The Roles of Corporatization and Stock Market Listing in Reforming China’s State Industry

The Emergence and Evolution of Chinese Business Groups: Are Pyramidal Groups Forming?

“…They also, however, appeared to be relatively profitable (share of profits rising from 3% to 11%). The company law also allows for solely state owned limited liability companies to be set up, subject to the government's approval (Zhang 2004). There were 2,241 registered in China's large groups in 2006.…”

China as a Test Case: Is the Rule of Law Essential for Economic Growth?

“…141 Chen (2003, p. 457). 142 Chen (2003, p. 458 Li and An (2004);Zhang (2004Zhang ( , p. 2035. The one-third, one-third, one-third breakdown conventionally used for expository purposes ignores an underlying variation among industries and companies.…”

“…102 Tenev and Zhang (2002, p. 82). 103 Zhang (2004Zhang ( , p. 2032 Bank loans appear to have been channeled to provinces with heavy concentrations of SOEs. These provinces have, at the same time, also been the ones that have tended to grow relatively slowly, suggesting that the productivity of lending was relatively low….…”

“…Rather it provided SOEs with unprecedented access to cheap direct finance. " Zhang (2004" Zhang ( , p. 2044. See also Green (2004, p. 11) and Green (2003, p. 22-24, 26).…”

“…158 Zhang (2004Zhang ( , p. 2035. However, Zhang (2004Zhang ( , p. 2035) also states somewhat contradictorily that "80% of the listed companies were state-controlled," implying that as much as 20 percent of the companies were not state-controlled.…”