| This paper develops an analysis of the commercialization of China's state-owned enterprises (SOEs). Chinese experiences emphasize "corporatization" as a basis for corporate restructuring, with divestiture as one means rather than the end. The policy package has comprised incremental enterprise autonomy, partial privatization, and steady deregulation. The government tries solving the principal-agent problem and clarifying property rights to improve the performance of its SOEs. In order to expand and deepen the study, this paper examines the international experience with SOE commercialization and its lessons for China. This paper also dissects an SOE in detail---China Ocean Shipping Company.;As a case study of commercialization, this paper looks at the experience of China. The main objectives include examining the effect of commercialization on the role of the state in development, questioning whether it will necessarily imply a minimum state, discovering whether a change in the geometry of ownership will crucially affect enterprise performance, exploring the impediments to the implementation of the commercialization program, and investigating options and alternatives and their impact on sustainable human development. (Abstract shortened by UMI.). |
