The development of corporate governance in China

Over the last decade there have been significant economic reforms in China. Foreign investment is encouraged and there are increasing numbers of joint ventures with foreign partners. The stock exchanges of Shanghai and Shenzen have developed quite rapidly, and the expansion of China's economy and the growing importance of foreign investment has implications for the development of corporate governance structures in China. The internationalization of institutional portfolios ensures that there is a cross‐border interest in corporate governance, and that China's steps in developing corporate governance will be watched with interest. In this paper, we will explore the existing cultural aspects of China, the structure of share ownership in China, recent developments that have taken place in China's capital markets, including the growing foreign influence, and their implications for corporate governance developments. We compare and contrast the influences on corporate governance in the West with those in China. We conclude that any model of corporate governance which develops in China is likely to embody the special role of the state and certain idiosyncratic cultural aspects of China, whilst taking on certain of the characteristics of an Anglo‐Saxon corporate governance model.     

Foreign banks in the People's Republic of China

Many foreign banks are attracted to the PRC economy, as a result of its continuing economic growth and financial liberalisations. This paper provides an empirical analysis of the factors contributing to this development and of the features of those foreign banks choosing to enter this market. In addition, a survey questionnaire permits an assessment of the attractions and weaknesses of the PRC banking market as perceived by foreign banks. It has been shown that large, financially sound foreign banks have helped to stimulate trade and investment in the PRC. However, China's restricted movement of capital and inadequate legal framework has reinforced the need for international banking services from Hong Kong.     

西部吸引风险投资发展旅游业的思考

据最新一项对全球 10 0 0家规模最大的公司首席执政官的调查显示 ,中国在世界投资信心榜上名列第二位 ,仅次于美国 ,成为全球第二个最受欢迎的外国直接投资地 ,接近 1/3的首席执政官对中国投资前景表示乐观。国际风险投资基金正在酝酿“战略性”转移 ,近年来欧美的投资基金正以每年 4 0～ 5 0 %的速度退出当地市场 ,而经济和科技保持高速增长的中国为各国风险投资资本看好。英国、法国、美国的大公司近日都加紧准备 ,做好抢滩中国的各种规划。我国西部要抓住国际风险投资理念、投资方向调整和对华投资信心高涨的机遇 ,多争取一些投资注入旅游业。     

论公司治理结构形式

治理结构是指在所有权和经营权分离的情况下,通过一定的组织结构形式,明确和规范资产所有者、支配者、管理者和使用者之间权利和利益关系的一种企业制度安排,是指导和控制公司运作的一整套机制与规则。它是公司制度的核心,其产生和发展具有历史性和必然性,早期公司治理结构是简单的董事会领导下的经理人员经营制度,随着公司制度的发展,股东大会、董事会以及高层经理三位一体的权力结构,便成为传统公司治理结构的主要模式,这种模式在早期对公司的发展起到了具大的作用,但是,公司制度的发展,这种模式又越来越不适应公司制度的需要,公司的决策、公司的内剖监督等制度的缺乏等都制约公司本身的发展。因此自二十世纪中期以来,随着公司理念的不断更新,公司治理结构也出现了新的变化。     

Factors Influencing the Growth of Foreign Banks' Branches in China

Because of the excess demand for branch licences and the Chinese government's policy to effectively ration banking licences, this paper suggests explaining the allocation of branch licences by the objectives of the Chinese government rather than by the objectives of foreign banks. Consequently, it examines what factors determined the supply of branch licences to foreign banks in China at a micro level. This is in contrast with the existing literature that focuses almost exclusively on the demand for branch licences by foreign banks. To consider the supply of branch licences, we construct detailed data about each foreign bank's organisations in China.     

Explaining the patterns of Japanese foreign direct investment in China

Using Chinese and Japanese data, this paper shows that Japanese foreign direct investment (FDI) has been under‐represented in China since 1980, but especially before 1992, compared with Japanese FDI in some other East and Southeast Asian countries, and with FDI in China from other major international investors. The under‐representation of Japanese FDI in China, and its important patterns cannot be simply dismissed as being a result of China's poor investment environment. This paper proposes an alternative explanation by repositioning Japanese FDI in China into a larger historical, political and strategic framework. It argues that the growth of Japanese FDI in China has been shadowed by the lingering historical experiences of the two nations since 1895, and has been disrupted by a series of political incidents between the two countries during the previous 17 years.     

