Political determinants of corporate governance in China / Chenxia Shi.
2012
KNQ1056 .S54 2012 (Map It)
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Items
Details
Author
Title
Political determinants of corporate governance in China / Chenxia Shi.
Published
London ; New York : Routledge, 2012.
Call Number
KNQ1056 .S54 2012
Former Call Number
Ch.P 615 Sh611 2012
ISBN
9780415574013 (hardback)
0415574013 (hardback)
9780203123317 (e-book)
020312331X (e-book)
0415574013 (hardback)
9780203123317 (e-book)
020312331X (e-book)
Description
xxi, 221 pages : illustrations ; 25 cm.
System Control No.
(OCoLC)754518642
Bibliography, etc. Note
Includes bibliographical references and index.
Record Appears in
Table of Contents
List of figures and tables
xi
Table of cases
xii
Table of regulatory materials
xiv
Acknowledgements
xx
List of selected abbreviations
xxii
1.
Introduction
1
1.1.
Contemporary debates on corporate governance
1
1.2.
Subjects of investigation
16
1.3.
Structural framework of the book
18
2.
Globalisation and corporate governance
20
2.1.
Introduction
20
2.2.
Economic globalisation and its impact on corporate regulation
20
2.3.
Corporate governance models and principles
24
2.3.1.
Concepts of corporate governance
24
2.3.2.
Corp orate governance models
27
2.3.3.
Corporate governance principles
33
2.4.
Conclusion
36
3.
The corporate governance environment in China
38
3.1.
Introduction
38
3.2.
Economic and legal development in China
39
3.2.1.
Constitutional framework for China's economic and legal developments
39
3.2.2.
The role of the government in China's economic and legal developments
42
3.3.
Development of China's securities market and listed companies
46
3.3.1.
An overview of China's securities market
46
3.3.2.
The National Regulatory, Authority: The China Securities Regulatory Commission
50
3.3.3.
Stock exchanges in China
52
3.3.4.
Listed companies in China
54
3.4.
China's embrace of the world market and regulation of foreign investment in China's securities market
58
3.4.1.
China's embrace of the world market
58
3.4.2.
Regulation of foreign investment in China's securities market
61
3.5.
Regulatory challenges posed by China's rapid economic development and its integration into the world economy
63
3.6.
Conclusion
68
4.
The influence of Chinese social traditions and legal culture in the development of corporate law and regulation
69
4.1.
Introduction
69
4.2.
A brief overview of historical commercial development in China
70
4.3.
The impact of traditional agrarian society on commercial development
73
4.4.
The influence of orthodox ideologies and people's attitudes toward merchants
74
4.5.
Self-regulatory practice in commercial development: merchant manuals and guild rules
77
4.6.
The state's role in defining commercial regulatory culture
81
4.7.
The self-strengthening movement and the development of business enterprises in late Qing
85
4.8.
Conclusion
90
5.
The historical development of Chinese corporate law
91
5.1.
Introduction
91
5.2.
Corporate law from 1904 to 1946
91
5.2.1.
The 1904 Company Law (Gong Si Lu)
91
5.2.2.
The 1914 Company Regulation
95
5.2.3.
The 1929 Company Law
95
5.2.4.
The 1946 Company Law
96
5.3.
Post-1949 company regulation
97
5.4.
The 1993 Company Law
99
5.4.1.
An overview
99
5.4.2.
General principles of the 1993 Company Law
101
5.5.
Company Law amendments
103
5.5.1.
The Company Law 1999 amendments
103
5.5.2.
The 2005 Company Law amendments
104
5.5.2.1.
An overview
104
5.5.2.2.
Major amended areas and assessment of the amendment
105
5.6.
Conclusion
111
6.
Corporate governance reform in China: progress and challenges
113
6.1.
Introduction
113
6.2.
Evolution of the corporate governance of listed companies
115
6.2.1.
1949 to 1966
115
6.2.2.
1978 to 1984
117
6.2.3.
1984 to 1992
118
6.2.4.
1993 to 2002
122
6.2.5.
2003 onwards: management of state ownership and foreign mergers and acquisitions
124
6.3.
Major corporate governance problems in transformed SOEs and listed companies
130
6.3.1.
Excessive state ownership in listed companies and the multiple role of the state
131
6.3.2.
Owner absence and insider control
133
6.3.3.
Weak directors' duties and accountability system
134
6.3.4.
Ineffective supervision
136
6.3.5.
Investor protection
137
6.4.
Regulatory problems of stock exchanges
139
6.4.1.
An historical review
139
6.4.2.
Direct control of stock exchanges by the CSRC
141
6.4.3.
Constraints on self-regulation of stock exchanges
142
6.5.
Enforcement framework
143
6.5.1.
Public enforcement
143
6.5.1.1.
Enforcement by the CSRC
144
6.5.1.2.
Enforcement by the stock exchanges
147
6.5.2.
Private enforcement
148
6.5.2.1.
The difficult path of private enforcement
149
6.5.2.2.
Comments and critique on private enforcement
152
6.6.
Conclusion
153
7.
Directors' duties and liabilities in China: enforcement difficulties in protecting investors and other corporate stakeholders
155
7.1.
Introduction
155
7.2.
Duties of directors
157
7.2.1.
An overview
157
7.2.1.1.
Directors' duties in common law systems
158
7.2.1.2.
Directors' duties in civil law systems
161
7.2.1.3.
Directors' duties in China
164
7.3.
Directors' for breach of duties under Chinese law
167
7.3.1.
Types of liabilities: an overview
167
7.3.2.
Directors' for breach of duties
168
7.4.
Duties and liabilities of independent directors in China
172
7.5.
Directors' liability for corporate fault
177
7.5.1.
Directors' liability to investors
177
7.5.1.1.
Administrative sanctions
178
7.5.1.2.
Civil liability
180
7.5.1.3.
Criminal liability
182
7.5.2.
Directors' for corporate harm to the environment
182
7.5.3.
Directors' liability for corporate labour abuse
185
7.5.3.1.
An overview
185
7.5.3.2.
Directors' liability under the Labour Law and Labour Contract Law
186
7.5.4.
Assessment of directors' liability for corporate fault
188
7.6.
Conclusion
189
8.
Conclusion
191
Bibliography
197
Index
216