S-Space College of Social Sciences (사회과학대학) Institute of Economics Research (경제연구소) Seoul Journal of Economics Seoul Journal of Economics vol.21 no.1~4 (2008)
A Nationwide Survey of Privatized Firms in China
- Guo, Yan; Gan, Jie; Xu, Chenggang
- Issue Date
- Seoul Journal of Economics, Vol.21 No.2, pp. 311-331
- This descriptive study is based on a nationwide survey of privatization in China. Betwwen 1995 and 2005, close to 100,000 firms with 11.4 trillion RMB in assets were privatized in China. This privatization process encompassed two-thirds of state-owned enterprises and state assets. Privatization in China has created concentrated private ownership and greatly changed corporate governance. After privatization, the state has withdrawn from firm's daily decision making. Soft budget constraints have been substantially hardened. Firms have become more efficient and more profitable.