By Jian Chen
In line with broad unique monetary research, Chen examines key questions in relation to company governance in China, together with the connection among possession constitution and company functionality, the determinants of capital constitution, and the character of latest governance constructions. It concludes that company functionality is certainly regarding possession focus, yet negatively on the topic of kingdom possession, and that modern company governance buildings are seriously depending on prior constructions within the centrally-planned economic system and at the course of transition to the marketplace financial system.
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Extra resources for Corporate Governance in China (Routledgecurzon Studies on the Chinese Economy, 9)
Long-term relationships 24 Theoretical approaches between the larger shareholders and the corporations are common practice. The mutual monitoring and selective interventions by large equity-owners are seen as a highly effective means of controlling the problems of corporate governance, provided that there is product market competition. 2. Theoretically, the pros and cons of each type of governance structure are as follows. , 1997). Alternatively corporate governance through takeover, which is assumed to be a mechanism that improves the allocation of resources, minimises the liquidity costs of larger stakes, but introduces some uncertainty as to whether takeovers succeed whenever they are needed.
In contrast, Grossman and Hart defined ownership as the residual control rights – the right to make decisions about contingencies that are not specified in the contract. Thus the Grossman–Hart–Moore line of thought calls the shareholders ‘owners’ because they have the voting power to determine how assets are deployed, whereas Berle and Means think of the shareholders as ‘owners’ because they get the residual cash flows. A potential shortcoming of property rights theory is the identification of control with ownership.
The Government thus relinquished control over investment in many industries, some of which had previously been closed to private investment. One feasible alternative source of finance is household savings. , 1992; Miller, 1997, 1998). 1). 8 per cent of GDP. But a high savings rate means that the banks are the main channels through which individuals invest. The banks thus bear all the investment risks, and they have to pay the individual savers interest. This causes two problems. The first problem is the size of the interest payments, which were estimated to be at least RMB300 bn in 1995, or almost half of the Government’s annual fiscal revenue (SSB, 1995).
Corporate Governance in China (Routledgecurzon Studies on the Chinese Economy, 9) by Jian Chen