The Roles of Corporatization and Stock Market Listing in Reforming China’s State Industry

This article provides an overview of China’s on-going efforts to reform its industrial state-owned enterprises (SOEs) through corporatization and stock market listing, and assesses the effects on the performance of these SOEs. It highlights changes, though limited, in both ownership pattern and corporate governance on the one hand, and rapid increase in concentration on the other as a result of these reform measures. It also explores the reasons why these changes have failed to significantly improve the performance of the SOEs, but have nevertheless paved the way for more complete privatization. The practical implications of these findings are also discussed.     

Services Policy Reform and Economic Growth in Transition Economies

Major changes have occurred in the structure of former centrally planned economies, including a sharp rise in the share of services in GDP, employment, and international transactions. However, large differences exist across transition economies with respect to services intensity and services policy reforms. We find that reforms in policies toward financial and infrastructure services, including telecommunications, power, and transport, are highly correlated with inward FDI. Controlling for regressors commonly used in the growth literature, we find that measures of services policy reform are statistically significant explanatory variables for the post-1990 economic performance of transition economies. These findings suggest services policies should be considered more generally in empirical analyses of economic growth. JEL no. F14, F43, O14, O40     

Foreign Multinationals and Local Firms in Vietnam's Economic Transition*

This paper compares the economic performance of foreign multinational corporations (MNC) and local firms in Vietnam, distinguishing between two distinct types of local firms: state‐owned enterprises (SOE) and non‐SOE. Between the mid‐1990s and 2000, foreign MNC in Vietnam's economy grew very rapidly, but their growth has been much slower thereafter. Consistent with the theoretical suggestion that MNC possess relatively large amounts of firm‐specific assets related to production technology, marketing networks and management know‐how, these comparisons suggest that foreign MNC were generally larger and had higher labor productivity, capital intensity, wage levels, investment propensities and trade propensities than non‐MNC. On the other hand, foreign MNC tended to have relatively low capital productivity and wage shares of value added, while results regarding profitability were mixed. In general, these differentials tended to be relatively small between foreign MNC and SOE, and SOE tended to be larger than foreign MNC in terms of employment. Correspondingly, comparisons of foreign MNC with non‐MNC generally revealed more consistent differences, largely because the local private sector is still very underdeveloped in Vietnam.     

State ownership and corporate performance: A quantile regression analysis of Chinese listed companies

This study assesses the impact of government shareholding on corporate performance using a sample of 643 non-financial companies listed on the Chinese stock exchanges. In view of the controversial empirical findings in the literature and the limitations of the least squares regressions, we adopt the method of quantile regression and report a robust and significant negative relation between government shareholding and corporate performance among, and only among, the more profitable firms. This new finding, which the conditional mean-focused regressions do not capture, suggests that while Chinese government still exerts influences on the performance of these partially privatized firms, the relationship parameter changes across quantiles of the distribution of performance variables.     

转轨经济中中央银行的独立性

中央银行独立性包括法定独立性和真实独立性两个方面的内容,还存在若干其他的分类。中央银行独立性和通货膨胀之间关系的研究一直是中央银行独立性研究的核心内容之一。实证研究表明,转轨经济中中央银行独立性与通货膨胀之间并不存在显著的相关性。但增强中央银行独立性对于转轨中国家而言,仍具有十分重要的意义。     

转变经济发展方式背景下高新区发展战略转型研究

高新区在转变经济发展方式中具有经济发展强劲、高新技术产业集群规模显著、科技创新和人才资源聚集等优势。转变经济发展方式既需要高新区的带动和加速,又是高新区应有的历史使命。文章认为,在转变经济发展方式的背景下,高新区应随转变经济发展方式的要求调整发展定位;构建科技创新体系,强化转变经济发展方式的内生动力;优化产业发展模式,增强转变经济发展方式的带动力。     

经济转型与包容性增长的关联度

包容性增长是时代发展的必然要求,体现了公平与正义的科学内涵,是一种理想的经济发展方式。在经济转型深化阶段,中国经济社会问题的解决迫切需要以包容性增长理念为引导,将经济转型、政治转型、社会转型、文化转型等多种转型相互融合与协同推进,切实转变经济发展方式,才能实现国民经济的持续良好发展。     

服务外包模式选择与我国经济转型升级

我国经济面临着巨大的转型升级压力,一个现实的对策是大力发展服务外包。文章分析了服务外包中间组织属性的内涵,提出了将服务外包分为价值创造型外包和后勤保障型外包两种类型的观点;详细分析了服务外包对于我国经济转型升级的资源配置改善、企业结构重塑和创新三大功能;提出了我国发展服务外包的三种模式——“在岸”的价值创造型外包、“离岸”的价值创造型外包和“在岸”的后勤保障型外包,并扼要分析了政策启示。     

