The performance impact of firm ownership transformation in China
AbstractDoes firm ownership change affect performance? On the basis of a mean-value analysis and a fixed effects panel analysis of over 1100 Chinese companies during the period of ownership reform (1997-2003), this paper examines the performance impact of firm ownership transformation in China. The data used allows us to compare the performance impacts of different methods taken to restructure the ownership of state firms, such as full versus partial privatisation. For China, a state-capitalist nation and the world’s largest state sector under transition, the mix of state and private ownership – partial privatisation – emerges as the best performing type of ownership model for firms. Here, the firm can gain the best synergy of both state support and private business strength. The experience of the Chinese reform shows that the political context and system are important influencing factors on ownership preference for a firm. JEL Classification: L33, O40, P27
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Bibliographic InfoPaper provided by European Central Bank in its series Working Paper Series with number 1598.
Date of creation: Oct 2013
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Find related papers by JEL classification:
- L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out
- O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
- P27 - Economic Systems - - Socialist Systems and Transition Economies - - - Performance and Prospects
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-11-16 (All new papers)
- NEP-BEC-2013-11-16 (Business Economics)
- NEP-EFF-2013-11-16 (Efficiency & Productivity)
- NEP-TRA-2013-11-16 (Transition Economics)
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