Publication in refereed journal
香港中文大学研究人员 ( 现职)
| 李宏彬教授 (经济学系) |
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Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/47WOS source URL
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摘要This article examines the privatization of China's township enterprises. According to our survey of 670 firms in 15 randomly selected counties in Jiangsu and Zhejiang provinces, more than half of the firms owned by local government were completely privatized by 1999. The privatization process is striking for two reasons. First, local governments almost always sold firms to insiders, while in the rest of the world privatization largely involves outsiders. Secondly, unlike the predictions of some academics and policy makers, many privatized firms have experienced an increase in performance. Drawing on firm-level survey data and extensive interviews with government leaders and managers, we found that leaders devised a way to elicit information from the buyer at the time of the sale about the firm's future profitability that enabled them to execute privatization successfully. Our analysis shows that the performance of firms with new owners that paid a price for the firm that exceeded the book value of its assets is on par with the performance of private firms after privatization since they also received strong incentives.
着者Li HB, Rozelle S
期刊名称China Quarterly
出版年份2003
月份12
日期1
期次176
出版社CAMBRIDGE UNIV PRESS
页次981 - 1005
国际标準期刊号0305-7410
电子国际标準期刊号1468-2648
语言英式英语
Web of Science 学科类别Area Studies; AREA STUDIES
