《中国公司股权结构与治理当前的一些问题》英文翻译.docVIP

Ownership Structure and Corporate Governance in China: Some Current Issues Gang Wei and Mingzhai Geng School of Economies, Henan University, Kaifen, People’s Republic of China Abstract Purpose – This paper seeks to investigate some current issues of ownership structure and corporate governance in China. Design/methodology/approach – The methodology is a review, analyzing issues of ownership structure and reviewing problems in corporate governance, followed by some suggestions for improvement. Findings – It is found that the heavily concentrated equity ownership in the hands of large state-owned shareholders mainly decides the status quo of the corporate governance system in China. In order to improve the effectiveness of corporate governance of Chinese-listed companies, it is imperative to restructure roles of the government, restrict hands of controlling shareholders, enhance independence of the board of directors, reform the supervisory board, set up independent directors-dominated sub-committees and align the interests of managers with those of the shareholders. Research limitations/implications – This paper only investigates Chinese-listed companies because of data availability. Practical implications – It has implications for policy makers in China insofar as it offers evidence concerning ownership structure and corporate governance of Chinese-listed companies. It also helps investors and trading partners (especially foreign ones) understand corporate governance and the investment environment in China. Originality/value – This study contributes to the literature by extending the mainly US-based board literature to China where there are important institutional differences in ownership structure and corporate governance system. Keywords Corporate governance, China, Corporate ownership Paper type Research paper The recent financial scandals of US companies, such as Enron, Global Crossing, WorldCom and Xerox, and European’s Enron, Parmalat, Chinese scandals, such a