FIZZ, FROTH, FLAT: The Challenge of Converting China's SOEs into Shareholding Corporations

Elizabeth M. Freund

Review of Policy Research, 2001, vol. 18, issue 1, 96-111

Abstract: China's attempts to convert its state firms into shareholding corporations have failed to alter SOE management behavior. This article examines this failure by looking at the flotation of Tsingtao Brewery shares in Hong Kong. The article argues that for reforms to be meaningful, changes need to be made to economic, political and legal institutions by which SOEs operate. These changes, such as allowing SOE directors managerial autonomy and clarifying areas of the Company Law, create incentives for managers to run their firms as business entities responsive to market forces and responsible to their investors.

Date: 2001
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