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Author: Lin Zhang
Publisher: Springer Science & Business Media
ISBN: 1461412811
Category : Business & Economics
Languages : en
Pages : 126
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Book Description
State-controlled listed companies have always dominated Chinese stock markets. As a result of the rampant scandals related to them, there have been voluminous academic efforts to explore their corporate governance, underpinned by agency costs. However, these studies have yet to examine the phenomenon from the perspective of venture capital and adaptive efficiency. During the last ten years, despite China’s remarkable progress in the development of its venture capital market, its domestic venture capital has been marginalized by American competitors. Given the different performance between them, the author contends that the corporate governance system of Chinese state-controlled listed companies has hampered the performance of the institutional factors which are responsible for the prosperity of American venture capital in Chinese venture capital markets. With the practice of American venture capital as the mirror, he empirically demonstrates that Chinese domestic venture capital lacks the four factors related to the success of their American counterparts: large and independent funding, application of incentive mechanisms, efficient exit channels, and a high risk tolerance level. More importantly, these defects as a whole are closely linked to the corporate governance of state-controlled listed companies. Considering the potential negative consequences on economic and social development, the author identifies policy reforms underway to harmonize agency costs and adaptive efficiency.
Author: Lin Zhang
Publisher: Springer Science & Business Media
ISBN: 1461412811
Category : Business & Economics
Languages : en
Pages : 126
Get Book Here
Book Description
State-controlled listed companies have always dominated Chinese stock markets. As a result of the rampant scandals related to them, there have been voluminous academic efforts to explore their corporate governance, underpinned by agency costs. However, these studies have yet to examine the phenomenon from the perspective of venture capital and adaptive efficiency. During the last ten years, despite China’s remarkable progress in the development of its venture capital market, its domestic venture capital has been marginalized by American competitors. Given the different performance between them, the author contends that the corporate governance system of Chinese state-controlled listed companies has hampered the performance of the institutional factors which are responsible for the prosperity of American venture capital in Chinese venture capital markets. With the practice of American venture capital as the mirror, he empirically demonstrates that Chinese domestic venture capital lacks the four factors related to the success of their American counterparts: large and independent funding, application of incentive mechanisms, efficient exit channels, and a high risk tolerance level. More importantly, these defects as a whole are closely linked to the corporate governance of state-controlled listed companies. Considering the potential negative consequences on economic and social development, the author identifies policy reforms underway to harmonize agency costs and adaptive efficiency.
Author: Lin Zhang
Publisher: Springer Nature
ISBN: 3030675726
Category :
Languages : en
Pages : 179
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Book Description
Author: Lin Zhang
Publisher: Open Dissertation Press
ISBN: 9781360991054
Category : Business & Economics
Languages : en
Pages : 254
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Book Description
This dissertation, "Venture Capital and the Corporate Governance of Chinese Listed Companies" by Lin, Zhang, 张琳, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. DOI: 10.5353/th_b4515096 Subjects: Corporate governance - China Stock companies - China Corporations - China Venture capital - China
Author: Colin S. C. Hawes
Publisher: Cambridge University Press
ISBN: 1108952097
Category : Law
Languages : en
Pages : 401
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Book Description
Challenging simplistic claims that Chinese corporations merely serve Communist Party goals, this book argues we cannot understand these corporations without tracing their dynamic evolution within a unique socio-political ecosystem. Vivid case studies illuminate the strange hybrid structures and networks that are essential for corporate success in the Chinese habitat. Tracing the reciprocal impacts between Chinese corporations and their environment, Colin S. C. Hawes reveals how corporations' political adaptations have raised serious obstacles for their international expansion and worsened China's environmental crisis. Adopting an interdisciplinary approach that synthesizes insights from behavioural economics, science and Chinese philosophy, this book proposes innovative solutions to the damaging impacts of Chinese corporations. It makes a compelling case for redirecting the vital energy of corporations and government officials in more productive and sustainable directions.
Author: Joseph A. McCahery
Publisher: Oxford University Press
ISBN: 0199596387
Category : Business & Economics
Languages : en
Pages : 310
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Book Description
Closely held companies (those with the potential to go public, family firms, partnerships and private equity) have particular governance problems. This book examines what constitutes good governance in these companies, how control is gained, and how the closely held firm can stimulate growth and extend innovation.
Author: Lin Lin
Publisher: Cambridge University Press
ISBN: 1108530427
Category : Law
Languages : en
Pages : 357
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Book Description
China's venture capital market is not just the world's largest and fastest developing market, it also has the unique distinction of being engineered through heavy governmental intervention. This book breaks new ground by examining and testing established legal theories regarding the law of venture capital through the lens of the Chinese venture capital market. Using a hand-collected dataset of venture capital agreements, interviews with practitioners, and Chinese court judgements, it provides a comprehensive and insightful analysis of the Chinese venture capital market from the legal perspective. Topics covered include the roles of law and governmental intervention in developing the market, the state of investor protection, unique contractual developments and exits of venture capital investments. By providing an in-depth comparative analysis against the American venture capital market, it provides critical context and makes the Chinese venture market accessible. It is an invaluable resource for venture capital scholars, policymakers and practitioners.
Author: Chi Zhang
Publisher: Routledge
ISBN: 042960324X
Category : Law
Languages : en
Pages : 138
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Book Description
This monograph aims to provide an in-depth analysis of the legal protection of the private equity (PE) investors in China. In an academic sense, this research mainly focuses on the agency problems in the life cycle of PE investment under the business organization law system in China. Briefly speaking, the agency problems of PE investment derive from the two-level separation of ownership and control, one of which is the principal–agent relationship between the PE investors and the fund manager, and the other is the principal–agent relationship between the PE shareholders and the management of investee companies. It is the first research to provide an in-depth examination on the investor protection in the PE investment under the business organization law system in China.
Author: Alessandro Zattoni
Publisher: Cambridge University Press
ISBN: 110701686X
Category : Business & Economics
Languages : en
Pages : 613
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Book Description
A major international study on corporate governance and Initial Public Offerings (IPOs) in twenty-one countries.
Author: Alexandr Svetlicinii
Publisher: Routledge
ISBN: 1000335992
Category : Business & Economics
Languages : en
Pages : 130
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Book Description
This book analyzes the specifics of corporate governance of China’s State Owned Enterprises (SOEs) and their assessment under EU merger control, which is reflected in the EU Commission’s screening of the notified economic concentrations. Guided by the going global policy and the Belt and Road Initiative, Chinese SOEs have expanded their global presence considerably. Driven by the need to acquire cutting edge technologies and other industrial policy considerations, Chinese SOEs have engaged in a series of corporate acquisitions in Europe. The main objective of this book is to demonstrate the conceptual and regulatory challenges of applying traditional merger assessment tools in cases involving Chinese SOEs due to the specifics in their corporate governance and the regulatory framework under which they operate in China. The book also explores the connection between the challenges experienced by the merger control regimes in the EU and the recent introduction of the EU foreign direct investment screening framework followed by a proposal concerning foreign subsidies. The book will be a useful guide for academics and researchers in the fields of law, international relations, political science, and political economy; legal practitioners dealing with cross-border mergers and acquisitions; national competition authorities and other public bodies carrying out merger control; policy makers, government officials, and diplomats in China and the EU engaged in bilateral economic relations.
Author: Lin Lin
Publisher: Cambridge University Press
ISBN: 1108423558
Category : Business & Economics
Languages : en
Pages : 357
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Book Description
Provides an in-depth comparative, empirical and critical analysis of the law and practice of venture capital in China.
