Under New Ownership: Privatizing China's State-owned EnterprisesWorld Bank Publications, 2006 - 284 páginas Although China's centrally planned economy is a little more than a shadow of its former self, the closely inter-linked reforms of the enterprise and banking sectors are still incomplete. The relative size of the state-owned enterprise sector has been much reduced, however, the sector remains the dominant borrower from the banking system and is responsible for the majority of bank non-performing assets. Thus in the interests of financial stability it is crucial to implement the remaining reform agenda. The accession to the WTO has also made it more urgent for China's most-dynamic state-owned en. |
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Página 25
... soft budget constraints in the quasi-protected world of the public sector.43 Under these circumstances, it is difficult to escape the grip of inertia; and even when the enterprise acts, the actions taken are often inappropriate (Sull ...
... soft budget constraints in the quasi-protected world of the public sector.43 Under these circumstances, it is difficult to escape the grip of inertia; and even when the enterprise acts, the actions taken are often inappropriate (Sull ...
Página 53
... soft budget constraint.8 Another reform in the early 1980s, which also mirrored prior. 8. This early reform period is discussed at length in a variety of works, notably Naughton (1995); Tidrick and Chen (1987); and Otsuka, Liu, and ...
... soft budget constraint.8 Another reform in the early 1980s, which also mirrored prior. 8. This early reform period is discussed at length in a variety of works, notably Naughton (1995); Tidrick and Chen (1987); and Otsuka, Liu, and ...
Página 134
... soft budget constraints on the performance of 392 Czech firms. Finds that firms with concentrated ownership ... budget constraint, and operating in a market-based institution have higher profitability. Furthermore, consistent with the ...
... soft budget constraints on the performance of 392 Czech firms. Finds that firms with concentrated ownership ... budget constraint, and operating in a market-based institution have higher profitability. Furthermore, consistent with the ...
Página 170
... Soft Budget The negative effect of soft budget constraints on enterprise productivity is highly significant in studies of Eastern European countries and generally significant in the CIS countries.14 Studies based on Chinese data also ...
... Soft Budget The negative effect of soft budget constraints on enterprise productivity is highly significant in studies of Eastern European countries and generally significant in the CIS countries.14 Studies based on Chinese data also ...
Página 171
... soft budget issue because of the difficulty in obtaining the data on expectations. An exception is the research of Anderson, Lee, and Murrell (2000), which uses survey data from Mongolia to test for the effect of soft budget constraints ...
... soft budget issue because of the difficulty in obtaining the data on expectations. An exception is the research of Anderson, Lee, and Murrell (2000), which uses survey data from Mongolia to test for the effect of soft budget constraints ...
Otras ediciones - Ver todas
Under New Ownership: Privatizing China's State-owned Enterprises Shahid Yusuf,Kaoru Nabeshima Vista de fragmentos - 2006 |
Under New Ownership: Privatizing China's State-owned Enterprises Shahid Yusuf,Kaoru Nabeshima,Dwight Heald Perkins Vista de fragmentos - 2006 |
Términos y frases comunes
added assets Authors banks Beijing better board of directors budget Bureau capital central changes chapter China Chinese cities collective companies compared competition constraints continued contracts corporate costs countries create decisions direct discussion domestic East Economic effect efficiency efforts Electronic enterprises estimates evidence factor findings firms foreign gains global groups growth important improve incentives increase indicate industrial initial innovation institutions investment joint ventures labor lead less limited major managers manufacturing measures mergers million Model Note operating organization output ownership percent performance period political positive Press privatization productivity profits reformed SOEs remained restructuring role rules sample sector selection Shanghai share shareholders shows significant Source state-owned enterprises Statistics strategy structure survey Table trade transition types United University variables vehicle workers World
Pasajes populares
Página 57 - The irrational system of pricing is closely related to the irrational system of price control. In readjusting prices, we must reform the over-centralized system of price control, gradually reducing the scope of uniform prices set by the state and appropriately enlarging the scope of floating prices within certain limits and of free prices.
Página 57 - ... cultural development of its various regions and we must realize that because of China's rather undeveloped commodity production at the present stage, it is necessary to stimulate commodity production and exchange. In view of all this, it is all the more urgent for us to institute this planning system. If the actual conditions of our country are ignored and if we try to incorporate all economic activities into the plans and implement them by administrative orders alone in disregard of the importance...
Página 57 - ... the superiority of a socialist economy over a capitalist economy. Since the founding of the People's Republic, we have practised a planned economy and concentrated vast financial, material and human resources on large-scale socialist economic construction with tremendous achievements to our credit. At the same time, historical experience shows that the socialist planning system should be one that combines uniformity and flexibility.
Página 57 - Socialist society practises a planned economy on the basis of public ownership of the means of production. It can thus avoid the anarchy of production and cyclical crises characteristic of capitalist society and ensure that production constantly meets the growing material and cultural needs of the people.
Página 241 - Anderson, James H., Young Lee, and Peter Murrell, 2000, "Competition and Privatization Amidst Weak Institutions: Evidence from Mongolia,
Página 149 - ... profitability and productivity of Chinese industrial firms. Several methodological issues concerning profit measurements of enterprises under different ownership structures are identified and discussed. Test results based on a panel data set provide evidence that capital structures, taxes and welfare burdens have a significant effect on the financial performance of Chinese enterprises. After adjusting for these effects, state-owned enterprises still show poor financial performance, which is attributable...
Página 57 - ... economy. Therefore, reform of the price system is the key to reform of the entire economic structure. Our present irrational price system finds expression mainly in the following : inadequate price differentials for a given product with diverse quality : irrational price ratios between different commodities, particularly the relatively low prices for some mineral products and raw and semi-finished materials ; and the retail price of major farm and sideline products being lower than their state...
Página 136 - Finds privatization alone added nearly 10 percentage points to the revenue growth of a firm sold to outside owners. Most important, finds that the threat of hard budget constraints for poorly performing SOEs falters, since governments are unwilling to allow these firms to fail. The brunt of the lower creditworthiness of SOEs falls on state creditors.
Página 67 - In China's economic growth, we shall persist in taking public ownership as the main body and developing diverse economic sectors, bringing into play the beneficial and necessary supplementary role of the individual economy, the private economy, Chinese-foreign joint ventures, co-operative enterprises and foreign-owned enterprises.
Página 284 - DWIGHT H. PERKINS is the Harold Hitchings Burbank Professor of Political Economy at Harvard University.