Under China’s socialist system,state-owned enterprises are key forces driving the economic trajectory and providing strong momentum.These enterprises not only bear the crucial responsibility of advancing the process ...Under China’s socialist system,state-owned enterprises are key forces driving the economic trajectory and providing strong momentum.These enterprises not only bear the crucial responsibility of advancing the process of national modernization but also serve as the core of the national economic lifeline through their irreplaceable status and function amidst changing times.In the new era,with the advent of the technological revolution and the wave of globalization,state-owned enterprises face unprecedented opportunities and challenges.As a significant aspect of state-owned enterprise reform,the mixed ownership reform is not only a transformation in the structure of enterprise ownership but also a reflection of China’s broader,comprehensive reform efforts.By deeply advancing this reform,it will help optimize the allocation of state-owned assets and significantly boost technological and management innovation within state-owned enterprises,ensuring their competitiveness in the intense market environment.Therefore,this paper will conduct an in-depth analysis of the mixed ownership reform of state-owned enterprises from the perspective of Marxist political economy.展开更多
By using interview data from three large state-owned enterprises (SOEs) in agriculture related industries, this paper reveals that SOEs in inland area are much slow in response to globalization. Although they pursued ...By using interview data from three large state-owned enterprises (SOEs) in agriculture related industries, this paper reveals that SOEs in inland area are much slow in response to globalization. Although they pursued some strategies to adjust themselves, they are far behind the position to utilize the opportunities generated by economic globalization. Most of them are still out of the networks of transnational corporations. The strategies they adopted are quite different from SOEs in the coastal area. They overlook the importance of information infrastructure, well-educated personnel, and collaboration with the competitive leaders in their industries. The lagging situation is related to isolated location, traditional culture, and slow progress in enterprise reform. International comparison shows that the case companies did follow the general patterns that globalization promotes extension of company′s networks of linkages but in a rather slow phase. The decision makers should encourage intra-regional linkages between SOEs, between SOEs and private, foreign owned companies, as well as inter-regional linkages among them. The latter appears particularly important given the enlarging gaps between coastal and inland areas.展开更多
By the end of the century, the reform and development of China’s state-owned enterprises will create new prospects. The reform of state-owned foreign economic and trade enterprises should also see further breakthroug...By the end of the century, the reform and development of China’s state-owned enterprises will create new prospects. The reform of state-owned foreign economic and trade enterprises should also see further breakthroughs. At present, the following aspects are important: 1. Implement a Holdings System in the Reform of State-owned Foreign Economic and Trade Enterprises. The holdings system plays a major role in transferring the management mechanism of state-owned foreign economic and展开更多
Speaking at a press conference held a few days ago by the Press And Information Office of the State Council, Mr. Zhang Haoruo, vice-minister of the State Structural Reform Commission talked to Chinese and foreign news...Speaking at a press conference held a few days ago by the Press And Information Office of the State Council, Mr. Zhang Haoruo, vice-minister of the State Structural Reform Commission talked to Chinese and foreign newspapermen about the current state of the ongoing reform of state-owned enterprises in China.展开更多
The Sichuan Provincial ChangjiangEnterprise Company, the former ofSichuan Provincial ChangjiangEnterprise (Group) Holdings Co.(SPCEGHC), is a comprehensive foreigntrade enterprise under the direct leadershipof the pro...The Sichuan Provincial ChangjiangEnterprise Company, the former ofSichuan Provincial ChangjiangEnterprise (Group) Holdings Co.(SPCEGHC), is a comprehensive foreigntrade enterprise under the direct leadershipof the provincial government, mainly engagedin various kinds of foreign trade businessand as an agent for clients, involving deliveryof goods to foreign countries, the exchangeof technology, and the repair and leasing ofdomestic equipment. It was restructured tobecome an enterprise group in 1988, a"window" corporation on the province.展开更多
The Beijing Garment Import and Export Shareholding Corporation, Ltd. was the first shareholding corporation in Beijing which was set up in February 18, 1994. Its predecessor, the Beijing Garment Import and Export Corp...The Beijing Garment Import and Export Shareholding Corporation, Ltd. was the first shareholding corporation in Beijing which was set up in February 18, 1994. Its predecessor, the Beijing Garment Import and Export Corporation, had registered annual import and export earnings of US$300 million, ranking first among the foreign trade corporations in Beijing. Its change into a shareholding corporation has aroused keen interest in garment展开更多
Chinese financial system and capital allocation to strategic sectors dominated by state banks made important contributions to the country＇s high economic growth rates during the catch-up stage of the last three decad...Chinese financial system and capital allocation to strategic sectors dominated by state banks made important contributions to the country＇s high economic growth rates during the catch-up stage of the last three decades. High household saving rates, fixed exchange rate regime, and extensive capital controls helped this stage as well. While the structural changes in the labor market conditions by moving from primary sectors to more capital intensive heavy industry, construction, commerce, and other service sectors have been contributed to the economic growth, competition, and productivity, due to the direct state governance or intensive interventions, competition and productivity have been curtailed on certain large industries. Aiming to eliminate this unproductive economic activity, enterprise sector reforms of China targeted restructuring the state enterprise＇s capital, organization, and management system. Besides, the reforms on science and technology system seek to participate in global production and R＆D networks by improving high-tech sectors through creating strong complementarity and collaboration between skilled human capital and educational interferences.展开更多
