Corporate Governance in China
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.
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A-shares agency costs agency problems agency theory argue banks BSAM capital structure cent Chapter Chinese listed companies control rights corporate control corporate governance system corporate performance corporatisation CSRC debt ratio Demsetz denotes developed domestic institutions effect equity explanatory variables F-statistic firm’s fraction of shares going public governance structure government tiers growth impact incentive incomplete contracts industrial investment IPO return IPO underpricing issuing firms Jensen and Meckling large enterprises large shareholders largest shareholder largest single shareholder leverage market economy market-adjusted return mergers monitoring natural logarithm offer price OLS Robust optimal organisation ownership concentration ownership structure P/E ratio privatisation reform regression results relationship residual robust regression role sample Shanghai Stock Exchange shares held SHSE signalling theories significant simple return SOEs solely-owned institutions State-owned Stock Exchange stock markets SZSE Table Tobin’s Q tradable trading transactions cost transactions cost economics transitional economies