By Yong Zhang (auth.)
ISBN-10: 023059753X
ISBN-13: 9780230597532
ISBN-10: 1349360465
ISBN-13: 9781349360468
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Additional info for Large Chinese State-Owned Enterprises: Corporatization and Strategic Development
Example text
By the end of 2005, about 166 SOES6 classified as 'very large' were still under direct central control (www. cn). The remaining 25,339 industrial SOEs were controlled by sub-central governments (China Statistical Yearbook, 2006: 50S). cn). At present, most SOEs are located in urban areas and concentrate on heavy industry. SOEs were more than mere productive units up to the late 1990s. They typically provided housing, schools, hospitals, restaurants, stores, pensions, and other benefits for their employees (Dodds, 1996: 700).
On 29 April 1997, the State Council issued the document 'On Deepening the Development of Enterprise Groups'. The core of the document was to clarify property rights of the previous conglomerates according to Company Law, and any newly established enterprise groups would be follOWing the gUidelines of corporatization reform. In the same year the number of trial groups was increased to 120. The change in policy from 1991 to 1997 signalled a new phase in the development of the enterprise group concept.
Changes were brought in through the introduction of quantitative reform initiatives (for example, profit sharing mechanisms) rather than qualitative reforms measures such as ownership and control in the state administration-SOEs dynamic (Lin, 2001: 9). As a result, a large number of SOEs continued operating at a loss and had to rely heavily on government subsidies to be bailed out, a phenomenon termed as 'soft budget constraints' by Kornai (1980: 28). Reform, Corporatization and Strategy Theories 33 From the early 1990s, policy makers and academics in China increasingly adopted the view that poor SOE performance and weak governance had been attributable to the unclear property rights and lack of separation between government and enterprises, in other words, the need of ownership reform.