Different from foreign capital markets,china’s domestic capital markets are special,which also determines that the research on financial pressure starts from the reform of state-owned enterprises,and draws lessons fr...Different from foreign capital markets,china’s domestic capital markets are special,which also determines that the research on financial pressure starts from the reform of state-owned enterprises,and draws lessons from the relevant theories of financial risk and financial fraud,thus gradually forming a more diversified research results.展开更多
Innovation is the source of power for high-quality development,and a relaxed institutional arrangement is a necessity for promoting innovation in enterprises.This paper examines the impact of fault tolerance on corpor...Innovation is the source of power for high-quality development,and a relaxed institutional arrangement is a necessity for promoting innovation in enterprises.This paper examines the impact of fault tolerance on corporate innovation,theoretically analyzes the positive effects of fault tolerance on stimulating innovation,and estimates the influence of fault tolerance on corporate innovation by using the panel data of listed manufacturing companies from 2007 to 2019,taking the quasi-natural experiment of fault-tolerance system in various places since the new round of stateowned enterprise(SOE)reform.This study finds that the fault-tolerance system has significantly improved the R&D investment and patent application of the pilot SOEs,but the incentive effect is mainly reflected in the utility model patents;fault-tolerance system mainly promotes corporate innovation by alleviating managers’career worries and improving governance ability.Furthermore,the fault-tolerance system is more effective for small and medium-sized SOEs with low market competition and can alleviate the restriction of agency cost on corporate innovation.In addition,the fault-tolerance system has not yet had a significant spillover effect on private enterprises.These results show that in the SOE reform,it is necessary to strengthen the institutional arrangement of fault tolerance and create a relaxed environment to encourage innovation;it is necessary to organically integrate fault-tolerancesystem design into executive measurement and corporate governance,promote faulttolerant system to be implemented in a wider range of enterprises,and enhance the incentive effect on high-quality innovation.展开更多
Since China＇s accession to the WTO in 2001, China has been on a steep learning curve in terms of engaging in outward direct investment, and state-owned enterprises （SOEs） have played a predominant role in this driv...Since China＇s accession to the WTO in 2001, China has been on a steep learning curve in terms of engaging in outward direct investment, and state-owned enterprises （SOEs） have played a predominant role in this drive. We argue that investment overseas by SOEs is a double-edged sword as far as its impact on domestic reform is concerned. Investing overseas offers opportunities to deepen structural reform in China, but such investment could also strengthen the monopoly position of some SOEs, which is inconsistent with the objective of domestic reform. Therefore, it is important for China to deepen domestic reform with respect to competition, ownership and regulations, to maximize the benefits from investing overseas＇. The present paper also discusses how building market-compatible institutions will resuh in increased innovation. This provides opportunities for Chinese firms to effectively catch up with the advanced technologies to remain competitive in overseas markets.展开更多
文摘Under China’s socialist system,state-owned enterprises are key forces driving the economic trajectory and providing strong momentum.These enterprises not only bear the crucial responsibility of advancing the process of national modernization but also serve as the core of the national economic lifeline through their irreplaceable status and function amidst changing times.In the new era,with the advent of the technological revolution and the wave of globalization,state-owned enterprises face unprecedented opportunities and challenges.As a significant aspect of state-owned enterprise reform,the mixed ownership reform is not only a transformation in the structure of enterprise ownership but also a reflection of China’s broader,comprehensive reform efforts.By deeply advancing this reform,it will help optimize the allocation of state-owned assets and significantly boost technological and management innovation within state-owned enterprises,ensuring their competitiveness in the intense market environment.Therefore,this paper will conduct an in-depth analysis of the mixed ownership reform of state-owned enterprises from the perspective of Marxist political economy.
基金Under the auspices of the National Natural Science Foundation of China (NO. 49971024) and Overseas Returning Scholar Program of
文摘By using interview data from three large state-owned enterprises (SOEs) in agriculture related industries, this paper reveals that SOEs in inland area are much slow in response to globalization. Although they pursued some strategies to adjust themselves, they are far behind the position to utilize the opportunities generated by economic globalization. Most of them are still out of the networks of transnational corporations. The strategies they adopted are quite different from SOEs in the coastal area. They overlook the importance of information infrastructure, well-educated personnel, and collaboration with the competitive leaders in their industries. The lagging situation is related to isolated location, traditional culture, and slow progress in enterprise reform. International comparison shows that the case companies did follow the general patterns that globalization promotes extension of company′s networks of linkages but in a rather slow phase. The decision makers should encourage intra-regional linkages between SOEs, between SOEs and private, foreign owned companies, as well as inter-regional linkages among them. The latter appears particularly important given the enlarging gaps between coastal and inland areas.
