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Corporate Governance and Enterprise Reform in China : Building the Institutions of Modern Markets

This book explores the short- to medium-term corporate governance issues that China is encountering during the course of corporation and ownership transformation of its enterprise sector. The study looks at companies participating in the two main f...

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Bibliographic Details
Main Authors: Tenev, Stoyan, Zhang, Chunlin, Brefort, Loup
Language:English
en_US
Published: Washington, DC: World Bank and the International Finance Corporation 2013
Subjects:
CORPORATE GOVERNANCE
ENTERPRISE RESTRUCTURING
ENTERPRISE DEVELOPMENT
INSTITUTION BUILDING
LISTED COMPANIES
SMALL & MEDIUM SCALE ENTERPRISES
ENTERPRISE CONTROL
WORKER PARTICIPATION
WORKER RIGHTS
CREDITORS
INVESTORS
EQUITY MARKETS
STOCK MARKETS
DISCLOSURE OF INFORMATION ACCOUNTING
ACCOUNTING STANDARDS
ADMINISTRATIVE PROCESS
ASSET MANAGEMENT
AUDITORS
BANKING SYSTEM
BANKRUPTCY
BANKS
BOARDS OF DIRECTORS
BUREAUCRACY
BUREAUCRATIC SYSTEM
BUSINESS ENTERPRISES
CADRES
CAPITAL MARKETS
COMMERCIAL BANKS
COMMUNIST
COMMUNIST PARTY
COMPANY
COMPANY DIRECTORS
COMPANY LAW
CORPORATE CONTROL
CORPORATE GOVERNANCE MECHANISMS
CORPORATE GOVERNANCE SYSTEM
CORPORATE RESTRUCTURING
CORPORATION
CORPORATIONS
CORPORATIZATION
DEBT
DECISION-MAKING
DEGREE OF AUTONOMY
DISCLOSURE
DIVERSIFICATION
ENTERPRISE REFORM
ENTREPRENEURS
FINANCIAL DATA
FINANCIAL SECTOR
FINANCIAL SYSTEM
FIRMS
FISCAL
FISCAL DECENTRALIZATION
FOREIGN EXCHANGE
GOOD GOVERNANCE
GOVERNMENT AGENCIES
GOVERNMENT EQUITY
GOVERNMENT INSTITUTIONS
GOVERNMENT OFFICIALS
GOVERNMENT OWNERSHIP
INSTITUTIONAL ARRANGEMENTS
INSTITUTIONAL CAPACITY
INSTITUTIONAL FOUNDATIONS
INSTITUTIONAL INVESTORS
INSTITUTIONAL MECHANISMS
INSTITUTIONAL STRUCTURE
INVESTMENT BANKING
JOINT VENTURES
LABOR MARKET
LABOR MARKETS
LAWS
LEGAL FRAMEWORK
LEGISLATION
LOCAL GOVERNMENT
MARKET DISCIPLINE
MEDIUM ENTERPRISES
NONPERFORMING LOANS
PARENT COMPANIES
PENALTIES
POLITICAL CONTROL
PRIVATE EQUITY MARKETS
PRIVATIZATION
REGULATORY BODIES
REGULATORY FRAMEWORK
REGULATORY INTERVENTIONS
RETIREMENT
REVENUE COLLECTION
REVOLUTION
SHAREHOLDERS
SMALL BUSINESS
SOCIAL STABILITY
SOCIAL WELFARE
STATE CONTROL
STATE ENTERPRISE
STATE OWNERSHIP
STATE SECTOR
STATE-OWNED ENTERPRISES
TAX LIABILITIES
TAXATION
TECHNICAL ASSISTANCE
TRADE UNIONS
TRUST FUNDS
TVE
VENTURE CAPITAL
VOTING
Online Access:http://documents.worldbank.org/curated/en/2002/03/2014507/corporate-governance-enterprise-reform-china-building-institutions-modern-markets
http://hdl.handle.net/10986/15237
Description
Summary:This book explores the short- to medium-term corporate governance issues that China is encountering during the course of corporation and ownership transformation of its enterprise sector. The study looks at companies participating in the two main forms of ownership diversification: listed companies and small and medium enterprises whose ownership structure is dominated by insiders. The focus is on the new mechanisms and stakeholders emerging during the process of ownership diversification and their role in corporate governance. Recommended priorities for action are based on the following guiding principles: 1) Corporate governance scandals in emerging and developed markets indicate that there is no perfect corporate governance model. An effective corporate governance system should be capable of identifying weaknesses before they develop into systemic problems. 2) The institutional mechanisms of corporate governance comprise a system that can employ alternative yet complementary instruments of control to effectuate changes in companies' behavior. Based on these principles, the following areas emerge as recommended priorities for policy action: a) alleviate the negative impact of dominant state ownership on market discipline and on the regulatory capacity of the state; b) building an institutional investor base; and c) strengthening the role of banks in corporate governance.

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