Township and Village Enterprises in China-Growth Mechanism and Future Prospects

Township and Village Enterprises in

China‑Growth Mechanism and Future Prospects

著者 SMYTH Russell

出版者 Institute of Comparative Economic Studies, Hosei University

journal or

publication title

Journal of International Economic Studies

volume 12

page range 101‑117

year 1998‑03

URL http://doi.org/10.15002/00002142

Joumalo｢IntemationalEconomicStudicS（1998),No.12,lOl-ll7 C1998ThclnstituteofComparativeEconomicStudies,HoseiUnivcI1Sity

ＴｏｗｎｓｈｉｐａｎｄＶｉｌｌａｇｅＥｎｔｅｒｐｒｉｓｅｓ

ｉｎＣｈｉｎａ－ＧｒｏｗｔｈＭｅｃｈａｎｉｓｍａｍｌＦｕｔｕｒeProspects

RussellSnlyth

Depa7mTe"[q/ＥＣＯ"omicsbMO"ａｓハU7zjPe応ﾉリ

Abstract

ThedevelopmentofTownshipandVillageEnterprises（TVEs）hasbeenanimportant reason(brChina，shighgrowthrate・ThispaperconsiderstheperfbrmanｃｅｏｆＴＶＥｓｔｏｄａｔｅ ａｎｄｒｅｖｉｅｗｓｔｈｅｉｒprospectslbrfilturegrowthThepaperpaysparticularattentiontotheir unusualinstitutionalcharacter・Ｏｎｅ､，theownershiparrangementsarEdismissedsolelyas animpedimenttofilrthergrowthThisapproachdoesnotsufTIcientlｙｅｘｐｌｏｒｅｔｈｅｒｅａｓｏｎｓ ｗｈｙＴＶＥｓｈａｖｅａchievedsuchhighgrowthrateswithpropertyrightsthatcontradictmaiL streamthinking・ThispaperpointstosomesimilaritiesbetweenTVEsandthestylised JapaneseHrmwhichallowedittoacheivehighgrowthrates．

1．Ｉｎｔｒｏｄｕｃｔｉｏｎ

AnumberofAsiancountrieshaveexperimentedwithruralenterprisesasa vehiclefbrdevelopment、However,perhapsnonehavebeenassuccessfillasChina whereruralenterpriseshavegrownatanexceptionalratesinceeconomicrefbrms wereinstigatedinl978・Thenumberofruralenterpriseshasincreasedatanaverage

annualrateofaround17％、Theaverageannualrateofgrowthinrealgrossoutput valuehasbeenabout２５％・Theincreasingimportanceofruralenterprisesisalso

reflectedinoffIcialstatements・Ｆｏｒexample,ＤｅｎｇXiaoping，inhisl992southern tourspeech，referredtoruralenterprisesasoneofthethreeadvantagesofsocialism

withChinesecharacteristics・MorerecentlyJiangZemin，wheninspectingagricul-

tureandruralindustriesinl996,suggestedthat“developingtownshipenterprisesis

arevolutionaryrefbrminruralconstructionandisoffar-reachingsigniHca､Ｃｅ''１>・

ThepaperreviewsthecontributionwhichmralenterpriseshavemadetoChina，s economicdevelopmentfbcusingonｔｈｅSunanmodeIwhichoriginatedinsouthern JiangsuandtheYangzidelta、Ｔｈｅｒｅａｓｏｎｆｂｒｔｈｉｓｉｓｔｈａｔ，althoughotherregional variantshaveemerged-themostwell-knownbeinginGuangdong（intheZhujiang

delta,southernGuangdong）andWenzhou（insouthemZhejiang),historicallythe

Sunanmodelhasbeenthedominantownershipfbrm・ＩｎｍｏｓｔｐａｒｔｓｏｆＣｈｉｎａ，but particularlyinthemoredevelopedregionsruralnon-agriculturaldevelopmenthas

fbllowedtheSunanmodeL

ThemostinterestingfbatureabouttheSunanpatternisitsunusualownel君hip

1０１

TownshipamdViⅡmgcE11terpri馬esinChin汁ｃｒｏｗ【hMechalniHmandFutureP｢oslx2cts

structure・Thereisastrongsenseofcollectiveownershipandclosetiesbetweenthe townshipandvillageenterprise(TVE)andtownshipandvillagegovemment(TVＧ)．

AcommonargumentintheliteratureｉｓｔｈａｔＴＶＥｓ，ambiguousownershiprightsare animpedimenttofUrtherrefblm、Thisviewhaswidespreadacceptanceandhasbeen thedrivingfbrcebehindmovestoconvertTVEsintojointstockcompanies、Ｔｈｉｓ paper,however,putsfbrwardanalternativeperspectivethattherearesomepositive fbaturesinlessthanarms-lengthtiesbetwｅｅｎＴＶＥｓａｎｄＴＶＧｓｐｏｉｎｔｉｎｇｔｏｓｏｍｅ ｓｉmilaritieswiththeJapaneseHrm・Ｉｔｉｓｓｅｔｏｕｔａｓｆｂｌｌｏｗｓ：Thenextsectiongivesa briefaccountofthehistoricalevolutionofTVEsandoutlinessomestylisedfhcts・

ＴｈｅｐｅｒｆｂｒｍａｎｃｅｏｆＴＶＥｓａｎｄｔｈｅｐｒｏｓａｎｄｃｏｎｓｏｆＴＶＥｓ,ownershiparrangements arepresentedinsectionthree、Followingthis,theprospectslbrfnrthergrowthand someofthemainproblemsconfiPontingTVEsinthefiltureareconsideredinsection lbur・Theflnalsectioncontainssomebriefconcludingcomments．

2．HistoricalEvolutionandStylisedFacts

HLFtorjcaノＥＶＣ/""o〃

ＴｈｅＳｕｎａｎｍｏｄｅｌｈａｓｉｔｓｏｒｉｇｉｎｓｉｎｔｈeGreatLeapForward・Thepredecessors toTVEswerecommuneandbrigadeenterprises（CBEs）whichwerefirstsetupin

l958・CBEswerecollectively-ownedandcontrolledwithinthecommunestructure whichconsistedofthecommune,brigadeandproductionteam・InsouthernJiangsu theyweremainlyinvolvedintheproductionofsmallfarmmachinery，chemical fbrtilisers，constructionmaterialsandsimpleprocessingofagriculturalproducts、

FromthebeginningthecommunalchaｒａｃｔｅｒｏｆＣＢＥｓｗａｓｅｍｐｈａｓｉｓｅｄｍｔｅｒｍsof ownership,controlandsurplusredistribution・Thecommunewasresponsiblefbrthe culture,workandeducationofthepeasants・Theeconomicandpoliticalfbrtunｅｓｏｆ ＣＢＥｓｄｅｐｅｎｄｅｄｔｏａｌａｒｇｅｅｘｔｅｎｔｏｎｔｈｅｅｂｂｓａｎｄＨｏｗｓｉｎｇｏｖｅｒｎｍｅｎｔpolicies・Ｔｈｅ ｇｒｏｓｓｏｕｔｐｕｔｖａｌｕｅｏｆＣＢＥｓｉｎｌ９５８ｗａｓｓｉｘｂｉｌｌｉｏｎｙｕａｎｂｕｔ,mtheaftermathofthe failureoftheGreatLeapForward，ｍｏｓｔＣＢＥｓｗｅｒｅｃｌｏｓｅｄｄｏｗｎｗｈｅｎｔｈｅＣentral CommitteeandStateCounciljointlyissuedadocumentstatingthatcommunesand

brigadesshouldnotestablishenterprises2)．Ｉｎｌ９６１ｔｈｅｇｒｏｓｓｏｕｔｐｕｔｖａｌｕｅｏｆＣＢＥs

fblltoL96billionyuan・Ｉｔｉｓｗｅｌｌｋｎｏｗｎｔｈａｔｓｔａｔｉｓｔｉｃｓｏｎｇrossoutputvalueinthe GreatLeapForwardarenottooreliable,sowehavetobecautiousNonetheless,the

magnitudeofthediffbrence（overfburbillionyuan）isatleastsuggestive

Bythemid-1960s,however,anumberofCBEswerere-establishedwiththehelp ofurbanworkerswhohadreturnedtothecountrysidefbllowingtheGreatLeap Forward，Associatedwiththis，ｔｈｅｇｒｏｓｓｏｕｔｐｕｔｖａｌｕｅｏｆＣＢＥｓａｌｓostartedtoin- crease・Forexample，ｉｎｌ９６５ｉｎＷｕｘｉＣｏｕｎｔｙａｌｏｎｅ，inJiangsu，thegrossoutput valueofCBEswas5､６millionyuan（Whitingl995p91)．TheCulturalRevolution wasaperioｄｏｆｓｉｇｎｉＨｃａｎｔｇｒｏｗｔｈｆｂｒＣＢＥｓ・Mostcommentatorsseemtoaccept that,althoughgovernmentstatementsapplaudingtheirgrowthdidnotappearuntil later,theseedsfbrCBE／TVEdevelopmentweresowninthisperiodTheNorth ChinaCon化renceinl970iscommonlyconsideredtobeaturningpoint・Inl970the

grossoutputvalueofCBEswas6.4billionyuanAtthe（official)endoftheCultural

Revolutioninl９７６，ｔｈｅｇｒｏｓｓｏｕｔｐｕｔｖａｌｕｅｏｆＣＢＥｓｈａｄｉｎcreasedto244billion

yuan、TheannualrateofgrowthinCBEoutputvaluefbrl958-1970was５４％，ｂｕｔ

1０２

Ｒｕｓｓｃｌ１Ｓｍｙｔｈ

fbrl970-1978theannualgrowthratewasjustover25％（Islaml991tablel)．

SouthernJiangsuwasanaturalplaｃｅｆｂｒＣＢＥｓｔｏｄｅｖｅｌｏＰＴｈｅｒｅｇｉｏｎｈａｓa strongagriculturalandindustrialbaseTextileandfbodprocessingindustriesdevel- opedusingrawmaterialsprovidedbytheagriculturalsector、Theperiodicinfluxof

"sent-down'，Workers,cadres,andurbanyouththroughouttheCulturalRevolution providedtechnicalskills,managementexperienceandanetworkofconnectionsA concentrationofmajorurbanindustrialsectorsprovidedopportunitiesfbrCBESto enterintocontractswithstatefirms・Ｔｈｅｓｅｆｉｒｍｓｗｅｒｅａｌｓｏａｎｉｍｐｏｒｔａｎｔｓourceof secondhandequipmentandotherresources、ＩｎｓｏｍｅｃｏｕｎｔｉｅｓｓｕｃｈａｓＷｕｘｉＣＢＥｓ ｗｅreespeciallyencouraged・Animportantfactorwasthat‘`inWuxithecollective organisationalstructureofthecommuneandbrigadeweremoreprominentfeatures ofthelivesofruralresidentsthanelsewheremChina，，（Whitingl995p90)．The prominencewastheresultofthescaleofresourcescontrolledatthecommuneand brigadeleveLThestarｔ－ｕｐｃａｐｉｔａｌｆｂｒｍａｎｙＣＢＥｓｃａｍｅｆｒｏｍrevenuegeneratedby collectiveagricultureandaccumulatedatthecoｍｍｕｎｅａｎｄｂｒｉｇａｄｅｌｅｖｅＬＩｎｔｕｒｎ ＣＢＥｓgeneratedsignificantrevenuefbrｔｈｅｃｏｍｍｕｎｅＢｙｔｈemid-1970scommunes inWuxiderivedasmuchas４０％oftheirincomefi｢oｍＣＢＥｓ（Perkinsl977p2Z4）

andmuchofthiswasreinvestedinCBEs・AsPerkins（1977ｐ225）pointsout:“In themostdevelopedplaces[communes］wereusingtheirnew-fbundincomenotonly toreinvestinmoresophisticatedindustry,butalsotostimulatenewprogramsinthe

levelsbelowthecommune,,、

Therearediffbrentinterpretationsonthescopeofandreasonsfbr,ｔｈｅgrowth inCBEsdurmgtheCulturalRevolutionForexample,oneviewisthatpowerstrug- glesmthecemralgovernmentmeantthatmostofthecontroloverlocalissuesfbUto localgovernmentsinthisperiod、Ｔｈｅlocalgovemmentsinsomeprovinces,suchas Jiangsuinparticular,tookadvantageofthistosetupenterprises・Thelocalgovern- mentsthenprotectedthese‘`under厚oundenterprises，，，eventhoughtheywerenot ofTiciallyencouraged，becausetheywereimportantsourcesofrevenue・Thisview placesemphasisonthefacｔｔｈａｔｉｎｓｏｍｅｑｕａｒｔｅｒｓＣＢＥｓｗｅｒｅｒｅｇardedas“thetailof capitalism,，（Islaml991P690）andhencefrownedupon・Adiffbrentperspective，

whichWong（1991）stresses,isthatthecentralgovernmentpursueddeliberatepoli‐

ciesofdecentralisationandpromoｔｉｏｎｏｆＣＢＥｓ、Shearguesthatsubstantialstate resou1℃esweregiventolocalgovemmentstofYnanceruralindustrialisationthrough‐

outtheCulturalRevolution・Ｗｏｎｇ（l991pl84)suggests:“[a]lthoughsomeofthe investmentfilndingfbrruralindustrywasraisedlocally,outsidethestatesector,the shareoftotalinvestmentfinancedbystatefimdswassurprisinglylarge,，、Neverthe- less,ｅｖｅｎｉｆｔｈｅｃｅｎｔｒｅｄｉｄｐｒｏｍｏｔｅＣＢＥｓｉtisdifficulttobesureaboutwhetherthe

supportwasactiveorpassive・Ronnas（1993ｐ,228）argues"thatthesupportofthe

centrallevelfbrruralindustrialisationwasessentiallyofapassivenature，Itconsisted primarilyofmoralincentivesandofthecreationofanoveralleconomicenvironment thatwasconducivetosuchdevelopment，Activesupportinthefbrm,fbrexample,of ruralcreditswasofminorimportancelndeedsuchsupportonalargescalewould haveruncountertothestrategyof`ｗａｌｋｉｎｇｏｎｔｗｏｌｅｇｓ，,,、However，thestatistics givesomesupporttoWong，spositionthatpromotionwaspro-activaThecentre,s budgetaryexpenditureincreasedthroughouttheCulturalRevolution・Ｆｏｒexample，

ｂｅｔｗｅｅｎｌ９７１ａｎｄｌ９７５ｔｈｅｃｅｎｔｒｅ,sexpenditurewas2125billionyuan，compared with153.8billionyuanduringthcpreviousfiveyears（Primel991pl98)．Ofthe

1０３

TownshipandViⅡ80gcEntcTpn5csinChimh-GrowlhMecI11LnismandFuturcProspec【ｓ^●

centre,stotalexpenditureWong（l991ppl86-187)estimatesthatintheperiodl966‐

ｌ９７８ａｓｍｕｃｈａｓ３５ｂｉｌｌｉｏｎｙｕａｎwasmadeavailablefbrruralindustrialisationinthe fbrmofdesignatedsourcesalone3)．Whenvarioussourcesofinfbrmalinvestment-eg・

replacementandregeneration（gengxingaizao）fnndsandthedifTerentfbrmsof divertingenterpriseprofitsaretakenintoaccount4)thisHgurebecomesmuchlarger・

Ｉｎｔｈｅｌ９８０ｓ,CBEsbecameasignifIcantpartofthelocaleconomyinsouthern Jiangsu、Byl990oHicialsinJiangsuestimatedthatruralenterprisesproduced９０％

oftheprovince，sindustrialoutput（BeijingReview27August-2Septemberl990p l8)．InadditionruralenterprisesinsouthernJiangsuproduced90％ofthearea，s

grossproduct（Martellarol994P348)．ItwasthemostprominentCBEprovince

andfi｢omthemid-1980stheownershipstructureofCBEs/TVEsinJiangsuwas viewedasamodelwhichwascopiedinothercoastalprovinces,theinteriorprovinces andfinallyｅｖｅｎｓｏｍｅｏｆｔｈｅｍｏｒｅｒｅｍｏｔｅｐａｒｔｓｏｆwestemChina、Associatedwith thistherehavebeenseveralgovernmentstatementsaffirmingtheroleofCBEs/TVEs andencouragingtheirgrowth・Ｔｈｅ“ProvincialＲｅｇｕｌａｔｉｏｎｓｏｎｔｈｅＧｒｏｗｔｈｏｆ ＣＢＥｓ，，,issuedinl978，permittedandencouragedthegrowtｈｏｆＣＢＥｓ，gaveCBEs greatercontroloverproductionandmarketing，reduceｄｏｒａｂｏｌｉｓｈｅｄｔａｘａｔｉｏｎｏｆ ＣＢＥｓandencouragedstate-ownedenterprisestoassistandco-operatewiｔｈＣＢＥｓ ｌｎｌ９８３ｔｈｅＳｔａｔｅＣｏｕｎｃｉｌｉｓｓuedguidelineswhichafTirmedthat``communeandbri‐

gadeenterprisesbelongtotheco-operativeeconomyandgreateffbrtsmustbemade tocontinuetoconsolidateanddevelopsuchenterprises,'、Whenthecommunestruc‐

turewasdismantledinl984，ＣＢＥｓｗｅｒｅｒｅｎａｍｅｄＴＶＥｓ・Whenthenamewas changedtheStateCouncilissuedacircularstating:“Vigorouseffbrtsshouldbemade toguideTVEsintermsoforientationanddevelopment…TVEsshouldreceivethe sametreatmentasstate-ownedenterpriseｓ（SOES）andareentitledtoallnecessary stateaid,，．Ｉnl984theStateCounciPsDocument4fbrmalisedthepoliticalandlegal statusofTVEswhichenabledthemtoobtainbankloansaslegalpersons、Following thisinl985theStateScienceandTechnologyCommissionlaunchedtheSpark Programmetopromotethetrans化rofmanagerialandtechnologicalknowledgefi｢om the``modemsector''一theresearchinstitutesandIargeSOEs-toTVEs

WiththeexceptionofruralenterprisesinFUjianandGuangdongwhobenented firoman``opendoor，,policyearlierthanruralenterprisesinotherprovinces,fbrmost ofthel980sruralenterprisesservedprimarilylocalanddomesticneeds・However，

whenthecoastaldevelopmentstrategywasadoptedinl988，ＴＶＥｓｉｎＪｉａｎｇｓｕａｎｄ ｏｔｈｅｒｃｏａｓｔａｌｒｅgionsweregivenincentivestopromoteexportsandutilisefbreign investmentsimilartothosegivenearliertoruralenterprisesinsouthemChina・Ａｓ ａｒｅｓｕｌｔｍａｎｙＴＶＥｓｉｎｔｈｅｃｏａｓｔａｌｒegionsbecamemajorexporters・ThisreHecteda moregeneraltrendwｈｅｒｅＴＶＥｓｂｅｃａｍｅｍｏｒｅｏｕｔｗａｒｄｌｏｏｋｉｎｇｉｎｔｈｅｍｉｄｔｏｌａｔｅ ｌ９８０ｓｐａｒｔｉｃｕｌａrlymthemoredevelopedregions・WorldBankresearchconductedin l986-87infburcounties-WuxiinJiangsu，JieshouinAnhui，ShangraoinJiangxi andNanhaiinGuangdong-confirmsthis・Forexample,inWuxijust4％ofTVE saleswerewithinthehometownshipand82％ofTVEssoldlessthan20％oftheir outputintheirhomecounty、InallfourofthecountiesIargemajoritiesoffirmssold

atleast４０％oftheiroutputoutsidetheirhomeprovi､Cｅ（seeSvenjer＆Wool990)．

ＳリノｉｓｅｄＦｂｃｔｓ

ＭｏｓｔＴＶＥｓａｒｅｓｅｔｕｐｂｙｔｏwnshipsorvillages，Ａｃｏｍｍｏｎｖｉｅｗｉｓｔｈａｔｔｈｅ

104

RussellSmyth

residentsofthetownshiporviUage,whichestablishtheTVE,ｏｗｎｔｈｅＨｒｍ,butthe residentsdonothavetheprivilegesofownership-ie・therighttotransfer，useor appropriatetheassets・Hence,asonecommentatorintheChinaDailysuggests:“In ruralenterprisessponsoredbylocalcommunitiessuchastownshipsorvillages，the propertyrightsbelongtothewholecommunitybutnoindividuali、particular''5)．

ＴｈｅｏｗｎｅｒｓｈｉｐｒｉｇｈｔｓｉｎｔｈｅＴＶＥａｒｅｅxecutedthroughcommunalrepresentatives- theTVG、ＴｈｅＴＶＧｈａｓａｐｉｖｏｔａｌｒｏｌｅｉｎｓｅｔｔｉｎｇｕｐｔｈｅＴＶＥａｎｄ，atleastinthe initialstages，exercisestightcontrolovermostTＶＥｓ・ＴＶＥｓ，fbrthisreason，ａｒｅ ｓｏｍｅｔｉｍｅｓｃｏｎｓｉｄｅｒｅｄｔｏｂｅＴＶＧｒunenterprisesbut,ａｔtimes,ＴＶＧｓａｃｔｍｏｒｅａｓｉｆ ｔｈｅＴＶＥｂｅｌｏｎｇｅｄｔｏｔｈemratherthanthelocalresidents・Thesituationisalsocom‐

ｐｌｉｃａｔｅｄｉｎｓｏｍｅＴＶＥｓｗｈｉｃｈｃｌａｉｍｔｏbecollectively-ownedbut,infactareoperated byindividualentrepreneurs・ThepropertyrightsmtheseTVEsarenotclearbecause，

inmostcases,theentrepreneursreceivedinitialauthorisationfi･omtheTVGtouse

thelandand/orassistancefromtheTVGtoraisecapitaLTheissueofwhoownsthe

assetsoftheTVEismuddiedinsituationslikethis・TheentrepreneurbeneHtsfrom

his/herrelationshipwiththeTVG,butthevalueoftheTVE，sassetsoftenoutweighs

thevalueborrowedfiPom,orwiththehelpof;ｔｈｅＴＶＧ、

TheunusualnatureoftheTVEmakesithardtopinpointtheresidualclaimant・

PerhapsthebestviewisthatboththelocalresidentsandtheTVGarejointresidual claimants・Forexample,chang＆Ｗａｎｇ（1994）pointoutthatabout40％ｏｆＴＶＥ ｐｒｏｆｉｔｓａｒｅｐａｉｄｔｏｔｈｅＴＶＧｉｎｔhefbrmoffees、ThesefbesbenefitboththeTVGand thelocalresidents，ThefbesbenefittheTVGbecauseparｔｏｆｔｈｅｆｂｅｓａｒｅｕｓｅｄｔｏ

ｓｕｐｐｏｒｔｉｔｓrunningcosts・Therestofthefbessupportcommunalsocialwelfarepro‐

gramsandinfmstructureprOjectswhichbenefitthetownship-villageresidents・Ｔｈｅ

other６０％ofprofitsareretainedintheTVEtofmancefUrtherdevelopment、The

localresidentsseemtobenefitmostfromTVEdevelopmentbecause,interalia,exist‐

ingjobsaremademoresecureandmorejobopportunitiesarecreatedThecontrol rightsintheinitialandintermediateperiodrestwiththeTVG・Weitzman＆Ｘｕ

(l994p69）suggestthattheTVGisregardedastherepresentativeoftheresidents and,ａｓsuch,isbestseenasthedefactoexecutivｅｏｗｎｅｒｏｆｔｈｅＴＶＥ，chang＆Ｗａｎｇ (1994)likenthepartplayedbytheTVG,intheinitialstages,toadirectmanagerial role.“[TheTVG]willchooseorapproveprOjects,raiseorhelpraisefimds,mobilise

manpowerandotherresourceswithinitsjurisdictiontosupporttheprQjectandsuper‐

visetheconstructionprocess，，（Chang＆Ｗａｎｇｌ９９４ｐ４３７)．However,atanopera‐

tionallevelthecontrolrights，inmostcases，shifttomanagersandworkersinthe

ＴＶＥ・

Ｓｏｎｇ（1990）describesthisprocessthroughdraｗｉｎｇａｎａｎａｌｏｇｙｂｅｔｗｅｅｎｔｈｅ

ＴＶＧａｎｄｔheTVEandthefather-sonrelationshipTheTVGexercisesmorecontrol ｉｎｔｈｅＴＶＥ，searlylife,ｂｕｔａｓｔｈｅＴＶＥｇｒｏｗｓｕｐｉｔａｓｓｕｍｅｓｍｏｒeresponsibilities・The TVGmaintainsmanagerialveto，ｂｕｔｉｎｔｈｅｎｏｒｍａｌｒｕｎｎｉｎｇｏｆｔｈｅＴＶＥｉｔadoptsa

backseatrole

Asaresult，ｏｖｅｒｔｉｍｅ，ＴＶＧｓｂｅｃｏｍｅ“proHtorientedeconomicentitiesthat

mightbecomparedwithholdingCompanies，investmentcorporations，orheadquar‐

tersoflooselycontrolledmulti-divisionalcorporations，，（Byrd＆Ｌｉｎｌ９９０ｐ５)．

WhilecasualempiricismsuggeststｈａｔｉｎｍｏｓｔＴＶＥｓ,managersandskiUedworkers assumemuchofthecontrolrightsovertime,theTVGstillretainsultimatecontrol

becausethroughouttheTVE，ｓｌｉｆｅｔｈｅＴＶＧｒｅｔａｉｎｓｔｈｅｐｏｗｅｒｔｏａｐpointmanagers．

1０５

TownshipihndViⅡa8cEnteTpri鎚sinCllinn-GrowII1McchilniSmIlIudFuluTcProspecIs

Byrd＆Ｌｉｎ（ｌ９９０ｐｐ５－６）sumthisup：

“Althoughday-to-daymanagementandbusinessdecisionsareusuallyleftto enterprisedirectors,ｃｏｍｍｕｎｉｔｙｇｏｖｅｍｍｅｎｔｓｔｅｎｄｔｏｂｅｉｎｔimatelyinvolvedin decisionsonimportantinvestments,theestablishmentordismantlingoffIrms，

significantchangesinproductlines[and]theappointmentofenterprisemanage‐

ｍｅｎｔ…communitygovernmentscanalsoabsorbriskfbrsubordinatecommu‐

nityenterprisesandcanfinanceinvestments…through…sourcesoffilnding

suchasbankloans,,．

ThispassagesuggeststhatmanagerｓｉｎＴＶＥｓｃａｎｂｅｓｅｅｎａｓｒｅｐｒｅｓｅｎｔｉｎｇlocal governments,whilebeinggivensubstantialindependenceinmanagerial

decisionmaking・ViewedinthislightGang（l993p57）suggeststhatthemanagers

ofTVEsresembleexecutivesinmarketeconomies,ｗｈｉｌｅＴＶＧｓａｒｅｓｉｍｉｌａｒｔｏａｂｏａｒｄ ｏｆｄirectors・However,therelationshipbetweentheboardｏｆｄｉｒｅｃｔｏｒｓａｎｄｔｈｅｃｏｍ‐

panyinacapitalistmarketeconomyisdiffbrentliPomthatbetweenTVＧｓａｎｄＴＶＥｓ ｉｎｓｏｍｅｉｍｐｏｒｔａｎtrespects・OneofthedilYもrencesisthatTVGsplayaroleinincome distributionand,ｏｎｔｈｅｗｈｏｌｅ,ｔｈｅcontrolwhichtheTVGexercisesovertheTVEis associatedwiththeTVG,sredistributiveroleTothisendtheTVEservesasavehicle

fbrthesocialwelfarepoliciesoftheTVG・Thistakesatleastthreefbrms・TheTVE isasourceofrevenuefbrtheTVGthroughtaxationandprofitremittances,theTVE isasourceofemploymentfbrthelocalresidentsandTVGsmakeshort-termtransfbrs betweenTVEstoeasestructuralproblemsintimesofstagnation・

ThemanagerialoperationsoftheTVEaremarket-orienteｄＢｙ198670％ofthe mainmaterialinputsofruralenterpriseswerepurchasedthroughthemarket，ａｎｄ overtwo-thirdsoftheiroutputwassoldatmarketdeterminedprices（Singhl993p 27)．WhileTVGsmaketransfersbetweenTVEs,localbudgetconstraintsarerela‐

tivelyhard・ＩｎＴＶＥｓｗｈｉｃｈｈａｖｅａｄｏｐｔｅｄｔｈｅ“managercontractsystem,，managers havewellspecifiedcompensationscheduleswhichstressmarketcriteria、Ｔｈｅｃｏｎ‐

tractisnormallyanagreementspecifyingthemanager，sindependenceandhis/her

obligationstotumoverproHtstotheTVGSchadler（l990p231）estimatesthatin

198590％ofcollectiveenterpriseshadbecomecontractenterprises・Ｇａｎｇ（1993）

sampled630collectiveandnon-collectiveruralenterprisesinSichuanandZhejiang inl99LHereports(atp､５６)that４２％ofthetotalsampleand86％ofthecollective enterpriseswerecontractedouttoeithermanagersormanagementstafTS・While therehavebeenvariouscriticismsofthecontractsystem,thereiswidespreadagree‐

mentthatinTVEsrunundercontract,managersarelesssubjecttolocalgovernment interfbrenceandareinabetterpositiontodefbndtheTVE,sinterests（seeegSchadler l990pp230-232)．

Ｇａｎｇ（1993）alsopresentsevidencewhichsuggestthatthereisafairlyclear

distinctionbetweenthemarketandredistributivelimctionsofTVEs、Ｈｅｆｂｕｎｄｔｈａｔ

ｆｂｒｔｈｅｓａｍｐｌｅａｓａｗｈｏｌethesupportoflocalgovernmentwasnotasimportantas economicdeterminantssuchastheavailabilityofskilledworkers，theprofbssional expertiseofmanagersandfimds,technologiesandpersonaltrainingprovidedbystate enterprises・Thissupportstheviewthat，Hrst，ruralenterprisesarefairlymarket- oriented-fbrexampletheygivestrongconsiderationstoproductmarketabilitywhen decidingwhetherｔｏenterintoaparticularkindofbusinessandsecond，rural

106

RusscIlSmyth

enterprisesenjoyconsiderableautonomyinbusmessdecisionmaking，althoughthe decisiontoestablishtheenterpriseinthefirstplaceisｕｓｕａｌｌｙｍａｄｅｂｙｔｈｅＴＶＧ・

However,Ｇａｎｇ（1993）alsofbundthatlocalgovernmentshavemoreinHuenceon businessdecisionsincollectiveruralenterprisesrelativetonon-collectiveruralenter‐

prisesForexample,hefbundthatlocalgovernmentsupportandtheavailabilityof bankloansweremoreimportanttocollectivethannon-collectiveenterprises．

3．PerfbrmanceandlnterpretationsonTVEInstitutions

AcrjWrjesα"ｄＰ℃r/brmα"ｃｅ

ＩｎｔｅｒｍｓｏｆｅｍｐｌｏｙｍｅｎｔａｎｄｇｒｏｓｓoutputTVEsaremainlyengagedinindustrial productionForexamplein1995,industryaccountedfbralmost７５％ofgrossoutput andnearly59％ofpeopleworkinginTVEs・TVEsareengagedinsomeheavyindus- triessuchascoalandelectricity，butmostareengagedinlightindustriessuchas buildingmaterials,clothing,ftlrmtools,fertilisers，leatherproducts，machinebuild- ing,paperproductsandtextiles，Thecommerceandfbodservicessectorisalsofairly important､Whentherefbrmswereinstigatedinl978just８％ofTVEswereinvolved inthissector,butinl995theHgurewas38､8％・Inl995itaccountedfbr16.3％of theTVElabourfbrceand9､3％ofgrossoutput・Thethirdsectorisconstruction、Ｉｎ

ｌ９９５ｏｎｌｙ４,8％ofTVEswereinconstructionwith15.1％ofthelabourfb1℃clt producedjustover9％ofTVEoutput・Finally,agricultureisofmarginalsignifi-

cance、1,197832.5％ｏｆＴＶＥｓａｎｄ２Ｌ５％oftheTVElabourfbrcewereinagricul-

ture、Relativetoindustrythegrossoutpｕｔｖａｌｕｅｉｎｌ９７８ｗａｓｌｏｗ,ｂｕｔｉｔｗａｓｓｔｉｌ1

7.3％ofthetotaLHowever,ｉｎ1995,ｏｎｌｙ1.3％ｏｆＴＶＥｓａｎｄ２､4％ｏｆpeopleworking

inTVEswereinagriculture、Agricultureproduced1.5％ｏｆｔｏｔａＩＴＶＥｏｕｔｐｕｔ・

Moreover,eachyearsincel978TVEshaveaccountedfbr５％orlessofagricultural grossoutputvaluesuggestingthattheyareofmarginalimportanceinthatsector・

However，inconstructionandindustrythesituationisdifTerent・Inconstruction，

TVEsharehasincreasedfi｢oｍ17.3％ｉｎｌ９８０ｔｏ３Ｌ５％ｉｎｌ９８５ａｎｄ６６､7％ｉｎ1995．

TherateofgrowthintheproportionofindustrialgrossoutputproduceｄｂｙＴＶＥｓｉｓ ｓｉｍｉｌａｒ，TVEswereresponsiblefbr9､9％ofgrossoutputvalueinl980,butinl985 thisfigurehadgrowntol8.8％ａｎｄｉｎｌ９９５ｉｔｗａｓ５６､1％、

TVEshavegrownataphenomenalrate・Theirgrowthperfbrmanceisoutstand‐

ingwhencomparedwiththerestofthe（developinganddeveloped）worldTablel givessomeselectedstatisticsonTVEswhichillustratetheirgrowingimportance・

Thestatisticsarefi･oml985toavoidartiHciallyinHatingthegrowthrate6)．Between l985andl995thenumberofTＶＥｓｇｒｅｗａｔａｎａｖｅｒａｇｅｒａｔｅｏｆ17.1％・Thenumber ofpeopleworkinginTVEsｈａｓｇｒｏｗｎａｔａｎａｎｎｕａｌｒａｔｅｏｆ８､4％andthevalueof fIxedassetsiｎＴＶＥｓｈａｓｇｒｏｗｎａｔａｎａｎｎｕａｌｒａｔｅｏｆ２7.6％．Thegrowthinannual realgrossoutpｕｔｖａｌｕｅｂｅｔｗｅｅｎｌ９８５ａｎｄｌ９９５，consistentwiththestatisticsgiven abovewas25､8％．

ＴＶＥｓｓｅｅｍｔｏｂｅａｓｅｆＴ１ｃｉｅｎｔａｓｐｒｉｖａteflrmswhichhavewell-defmedproperty rightsForexample,Svejnar（1990）runsaseriesofregressionsusingpooledpanel data伝ｏｍ４００ＴＶＥｓａｎｄｐｒｉｖａｔｅｆｉｒｍｓｉｎｆｂｕｒJiangsucountiesoveral6yearperiｏｄ ＨｅｕｓｅｄｏｗｎｅｒｓｈｉｐｄｕｍｍｉｅｓｔｏｄｉｓｔinguishbetweenTVEsandprivatefIrms・The co-efTicientsontheownershipdummieswerestatisticallyinsigniHcant，suggesting

107

TOwnshipandViI1nBcEnterpnscsinChinIl-OrowthMechaniHmandFulureProspecls ^■

TAIBIE1

SeleCtedStatiStiCSfmTVESl985-1995 AverageAnnualGrOwthRates

1986-1990）’’90-199511985-1995

〕ｅｒ［ 9.07 4.94 17.10

６．０２ 6.65 8.36

24.15 30.15 27.63

RealGross

OutputValuel

^{17.10 1３．２１ 34.51 25.80}

ＳＯＵＲＣＥ:StatiSticalYearbookorChina（variousycars)．

ＮＯＴＥＳ：GrossOutputvalueswc腿dcnatcdusingindustrialGro5sOutputWlueimpIicit pricedcnatoms・FromI984，belowviuagccategorieswcrcaddeｄｔｏｔｏｗｍｓｈｉｐ

（xiamg）andvillage(cul1）lcvelemtcrpriscs、FiguresarcnoLgiveuuIbrbcIbrel984 toavoidartinciallyinnalinggrowthrnIcs．

that“privateownershipandcommunityownershipappeartohavesimilarefTectsof

productivity，，SvCjnar（1990ｐ､253)．Pitt＆Putterman（1996）reachedsimilarcoL

clusionsinamorerecentexe1℃ｉｓｅＴｈｅｙｐｏｏｌｅｄｄａｔａｏｎ２００ＴＶＥｓａｎｄｐrivatefirms distributedoverlOprovincesfiPoml984tol989・TheseresultssuggestthatTVEsare asefYicientasprivateflrms・However，ｅｖｅｎｉｆｉｔｉｓｇｏｉｎｇｔｏｏｆａｒｔｏｄｒａｗｄｅｔailed conclusionsonthebasisofthefbwstudiessofnr,ｉｔｉｓｃｌｅａｒｔｈａｔｏｗｎｅｒｓｈｉｐｄｉｄｎｏｔ

ＴＡＩＢＩＩＤ２ ＴＶＥｓ

Ｒｅ画omllShareofEmploymentandGrossOutputValue

（expressedinpercentageterms）

ＣＥＮＴＲＡＬ＆

ＷＥＳＴＥＲＮ．

ＹＥＡＲ’ＥＡＳＴＥＲＮ｜ＣＥＮＴＲＡＬlＷＥＳＴＥＲＮ

Ｇ､０．Ｖ ＥＭＰ．

ＥＭＰ、１Ｇ.０．Ｖ｜ＥＭＰ．Ｇ・ＯｙｌＥＭＰ．

ＥＭＰ．

Ｇ､０．Ｖ

８９４２４２６３ ①Ｃ●●■●●● ４４４４４５７０ １ ４８４４６０５５ ●●■■●●●● ８４５２５６３６ １１１１１１１Ｉ ０８１３６８６３ ●●●●０ｑ●● ５６５４３５０３ ３３３３３３３３ ９０７８５７７１ ●●①Ｂ●●●の２７０９８２７９ ５４５３４５４４

５２３４９９２６ ●■●ｂ●●巳●４２５７２６４２ ３３３２３１３３

０２９７４２４７ ①■の●●●●白５３４５６４９６ ６６６６６６６６ １０３２５３３９ ■●Ｃ●●●■● ７３９０１７２０ ４５４６５４５５ ２９７１２６００ ●●●ＤＣ●●● ０１００９０３３ ３３３３２３２２

1980 1985 1990 1991 1992 1913 1994 199５

NOTES：（i）ThceasternzonecovcrsBeijing,Tianjin,HebciⅢLiaoning,Shanghai,Jiangsu，

ZhOjiang,FUjian,ShandongⅢGuangdong，HainanandGuangxi・ThecentraI coversShanxi,InncrMongolia,Jilin,Heilongjiang,Anhui,Jiangxi,Henan,Hubei andHuuuall：Thewcste｢nzonccovcrsSichuan，Guizhou，Yunman，Shaanxi，

Gansu,Qinghai,NingxiaandXinjiang.（ii）Tibetisexcludcdbecauscoflackof data,（iii）ＧＯＶ＝GrossOulputValuc（iv）ＥＭＰ.＝Employment（v）Thcl980 figuTesIbrEMParelb「１９８１and,（vi）Ｔｈｅｌ９８０ｎｇｕｒｃｓａｒｅｆｂｒｘｉａｎｇａｎｄｃｕｎ levelenterprises-fbrcxplanntiｏｎｓｃｅｎｏｔｃｓｔｏｔａｂｌｃｌ

ＳＯＵＲＣＥ:CalculatcdlYomstatisticsinStatisticaIYearbooko｢Chimh（variousyears)．

1０８

RussclISmyth

matterinthesesamples

ThecontributionofTVEsvariesacrossregions・Tabｌｅ２ｓｈｏｗｓｒｅｇｉｏｎａｌｓｈａｒｅｓ ｏｆＴＶＥｅｍｐloymentandgrossoutputvaluefbrl９８０，１９８５ａｎｄ’990-1995．The easternzonesharewasconstantataroundone-halfoftotalemploymｅｎｔａｎｄｔｗｏ‐

thirdsoftotalgrossoutputfbrmosｔｏｆｔｈｅｐｅｒiodThisiSinspiteofthefactthatit hasonlyabout40％ofthepopulation（41％inl995-StatisticalYearbookofChina l996p70)．Thecentralzonehadaroundone-thirdofruralenterpriseworkersand producedjustunderone-thirdoftotalgrossoutputfbrmostoftheperiod,although thisHgurefellinl995-1996．Finally,about１５％ofpeopleworkinginruralenter- priseswereinthewestemzone;however,overtheperioditonlyaccountedlbraround 5％oftotalruralenterprisegrossoutput,increasingtojustover10％ｉｎ1995．The centralgovernmentisawareoftheregionaldisparitiesinTVEdevelopmentａｎｄｈａｓ ｔａｋｅｎｓｔｅｐｓｔｏｄｅａｌｗｉｔｈｉｔ・JiangZemin，attheCPCfburteenthPartyCongressin Octoberl992,signalledtheintroductionofnewmeasureswhenhestated:``Weshall continuetodevotegreateffbrtstodevelopingtownshipenterprisesandparrjc"brl【ｙ ｓ噸portﾋﾟﾉiosei〃Ce""ﾛﾉα"ｄｗｅｓ〔er〃regjo"sα"ｄｉ〃、i"orノリ〃αｎｏ"αﾉﾘqegjo"s"71.FoIlow‐

ingthisstatement,theStateCouncil，inFebruaryl993，issueda“DecisiononAccel‐

eratingtheDevelopmentofTownshipEnterprisesinCentralandWesternRegions,，、

Ｔｈｉｓdocumentdetailedplanstoallocateanannualfigureof5billionYuan,between l993and2000,tosupportTVEdevelopmentinthecentralandwesternzones、The documentcontainsarangeofpreferentialmeasures-setoutasnmepolicies-which aredesignedtoacceｌｅｒａｔｅｔｈｅｄｅｖｅｌｏｐｍｅｎｔｏｆＴＶＥｓｉｎｔｈesezones、Thedocument directsbankinginstitutionsinthecentralandwesternzonestoincreasetheirlending toTVＥｓａｓａproportionoftotalloansandrequiresthatlocalflnancialdepartments setasidefimdsfbrTVEdevelopment、ThestatisticsintableZwhichareuｐｔｏｔｈｅｅｎｄ ｏｆｌ９９５,donotshedmuchlightonitseffect・ThisreHectsthefactthattherehasnot beensufYicienttimetothispointtodeterminetheeffbctofthisdocumentonregional differencesinTVEdevelopment、Thecentralandwestemzones,shareofruralenter‐

pnsegrossoutputvaluemcreasedin1993,ｂｕｔｉｔｆｅｌｌｉｎｌ９９４・Itincreasedagainin l995,ｂｕｔｔｈｅＨｇｕｒｅｗａｓｓｔｉｌｌｌｅｓｓｔｈａｎｔｈｅl993share・Ｔｈｅｆａｌｌｉｎｌ９９４ｗａｓｄｕｅｔｏａ ｄｅｃｌｉｎｅｉnthecentralzoneshare,althoughthewestemzoneshareincreased、while，

atthetimeofwritingnostatisticsareavailablefbrl996soitisimpossibletobesure，

casualobservationneverthelesssuggeststhatthedocumenthasstartｅｄｔｏｈａｖｅａｎ ｅＨｂｃｔｏｎｐｅｒｆｂｒｍａｎｃｅａcrossthezonesduringl996andl997・china，scentraland westemregionsgrewfasterthantheeastemregionduringJanuary-Ｍａｙｉｎｌ９９６・

GrowthininvestmentincapitalconstructionandtechnologicalrenOvation（yearon

year)was15.6％inthecentralregion,13.41％inthewesternregionand685％inthe

eastemregionBetweenJanuaryandJunel996theindustrialvalueaddedinthe centralzoneincreasedbyl07.2billionyuanwhichwas305％higherthanthecolTe- spondingHgurefbrJanuarytoJunel995、Ｔｈｉｓｗａｓ7.8％higherthantheeastern zoneand6％higherthanthegrowthrateinthewesternzone・

mreZpだ'/"ｇＴＪ'EI7zsritzJrjO"s

AlotofreservationshavebeenexpressedabouttheambiguousnatureofTVE propertyrights・Forexample,anarticleinNongminRibao（Farmel巴，Daily）which isattributedtotheMmistryofAgriculture，states：“Ownershipissharedbyevery‐

body,whileno-oneisresponsiblefbrtheenterprise;responsibilitiesfbrpropertyrights

1０９

TownshipandVillugcEntc｢p｢isesillChin腓ｃｒｏｗ(llMcchani9imandFuIurclDrospec１ｓ

areunclear,andsoaretherespectiveresponsibilitiesfbradministrativedutiesand

enterprisemanagement．［Moreover]ruraladministrativeleadershequentlyinterfere

arbitrarilywithenterprises''8)．Thesamesentimenthasbeenexpressedinmanyaca- demicarticles・Forexample,Ｈｏｎｇ（1995）suggests（atp360）“undercollective

ownershipeverybodyownstheproperty［which］actuallymeansnobodyowns［it］

andnobodycaresaswell，,、Theseconcernshaveresultedinwidespreadsupportfbr theviewthatTVEsshouldbeconvertedtojointstockcompaniesiffUrthergrowthis tooccur・Weitzman＆Ｘｕ（1994）estimate,ｏｎthebasisofpersonalinterviewsco､‐

ductedinl992andl993,thatinGuangdongjointstockcompaniesaccountedfbr about8％ofTVEs・JointstockcompaniesinZhCjiangattheendofl994accounted

fbrone-eighthofTVEs(Hongl995p359)．InMayl995,accordingtotheMinistry ofAgriculture,therewere204,OOOshareholdingTVEswhichwas12.4％ｏｆｔｏｔａｌ

ＴＶＥｓ.，）TheseHguresarequitelow,although,ｔｈｅｎｕｍｂｅｒｏｆｓｈａｒｅｈｏｌｄｉｎｇｆｉｒｍｓｉｓ increasingallthetimeand,asaresult，ｔｈｅｐｒｏｐｏｒｔｉｏｎｉｓＩｉｋｅｌｙｔｏｂｅｍｕｃｈｈigher now・Ｆｏｒexample,ｏｎｅreportsuggeststhat,ａｔｔｈｅｅｎｄｏｆｌ９９６,66,300ｏｒ７０％of totalTVEsinJiangsuhadbeentransfbrmedintojointstockfbrms,leasmgarrange‐

mentsoroptions､'０）However,fbcusingontheintroductionofjointstockcompanies seemstooverlooktwoimportantpoints・ＴｈｅｆｉｒｓｔｉｓｔｈｅｓｕｃｃｅｓｓｗｈｉｃｈＴＶＥｓｈaｖｅ ｈａｄａｎｄ,toasignificantextent,continuetohavewithunusualownershiprights・The secondisthetheoreticalissueofhowtodesignaworkablemechanismwhichisfaith‐

fUltothebasictenetsofindividualisticpropertyrights、MostacademicandofTicial writingsblameconflictingresponsibilitiesandmanagerialinterfbrenceontheftlct thattherelationshipｂｅｔｗｅｅｎＴＶＥｓａｎｄＴＶＧｓｉｓｎｏｔｗｅｌｌ－ｄｅfinedWhiletheseissues，

attimes,canpresentproblems,andperhapsdoneedtoberemediedthroughintroduc‐

ingjomtstockcompanies,whatisoftenoverlookedisthatthereasonsfbrthesuccess ＴＶＥｓｈａｖｅｈａｄｍｉｇｈｔｂｅｆｂｕｎｄｉｍｔｈｅｓａmeinfbrmalties・Focusingonlyonthe problemsvaguely-definedpropertyrightspreseｎｔｄｏｅｓｎｏｔｅｘｐｌａｉｎｈｏｗＴＶＥｓｈａｖｅ ｍａｎagedsuchhighgrowthrates・

Inthisrespect,therearesimilaritiesinthegrowthmechanismoftheTVEsand thestylisedJapaneseHrm（J-mode〕AnimportantJ-modefbatureisthatthemalor stake-holders-extemalfinancingentities,shareholdersandworkers-makealong- termcommitmenttothefirm、Ａｏｋｉ（1990）arguesthatthispromotesproductive efficiencybecauseitcushionsthefirmfmmthefUllrigourofHnancialandlabour markets・ToputitindifTbrentterms,theplanningtimehorizonoftheexternalfinan‐

cialentities,ｉｎgeneral,tendstobelongerintheJ-modethanintheunionisedAmeri- canflrm・Thisisconducivetocollectivelearningorcontinuousincrementaltechnical

changeinproductivitygrowthLo（1997）pointsoutthattherearesimilaritiesinthe

institutionalstructureｏｆＳＯＥｓａｎｄｔｈｅＪ－ｍｏｄｅｉｎｔｅｒｍｓｏｆｐｒｏmotingincremental

innovation:Hence,hesuggests（atpp91-92）“therigiditiescharacteristicofchina，s refbrmedenterpnses，particularlyintermsoflowlabourmobilityandclose government-enterpriseties，thoughdetrimentaltoallocativeefTiciency，mighthave beenconducivelbrproductiveefY1ciency,,、ThisstatementisalsoapplicabｌｅｔｏＴＶＥｓ、

First,ｗｈｉｌｅＴＶＥｓａｒｅＨｅｘｉｂｌｅｉｎｔｈｅｌａｂｏｕｒandproductmarkets,thecloserelation- shipbetweenTＶＥｓａｎｄＴＶＧｓｍｅａｎｓｔｈａｔｌｅｎｄｅｒｓａｒｅｍorewillingtomakelong-term commitmentsinthefinancialmarket・Ｈｏ（ｌ９９４ｐｌ２５）pointsoutthat,inJiangsu，

ifaTVEisunabletoserviceitsloan,ｔｈｅｃｏｍｍｏｎｐｒａｃｔｉｃｅｉｓｆｂｒｔｈｅＴＶＧｔｏtransfer thedebttoanother,ortoseveralotherenterprisesunderitscontroLWhileallocative

110

RusseIlSmyth

ineffIcient,long-termcommitmentfbstersproductiveeHiciencythroughprovidinga cushionfbrincrementalinnovationandlearningthroughnetworks，Thelate industrialisationliteraturesuggeststhatthisisthebasisfbrthesuccessfilladoption，

adaptationandimprovementofimportedtechnologiesandhenceeconomicｇｒｏｗｔｈ

(seeegAmsdenl989,Ｂｅｓｔ1990,Lazonickl991，Ｌｏｌ９９７)．TheJapanesehave

adopted,adaptedandimprovedonexistingimportedtechnologiessincetheMeiji period・SincetheintroductionoftheeconomicrefbrmsChinahasfbllowedasimilar path,throughencouragingfbreigninvestmentinallocatedareas・Importedtechnolo‐

giesandassociatedrapidstructuralchangehavebeenaprominentcharacteristicof

Chinesegrowthintherefbrmperiod（ｓｅｅＬｏｌ９１７ｃｈａｐ３)．Whilethisgrowthpat‐

ternhasnotbeenrestrictedtoTVEs,ithasbeenaprominentfbatureindownstream consumerdurableindustrieswhereTVEshavebeenwidespread．

ＡｓｅｃｏｎｄｆｂａｔｕｒｅｃｏｍｍｏｎｔｏｔｈｅＪ－ｍｏｄｅａｎｄＴＶＥｓｉｓｔｈａｔｔｈｅｒｅｉｓｎｏｐｒｅｓｓｕre fromshareholdersfbrdividends・IntheJapanesecaseshareholdersaretreatedasa groupoutsidethefirmlikebanks・ThismeansthatintheJ-mode,emphasisisplaced ongrowthratherthanshort-termproHt、ＩｎｔｈｅｃａｓｅｏｆＴＶＥｓｔｈｅｒｅｓｉｄｅｎｔｓｄｏｎot haverightstodividenda

Hence,oncetheTVGhasmetitsobligationsintermsofitssocialwelfarefimc- tion,itisabletoretainmostoftheafter-taxprofitsinsidetheTVEtoflnancefUrther

growthOneestimatewhichHo（l994pl23）givesisthatintheSunanregionin

Jiangsu,inthefIrsthalfofthel980s,mostTVEsreinvested50％ｔｏ６０％ormoreof retainedprofIts・TheresultsofajointSSBandPeople,sUniversitystudyof200rural enterprisesinlOprovincessuggeststhatthisisaconservativeestimate、Theflrmsin thesample,mostofwhichwereTVEs,reinvestedbetween７９％ａｎｄ９３％ofretained

eamingsinl985（seeZhou＆Ｈｕｌ９８７ｐ､142)．Thisissimilartothecapital-centred

systeminJapanwheremostofthecapitalisreservedinsidethefirmtofmance filrtherexpansion，Awell-knownfactisthatcomparedwithfirmsinotheradvanced capitalistcountries,thedividendtoprofItratioinJapanesefirmsismuchlower(see egOdagiril994,Zhail997ppl7-18)．

Third,ｂｏｔｈｔｈｅＪ－ｍｏｄｅａｎｄＴＶＥｓｅｘｈｉｂｉｔａｈｉghratioofdebts、Thereareobvi‐

ouspotentialcostsinhavingahighdebtratio・Attemptstoreducehighlevelsofdebt amongTVEshasbeenoneofthema]orreasonsbehindthepushfbrmorejoint-stock companies、Similarly，ｃoncernsaboutbaddebtsinlightoflowergrowthratesin recentyearshasunderpinnedcallsfbrrefbrmingtheJapanesefinancialsystem，Ｈｏｗ‐

ever,highlevelsofdebthavealsobeenconsistentwithhighgrowthrates・Without ahighlevelofborrowings，giventherelativescarcityofhmds，ｉｔｉｓｕｎｌｉｋｅｌｙｔｈａｔ ＴＶＥｓｗｏｕｌｄｈａｖｅｇrｏｗｎａｔｓｕｃｈarapidrate・ＴｈｅｓａｍｅｉｓｔｒｕｅｏｆＪａｐａｎＦｏｒｅｘａｍ‐

pleintheperiodofsubstantialgrowth,ｂｅｔｗｅｅｎｌ９５６ａｎｄｌ９７０,３００billionyen，the cumulativedeficiencyoftotalenterpriseaccounts，wasmadeupinentiretybythe surplusfimdsofresidents，accountsthrough“deposits→bankloans,,（Zhou＆Ｈｕ ｌ９８７ｐｌ２２)．

4．ＴｈｅＰｒｏｓｐｅｃｔｓｆｂｒＦｕｔｕｒｅＧｒｏｗｔｈ

MostfbrecastssuggestthatTVEswillcontinuetogrowinimportanceanｄｎｕｍ‐

bers・Ｆｏｒexample，ａｗｏｒｋｉｎｇｃｏｎｆｅｒｅｎｃｅｏｎＴＶＥｓｈｅｌｄｉｎSeptemberl993seta

1１１

TownshipandViⅡa8巳EntemrisesinChina-GrowthMI3cIMMlismIlndFulu｢℃Pro1ipectH

targetgrossoutputvaluefbrTVEsfｂｒｔｈｅｙｅａｒ２０００ｏｆ7,600billionyuanThis

wouldrepresentafive-fbldincreaseoverthegrossoutputvalueinl992・Theindus‐

trialgrossoutputvalueisalsoexpectedtogrowto5,400billionyuanwherethefigure

fbrl992waslZ50billionyuan、Nevertheless，ｍｏｓｔｏｆTicialstatementsaboutthe

filtureprospectsfbrTVEsemphasisethatfbrfilrthergrowthtobemeanmgfill，ｔｈｅ ｐｒｏｂｌｅｍｓＴＶＥｓｆｎｃｅｎｅｅｄｔｏｂｅａｄｄressed、Inadditiontoconcernsaboutowne応hip rights,ａｎumberofnon-institutionalprobleｍｓｗｉｔｈＴＶＥｓｓｕｃｈａｓｐｒｏｄｕｃｔｄｕｐｌｉｃａ‐

tion,failuretomaximisescaleeconomiesandperceivedadverseefYbctontheenviron-

menthavearisen．

Ｐｍｄ"αＤｚ`p/jmljo〃α"ｄ肋ｊｍｒｅ７ｂＭ[ＪｘｉｍｉｓｅＳｃａルＥＣＯ"o碗ｊｅｓ

ＡｃｏｍｍｏｎｃｒｉｔｉｃｉｓｍｏｆＴＶＥｓｉｓthattheydonotmaximisescaleeconomies・

Thereisexcessiveduplicationinsomeindustries・Thetextileindustryisaprominent examplewhereTVEparticipationishigh、However，ｔｗｏｐｏｉｎｔｓｎｅｅｄｔｏｂｅｍａｄｅ・

ThefirstisthatduplicationisnotrestricｔｅｄｔｏＴＶＥｓ、Duplicationisamanifestation ofdecentralisationorwhatQian＆Ｘｕ（1993）termthe“M-Form，，structure・With theM-Formstructure，theChineseeconomyisorganisedintoamulti-layer-multi‐

regionalfbrmaccordingtotheterritorialprinciple，inwhicheachregion，ateach layer,canberegardedasanoperatingunit・Ｔｈｉｓｍｅａｎｓｔｈａｔｒｅｇｉｏｎｓｔｅｎｄｔｏｂｅｓｅlf

containedandselfsufYIcient、ＴｈｉｓａｌｓｏｍｅａｎｓｔｈａｔＨｒｍｓｔｅｎｄｔｏｂｅｓmallandindus‐

trieslessconcentratedThus，bothfirmsandgoodsareduplicatedacrossregions・

Thesecondpointisthatwhetherduplicationis,infhct,aproblemisnotclear・While therearecostsassociatedwithduplicationsuchasinefTicientuseofscaleeconomies，

therearesomepotentialbenefits・Forexample,Ｑｉａｎ＆Ｘｕ（1993ｐ､28）pointout

thatduplicationmightreducevulnerabilitytoextemalshocksandincreasethereli‐

abilityofsuppliesunderuncertaintyArelatedpointwhichGoodhart＆Ｘｕ（l995

p2Z）makeisthatduplicationfacilitatestechnologydifTUsionbetweenfirmsand

acrossreglona

lnaddition,thebenefItsandcostsoftheM-Formstructurealsoneedtobecon‐

sidered、Withdecentralisation，themalorresponsibilitiesoflocalgovernmentsre‐

volvearoundregionaldevelopmentandwelftlre・Thelocalgovernmenthastoraise reｖｅｎｕｅｏｎｉｔｓｏｗｎａｎｄ,therefbre,ｈａｓａｓｔｒｏｎｇｉｎｃｅｎｔｉｖｅｔｏｓｅｔｕｐａｎｄｓupportlocal enterprisesfbrrevenuegeneratingpurposes・Thereare,ｏｆｃｏｕ応e,potentialcostsin thisprocess-fbrexampleiflocalgovernmentsengageinnon-co-operativegamesto extemalisecoststootherlocalities,buttherearealsopluses・Thelimitedresources oflocalgovernmentsmakesithardfbrthemtobailoutloss-makingTVEs・Whileit isdifYiculttoverifythisseemstobethereasonfbrharderbudgetconstraintsinthe

non-statesectorcomparedwiththestate-ownedsector・TheM-Formhasalsobeen

importantinencouragmgregionaldevelopment、Itfbstersahorizontalrelationship betweenregionswhichfacilitatesregionalcompetitionandimitation、Theregional governmentscompetewitheachothertoseewhichcaninc正aseincomesthefastest・

ＴｈｅＭ－Ｆｏrmalsoprovidesanavenuefbrregionalgovernmentstomimicthesuccess- lUldevelopmentstrategiesofotherregions、

血/b7jo7α"dPbo7QzJaﾉﾉtyGbodS

TVEshavebeencriticisedｏｎｔｗｏｒｅｌａｔｅｄｇｒｏｕｎｄｓｉｎｔｅｒｍｓｏｆｐｒoductstandard・

TheflrstisthatthestandardofthegoodswhichTVEsproduceispoor、Ｔｈｅsecond

112

RussclISmyth

isthatTVEsattempttopassoffinfbriorproductsas``famousbrands,'inahFaudulent manner・Whiletheseissuespresentproblems，neitherappearstoberestrictedto TVEsActualevidencebeyondcasualempiricismislimited，buttheevidencethat doesexistsuggeststhatthestandardofTVEoutpuｔｉｓａｂｏｕｔｏｎａｐａｒｗｉｔｈｔｈｅｓｔａｔｅ－

ｏｗｎｅdsector・Ｆｏｒexample,theStateEconomicCommission，ｉｎ1987,studied800 Hrmstoseewhetherstatestandardswerebeingmet・Theinvestigationfbundthat,in

largeSOEs90％ofthegoodsmetthestatestandard・ThisHgurewashigherthanin TVEswhere78.3％ofgoodsmetstatestandards,buttheweakestperfbrmerswere

smalltomediumsizeSOEswhere72.8％metspeciHedstandardsl1)．Itisalsoworth pointingoutthatthｅｇｏｖｅｒｎｍｅｎｔｈａｓｔａｋｅｎｓｏｍｅｓｔｅｐｓｔｏdealwithconcemsoffraud

andinfbriorproductdesignWhileenfbrcementis,ａｔtimes,problematic,alegislative fiPameworkisinplacｅｔｏｄｅａｌｗｉｔｈｂｏｔｈｆｒａｕｄａｎｄｆａｉｌｕｒｅtomeetrecognisedstan‐

dards・Thisappea耐ｔｏｂｅｈａｖｉｎｇｓｏmeeffbctonliftingstandards・Itwasreported thatml996morethan22,OOOTVEspassedtheStatequalitycontrolinspections・It wasalsoreportedthatmorethanlOOOTVEshaveadoptedintemationallyrecognised quality-controlmeasuresandstandards12)．Thelegislationisnotperfect,ｂｕｔｉｔｎｅｅｄｓ ｔｏｂｅｒｅｍｅｍｂｅｒｅｄｔｈａｔｓｉmilardiffYcuItieswithinferiorgoodshaveariseninEastem EuropewheremassprivatisationoccurredoftenwithoutsufTicientconsumerprotec‐

tionlegislation．

Ｅ"Ｗ、"ｍｅ"jαﾉISsLJes

TherehasbeensomeconcemexpressedabouttheefYectsruralindustrialisation

ishavingontheenvironment・ForexampleFindlayetal（l994p､186）state:“The scatterednatureofthegrowthtakingplaceandthelackofeffbctivepollutioncon‐

trols,hasresultedinadeterioration［in］thequalityofsoil,waterandair，，、Thereis

afairbitofanecdotalevidencetosupportthisclaim,buttheextentoftheproblem，

atanempiricalleve1,ｉｓｎｏｔｃｌｅａｒ・Ｗｈｅｎenterprisesinthesameindustryweｒｅｃｏｍ－

ｐａｒｅｄｉｎｔｈｅｍｉｄ－１９８０ｓｉｔｗａｓｆｂｕｎｄｔｈａｔｔｈｏｓｅｉｎｒｕｒａｌａｒｅａｓｅｍittedtentotwenty

timesmorepollutantsthanthoseinurbanareasIJ)．Inaddition，inthemid-1980s

one-thirdofthewatersurfacesinthreeindustrialisedregionsinsouthJiangsu (Suzhou,WuxiandChangzhou）waspollutedwithwateratorbelowgradefive,and mostofthewaterinWuxiCounty（oneofthreecountiesintheWuxiregion）was

belowgradefburI4)．

Asurvey,whichwasconductedbytheChineseAcademyofSciencesinl988，

fbundthatpollutionwasparticulaｒｌｙｓｅｖｅｒｅｉｎｔｗｏａｒｅａｓｗｈｅｒｅＴＶＥｓａｒeconcen‐

trated-southernJiangsuandShanghaiIs)．But，atleastonestudysuggeststhatthe actualnumberofTVEswhichareseriousofYendersinJiangsu,thelargerTVEprov‐

ince,ｓｅｅｍｓｔｏｂｅｃｏｍｐａｒａｔｉｖｅｌｙｓｍａｌＬＡｃｏmprehensivesurveyofJiangsu，ｓＴＶＥｓ，

during1989,identifIedjust38％ofthefirmsas“serious”poUuters（andafilrther

28､5％ａｓ“light”polluters)'｡)．

Moreover,aslightlymorerecentWorldBanksurveyconductedinl991indicates

thatruralfirmsaccountedfbronlyl0.7％ofwastewaterdischarges,9.4％ofair emissions,ａｎｄ11％ofsolidwastes、Thisisbelowtheirshareofindustrialoutput (WorldBankl992)．However,ａｓＯｄｙ（1992ｐ､20）pointsout,thisinpartreHects thegreaterconcentrationofTVEsinlightindustriesandtheirlimitedpresenceinthe chemicalandsmeltingindustrieswhicharetheleadingsectorsfbrwastewaterdis- chargeaThereissomeevidencctosuggestthesituationhasalsoimprovedinthelast

