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

  • Stoyan Tenev
  • Chunlin Zhang
  • Loup Brefort
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    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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    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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    1. Xiao, Zezhong, 1999. "Corporate disclosures made by Chinese listed companies," The International Journal of Accounting, Elsevier, vol. 34(3), pages 349-373, 08.
    2. Weisbach, Michael S., 1988. "Outside directors and CEO turnover," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 431-460, January.
    3. Vittas, Dimitri, 1998. "Institutional investors and securities markets : which comes first?," Policy Research Working Paper Series 2032, The World Bank.
    4. 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.
    5. Luigi Zingales, 2000. "In Search of New Foundations," CRSP working papers 515, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
    6. 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.
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