Financing the SOE Sector:Institutional Evolution and Its Implications for SOE Reform

摘要

＜正＞ I.IntroductionThis paper examines the evolution of the institutional framework in which the Chinese SOE sector is financed,and its implications for SOE reform in terms of ownership transformation.It shows that ownership transformation in the Chinese corporate sector that has taken place in the past two decades or so has been closely related to the changing way of SOE sector finance.As market-oriented reform resulted in privatization of savings,the government was forced to change its way to finance the SOE sector,which eventually led to change