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A Multi-Task Theory of the State Enterprise Reform

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  • Bai, Chong-En
  • Li, David Daokui
  • Tao, Zhigang
  • Wang, Yijiang

Abstract

During transition, maintaining employment and providing a social safety net for the unemployed are important to social stability, which in turn is crucial for the productivity of the whole economy. Because independent institutions for social safety are lacking and firms with strong profit incentives have little incentive to promote social stability due to its public good nature, state-owned enterprises (SOEs) are needed to continue their role in providing social welfare. Charged with the multi-tasks of efficient production as well as social welfare provision, SOEs continue to be given low profit incentives and consequently, their financial performance continues to be poor.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 2781.

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Date of creation: May 2001
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Handle: RePEc:cpr:ceprdp:2781

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Keywords: Dual-Track Reform; Multi-Task; Social Stability; Unemployment;

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References

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  1. Micael Castanheira De Moura & Gérard Roland, 2000. "The optimal speed of transition: a general equilibrium analysis," ULB Institutional Repository 2013/10011, ULB -- Universite Libre de Bruxelles.
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  4. Mathias Dewatripont & Gérard Roland, 1997. "Transition as a process of large-scale institutional change," ULB Institutional Repository 2013/9659, ULB -- Universite Libre de Bruxelles.
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  8. Chong-En Bai & David D. Li & Zhigang Tao & Yijiang Wang, 2001. "A Multi-Task Theory of the State Enterprise Reform," William Davidson Institute Working Papers Series 367, William Davidson Institute at the University of Michigan.
  9. Gary H. Jefferson & Thomas G. Rawski, 1994. "Enterprise Reform in Chinese Industry," Journal of Economic Perspectives, American Economic Association, vol. 8(2), pages 47-70, Spring.
  10. Holmstrom, Bengt & Milgrom, Paul, 1991. "Multitask Principal-Agent Analyses: Incentive Contracts, Asset Ownership, and Job Design," Journal of Law, Economics and Organization, Oxford University Press, vol. 7(0), pages 24-52, Special I.
  11. Murrell Peter & Wang Yijiang, 1993. "When Privatization Should Be Delayed: The Effect of Communist Legacies on Organizational and Institutional Reforms," Journal of Comparative Economics, Elsevier, vol. 17(2), pages 385-406, June.
  12. Woo, Wing Thye & Fan, Gang & Hai, Wen & Jin, Yibiao, 1993. "The efficiency and macroeconomic consequences of Chinese enterprise reform," China Economic Review, Elsevier, vol. 4(2), pages 153-168.
  13. Bai, Chong-en & Li, David D. & Wang, Yijiang, 1997. "Enterprise Productivity and Efficiency: When Is Up Really Down?," Journal of Comparative Economics, Elsevier, vol. 24(3), pages 265-280, June.
  14. Holmstrom, Bengt & Milgrom, Paul, 1994. "The Firm as an Incentive System," American Economic Review, American Economic Association, vol. 84(4), pages 972-91, September.
  15. Bai, Chong-en & Wang, Yijiang, 1998. "Bureaucratic Control and the Soft Budget Constraint," Journal of Comparative Economics, Elsevier, vol. 26(1), pages 41-61, March.
  16. Castanheira, Micael & Roland, Gérard, 1996. "Restructuring and Capital Accumulation in Transition Economies: A General Equilibrium Perspective," CEPR Discussion Papers 1372, C.E.P.R. Discussion Papers.
  17. Chong-En Bai & Zhigang Tao, 2000. "Contract Mixing in Franchising as a Mechanism for Public-Good Provision," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 9(1), pages 85-113, 03.
  18. Yingyi Qian, 1996. "Enterprise reform in China: agency problems and political control," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 4(2), pages 427-447, October.
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Citations

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Cited by:
  1. Zhang, Xiaobo & Kanbur, Ravi, 2005. "Spatial inequality in education and health care in China," China Economic Review, Elsevier, vol. 16(2), pages 189-204.
  2. Xu, Cheng-Gang, 2010. "The Institutional Foundations of China’s Reforms and Development," CEPR Discussion Papers 7654, C.E.P.R. Discussion Papers.
  3. Peng, Winnie Qian & Wei, K.C. John & Yang, Zhishu, 2011. "Tunneling or propping: Evidence from connected transactions in China," Journal of Corporate Finance, Elsevier, vol. 17(2), pages 306-325, April.
  4. Elliott Parker & Judith Thornton, 2006. "Fiscal Centralization and Decentralization in Russia and China," Working Papers 06-013, University of Nevada, Reno, Department of Economics & University of Nevada, Reno , Department of Resource Economics.
  5. Chong-En Bai & David D. Li & Zhigang Tao & Yijiang Wang, 2001. "A Multi-Task Theory of the State Enterprise Reform," William Davidson Institute Working Papers Series 367, William Davidson Institute at the University of Michigan.
  6. 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.

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