Does ownership transformation affect firm performance? On the basis of an analysis of over
1100 Chinese companies during the period of ownership reform (1997–2003), this paper
identifies that, for China that has the world's largest state sector under transition, the mix of
state and private ownership–partial privatisation–emerges as the best performing type of
ownership model for Chinese firms. The finding supports the argument that firms can gain
the best synergy of both state support and private business strength, which provides a good …

Does firm ownership change affect performance? On the basis of a mean-value analysis
and a fixed effects panel analysis of over 1100 Chinese companies during the period of
ownership reform (1997-2003), this paper examines the performance impact of firm
ownership transformation in China. The data used allows us to compare the performance
impacts of different methods taken to restructure the ownership of state firms, such as full
versus partial privatization. For China, a state-capitalist nation and the world's largest state …