Why Has Privatization Failedto Improve Corporate Performance?-A Case Study of Guoguang Ceramics’ Privatization

ZHU Hongjun1( 朱红军 ), WANG Bin2( 王彬 ) and TIAN Zishen3( 田子莘 )

Editorial note:

Due to the ineffi ciency of many State-owned enterprises (SOEs), an important step in China’s market-oriented reform is to scale down SOEs while vigorously developing the private economy. But can privatization boost corporate performance? In their article entitled “Why Has Privatization Failed to Improve Corporate Performance?” Zhu Hongjun, Wang Bin and Tian Zishen give their answer based on a case study analysis of the privatization of Guoguang Ceramics Group. Following an in-depth analysis of the underlying causes of Guoguang Ceramics’ privatization failure, they point out that establishing an effective legal system is necessary for the “state-owned retreat, private-owned advancement” strategy to succeed.

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