论构建新型举国体制三题

党的十八大以来,习近平总书记在多次重要讲话中提出了“构建新型举国体制”的国家治理新任务。新型举国体制就是要构建社会主义市场经济条件下集中力量办大事的协同机制,旨在将制度优势转化为治理效能,以体制创新为科技创新提供动力,打好关键核心技术攻坚战,适应新时代、新发展阶段、新发展格局的新要求。构建新型举国体制要深刻把握其历史逻辑、实践逻辑和理论逻辑,准确认识在新时代条件下“集中力量办大事”的新任务,并充分发挥我国政治优势、价值优势、战略优势、协同优势、竞争优势,推进国家治理体系和治理能力现代化。     

核准制下外资企业上市对国内上市公司的冲击

核准制的颁布实施 ,为国内外企业的上市带来了平等的机会 ,也为国内证券市场成功的引入外资开辟了新渠道 ,促进了国内资本市场与国际接轨。但是 ,由于国内证券市场的特殊性 ,使得外资企业的上市给国内上市公司带来巨大的潜在风险。如何实施相关策略化解潜在风险 ,至少应从两方面入手 :一是取消国有股、法人股只能在法人之间协议转让的限制 ;二是对外资企业通过持有上市公司的股票进行收购 ,在政策上进行限制。     

再论1874年日本出兵侵台意图

1872-1874,从谋划出兵到中日签订《北京专条》,日本政府的对外目标经历了一个不断调整和变化的过程,大致可分为三个阶段:第一阶段留守政府中以外务卿副岛等为代表的“外征派”积极策划一条明确的殖民路线,目标直指略取台湾东部少数民族地区,甚至台湾全岛;第二阶段以大久保为代表的“内治派”主政,方针转向“慎重殖民路线”,为缓解国内士族的不满情绪,选择发动一场小范围的局部“征台”行动,对殖民略地持慎重观望态度;第三阶段是对中交涉时期,策略变化为以实际军事占领为条件讹取利益,具体而言,以索取军费为主,以在琉球或朝鲜方面谋取利益为辅。总之,日本此次侵台的主要动机并非为解决琉球归属问题,其本质是为了缓解国内情势、带有对外殖民意图的军事侵略。     

上市公司股权集中度与经营绩效关系的行业特征分析

本文利用上海证券交易所采掘、电力和煤气行业的40家及批发、零售贸易业,电子信息产业的91家上市公司的数据,在进行适当的筛选和剔除之后,对它们2003年至2005年三年的数据进行了实证研究。结果表明,在不同的行业特征条件下,股权集中度对公司经营绩效的影响是不同的:在竞争性行业的上市公司中,股权相对集中,且有若干个大股东的股权集中度有利于公司绩效的提升;在垄断性行业的上市公司中,则是较高的股权集中度有利于公司绩效的提升,无论是第一大股东、前五大股东或前十大股东的持股比例都应保持较高水平。这些实证结果为完善我国的上市公司治理提供了有益的启示。     

深圳等市优化投资软环境的经验及对我市的启示

深圳等六市一贯重视投资软环境工作，良好的投资软环境及所产生的带动效应，使这些城市 外资大项目多，世界５００强企业投资的项目多，外资企业追加投资的多，国民经济实力不断增强。大 连改善投资软环境工作进行多年，但从观念和做法的创新上、从吸引外资效果看，与上述城市有很大 差距。改善投资软环境，我市应在三方面做出努力：把改善投资软环境作为利用外资的战略重点，构 建软环境制度体系，创新政府行为，不断提高产品配套能力，增强人才吸引力。     

金融危机下中国银行业流动性风险的防范——以资产市场价格波动为视角

2007年以来，源于美国次贷市场的金融危机迅速深化和蔓延，造成欧美大批金融机构严重亏损，一些欧美的商业银行和国际投资银行因流动性问题已经或即将面临倒闭风险，而资产价格泡沫破灭是导致这场银行业流动性危机的根源。由次贷危机引起的金融危机对银行业流动性风险管理提出了新的挑战，该文从资产市场价格波动的角度来进行探讨，加强对中国银行业流动性风险的防范。     

Commercialization of Banks in China: Institutional changes and effects on listed enterprises

To meet the continuing growth of the socialist market economy, the latest focus on China's banking reforms is to transform the 100% state-owned commercial banks into independent, market-oriented commercial banks. This paper will show that listed enterprises in China have generally perceived that institutional changes leading to improvement over the legal and business environment are important for the success of the bank commercialization process (BCP). The effects of BCP on them are positive. Recognizing how poorly managed banking systems in East Asia have suffered in the financial crisis, the Chinese government has quickened the pace of the banking reforms in China.     

论公安机关数据治理体系的创新

当前,公安机关运用的各类数据相对分散,无法形成统一的资源汇聚接口,从而使各个部门在数据调用时存在壁垒,影响了警务工作的效率。传统的大数据治理存在诸如数据不可知、不可控、不可联等一系列弊端,无法满足大数据环境下所面临的多源数据整合和数据业务化需求。基于数据治理的定义,通过离线计算技术、流式计算技术、机器学习技术的应用,可以构建起包括数据资产管理、数据资源目录、数据运维管理、智能化治理在内的科学数据治理体系,从而推动公安机关合理使用不断增长的信息数据,深挖海量数据背后的巨大价值,强有力地保证警务工作的顺利开展,提高网络案件的破案效率,并为刑侦、经侦等警务部门提供重要的信息来源和破案手段。     

台湾制造业投资大陆的产业集群分析

台商大陆投资呈现明显的集群特征。本文从分析产业集群的相关理论入手,运用地理集中度的衡量指标,以台湾制造业为例,对台商不同产业在大陆投资的空间集聚进行计量,然后根据相关理论对大陆台商形成产业集群的原因进行剖析。指出台商在大陆的集聚既受大陆政策的影响,又受大陆经济的影响;同时地区的市场需求条件、知识资源及基础设施、人文区域环境、产业关联效应等都是吸引台商集聚的重要因素。     

Changing Money Market and Monetary Policy Operations in China: an institutional perspective

This paper uses an institutional perspective to examine the changing monetary policy operations in China since the 1978 reform. It shows that the establishment of money markets has enabled the central bank to shift its policy approach of direct control over credits to a set of indirect monetary tools. Under the constraint of exchange rate stability and other institutional factors, the effectiveness of these indirect tools is limited. Establishing an interbank money market policy rate through SHIBOR will provide a means of signaling the cost of funds to banks and the public. Its success in China is conditional on improved corporate governance and the competitive structure of banks, increased flexibility in its exchange rate determination, and a more cost-conscious state sector.     

Law Guanxi: MNCs,state actors,and legal reform in China

Since 1978, China has opened itself to foreign direct investment and has undertaken significant legal reform, especially in the area of international commercial arbitration. I analyze the roles that foreign actors and state officials have played in changing Chinese legal institutions such as the Chinese International Economic and Trade Arbitration Commission (CIETAC) and personal relations, or guanxi. 1 ^1. La guanxi is a Chinese expression, meaning ‘to pull strings (to get things done)’. View all notes Foreign investors, attorneys, and non-governmental organizations are helping China to adopt formal commercial arbitral institutions that follow international norms. In that sense, foreign actors are contributing to rule of law in China. Yet, foreign investors also attempt to use guanxi to get around central regulations, thereby contributing to informal legal institutions. The combination of guanxi and formal legal institutions follows a model of path dependent institutional change. I use the terms, ‘layering’ and ‘bricolage’ to elucidate the ways that actors combine existing institutions with new legal forms introduced by foreign investors, attorneys, and NGOs.     

我国上市公司财务报告舞弊的路径与成因

财务报告舞弊严重影响了证券市场的规范发展,损害了证券市场优化资源配置的市场功能,阻碍证券市场的健康发展。其舞弊路径主要是扭曲政策本意,使用不合理的会计核算方法;通过虚构经济业务舞弊;利用资产重组及关联交易舞弊等方面。财务报告舞弊的原因主要有公司治理结构不完善、政府监管不到位、信息不对称、投资者投机心理等。     

坚持先进文化发展方向 加强外商投资企业文化建设

加强外商投资企业文化建设是发展外向型经济的一个崭新课题。大连开发区外商投资企业的实际出发,针对外商投资企业的特点,以企业文化建设为载体,把吸收和发展外商投资企业文化作为建设有中国特色社会主义文化的组成部分,在积极探索中国特色思想文化与国外优秀文化教育的对接创新中,初步建立了一套比较完整的企业文化体系,对开发区“二次创业”提供了强大的思想动力和文化基础。     

Chinese Corporate Governance and Prospects for Reform

A critical element in China's current economic reform program is the creation of modern corporate governance structures in its corporations. Many of China's largest firms are caught between market incentives and political pressures, creating a situation ripe for managerial inefficiency. This article examines the financial and regulatory structures necessary for an efficient corporate governance system to function in China, and it assesses how these structures currently operate in the economy. The article identifies key failures in fostering modern corporate governance practices, which in turn jeopardize central elements of the government's reform program. The article includes a case study of the governance practices of PetroChina Company Ltd, the internationally listed subsidiary of China National Petroleum Corporation. The success or failure of the government's efforts to create proper governance mechanisms will carry important economic and political ramifications for China. Indeed, the successful implementation of corporate governance reforms may mark the final stages of China's evolution into a market economy.