Corporate Governance and Financial Reform in China's Transition Economy PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Corporate Governance and Financial Reform in China's Transition Economy PDF full book. Access full book title Corporate Governance and Financial Reform in China's Transition Economy by Jing Leng. Download full books in PDF and EPUB format.
Author: Jing Leng
Publisher: Hong Kong University Press
ISBN: 9622099327
Category : Business & Economics
Languages : en
Pages : 321
Get Book Here
Book Description
The world economy is facing unprecedented challenges brought by the still unfolding global financial crisis. At this critical juncture in history, China's economic performance and financial stability are closely watched across the world. The current global economic downturn and the rigidities it poses on the growth prospects of any individual economy are a testing ground for the effects of China's corporate governance reform and financial reform that have been taking place in recent years. It is now a proper time to assess whether these reforms have yielded meaningful results which can help China withstand and navigate through the most severe economic difficulties of our times. This book provides a comprehensive and up-to-date review and critique of corporate governance reforms and related financial reforms in China during the country's transition to a market economy, involving its enterprise, banking and capital markets sectors. China's participation in economic globalization, symbolized by its accession to the World Trade Organization, is taken as a broad background to the country's domestic reform agenda. By exploring the dynamics of China's evolving corporate governance regime, this book presents an important country study of corporate governance reforms in developing and post-communist transition economies to show the possibility of alternative paths to the market.
Author: Jing Leng
Publisher: Hong Kong University Press
ISBN: 9622099327
Category : Business & Economics
Languages : en
Pages : 321
Get Book Here
Book Description
The world economy is facing unprecedented challenges brought by the still unfolding global financial crisis. At this critical juncture in history, China's economic performance and financial stability are closely watched across the world. The current global economic downturn and the rigidities it poses on the growth prospects of any individual economy are a testing ground for the effects of China's corporate governance reform and financial reform that have been taking place in recent years. It is now a proper time to assess whether these reforms have yielded meaningful results which can help China withstand and navigate through the most severe economic difficulties of our times. This book provides a comprehensive and up-to-date review and critique of corporate governance reforms and related financial reforms in China during the country's transition to a market economy, involving its enterprise, banking and capital markets sectors. China's participation in economic globalization, symbolized by its accession to the World Trade Organization, is taken as a broad background to the country's domestic reform agenda. By exploring the dynamics of China's evolving corporate governance regime, this book presents an important country study of corporate governance reforms in developing and post-communist transition economies to show the possibility of alternative paths to the market.
Author: Zhiping Ding
Publisher:
ISBN: 9786612708770
Category :
Languages : en
Pages : 321
Get Book Here
Book Description
This book examines corporate governance reforms in China as an economy in transition - from a planned economy to a market economy - in the context of globalization and the country's accession to WTO. The author interprets China's experience as a gradualist transition strategy, which is appropriate given the existing constraints imposed by China's limited political, legal and regulatory framework. This approach also compares favorably with the radical privatization programme (""shock therapy"") in Russia. In China, ""institutional innovations"" play a key role in discovering a better way to the.
Author: James Laurenceson
Publisher: Edward Elgar Publishing
ISBN: 9781843767190
Category : Business & Economics
Languages : en
Pages : 188
Get Book Here
Book Description
China's prospects of successfully completing the transition to a market economy and becoming the world's largest economy during the 21st Century depend on the future sustainability of high rates of economic growth. This book is a comprehensive, balanced and realistic assessment of China's financial reform program and future direction. Covering not only the banking sector but also non-bank financial institutions, stock market development and external financial liberalization, the authors examine the impact of financial reform on economic development in China during the reform period. This volume will facilitate a more accurate assessment of the Chinese approach to financial reform, and will therefore allow more informed future policy choices for both China and other developing and transitional countries.
