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China's ownership transformation : process, outcomes, prospects / Ross Garnaut ... [and others].
Lippincott Library HC427.92 .C46545 2005
Available
- Format:
- Book
- Government document
- Language:
- English
- Subjects (All):
- China--Economic policy--1976-2000.
- China.
- Economic policy.
- China--Economic policy--2000-.
- Industrial policy--China.
- Industrial policy.
- Privatization--China.
- Privatization.
- Free enterprise--China.
- Free enterprise.
- Government ownership--China.
- Government ownership.
- Government business enterprises--China.
- Government business enterprises.
- Unemployment--China.
- Unemployment.
- Corporate governance--China.
- Corporate governance.
- China--Economic conditions--1976-2000.
- Economic conditions.
- China--Economic conditions--2000-.
- Physical Description:
- xvii, 235 pages : illustrations, 1 map ; 23 cm
- Place of Publication:
- Washington, DC : International Finance Corporation : World Bank, 2005.
- Summary:
- China's emergence as a global economic player has been accompanied by a major internal transformation. Over the past decade, the economy has made the transition from complete reliance on state-owned and collective enterprise to a mixed economy where private enterprise also plays a strong role. Gaizhi, a Chinese term meaning transforming the system," has become a major phenomenon in most parts of the country; in many cases it has involved full privatization. This study applies descriptive and econometric analysis to survey, and official statistical data to examine, the progress of gaizhi over the years and across regions.
- Contents:
- Overview of SOE Reform in China 2
- Focus and Empirical Approach of the Study 11
- The Structure of the Study 24
- 2 The Main Players in Gaizhi 25
- How Far Has Gaizhi Progressed? 25
- The Key Participants 31
- Theories on Incentives for Gaizhi 38
- Empirical Tests 42
- 3 The Gaizhi Process 46
- Forms of Gaizhi 46
- Sample Distribution of Forms of Gaizhi 50
- Trends and Geographic Variations 54
- What Determines the Form of Gaizhi Chosen? 59
- The Process and Main Issues Surrounding the Transfer of State Assets 62
- Asset Valuation 67
- Dealing with Enterprise Debts and Other Obligations in the Gaizhi Process 76
- Land-Use Rights and Gaizhi 81
- 4 Impact of Gaizhi on Labor 87
- China's Emerging Social Security System 87
- Government Policy toward Unemployment in the Gaizhi Process 89
- The Impact of Gaizhi on Employment and Labor Force Structure 95
- Gaizhi and Obligations of Firms to Workers 103
- Gaizhi and Changes in Compensation Schemes 108
- 5 Impact of Gaizhi on Corporate Governance 113
- Changes in Ownership Structure 114
- Ownership and Control 121
- Gaizhi and Traditional Stakeholders 127
- Gaizhi, Managerial Autonomy, and Managerial Incentives 133
- Gaizhi and Changes in the Relative Influence of Stakeholders 138
- The Role of Outside Investors in Corporate Governance 139
- 6 Impact of Gaizhi of Firm Behavior and Performance 145
- Gaizhi, Internal Restructuring, and Financial Discipline 145
- Gaizhi and Firm Performance 158
- Gaizhi and Time Trends in Performance 170
- The Impact of Other Factors on Performance 172
- 7 Toward a Fairer and More Efficient Gaizhi Process 175
- The Public Debate about Privatization in China 175
- Regulating Gaizhi 181
- Strengthening Enforcement 185
- Reducing Transaction Costs for Outside Investors 191
- Enhancing the Role of the de Novo Private Sector in China's Transformation 197.
- Notes:
- Includes bibliographical references (pages 205-215) and index.
- ISBN:
- 0821362372
- OCLC:
- 60245498
- Publisher Number:
- 97800821362372
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