The Development Logic of State-Owned Enterprises in A: From Market Competition to Political Affiliation

This article investigates the development logic behind the transformation of early A-state-owned enterprises (SOEs) from market competition mechanisms to political affiliation mechanisms, driven by executive changes. The study aims to understand the respective performances and characteristics of these two approaches. Furthermore, it delves into the institutional environment that facilitates the emergence of political affiliation mechanisms. Finally, the research examines the potential risks associated with political affiliation mechanisms for the development of SOEs.