Author: Jing Leng
Publisher: Library and Archives Canada = Bibliothèque et Archives Canada
ISBN: 9780494077139
Category : Corporate governance
Languages : en
Pages : 359
Get Book Here
Book Description
This study examines corporate governance reforms in China as an economy in transition from central planning to the market in the context of globalization and the country's accession to the World Trade Organization (WTO), which serves as an example to illustrate the benefits of a gradualist transition strategy emphasizing proper sequencing and pacing of reforms at different stages of development. According to the dynamic theory of corporate governance, the central argument of this study is that for transition economies, there is no universal path to a market economy and the radical approach of mass and rapid privatization that had been endorsed by neoclassical economists but regrettably failed in Russia compares unfavorably with the gradualist strategy adopted by China. Given the existing constraints on reforms imposed by China's limited political resources, underdeveloped legal environment and inadequate institutional, regulatory and human capital, it makes great sense for the country to adopt a gradualist strategy for corporate governance reforms. China's experience has demonstrated that an "institutional vacuum" should be avoided in the process of a country's transition from a command economy to a market economy. Meanwhile, mutually supporting and complementary structural reforms of China's enterprises, banks, and stock market should proceed hand in hand in order to achieve synergies and effective and sustained results during the transition. In terms of the analytical framework, this study proposes a dynamic theory of corporate governance to interpret China's experience of corporate governance reforms and related financial reforms during its transition. This theory crystallizes the merits of staged corporate governance reforms that emphasize the proper sequencing and pacing at different stages of development, as opposed to the radical privatization approach adopted by Russia, known as "shock therapy." At the centre of this dynamic theory of corporate governance is the claim that supporting or complementary legal and institutional reforms aimed at providing investors with effective protection and ensuring the proper functioning of basic market mechanisms, such as banking and stock market reforms, should proceed prior to, or alongside, privatization in an economy in transition.
Author: Becky Chiu
Publisher: Edward Elgar Publishing
ISBN: 1845429885
Category : Business & Economics
Languages : en
Pages : 451
Get Book Here
Book Description
This book is informative and readable. It will be of interest to anyone wanting to learn about the development of the Chinese economy in general and the reforms of state-owned enterprises in particular. The data and in-depth discussion presented in the book will appeal to academics as well as policymakers. Yin-Fang Zhang, Journal of the Asia Pacific Economy China watchers will welcome a book which provides a detailed insight into the two pillars of that economy: the state-owned enterprises (SOEs) and the state-owned banks (SOBs). This is a scholarly work, rich in detail. Shelagh Heffernan, The Financial Regulator For China to sustain her transformation requires that she tackle reform of her state-owned enterprises (SOEs) and banks. This book comprehensively assesses the scale of the problem, reviews previous reforms and suggested solutions. Finally the authors propose their own reform agenda, sensitive to Chinese realities. Michael Artis, European University Institute, Italy This is an excellent study of the nexus between the effects of party control, the soft budget of state-owned enterprise (SOEs) and the financial fragility of the state-owned banking system (SOBs) in China. It is both sympathetic and knowledgeable about the problems of achieving reform and progress. Beautifully written, it should become the most influential work in this field in the English-speaking world. Charles A.E. Goodhart, London School of Economics, UK This book s starting point is that after two decades of experiments, during which other transition economies have effectively privatised all of their former state enterprises, China is still endeavouring to find a way to reinvent and re-engineer its own state-owned economic establishments. The authors explore these reforms along with the problems of China s state-owned banks, which have long been troubled by the adverse loans of Chinese enterprises and face foreign competition in 2007 under China s WTO commitments. Drawing on wide-ranging case studies of enterprise reform, Becky Chiu and Mervyn Lewis combine their extensive experience to give an authoritative account of China s enterprise and bank reform agenda, involving property rights, improved corporate governance and stimulating enterprise. This book will be of great interest to business economists, academic economists and those following the development of the Chinese economy.
