Corporate Governance in China (Routledgecurzon Studies on the Chinese Economy, 9)

Based on extensive original economic analysis, Chen 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 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. 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 Concentratioin, 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.--jacket. Introduction -- Theoretical Approaches To Corporate Governance -- The Evolution Of Corporate Governance In China -- The Effect Of Ownership Structure On The Underpricing Of Initial Public Offerings -- Ownership Structure As A Mechanism Of Corporate Governance -- The Determinants Of Capital Structure -- Chinese Corporate Groups : A Perspective From Governance Structure -- General Conclusions And Future Work. Jian Chen. Includes Bibliographical References (p. [157]-169) And Index. The nature of corporate governance is a key determinant of corporate performance, and thereby of a country's overall economic performance. 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 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 Book Cover......Page 1 Title......Page 4 Contents......Page 5 List of figures......Page 11 List of tables......Page 12 Preface......Page 14 Acknowledgements......Page 15 List of abbreviations......Page 16 Introduction......Page 18 Theoretical approaches to corporate governance......Page 27 The evolution of corporate governance in China......Page 48 The effect of ownership structure on the underpricing of Initial Public Offerings......Page 79 Ownership structure as a corporate governance mechanism......Page 105 The determinants of capital structure......Page 122 Chinese corporate groups: a perspective from governance structure......Page 140 General conclusions and future work......Page 163 Notes......Page 170 References......Page 174 Index......Page 187