of Chinese industrial firms: Measurement and ownership implications," China Economic Review, Elsevier, vol. 13(1), pages 65-88.
    17. Chenggang Xu, 2011. "The Fundamental Institutions of China's Reforms and Development," Journal of Economic Literature, American Economic Association, vol. 49(4), pages 1076-1151, December.
    18. Zhang, Le-Yin, 2004. "The Roles of Corporatization and Stock Market Listing in Reforming China's State Industry," World Development, Elsevier, vol. 32(12), pages 2031-2047, December.
    19. Dan Bogart & Latika Chaudhary, 2013. "Off the Rails: Is State Ownership Bad for Productivity?," Working Papers 131401, University of California-Irvine, Department of Economics.
    20. Yuen, Andrew Chi-lok & Zhang, Anming & Cheung, Waiman, 2013. "Foreign participation and competition: A way to improve the container port efficiency in China?," Transportation Research Part A: Policy and Practice, Elsevier, vol. 49(C), pages 220-231.
    21. Sun, Qunyan & Zhang, Anming & Li, Jie, 2005. "A study of optimal state shares in mixed oligopoly: Implications for SOE reform and foreign competition," China Economic Review, Elsevier, vol. 16(1), pages 1-27.

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