转型国家市场化进程与结构转型

通过对转型国家市场化程度的测度来考察不同国家在转型进程中的地区内部差异及产业结构的调整情况,表明不同国家的经济绩效在很大程度上取决于一个国家或地区产业生产率和国际竞争力。为此,转型国家产业和贸易发展战略的选择要因地制宜、因时制宜,善于捕获住全球环境下不断涌现的新机遇,即新的商品和劳务市场以及获取新知识、资本、组织能力和企业家精神的机会,使其与制度的安排——结构转型有机结合起来,趋利避害, 最大限度地分享经济全球化的好处,缩小地区差距,加速市场化进程。     

股权集中、行业竞争与薪酬业绩牵扯:由我国上市公司生发

对上市公司股权集中度、行业竞争度对薪酬业绩敏感性影响的研究发现:股权集中度与薪酬业绩敏感性呈现倒U形关系。当股权集中度达到较高水平,即第一大股东绝对控股后,与国有企业相比,民营企业的大股东监督对薪酬业绩敏感性的替代作用更强。在外部治理方面,行业竞争度与薪酬业绩敏感性显著正相关,表明高竞争强度可以在一定程度上强化薪酬契约的激励作用。     

中间产品、工业化转型与中国经济增长

文章认为,最终需求和出口需求对我国工业化与经济增长的推动作用逐渐减弱,中间产品对工业化和经济增长可发挥积极作用,收入效应、分配效应、降低最低有效规模和提高生产率是中间产品影响工业化的主要途径,而规模、技术、人力资源和一些其它条件是制约中间产品生产扩张的主要因素。中间产品生产发展不足和我国存在的就业不足、技术进步缓慢、收入分配不公与工业化趋缓和经济增长放慢等问题密切相关,我国已具备大力发展中间产品生产、以中间产品生产扩张促进工业化转型、推动中国经济增长的基础。文章提出了采取大推进策略、延伸产业链和加强制度建设等对策以加快发展中间产品。     

Impacts of Ownership Balance and Nonexecutive Directors on Bank Performance and Risk Taking: Evidence from City Commercial Banks in China

This paper investigates the impacts of nongovernmental stake, ownership balance, and nonexecutive directors on bank performance and risk taking in city commercial banks (CCBs) in China. We find that ownership balance can improve CCBs’ financial performance and reduce their bankruptcy risk as well as nonperforming loan level. Nonexecutive directors can help reduce bankruptcy risk, but have no significant effect on performance or nonperforming loans. The impacts of ownership balance and nonexecutive directors become more prominent when the nongovernmental stake is relatively high, suggesting that mixed ownership reform can promote bank performance and risk control via these two avenues.     

The color of money: The effects of foreign direct investment on economic growth in transition economies

During the initial phase of transformation to a market economy many of the Eastern European and Baltic countries experienced an initial decline of output. This paper explains, both theoretically and empirically, why they experienced negative growth initially, and how some of them started to get over and recorded positive growth recently. As a vehicle to transfer technology and managerial skills to the transition economies, as well as to increase capital work, foreign direct investment (FDI) is regarded important. Production function with a low elasticity of substitution between two inputs is employed to capture the dynamic short-run movement of these economies. Cross-sectional and panel data, are utilized to analyze the short-run dynamic movement of equilibrium paths of transformation to a market economy. The findings confirm that total factor productivity and GDP in the region grew together with the inflow of FDI, and the marginal contribution of FDI to growth is greater than that of domestic investment. JEL no. O50, P39, F21 This project is financially supproted by the ARC Small Grant, Department Research Grant, Department of Economics, UWA and Division Research Grant, Commerce, Division, Lincoln University.     

经济转型条件下的民营企业演进:一个文献综述

通过梳理主流经济学与社会学对我国非国有经济的研究,为转型条件下我国民营经济研究提供一个比较完整的视角。对我国民营经济的早期形式——乡镇企业的相关文献进行梳理,得到关于我国民营企业制度环境和经营上的特征。参考社会学提供的研究视角,发现引入社会学中诸如社会资本、权威等概念和理论可有助于对民营企业的研究。现有的将经济学与社会学相结合的一些研究观点也为我国民营企业研究提供了新的思路。     

The Transformation of Collectively Owned Enterprises and its Outcomes in China, 2001–05

Previous studies have primarily focused on the relative success of collectively owned enterprises (COEs) in China during the early years of reform, but they have ignored the agency problems inherent in this type of organizational form that may be an obstacle to further improving performance in a changing environment. Drawing on agency theory and the privatization literature, we argue that the transformed COEs in the ongoing organizational transformation process may achieve better performance by reducing agency costs. We examine a sample of COEs in Chinese manufacturing industries and track their ownership statuses from 2000 to 2005. Our findings reveal that the transformed firms achieved better performance than the traditional, untransformed COEs by mitigating agency problems.