Have China's enterprise reforms led to improved efficiency and profitability?

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Ownership Structure and Risk-Taking: Comparative Evidence from Private and State-Controlled Banks in China (2014, background): “Some studies in the literature argue that ownership concentration above a certain level allows 17 larger shareholders to become entrenched and expropriate the wealth of minority shareholders (e.g., Chen et al., 2006; Wei et al., 2005; Loderer and Martin, 1997; Gul et al., 2010).”
Control Transfers, Privatization, and Corporate Performance: Efficiency Gains in China's Listed Companies (2008, methodology): “Here, the old bureaucratic ways of state-owned enterprise (SOE) management remain and there is a lukewarm reception for modern management and governance methods (Chen, Firth, and Rui (2006)).”
How Ownership and Corporate Governance Influence Chief Executive Pay in China's Listed Firms (2007, unknown): “Evidence suggests that this objective has met with only partial success (Chen et al., 2006).”