Le processus de réformes des entreprises d'Etat en Chine: une analyse en termes de gouvernance d'entreprise

Xiaoqiang Zhou

in Economics Thesis from University Paris Dauphine from Paris Dauphine University

Abstract: SOE reform is an important aspect of China economic reform. It witnessed several experiences from the operation mechanisms reform (1978-1992) to the establishment of the modern enterprise system (Since 1993), and gradual privatization through MBO (1998-2005). China’s SOE reform is gradually carried out in the inherited enterprise governance structure and established political power infrastructure. Therefore SOE’s corporate governance is of characteristics of governmental interference and “insider control” problem. The separation of ownership and control in a modern enterprise brings about agency costs. As a kind of system innovation to solve the problem of agency costs, MBO’s governance effect in the process of China’s SOE reform is worthy of study. After examining more than three decades’ reform process of China’s SOE, from the angle of corporate governance, we concluded that China’s SOEs, relatively speaking, succeeded in the reform of incentive mechanism whereas they failed to improve the selection mechanism of SOE’s management; privatization through MBO reduced their agency costs in a certain extent, but they have not yet solved the problems of governmental interference and “insider control” problem. The current situation of China’s SOE is not the end of its reform but a new starting point of its further reform. We suggest that future reform should focus on the transfer of governmental function and normalization of enterprise behaviour. The government must withdraw from more profit-making sectors and become public-service oriented; in the aspect of corporate governance, SOEs should strengthen the supervision of independent director, increase and support private shareholders, and enhance the transparency of enterprise information disclosure so as to create effective internal governance and fair external environment for competition

Keywords: Réforme des entreprises d'Etat en chine; Gouvernement d'entreprise; Reprise d'entreprise par les salariés (search for similar items in EconPapers)
JEL-codes: G3 (search for similar items in EconPapers)
Date: 2011 Written 2011
Note: dissertation
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:dau:thesis:123456789/14680

Ordering information: This item can be ordered from
http://basepub.dauph ... ndle/123456789/14680

Access Statistics for this book

More books in Economics Thesis from University Paris Dauphine from Paris Dauphine University Contact information at EDIRC.
Bibliographic data for series maintained by Alexandre Faure ( this e-mail address is bad, please contact ).