Download e-book for kindle: Corporate Governance and Enterprise Reform in China: by Stoyan Tenev

By Stoyan Tenev

ISBN-10: 0821351362

ISBN-13: 9780821351369

As China keeps in its evolution from a deliberate economic climate to a marketplace financial system, and from an agricultural to a producing and service-oriented economic system, matters coming up from proprietor diversification, company governance, and labour source allocation have come to the leading edge. so much relatively, company governance is being involved in because the nation keeps its withdrawal from direct possession. This examine evaluates brief- and medium-term company governance concerns impacting businesses interested by possession diversification. It examines difficulties linked to governance equivalent to rate and framework layout and makes innovations in regards to the many aspects of company governance.

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Additional info for Corporate Governance and Enterprise Reform in China: Building the Institutions of Modern Markets (International Finance Corporation Publication)

Example text

It might have provided incentives for good performance, but it failed to penalize bad performance (Pannier 1996, p. 3 In relation to funds for investment in SOEs, budgetary financing and subsidies began to give way to bank financing and to financing from retained profits. Since 1979 bank loans have increasingly replaced budgetary grants, and interest charges have gradually increased. In 1983 the government formally established the PBOC as the country’s central bank by removing its commercial banking activities.

3 percent in 1994. However, other forms of subsidies continued, including soft loans from state banks and subsidies from local governments, which control the majority of SOEs (Broadman 2001b; World Bank 1996, p. 15). The Bankruptcy Law for SOEs was enacted in 1986 and became effective in 1988. In 1991 the Civil Procedures Law introduced rudimentary provisions for the bankruptcy of legal persons in general. Nevertheless, the period 1988–93 averaged only 277 bankruptcy cases per year. The government introduced incentives without making fundamental changes in the ownership of SOEs.

P65 28 3/15/02, 4:04 PM 3 The Corporate Governance of Transformed Small and Medium Enterprises This chapter examines the main corporate governance issues arising in the process of insider-centered ownership diversification of small and medium SOEs. The closely held nature of these corporations is associated with the absence of an active market in shares, which precludes reliance on public monitoring. This chapter therefore focuses on the role of employees, creditors, and outside equity investors in such corporations.

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Corporate Governance and Enterprise Reform in China: Building the Institutions of Modern Markets (International Finance Corporation Publication) by Stoyan Tenev

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