The usual belief is that the China's state enterprise reform with contract management responsibility system has led state-owned enterprises to maximize profit. Nonetheless the poor performance of state-owned enterprises after the reform relative to other forms of enterprises remains a puzzle. As the existing explanations for this puzzle based on increased competition or soft budget constraint are not entirely satisfactory, the authors propose an alternative explanation based on the incentive aspect of the reform.
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Paper provided by La Trobe - Department of Economics in its series Papers with number
98-07.
Find related papers by JEL classification: D21 - Microeconomics - - Production and Organizations - - - Firm Behavior P31 - Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions