The demise of state-owned enterprises, the transformation of collectives into shareholding co-operatives, and the creation of investment opportunities through stock markets indicate China's movement from a socialist, state-controlled economy toward a socialist market economy. Yet, contrary to high expectations that China's new enterprises will become like corporations in capitalist countries, management often remains under the control of the onetime bureaucrats who ran the socialist enterprises. The concepts, definitions, and interpretations of property rights, corporate structures, and...