Corporate Governance and Financial Reform in China's Transition Economy

Name: Corporate Governance and Financial Reform in China's Transition Economy
Brand: Hong Kong University Press
SKU: 9789622099319
Price: 273.00 HKD
Availability: InStock
Author: LENG Jing
ISBN: 9789622099319

By LENG Jing

Hong Kong University Press June 2009

Specifications

ISBN-13: 9789622099319
Publisher: Hong Kong University Press
Publication: June 2009
Format: Hardback , 328 pages
Jurisdiction: China ? Countri(es) for reference only

Details

The world economy is facing unprecedented challenges brought by the still unfolding global financial crisis. At this critical juncture in history, China's economic performance and financial stability are closely watched across the world. The current global economic downturn and the rigidities it poses on the growth prospects of any individual economy are a testing ground for the effects of China's corporate governance reform and financial reform that have been taking place in recent years. It is now a proper time to assess whether these reforms have yielded meaningful results which can help China withstand and navigate through the most severe economic difficulties of our times.

This book provides a comprehensive and up-to-date review and critique of corporate governance reforms and related financial reforms in China during the country's transition to a market economy, involving its enterprise, banking and capital markets sectors. China's participation in economic globalization, symbolized by its accession to the World Trade Organization, is taken as a broad background to the country's domestic reform agenda. By exploring the dynamics of China's evolving corporate governance regime, this book presents an important country study of corporate governance reforms in developing and post-communist transition economies to show the possibility of alternative paths to the market.

Preface
Acknowledgments

Chapter 1 Introduction
1.1 The Relevance of Corporate Governance to China
1.2 The Impact of Economic Globalization on China's Corporate Governance Reform
1.3 China and a Dynamic Theory of Corporate Governance
1.4 Subjects of Investigation

Chapter 2 Basic Concepts of Corporate Governance and Global Movements in Corporate Governance Reforms
2.1 Basic Concepts of Corporate Governance
2.2 Recent Corporate Governance Failures in the West and New Waves of Global Corporate Governance Reforms
2.3 New Trends in Contemporary Corporate Governance Research

Chapter 3 The History of China's Enterprise Reform and Emerging Corporate Governance Issues
3.1 The First Stage of SOE Reform: Autonomy, Incentives, and Competition (1978–1992)
3.2 The Second Stage of SOE Reform: Restructuring, Corporatization, and Ownership Diversification (1993–1997)
3.3 The Third Stage of SOE Reform: Decentralized Privatization and the Need for Complementary Financial Reform (1997 to Present)
3.4 Summary

Chapter 4 Corporate Governance Practices of Major Types of Chinese Enterprises and Institutional Constraints on Corporate Governance Improvements during Transition
4.1 The Enterprise Landscape in China
4.2 Corporate Governance of SOEs
4.3 Corporate Governance of Listed Companies
4.4 Corporate Governance of Township and Village Enterprises (TVEs)
4.5 Corporate Governance of Private Enterprises
4.6 Important Questions Arising from Corporate Governance Reform in China

Chapter 5 The Interaction between Capital Markets and Corporate Governance of Chinese Listed Companies
5.1 An Overview of Important Aspects of China's Stockmarket
5.2 Corporate Governance and Performance of Listed Companies in Domestic Market
5.3 Overseas Listings and Corporate Governance of Chinese Companies
5.4 Legal and Regulatory Reforms to Improve China's Stockmarket and Corporate Governance of Listed Companies
5.5 Summary

Chapter 6 Corporate Governance Reform of China's Banking System
6.1 The NPL Problem and the Urgency of China's Banking Reform
6.2 AMCs and NPL Disposal
6.3 Recapitalizing the "Big Four"
6.4 Shareholding Restructuring and Corporate Governance Improvements
6.5 Egregious Corporate Governance Failures at the "Big Four" and Their Repercussions
6.6 Overseas Listings of Chinese Banks
6.7 Summary

Chapter 7 The Chinese Experience in International Corporate Governance Debates
7.1 China and Alternative Approaches to Corporate Governance
7.2 China and the Debate on Global Convergence in Corporate Governance
7.3 Corporate Governance Failures in Transition Economies: Lessons from Russian Privatization and Its Discontents
7.4 Summary

Chapter 8 Conclusion
8.1 The Central Argument of This Book
8.2 Re-interpreting "Gradualism" with Respect to Corporate Governance Reform and Related Financial Reform in a Transition Economy
8.3 A Summary of Major Findings in This Book
8.4 The Broad Implications of China's Gradualist Strategy for Corporate Governance Reforms and Related Financial Reforms for Developing and Transition Economies

Appendix 1 Abbreviations
Appendix 2 Chinese Government and Regulatory Agencies
Appendix 3 Chinese Terms
Appendix 4 Chinese Language Financial Newspapers and Journals
Appendix 5 Glossary
Index

About the Author

Dr. Leng Jing (冷靜) is an assistant professor at the Faculty of Law, University of Hong Kong. She was educated in mainland China, Japan, and Canada. Her specialty is comparative corporate governance and financial regulation, with a focus on PRC corporate and financial law.

Reviews

"This book provides an up-to-date and highly comprehensive critique of the multi-dimensional forces that have shaped the current normative structure for corporate governance in China. For those interested in corporate governance in China, this is a valuable source of information as well as a feast for thought." – Dr. Anthony Neoh, Senior Counsel, former Chief Advisor to the China Securities Regulatory Commission and former Chairman of the Securities and Futures Commission of Hong Kong

"This book takes an insightful look at enterprise reform and corporate governance in China, going beyond listed companies to look at other forms of business organization as well as gatekeeper institutions. The author then situates China within broader debates about global corporate governance. This book marks an important contribution to the comparative corporate governance literature." –Professor Donald Clarke, George Washington University Law School

"Leng's book is the most comprehensive study to date of China's corporate governance reforms. The book adds to our understanding of the value and limitations of Chinese-style gradualism, and of the importance of mixing international best-practice with local solutions. We learn what has worked, but also what China must do going forward to sustain economic development. This book is important reading not just for those interested in corporate governance in China, but also those seeking insights into what other developing countries may learn from China's experience." –Professor Benjamin L. Liebman, Director of the Center for Chinese Legal Studies, Columbia Law School

"The author suggests that China serves as an example illustrating the benefits of gradual transition, and proper sequencing and pacing of reforms at different stages of development... The book is both impressive and logical in its coverage. Because of this, it provides a useful and engaging account that is not only relevant to those interested in China, but also to those interested in analogies that might be drawn in other developing countries." – Professor Sarah Worthington, London School of Economics