By Jian Chen
In response to broad unique financial research, Chen examines key questions when it comes to company governance in China, together with the connection among possession constitution and company functionality, the determinants of capital constitution, and the character of up to date governance constructions. It concludes that company functionality is certainly regarding possession focus, yet negatively on the topic of country possession, and that modern company governance constructions are seriously depending on earlier buildings within the centrally-planned economic system and at the direction of transition to the marketplace economic system.
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Additional info for Corporate Governance in China (Routledgecurzon Studies on the Chinese Economy, 9)
Thus Berle and Means defined the ownership of the firm in terms of the residual claim rights, and shareholders as the residual claimants. Berle and Means’ classic analysis is now seen as having less relevance in a world in which widely-dispersed share ownership is the exception rather than the norm, and in which it is no longer apparent that widely-dispersed share ownership will necessarily lead to inferior monitoring of management by the shareholders (Blair, 1995). Recent studies suggest that the Berle and Means model of widely-dispersed corporate ownership is not common, even in developed countries.
1998), and shareholders own more than 50 per cent of the voting rights in the majority of publicly-listed companies (Zingales, 1994). In Germany, 85 per cent of public companies have a major shareholder, and in France the corresponding figure is 79 per cent. , 1999). Studies by La Porta et al. (1999), with a sample of more than 3,000 firms across 49 countries, and Claessens et al. (2000), covering 2,980 firms in nine South East Asian countries,5 all show that a significant fraction of shares rests in the hands of a small number of shareholders.
Instead, our objectives in this Chapter are two-fold. First, we argue that the emergence and evolution of the joint stock system is the result of fundamental economic forces. As long as a system has the potential for generating an improved economic performance, it will sooner or later replace an older, less efficient system (North, 1992). Second, we give a snapshot of current corporate governance in China, and thus provide a general background for the rest of the book. The chapter is organised as follows.
Corporate Governance in China (Routledgecurzon Studies on the Chinese Economy, 9) by Jian Chen