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How Reform Worked in ChinaThe Transition from Plan to Market$
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Yingyi Qian

Print publication date: 2017

Print ISBN-13: 9780262534246

Published to MIT Press Scholarship Online: May 2018

DOI: 10.7551/mitpress/9780262534246.001.0001

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Institutional Environment, Community Government, and Corporate Governance: Understanding China’s Township-Village Enterprises

Institutional Environment, Community Government, and Corporate Governance: Understanding China’s Township-Village Enterprises

Chapter:
(p.101) 4 Institutional Environment, Community Government, and Corporate Governance: Understanding China’s Township-Village Enterprises
Source:
How Reform Worked in China
Author(s):

Yingyi Qian

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262534246.003.0005

We study China’s township-village enterprises (TVEs) from an organizational perspective with a focus on governance. Unlike most previous studies, we interpret the firm boundaries of TVEs at the community level rather than the enterprise level. From this perspective, we analyze the central role that community governments play in TVE governance as an organizational response to the imperfect institutional environment of both state and market. Specifically, we show that the community government’s involvement in TVEs helps overcome the problems of state predation and under-financing of private enterprises. We also explain why TVE governance leads to harder budget constraints than state-owned enterprises.

Keywords:   Township-village enterprises, TVEs, Private enterprise, Finance, State-owned enterprise

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