The Evolution And Performance Analysis Of Ownership Structure Of China Since 1978

Looking back the process history and achievements of three decades of reform and opening-up in our country,Ownership reform is becoming an important force to promote growth.Under the promoting of this ownership reform,significant changes have been taken in two powers- One is the reform state-owned economy,the other is the growing strength of two non-public sectors of the economy[NPSOE].Because of the incompleteness of the theory of the ownership structure and the innovation of the new institutional economics to explain the ownership,the paper highlights the following two aspects.In theory,through the institutional transition perspective study of China's path of ownership since 1978—including the reform of the start-up phase(1978-1992),the reform of the adjustment phase(1992-2002),and the reform of deepening phase(2002-),it can be taken two conclusions.(1)There are the following four main marked characteristics in the ownership reform:the two systems institutional transition systems combined with the role of changes in the way;the reform of the main interaction;the national economy is developing sustained and rapidly;the reform of state-owned economy is vigorous and NPSOE is flourishing.(2)In order to promote the ownership of reform continued to deepen,Government, individuals and enterprises,social organizations are interacting with each other,which are using different systems of institutional transition.In the empirical context,it proposes the evaluation system of ownership reform and sets up the model of ownership structure and economic growth.1991-2007 data on the empirical research show that:(1)With the continuous deepening of reform,the effectiveness of state-owned economy is improving,but the scale and structure of it tends to reduce;as a whole,NPSOE tends to increase economic stage;supporting reform measures are essential driving force for the ownership reform.(2)There should be a boundary existing in the quit of the state-owned economy.When it is closing to the border,economic growth reached the maximum.And when it is far away from this border,economic growth can not been reached the maximum.There is a very significant impact of NPSOE which can influent economic growth.However it does not fully explain the economic growth,so it should be pay attention to the internal structure and improvement of efficiency,not just do more work on increasing the scale; supporting reform measures can protect economic growth and hold the economy towards a more robust direction.