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Journal of Law, Economics, and Organization Advance Access originally published online on August 19, 2005
Journal of Law, Economics, and Organization 2005 21(2):524-546; doi:10.1093/jleo/ewi022
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© The Author 2005. Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oupjournals.org

Banks and Enterprise Privatization in China

Loren Brandt

University of Toronto

Hongbin Li

Chinese University of Hong Kong

Joanne Roberts

University of Toronto

Drawing on a unique dataset we collected in 1998 and 2000, this article examines the determinants of privatization of township and village enterprises in China. Our theoretical model explicitly considers the role of banks in determining privatization. We find that improved human capital and incentives of bank managers as well as deteriorating bank liquidity lead to privatization. We also analyze the conditions under which shutdown might be preferred to privatization as a method to divest of government-owned firms. We find empirical evidence that is consistent with our model's predictions.


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