Suchergebnisse

Based on an enterprise survey conducted in 11 cities in 2002, this paper reviews the trends of privatization in China, discusses the forms of gaizhi (restructuring), analyzes the issues emerging in the process of gaizhi, especially the handling of state assets and land-use rights and re-employment, and compares the performance of firms before and after gaizhi. The study found that restructuring has become more oriented towards privatization over recent years. The so-called "loss of state assets" has occurred mainly in the form of price discounts when selling state assets. Restructured or gaizhi firms did sack more workers in the year the gaizhi took place, but subsequently they maintained a slower rate of employment reduction than pure SOEs. Gaizhi, especially restructuring with privatization, has hardened firms' budget constraint with banks, but has not been effective in hardening firms' budget constraint with the government. Gaizhi and privatization have significantly improved firms' profitability, but have not raised investment rates or labor productivity. (China J/DÜI)