Corporate governance and enterprise reform in China : building the institutions of modern markets / Stoyan Tenev and Chunlin Zhang, with Loup Brefort

Author(s): Tenev, Stoyan, 1961-
Location:
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Subjects: Corporations--China
Corporate governance--China
Industrial organization--China
Industrial policy--China
Government ownership--China
Employee ownership--China
Small business--Government policy--China
Danwei
Corporations--China--Finance
Credit--China
Financial statements--China
Capitalism--China
China--Economic policy--2000-
Formats: Print
Material Type: Books
Language: English
Audience: Unspecified
Published: Washington, D.C. : World Bank : International Finance Corporation, 2002
LC Classification: H, HD
Table of Contents: Foreword / Javed Hamid, Homi Kharas
Acknowledgments
Abbreviations and Acronyms
Executive Summary
1. Introduction 1
2. The Evolution of Governance Mechanisms in China's State Sector 5
Corporate Governance in the Context of China's Overall Approach to Reform 5
From Danwei to the Modern Enterprise System 10
Agency Costs of Local Government Ownership and Enterprise Autonomy 20
Current Approach 24
3. The Corporate Governance of Transformed Small and Medium Enterprises 29
Ownership Transformation and Emerging Governance Issues 29
Role of Employees 40
Role of Banks 55
Role of Private Equity Investors 70
4. Ownership and Control of Listed Companies 75
Ownership Concentration and Types of Investors 76
Ownership and Corporate Governance Issues 80
Board of Directors 83
Board of Supervisors 99
Agency Problem of the Controlling Shareholder 101
5. Role of Stock Markets and Information Disclosure in the Corporate Governance of Listed Companies 105
Corporate Governance and Performance 105
Stock Market Role in Promoting Good Governance 110
Information Disclosure as a Tool of Corporate Governance 117
6. Building a Modern Governance System 127
Establishing Credible Penalties for Failure 127
Addressing the Agency Costs of Government Ownership 128
Strengthening Boards of Directors 135
Empowering Shareholders 142
Developing Capital Markets That Reward Good Corporate Governance 154
Improving Disclosure 156
Activating the Use of Various Corporate Governance Mechanisms 159
References 163
Additional Authors: Zhang, Chunlin
Brefort, Loup
Notes: LCCN: 2002016862
ISBN: 0821351362
Includes bibliographical references (p. 163-168)
Physical Description: xvi, 168 p. : ill. ; 23 cm
OCLC Number: 49276485
ISBN/ISSN: 0821351362

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