Barriers to Efficiency and the Privatisation of Township-Village Enterprises
利用中国省级数据，研究1994年税制和银行改革前后乡镇企业与私营企业的效率差异，发现信贷、产出和用工约束的变化，解释了私营企业为何最终成为农村资源配置的主导形式。
Abstract Qian (2000 Qian, Y. 2000. The process of China's market transition (1978–98): the evolutionary, historical, and comparative perspectives. Journal of Institutional and Theoretical Economics, 156(1): 151–171. [Web of Science ®] , [Google Scholar]) and others suggest that post-1994 tax and banking reforms in China, combined with the development of markets for allocating resources, influenced the economic performance of township-village enterprises (TVEs) and private enterprises (PEs). This paper uses Chinese provincial level data to search for evidence of advantages and/or disadvantages offered to TVEs and PEs before and after the 1994 reforms. We define a sectoral net income-based measure of overall efficiency and decompose the measure into components that highlight the existence of credit constraints, output target constraints and labour hiring constraints. The results offer empirical support for Qian and others explanation of why private enterprises eventually emerged as the dominant institution for allocating resources in post-1994 rural China.