Enterprising China : business, economic, and legal developments since 1979 / Linda Yueh.
2011
KNQ3190 .Y84 2011 (Map It)
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Title
Enterprising China : business, economic, and legal developments since 1979 / Linda Yueh.
Published
Oxford ; New York : Oxford University Press, 2011.
Call Number
KNQ3190 .Y84 2011
Former Call Number
Ch.P 610 Y907 2011
ISBN
9780199205837 (hbk)
0199205833 (hbk)
9780199205820 (pbk.)
0199205825 (pbk.)
0199205833 (hbk)
9780199205820 (pbk.)
0199205825 (pbk.)
Description
xvi, 364 pages : illustrations ; 24 cm
System Control No.
(OCoLC)694395508
Bibliography, etc. Note
Includes bibliographical references (pages 335-351) and index.
Record Appears in
Table of Contents
List of Figures
xi
List of Tables
xii
List of Abbreviations
xiii
1.
Introduction
1
1.1.
Structure of the book
3
1.2.
Case studies
4
1.3.
Business in China
7
2.
Legal and Economic Reforms and the Development of a Corporate Sector
9
2.1.
Introduction
9
2.2.
Overview of corporate sector development
14
2.2.1.
State-owned and collectively-owned enterprises
14
2.2.2.
Private firms
16
2.2.3.
Foreign firms
18
2.2.4.
The court system
21
2.3.
Rural and urban reforms in the 1980s
22
2.4.
`Open door' policy (1978/1992- )
26
2.5.
Early 1990s' liberalization policies
32
2.6.
Mid to late 1990s' focused marketization
36
2.6.1.
Innovative capacity
37
2.6.2.
Privatizing state-owned enterprises and improving the corporate legal foundation
39
2.7.
Rapid market development in the 2000s
45
2.7.1.
The banking system
47
2.7.2.
Capital markets
51
2.8.
Conclusion
55
Appendix 2.1
Key Chinese commercial and civil laws
56
Appendix 2.2
Securities and banking regulations in China
57
3.
Law and Markets
59
3.1.
Introduction
59
3.2.
Law and markets
61
3.2.1.
Theoretical and empirical relationships between laws and markets
61
3.2.2.
The China paradox
63
3.2.3.
A complementary view of legal and economic development
68
3.2.4.
Structure of the chapter
68
3.3.
A comparative perspective of legal development and markets
69
3.3.1.
Chinese law
69
3.3.2.
Laws and markets in China and the USA
71
3.3.2.1.
Patent laws and economic growth
74
3.3.2.2.
Corporate law and economic necessity
76
3.3.2.3.
Regulatory reform supporting markets: China's CSRC (China Securities Regulatory Commision) and the US SEC
78
3.4.
Complementarities between law and markets
81
3.4.1.
A test of Granger non-causality
82
3.4.2.
The empirical results
84
3.5.
Institutions and transition in China
87
3.6.
Enforcement of laws
90
3.6.1.
Foreign firms
90
3.6.2.
Informal institutions
91
3.7.
Conclusion: China's legal and economic reforms in an era of global integration
93
4.
State-Owned Enterprises: Law as Instrument of Economic Policy
97
4.1.
Introduction
97
4.2.
Early reforms: Incentivizing state-owned enterprises in the 1980s
101
4.2.1.
SOE Law
101
4.2.2.
Bankruptcy Law
103
4.2.3.
Contract Responsibility System (CRS)
104
4.2.4.
Problems with the CRS
106
4.3.
Gongsihua and ownership reform in the 1990s
109
4.3.1.
Corporatization
109
4.3.2.
`Grasping the large, releasing the small'
111
4.4.
Dispersed ownership and the enactment of securities laws
114
4.5.
Governance by corporate laws in the 2000s
118
4.6.
Conclusion
120
Case study 1
Three decades of state-owned enterprise reform---Haier
121
Case study 2
State ownership and consolidation---national oil companies (by Kun-Chin Lin, King's College, London)
130
Case study 3
High-tech goods/R&D sector---the aviation industry
136
Case study 4
Corporatization of state-owned banks: ICBC
144
5.
Collectively-Owned Enterprises: Hybrid Ownership Form and the Partial Reform Strategy
158
5.1.
Introduction
158
5.2.
Origins of township and village enterprises (TVEs)
161
5.3.
The rise and fall of TVEs
165
5.4.
The multi-tasking role of TVEs
168
5.4.1.
Why publicly-owned enterprises multi-task
169
5.4.2.
Theoretical basis of TVEs
171
5.4.3.
Shifting policy base
173
5.4.4.
TVEs in transition
175
5.5.
Urban collectives and the performance of the collective sector
177
5.6.
Conclusion
182
Case study 5
Evolution of TVEs---the toy industry
184
6.
Private Firms: Law Ex Post and as Obstacle
187
6.1.
Introduction
187
6.2.
The laws and policies governing an evolving private sector
189
6.3.
Constrained entrepreneurship
191
6.3.1.
Social networks
191
6.3.2.
Institutional impediments
193
6.4.
Entrepreneurial determinants
194
6.5.
The traits of entrepreneurs
195
6.5.1.
Socio-economic factors influencing urban residents
203
6.5.2.
Socio-economic factors influencing migrant entrepreneurs
207
6.5.3.
Legal development influencing both sets of entrepreneurs
210
6.5.4.
Robustness of legal development and the entrepreneurship decision
212
6.5.5.
Provincial rates of self-employment
215
6.6.
Conclusion
218
Case study 6
Going global---Lenovo and the PC industry
219
7.
Foreign Firms: Law Leading the Market
225
7.1.
Introduction
225
7.1.1.
Law leading the market
227
7.1.2.
Structure of the chapter
228
7.2.
Foreign direct investment and Special Economic Zones
229
7.2.1.
FDI in China
229
7.2.2.
Special Economic Zones
232
7.3.
FDI policies and laws
235
7.4.
Laws leading market development
238
7.5.
Post-WTO accession and international economic laws
243
7.5.1.
FDI laws and policies continuing to circumscribe the market
243
7.5.2.
The influence of international economic law
245
7.6.
Conclusion
248
Case study 7
Specializing in low-tech exports: textiles and clothing
249
Case study 8
Developing a medium-tech sector: automobile industry
259
Case study 9
Early FDI policy---joint ventures and the mobile phone industry
270
Case study 10
Wholly foreign-owned enterprises---Carrefour and the retail sector (by Jonathan Story, INSEAD)
279
Appendix 7.1
Special Economic Zones (SEZs)
283
8.
Conclusions: Business in China---The Evolution of Laws and the Market
285
8.1.
Introduction
285
8.2.
Do corporate laws matter in China?
288
8.3.
Ongoing corporate sector reforms
297
8.3.1.
Transformation of state-owned enterprises
297
8.3.2.
`Going out' policy
300
8.3.3.
Private firms
301
8.4.
The Chinese business environment in the twenty-first century
303
8.4.1.
The second thirty years of reform
303
8.4.2.
The evolving market
306
8.5.
Assessing the future contour of China's market
309
Case study 11
Post-WTO financial market development (by Sanzhu Zhu, SOAS, University of London)
311
Case study 12
Effectiveness of laws---evaluating the patent laws
322
Appendix 8.1
Company registration in China
328
Bibliography
335
Index
353