1１３

TownshipandVillagemteTprisesinChin趾GrowthMechanismandFUtu庇Prospects

fewyears，1,1996,ｆｂｒｅｖｅｒｙｌＯ,OOOyuanofgrowthinindustrialoutputvalue，the levelsofsolid,１iquidandatmosphericwastesｗｅｒｅ５７ｔｏｎｓ,31,50ocubicmetresand

L57tons-down５２％,５０％ａｎｄ５０％respectivelyfroml990I7)Thusreportssuggest

thatTVEpollutionisaproblem，butthereisconflictingempiricalevidenceonits

extent､'8）

5．Conclusion

WhileproblemsexistwhichmighthinderfUrtherdevelopment,thediscussionof afbwofthemainwiderproblemsinthelastsectionisinconclusive、Ｔｈｅｒｅａｓｏｎｉｓ ｔｈａｔｔｈｅｅｘｔｅｎｔｏｆｔｈｅｐroblemsarenotclear・Wearerestrictedtomakmgcautious judgementsonthelimitedevidencethatisavailable，Ｉｎｔｈｅend,whilewecannot

concludewhetherTVEswillcontinuetogrowatthesamerate,whatisclearisthat，

onbalance,ＴＶＥshavebeensuccessfUltothispoint、Whiletheevidenceisatbest

sketchy,mostoftheproblemsthatTVEspresentappeartomirrordifficultiesfncing

otherenterprises・Thestandardofgoodsproducedandconcernsabouttheeffbcton theenvironmentaretwoexamples，Thisisnottosuggestthattheseproblemsshould beignored,butitdoesrecognisethattheprocessofpost-socialisttransfbrmationisa difficultone・Thefactisthatittakestimetogetconsumerandenvironmentalprotec- tionlegislationinplaceand,onceitisinplace,toironoutthedifTiculties・Apoint

madeaboveisthatmost(ifnotall)ofthecountriesinEasternEurope,whichpur‐

suedrapidprivatisation,arefacingsimilarconsumerandenvironmentalprotection issues・Thissuggeststhattheseproblemsraisebroaderissuesfbrpost-socialisttrans‐

fbrmation・

However,mostoftheliteraturesuggeststhaｔＴＶＥｓ，ambiguousownershiprights presentthemostseriousobstacletofUrthergrowthHencc，itisalmostaccepted withoutquestionthatmovmgTVEstoashareholdingbasisistheonlypathfbrward ThespeedatwhichTVEsarebeingconvertedtojointstockcompaniesmightmean that,mpractice,theissuebecomesirrelevant・Ｔｈｉｓsaid,itremainsthatanygenuine attempttounderstandtheinstitutionalchａｒａｃｔｅｒｏｆＴＶＥｓｈａｓｔｏｃｏｍｅｔｏｔｅｒｌｎｓｗｉｔｈ ｗｈｙｔｈｅｙｈａｖｅｗｏｒｋｅｄｔｏｔｈｉｓｐｏｉntwithambiguouspropertyrights、Ｔｈｅｖｉｅｗｔｈａｔ ＴＶＥｓｗｏｕｌｄｈａｖｅｐｅｒｆｂｒmedbetterinthepast,orwillperfbrmbetterinthefiltureas jointstockcompanies,overlooksthefnctthatTVEshaveoutperfbrmedfirmswith better-definedpropertyrightsinEasternEurope・Thispaperhasattemptedtopoint tooneexplanationfbrtheirrapidgrowththroughpomtingoutsomesimilarities betweenｔｈｅＴＶＥａｎｄＪ－ｍｏｄｅｗｈｉｃｈｓｕｇgestsomebenefItsintheTVE-TVGrelation‐

Ship．

ACknowledgements

Thispaperisbasedonachapteroftheauthor，ｓＰｈＤｔｈｅｓｉｓ,submittedtotheSchoolof OrientalandAfricanStudies,UniversityofLondon・ThankstoDicLofbrhelpfillcomments・

FinancialsupportfromanORSawaldisackowledged．

114

RussellSmyth

Footnotes

JiangZemin，scommentsarer℃portedinNongminRibao,Beijing,ｉｎChinese，１０Ｄｅ‐

cemberl996plTextreproducedinSummaryofWorldBroadcasts,Ｐａｒｔ３，Asiaand thePaciHcFebruaryl51997．

“ADecisionRegardingtheDevelopmentofRu｢alForestryandAgriculturalSubsidiary Production"-seefUrtherWhiting（l995P86)．

Thisfigureiscalculatedasfbllows・Ｗｏｎｇ（l991ppl86-187）estimatesthat（i）state grantsunderthecategoriesｏｆｓｐｅｃｉａｌｆｉｍｄｓｆｂｒｔｈｅｆＷｅｓｍａＩｌindustriesandaidto people,scommunescontributed7billionyuan,（ii）specialallocationsduringthefburth Five-YearPlan（1970-1975）fbrbuildingkeyprqiectsinthefivesmallindustries- chemicalfertilisers,lnrmmachinery,ironandsteel，cementandenergy-contributed8 billionyuan,ａｎｄ（iii）bankloansprovidingworkingcapitalcontributed20billion

yuan・

ＳｅｅＷｏｎｇｉｄ：187-191fbrelaborationon“infbrmalmethods,，、

ＸｉＭｉ``WhoReallyOwnstheTownshipEnterprises,,ChinaDailyJune6，1994,Ｐ４、

ＴｈｅｄｅｆＹｎｉｔｉｏｎｏｆＴＶＥｓｃｈａｎｇｅｄｉｎｔｈestatistics丘ｏｍｌ９８４、Froml984belowvillage categorics（suchasprivateHrms）wereaddedtotownship（xiang）andvillage（Ｃｕ､）

levelenterprises、Althoughxiangandcunlevelenterpｒｉｓｅｓａｒｅｄｏｍｉｎａｎｔｉｎｔｅｒｍｓｏｆ ｇｒｏｓｓoutputvalue

ThisstatementisreportedinJingWei“TownshipEnterprisesBoominEthnicMinority Areas"BeijingReviewDecember20-261993．

PRCMinistryofAgriculture“AViewonRefbrmsinthePropertyRightsofTownand TownshipEnterprisesasatAprilll994，，[Text],Beijing,NongminRibao(ｉｎChinese）

Ａｐｒｉｌｌ４１９９４ｐ､４，‘`ArticleonRuralEntelPrisePmpertyRights，，FBIS-CHI-94-O97

Mayl91994・

Zhongguonongcunjingji（Augustl995)．

ZhonghuaGongshangShibao（ChinalndustryandCommerceTimes）Ｍａｒｃｈｌ９１９９７ ｐ４

“I00MillionWillShilYFromFarmingtolndustry”ChinaDailySeptember4，１９８７ｐ，

１

“TownshipFirmsPrope]china，sEconomicGrowth”ChinaDailyFebruaryl51997p、

４．

ＸｉａＺｉｆｂｎ（ed）ShanghaixiangzhenqiyejingjikQjifazhanzhanluehezhengcewenti

yanjiu（ResearchonProblemsConcerningtheStrategyandPolicylbrtheEconomic andTechnologicalDevelopmentofTbwnshipandVillageEnterprisesinShanghai）

(Shanghai:Shanghaishehuikexueyuanchubanshe,1988）p53refbrredtoinHo（1995

ｐ375)．

YanYinglong"LunSunanxiangzhengongyefnzhanzhongdehuanjingbaohuwenti，，

(OntheProblemsofEnvironmentalProtectionintheProcessofRuralIndustrialisation inSunan)Jiangsujingjitantao(JiangsuEconomiclnquiry）１９８８ｎｏ､６p29refbrredto inHo（l995p375)．

``PollutinglndustriesEndangcrRuralAreas”ChinaDai]ｙＯｃｔｏｂｅｒｌ３１９８８ｐ､３ XinhuaDecember5,1190,referredtoinOdy（ｌ９９２ｐｐ､20-21)．

“TownshipFirmsPropelChina，sEconomicGrowth,,supranotel2

GiventheconHictingevidence,moreresearchisneeded・ＡｎａｔｉｏｎｗｉｄｅｓｕｒｖｅｙｏｆＴＶＥ・

pollutionlevelswasscheduledtotakeplaceinlatel996Thiswillupdatetheprevious studiesmentionediｎｔｈｅｔｅｘｔａｎｄｐｒｏｖｉｄｅｄａｔａｔｏｔｈｅＮａｔionalEnvironmentalProtec‐

ｔｉｏｎＡｇｅｎｃｙｔｏｂｅｕｓｅｄｔｏｉｍｐｌｅｍｅｎｔｆilrtherpollutioncontrols-seeLiuYinglang“POI‐

lutionbyTownshipFirmstobelnvestigated,,ChinaDailyAprill2，１９９６ｐ２．

1）

2）

3）

4）

5） 6）

7）

8）

９）

10）

11）

12）

13）

14）

15）

16）

17） 18）

1１５

TownshipimdViⅡageEmにrprisesinChina-GTowlhMccb孔nismKM1〔IFutureProspccls

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