Corporate Governance in China,9780415345132

Corporate Governance in China

by ;
ISBN13: 9780415345132
ISBN10: 0415345138
Format: Hardcover
Pub. Date: 2004-11-04
Publisher(s): RoutledgeCurzon
List Price: $204.75

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Summary

The nature of corporate governance is a key determinant of corporate performance, and thereby of a country's overall economic performance, and corporate governance is therefore particularly important for China as it reforms, and grows, its economy. This book, based on extensive original economic analysis, examines key questions relating to corporate governance in China, including the relationship between ownership structure and corporate performance, the determinants of capital structure, and the nature of contemporary governance structures. It concludes - interestingly and controversially - amongst other things that corporate performance is positively related to ownership concentration, but negatively related to state ownership, and that contemporary corporate governance structures are heavily dependent on previous structures in the centrally-planned economy and on the path of transition to the market economy.

Author Biography

Jian Chen is currently, a Senior Lecturer in Finance at Business School, the University of Greenwich.

Table of Contents

List of figures
x
List of tables
xi
Preface xiii
Acknowledgements xiv
List of abbreviations
xv
Introduction
1(9)
What is corporate governance?
1(2)
Research objectives
3(2)
The data and methodology
5(3)
The structure of the book
8(1)
Concluding remarks
9(1)
Theoretical approaches to corporate governance
10(21)
Introduction
10(1)
The historical perspective
11(4)
Agency theory
15(2)
The theory of incomplete contracts
17(2)
Property rights theory
19(1)
Transactions cost economics as an alternative approach
20(1)
The theories compared
21(1)
Stylised models of corporate governance
22(3)
Current studies on corporate governance in China
25(3)
Concluding remarks
28(2)
Appendix
30(1)
The evolution of corporate governance in China
31(31)
Introduction
31(1)
Financial reform and the establishment of capital markets
32(6)
SOE reform and corporatisation
38(2)
Going public and the IPO
40(8)
The post-issue ownership structure
48(4)
Capital structure
52(3)
Other governance mechanisms
55(5)
Concluding remarks
60(2)
The effect of ownership structure on the underpricing of Initial Public Offerings
62(26)
Introduction
62(1)
Literature review
63(8)
The data
71(6)
The regression model
77(3)
Discussion of the empirical results
80(6)
Concluding remarks
86(2)
Ownership structure as a corporate governance mechanism
88(17)
Introduction
88(1)
Review of the literature
89(2)
The model
91(5)
The data
96(1)
The empirical results
97(6)
Concluding remarks
103(2)
The determinants of capital structure
105(18)
Introduction
105(1)
The theory of capital structure
106(6)
The model
112(4)
The data
116(1)
The empirical results
117(4)
Concluding remarks
121(2)
Chinese corporate groups: a perspective from governance structure
123(23)
Introduction
123(3)
The salient features of corporate groups
126(5)
Ownership structure
131(6)
The structure of Chinese industry
137(3)
Industrial restructuring
140(3)
Concluding remarks
143(3)
General conclusions and future work
146(7)
The findings and the implications of the study
146(3)
The limitations of the study
149(1)
The need for further research
150(3)
Notes 153(4)
References 157(13)
Index 170

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