Venture Capital And The Corporate Governance Of Chinese Listed Companies
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Author | : Lin Zhang |
Publisher | : Springer Science & Business Media |
Total Pages | : 126 |
Release | : 2011-10-20 |
Genre | : Business & Economics |
ISBN | : 1461412811 |
State-controlled listed companies have always dominated Chinese stock markets. As a result of the rampant scandals related to them, there have been voluminous academic efforts to explore their corporate governance, underpinned by agency costs. However, these studies have yet to examine the phenomenon from the perspective of venture capital and adaptive efficiency. During the last ten years, despite China’s remarkable progress in the development of its venture capital market, its domestic venture capital has been marginalized by American competitors. Given the different performance between them, the author contends that the corporate governance system of Chinese state-controlled listed companies has hampered the performance of the institutional factors which are responsible for the prosperity of American venture capital in Chinese venture capital markets. With the practice of American venture capital as the mirror, he empirically demonstrates that Chinese domestic venture capital lacks the four factors related to the success of their American counterparts: large and independent funding, application of incentive mechanisms, efficient exit channels, and a high risk tolerance level. More importantly, these defects as a whole are closely linked to the corporate governance of state-controlled listed companies. Considering the potential negative consequences on economic and social development, the author identifies policy reforms underway to harmonize agency costs and adaptive efficiency.
Author | : Lin Zhang |
Publisher | : Open Dissertation Press |
Total Pages | : 254 |
Release | : 2017-01-26 |
Genre | : Business & Economics |
ISBN | : 9781360991054 |
This dissertation, "Venture Capital and the Corporate Governance of Chinese Listed Companies" by Lin, Zhang, 张琳, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. DOI: 10.5353/th_b4515096 Subjects: Corporate governance - China Stock companies - China Corporations - China Venture capital - China
Author | : Lin Zhang |
Publisher | : Springer |
Total Pages | : 0 |
Release | : 2024-11-14 |
Genre | : Business & Economics |
ISBN | : 9783030675714 |
During the last ten years, China has made remarkable progress in the development of its venture capital market; however, Chinese domestic venture capital has been marginalized by American competitors. Using American venture capital as a mirror, this book empirically demonstrates that Chinese domestic venture capital lacks the four factors related to the success of their American counterparts: large and independent funding, application of incentive mechanisms, efficient exit channels, and a high-risk tolerance level. More importantly, the author shows how these defects are closely linked to the corporate governance of state-controlled listed companies. Featuring updated data and new developments since the publication of the first edition in 2012, with a focus on corporate social responsibility and the stakeholder-oriented model in Chinese small- and medium-sized enterprises (SMEs), this new edition demonstrates the negative economic and social impact of corporate governance of Chinese state-controlled listed companies and identifies potential policy reforms to harmonize agency costs and adaptive efficiency. This book is great for researchers, scholars, students, and policymakers interested in corporate governance of Chinese venture capital markets.
Author | : Lin Zhang (Ph. D.) |
Publisher | : |
Total Pages | : 488 |
Release | : 2010 |
Genre | : Corporate governance |
ISBN | : |
Author | : Yong Kang |
Publisher | : Rand Corporation |
Total Pages | : 62 |
Release | : 2008 |
Genre | : Business & Economics |
ISBN | : 083304611X |
As China has aligned itself more closely with the international economy, it has also sought to adopt more Western-style corporate governance mechanisms. This report provides an overview of overview of corporate governance mechanisms in China, as well as an examination of continuing challenges and policy implications.
Author | : Guanghua Yu |
Publisher | : Routledge |
Total Pages | : 204 |
Release | : 2012-09-10 |
Genre | : Business & Economics |
ISBN | : 1136713581 |
An insightful overview of the political, legal and social perspectives which inform corporate governance in China, this book examines the challenges of corporate governance faced by Chinese corporations and international corporations operating in China. Unlike other texts that tend to focus solely on the board of directors and the takeover market, Yu has enlarged the scope of this study to cover both market forces and contractual mechanisms, providing readers with an extended and comprehensive discussion of the pertinent issues. It explores a range of issues and their role in corporate governance models, including: executive compensation takeover markets the securities market insolvency issues venture capital market Examining the current climate and making the case that comparative corporate governance studies have significant policy implications for China’s transitional economy, Yu has put together a book that is a valuable resource for students and those working in Asian business, corporate governance and commercial law.
Author | : OECD |
Publisher | : OECD Publishing |
Total Pages | : 108 |
Release | : 2011-09-22 |
Genre | : |
ISBN | : 9264119205 |
By assessing a broad range of laws, regulations and codes, this book provides a valuable reference for understanding how much has been achieved in Chinese corporate governance and the main ambitions of future reform efforts.
Author | : Lin Zhang |
Publisher | : Elsevier |
Total Pages | : 101 |
Release | : 2014-12-01 |
Genre | : Business & Economics |
ISBN | : 0857094513 |
The venture capital market in China has been developing for over twenty years. Over this period, the legal frameworks surrounding China’s venture capital have evolved significantly. China’s Venture Capital Market addresses this important topic and argues for further improvements in legal frameworks for venture capital in China. The book consists of five chapters, each covering an aspect of venture capital in China. The first chapter profiles the venture capital market. The second, third and fourth chapters consider the legal problems and suggest reform measures for fundraising in, operation of and exit from Chinese venture capital. The book concludes by asking how long it will take for reform measures to take place in China. Fills a gap in the market by weighing up the pros and cons of the legal system under which venture capital operates in China Contains primary source material, including interviews with Chinese venture capitalists Gives new case studies of Chinese venture capital
Author | : Stoyan Tenev |
Publisher | : World Bank Publications |
Total Pages | : 188 |
Release | : 2002 |
Genre | : Business & Economics |
ISBN | : 9780821351369 |
As China continues in its evolution from a planned economy to a market economy, and from an agricultural to a manufacturing and service-oriented economy, issues arising from owner diversification, corporate governance, and labor resource allocation have come to the forefront. Most particularly, corporate governance is being focused on as the state continues its withdrawal from direct ownership. This study evaluates short- and medium- term corporate governance issues impacting companies involved in ownership diversification. It examines problems associated with governance such as cost and framework design and makes recommendations concerning the many facets of corporate governance.
Author | : Flora Xiao Huang |
Publisher | : Routledge |
Total Pages | : 326 |
Release | : 2013-10-30 |
Genre | : Social Science |
ISBN | : 1134671113 |
Listing by companies from one country on the stock market of another country is a device often used both to raise capital in, and to increase bonding with, the target country. This book examines the listing by Chinese companies on the Hong Kong stock market. It discusses the extent of the phenomenon, compares the two different regulatory regimes, and explores the motivations for the cross-listing. It argues that a key factor, in addition to raising capital and bonding with the Hong Kong market, is Chinese companies’ desire to encourage legal and regulatory reforms along Hong Kong lines in mainland China, in order to develop and open up China’s domestic capital markets.