The Nature of the Public - Owned Enterprise and Its Reform in China : Missing Owners ?
نویسندگان
چکیده
This paper proposes a theory that explains the nature of human capital ownership in the POEs, and argues that the institutional separation of de facto and de jure ownership of human capital from their owners is at the heart of the POE inefficiency. This institutional incompatibility has led to widespread phenomena of individuals using their de facto owned human capital to “capture” the benefits generated by the physical capital nominally owned by the state or the collective. Moreover, partial reforms that only introduce an efficient goods market and/or give managers more decision-making power will inevitably exacerbate this problem, since the newly-established market now provides * Qiren Zhou is a professor of economics at the Center of Chinese Economic Research (CCER), Peking University; Hong Liang is an economist at the International Monetary Fund.
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