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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Main Authors:	Tenev, Stoyan, Zhang, Chunlin, Brefort, Loup
Format:	Publication
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

id	okr-10986-15237
recordtype	oai_dc
spelling	okr-10986-152372021-04-23T14:03:11Z Corporate Governance and Enterprise Reform in China : Building the Institutions of Modern Markets Tenev, Stoyan Zhang, Chunlin Brefort, Loup 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 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 INSTITUTION BUILDING INSTITUTIONAL ARRANGEMENTS INSTITUTIONAL CAPACITY INSTITUTIONAL FOUNDATIONS INSTITUTIONAL INVESTORS INSTITUTIONAL MECHANISMS INSTITUTIONAL STRUCTURE INVESTMENT BANKING JOINT VENTURES LABOR MARKET LABOR MARKETS LAWS LEGAL FRAMEWORK LEGISLATION LISTED COMPANIES 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 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. 2013-08-20T21:12:17Z 2013-08-20T21:12:17Z 2002-03 http://documents.worldbank.org/curated/en/2002/03/2014507/corporate-governance-enterprise-reform-china-building-institutions-modern-markets 0-8213-5136-2 http://hdl.handle.net/10986/15237 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank Washington, DC: World Bank and the International Finance Corporation Publications & Research :: Publication Publications & Research :: Publication East Asia and Pacific China
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	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 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 INSTITUTION BUILDING INSTITUTIONAL ARRANGEMENTS INSTITUTIONAL CAPACITY INSTITUTIONAL FOUNDATIONS INSTITUTIONAL INVESTORS INSTITUTIONAL MECHANISMS INSTITUTIONAL STRUCTURE INVESTMENT BANKING JOINT VENTURES LABOR MARKET LABOR MARKETS LAWS LEGAL FRAMEWORK LEGISLATION LISTED COMPANIES 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
spellingShingle	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 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 INSTITUTION BUILDING INSTITUTIONAL ARRANGEMENTS INSTITUTIONAL CAPACITY INSTITUTIONAL FOUNDATIONS INSTITUTIONAL INVESTORS INSTITUTIONAL MECHANISMS INSTITUTIONAL STRUCTURE INVESTMENT BANKING JOINT VENTURES LABOR MARKET LABOR MARKETS LAWS LEGAL FRAMEWORK LEGISLATION LISTED COMPANIES 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 Tenev, Stoyan Zhang, Chunlin Brefort, Loup Corporate Governance and Enterprise Reform in China : Building the Institutions of Modern Markets
geographic_facet	East Asia and Pacific China
description	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.
format	Publications & Research :: Publication
author	Tenev, Stoyan Zhang, Chunlin Brefort, Loup
author_facet	Tenev, Stoyan Zhang, Chunlin Brefort, Loup
author_sort	Tenev, Stoyan
title	Corporate Governance and Enterprise Reform in China : Building the Institutions of Modern Markets
title_short	Corporate Governance and Enterprise Reform in China : Building the Institutions of Modern Markets
title_full	Corporate Governance and Enterprise Reform in China : Building the Institutions of Modern Markets
title_fullStr	Corporate Governance and Enterprise Reform in China : Building the Institutions of Modern Markets
title_full_unstemmed	Corporate Governance and Enterprise Reform in China : Building the Institutions of Modern Markets
title_sort	corporate governance and enterprise reform in china : building the institutions of modern markets
publisher	Washington, DC: World Bank and the International Finance Corporation
publishDate	2013
url	http://documents.worldbank.org/curated/en/2002/03/2014507/corporate-governance-enterprise-reform-china-building-institutions-modern-markets http://hdl.handle.net/10986/15237
_version_	1764425342707040256

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

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