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Corporate Governance and Enterprise Reform in China : Building the Institutions of Modern Markets

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Author Info

  • Stoyan Tenev
  • Chunlin Zhang
  • Loup Brefort
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    Abstract

    This book explores the short- to medium-term corporate governance issues that China is encountering during the course of corporation and ownership transformation of its enterprise sector. The study looks at companies participating in the two main forms of ownership diversification: listed companies and small and medium enterprises whose ownership structure is dominated by insiders. The focus is on the new mechanisms and stakeholders emerging during the process of ownership diversification and their role in corporate governance. Recommended priorities for action are based on the following guiding principles: 1) Corporate governance scandals in emerging and developed markets indicate that there is no perfect corporate governance model. An effective corporate governance system should be capable of identifying weaknesses before they develop into systemic problems. 2) The institutional mechanisms of corporate governance comprise a system that can employ alternative yet complementary instruments of control to effectuate changes in companies' behavior. Based on these principles, the following areas emerge as recommended priorities for policy action: a) alleviate the negative impact of dominant state ownership on market discipline and on the regulatory capacity of the state; b) building an institutional investor base; and c) strengthening the role of banks in corporate governance.

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    File URL: https://openknowledge.worldbank.org/bitstream/handle/10986/15237/multi0page.pdf?sequence=1
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    Bibliographic Info

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    This book is provided by The World Bank in its series World Bank Publications with number 15237 and published in 2002-03.

    ISBN: 0-8213-5136-2
    Handle: RePEc:wbk:wbpubs:15237

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    Related research

    Keywords: Finance and Financial Sector Development - Microfinance Banks and Banking Reform Small Scale Enterprise Governance - National Governance Infrastructure Economics and Finance - Private Participation in Infrastructure;

    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Shirley, Mary M & Xu, Lixin Colin, 2001. "Empirical Effects of Performance Contracts: Evidence from China," Journal of Law, Economics and Organization, Oxford University Press, vol. 17(1), pages 168-200, April.
    2. Xiaonian Xu & Yan Wang, 1997. "Ownership structure, corporate governance, and corporate performance : the case of Chinese stock companies," Policy Research Working Paper Series 1794, The World Bank.
    3. Luigi Zingales, 2000. "In Search of New Foundations," Journal of Finance, American Finance Association, vol. 55(4), pages 1623-1653, 08.
    4. Xiao, Zezhong, 1999. "Corporate disclosures made by Chinese listed companies," The International Journal of Accounting, Elsevier, vol. 34(3), pages 349-373, 08.
    5. Weisbach, Michael S., 1988. "Outside directors and CEO turnover," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 431-460, January.
    6. Vittas, Dimitri, 1998. "Institutional investors and securities markets : which comes first?," Policy Research Working Paper Series 2032, The World Bank.
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    Cited by:
    1. Ahrens, Joachim & J√ľnemann, Patrick, 2010. "Transitional institutions, institutional complementarities and economic performance in China: A 'Varieties of Capitalism' approach," Discourses in Social Market Economy 2010-11, OrdnungsPolitisches Portal (OPO).
    2. Stoyan Tenev & Amanda Carlier & Omar Chaudry & Quynh-Trang Nguyen, 2003. "Informality and the Playing Field in Vietnam's Business Sector," World Bank Publications, The World Bank, number 15084, October.
    3. Thorsten Beck & Samuel Munzele Maimbo & Issa Faye & Thouraya Triki, 2011. "Financing Africa : Through the Crisis and Beyond," World Bank Publications, The World Bank, number 2355, October.
    4. Claro, Sebastian, 2006. "Supporting inefficient firms with capital subsidies: China and Germany in the 1990s," Journal of Comparative Economics, Elsevier, vol. 34(2), pages 377-401, June.
    5. Michael Useem, 2003. "Corporate Governance is Directors Making Decisions: Reforming the Outward Foundations for Inside Decision Making," Journal of Management and Governance, Springer, vol. 7(3), pages 241-253, September.
    6. Jiahua Che, 2003. "The Life Cycle of Government Ownership," William Davidson Institute Working Papers Series 2003-627, William Davidson Institute at the University of Michigan.

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