The purpose of this paper is to explore the evolutionary pattern of state-owned enterprises in China. The researchers focused on the three state-owned enterprises of the same industry in south China that experienced diverse property right reform roads in the late 1990s and showed differing outcomes. Combined with the method of business anthropology, this paper asserts that different models of property right can affect different human behavior paths, which would produce the final destiny of the enterprise. The researchers conclude that the property right reform of Chinese state-owned enterprises in the future should be a mixed model that can achieve the governance balance.
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