Abstract
The emergence of stock issuance in China challenges the most fundamental systemic institution of social ownership of the means of production. This paper analyzes the development of China's stock markets and its impact on the structure of ownership and control in China's industries. It presents the structure of Chinese industry in transition along with the emergence of stock-offering firms. The problems existing in the current stock market development are identified, and policy implications are derived.
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*I am indebted to Professor Hu Chongneng at the Southwestern University of Finance and Economics, the People's Republic of China, for his support in collecting data and providing related papers. I would also like to thank Richard Lotspeich, Terrance Parks, Paul Burkett, and two anonymous referees for their helpful comments.
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Chen, A. Chinese Industrial Structure in Transition: The Emergence of Stock-offering Firms. Comp Econ Stud 36, 1–19 (1994). https://doi.org/10.1057/ces.1994.42
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DOI: https://doi.org/10.1057/ces.1994.42