Author: On Kit Tam
Publisher: Edward Elgar Publishing
ISBN:
Category : Business & Economics
Languages : en
Pages : 152
Get Book Here
Book Description
rExamines how corporate governance has and should be developed in China to meet the challenges of enterprise and financial reform. It highlights economic, social and political issues that China needs to confront to transform state-owned industrial enterprises into a competitive corporate sector.
Author: OECD
Publisher: OECD Publishing
ISBN: 9264187715
Category :
Languages : en
Pages : 129
Get Book Here
Book Description
This volume describes the main reforms that are being undertaken in China's enterprises, the progress that is being made, the problems that are being encountered, and the challenges that remain to be overcome.
Author: Jian Chen
Publisher: Psychology Press
ISBN: 0415345138
Category : Corporate governance
Languages : en
Pages : 192
Get Book Here
Book Description
The nature of corporate governance is a key determinant of corporate performance and, therefore, of a country's overall economic power. This title examines key questions relating to corporate governance in China, exploring differences between private and state-owned companies.
Author: Guanghua Yu
Publisher: Routledge
ISBN: 1136713581
Category : Business & Economics
Languages : en
Pages : 204
Get Book Here
Book Description
An insightful overview of the political, legal and social perspectives which inform corporate governance in China, this book examines the challenges of corporate governance faced by Chinese corporations and international corporations operating in China. Unlike other texts that tend to focus solely on the board of directors and the takeover market, Yu has enlarged the scope of this study to cover both market forces and contractual mechanisms, providing readers with an extended and comprehensive discussion of the pertinent issues. It explores a range of issues and their role in corporate governance models, including: executive compensation takeover markets the securities market insolvency issues venture capital market Examining the current climate and making the case that comparative corporate governance studies have significant policy implications for China’s transitional economy, Yu has put together a book that is a valuable resource for students and those working in Asian business, corporate governance and commercial law.
Author: Chen Ding
Publisher: Edward Elgar Publishing
ISBN: 1781004811
Category : Law
Languages : en
Pages : 259
Get Book Here
Book Description
ÔDing ChenÕs detailed institutional analysis of the development of the Chinese stock market brings the question of enforcement to centre stage. In doing so, she not only introduces readers to the particularities of the Chinese system; she also sheds new light on conventional debates about the law and economics of corporate governance.Õ Ð Andrew Johnston, University of Sheffield, UK ÔIn this book Dr Ding Chen has made an important theoretical contribution to our understanding of corporate governance in transitional economies and of corporate governance in China especially. Drawing upon the insights of New Institutional Economics theory she examines the interplay between formal and informal enforcement mechanisms relating to corporate governance in China. To support this argument the book breaks new ground by providing a comprehensive examination of enforcement actions in ChinaÕs stock market; her findings are at variance from conclusions found in other research, such as in the law and finance literature. Rather than simply imitating the dominant Anglo-American model of corporate governance, she argues that local conditions will greatly affect the choice of the most appropriate governance models. This has been especially so in China.Õ Ð Roman Tomasic, University of South Australia and Durham Law School, UK This important new book attempts to establish a fresh conceptual framework for the study of corporate governance by employing the new institutional economics of contract enforcement. This framework helps to clarify two critical issues including the role of law in financial development and whether there is an optimal corporate governance model that should be followed by countries attempting to develop their own stock markets. Applying this novel framework, the author conducts a comprehensive study on Chinese corporate governance and discovers that the Chinese stock market has rapidly expanded even in the absence of any effective institutions. She provides a credible explanation to this ÔChina puzzleÕ by arguing that the growth of the stock market is mainly driven by state guarantees, institutional rent seeking by state-owned companies, financial repression and investorsÕ speculation. Indeed, there is probably nowhere better to look than ChinaÕs stock market to assess the limits of the gradualist approach to financial development. As the book explains, the potential efficiency gains that could be created by a healthy, well-functioning stock market have been completely outweighed by the consideration of maintaining the existing political system. This book will appeal to scholars and students of economics and law with an interest in corporate governance, Chinese economic development and new institutional economics.