文摘By the end of the century, the reform and development of China’s state-owned enterprises will create new prospects. The reform of state-owned foreign economic and trade enterprises should also see further breakthroughs. At present, the following aspects are important: 1. Implement a Holdings System in the Reform of State-owned Foreign Economic and Trade Enterprises. The holdings system plays a major role in transferring the management mechanism of state-owned foreign economic and
文摘Speaking at a press conference held a few days ago by the Press And Information Office of the State Council, Mr. Zhang Haoruo, vice-minister of the State Structural Reform Commission talked to Chinese and foreign newspapermen about the current state of the ongoing reform of state-owned enterprises in China.
文摘The Sichuan Provincial ChangjiangEnterprise Company, the former ofSichuan Provincial ChangjiangEnterprise (Group) Holdings Co.(SPCEGHC), is a comprehensive foreigntrade enterprise under the direct leadershipof the provincial government, mainly engagedin various kinds of foreign trade businessand as an agent for clients, involving deliveryof goods to foreign countries, the exchangeof technology, and the repair and leasing ofdomestic equipment. It was restructured tobecome an enterprise group in 1988, a"window" corporation on the province.
文摘The Beijing Garment Import and Export Shareholding Corporation, Ltd. was the first shareholding corporation in Beijing which was set up in February 18, 1994. Its predecessor, the Beijing Garment Import and Export Corporation, had registered annual import and export earnings of US$300 million, ranking first among the foreign trade corporations in Beijing. Its change into a shareholding corporation has aroused keen interest in garment
文摘Chinese financial system and capital allocation to strategic sectors dominated by state banks made important contributions to the country＇s high economic growth rates during the catch-up stage of the last three decades. High household saving rates, fixed exchange rate regime, and extensive capital controls helped this stage as well. While the structural changes in the labor market conditions by moving from primary sectors to more capital intensive heavy industry, construction, commerce, and other service sectors have been contributed to the economic growth, competition, and productivity, due to the direct state governance or intensive interventions, competition and productivity have been curtailed on certain large industries. Aiming to eliminate this unproductive economic activity, enterprise sector reforms of China targeted restructuring the state enterprise＇s capital, organization, and management system. Besides, the reforms on science and technology system seek to participate in global production and R＆D networks by improving high-tech sectors through creating strong complementarity and collaboration between skilled human capital and educational interferences.
文摘Different from foreign capital markets,china’s domestic capital markets are special,which also determines that the research on financial pressure starts from the reform of state-owned enterprises,and draws lessons from the relevant theories of financial risk and financial fraud,thus gradually forming a more diversified research results.
基金This paper is supported by the National Major Project Social Science Fund of China“Quality Governance System and Policy Research to Promote High-quality Development”(No.18ZDA079)Chinese Academy of Social Sciences’Innovation Engineering Project“Mechanism and Effect Evaluation of New-Era Growth Drive Transformation”(No.IQTE2020-01)China Academy of Social Sciences Youth Research Project“Research of Multi-level Capital Market Supporting Corporate innovation for High-Quality Development”(No.IQTE2019QNXM).This paper wins the third prize of Excellent Youth Economics Paper of Chinese Academy of Social Sciences(2022).
文摘Innovation is the source of power for high-quality development,and a relaxed institutional arrangement is a necessity for promoting innovation in enterprises.This paper examines the impact of fault tolerance on corporate innovation,theoretically analyzes the positive effects of fault tolerance on stimulating innovation,and estimates the influence of fault tolerance on corporate innovation by using the panel data of listed manufacturing companies from 2007 to 2019,taking the quasi-natural experiment of fault-tolerance system in various places since the new round of stateowned enterprise(SOE)reform.This study finds that the fault-tolerance system has significantly improved the R&D investment and patent application of the pilot SOEs,but the incentive effect is mainly reflected in the utility model patents;fault-tolerance system mainly promotes corporate innovation by alleviating managers’career worries and improving governance ability.Furthermore,the fault-tolerance system is more effective for small and medium-sized SOEs with low market competition and can alleviate the restriction of agency cost on corporate innovation.In addition,the fault-tolerance system has not yet had a significant spillover effect on private enterprises.These results show that in the SOE reform,it is necessary to strengthen the institutional arrangement of fault tolerance and create a relaxed environment to encourage innovation;it is necessary to organically integrate fault-tolerancesystem design into executive measurement and corporate governance,promote faulttolerant system to be implemented in a wider range of enterprises,and enhance the incentive effect on high-quality innovation.
文摘Since China＇s accession to the WTO in 2001, China has been on a steep learning curve in terms of engaging in outward direct investment, and state-owned enterprises （SOEs） have played a predominant role in this drive. We argue that investment overseas by SOEs is a double-edged sword as far as its impact on domestic reform is concerned. Investing overseas offers opportunities to deepen structural reform in China, but such investment could also strengthen the monopoly position of some SOEs, which is inconsistent with the objective of domestic reform. Therefore, it is important for China to deepen domestic reform with respect to competition, ownership and regulations, to maximize the benefits from investing overseas＇. The present paper also discusses how building market-compatible institutions will resuh in increased innovation. This provides opportunities for Chinese firms to effectively catch up with the advanced technologies to remain competitive in overseas markets.
