在雙重轉型的研究中，中國大陸政權的韌性一直是個謎。藉由檢驗中國大陸高科技部門中的產權制度，本文認為中國大陸在沒有政治自由化的情況下卻能達成非凡的經濟增長，應歸結於產權的再分配過程。高科技分拆企業的創建及相應而生的混合產權制度給予面臨財政困難的國家機構一線生機，然而此一安排卻也讓舊有政治權力結構得以保存。更重要的是這些分拆企業從未剪斷與國家相連的紐帶。該策略雖已被證明能在市場轉型的過程中有效地防範國家的掠奪行為，但同時卻也保障了國家對企業的持續控制。 The resilience of the communist regime in China has been a puzzle in the study of dual transitions. By examining the property rights regime in China's high-tech sector, this article argues that the reason for China's extraordinary economic growth without political liberalization lies in the process of the reassignment of property rights. With a view to helping state agencies avoid financial difficulty, high-tech spin-off enterprises and their associated hybrid property rights regimes created space for the old authority structure to remain in place. In particular, these spin-off enterprises never cut their ties with the state. While such a strategy has proved effective in discouraging the state's predatory behavior in the course of market transition, it is the cause of the enduring influence of the Chinese state on these enterprises. Given the nature of state-market interactions in technology-related industries, the study of high-tech spin-offs in Zhongguancun serves as a critical case to understand the change in power structure associated with the reassignment of property rights. Most importantly, the findings of this article carry implications for understanding the politics of dual transitions in China.