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Big business with Chinese characteristics: two paths to growth of the firm in China under reform
journal contribution
posted on 2023-06-07, 04:43 authored by P Nolan, Godfrey YeungThis paper presents a case study of two large firms which emerged from among the ranks of traditional state-owned enterprises and new entrants: Shougang (steel) and Sanjiu (pharmaceuticals). Rather than being irreconcilable with the market economy, the experience of these two firms suggests that the Chinese Communist Party and the People's Liberation Army possessed a rich legacy of organisational and motivational skills. Moreover, Shougang and Sanjiu both grew rapidly through mergers and acquisitions in the absence of privatisation and a developed stock market. Furthermore, the main reason for Shougang and Sanjiu's success is not special help from the government or the army, but rather the fact that its leadership used their autonomy to construct a highly effective business organisation.
History
Publication status
- Published
Journal
Cambridge Journal of EconomicsISSN
0309-166XPublisher
Oxford University PressExternal DOI
Issue
4Volume
25Page range
443-465Department affiliated with
- Geography Publications
Full text available
- Yes
Peer reviewed?
- Yes