时间： | 4月27日，星期三，中午12：15-13：15 |
地点： | 光华218教室 |
题目： | Privatization at the margin |
演讲人： | 武常岐教授（战略系） |
摘要：Privatization usually refers to the process of selling or giving away the existing stock of government’s production assets. Yet, in reality, there is another type of privatization, which we call privatization at the margin, in which the state keeps the ownership of existing assets but allows nonstate investors to make new investments and therefore obtain partial ownership of the total asset. Despite its importance, privatization at the margin has not attracted much attention in the literature. In fact, existing works cast doubt on its effectiveness. We utilize panel data on Chinese state enterprises from 1980 to 1999, during which various reforms, including privatization at the margin, granting managerial autonomy and incentives, and enhancing product market competition, were implemented. We find that privatization at the margin significantly improved state enterprises’ performance, similarly to the reform of enhancing product market competition. In addition, privatization at the margin improves the ffectiveness of reforms of managerial autonomy, which by themselves were not positively significant. | |
