| Srl | Item |
| 1 |
ID:
084230
|
|
|
|
|
| Publication |
2008.
|
| Summary/Abstract |
While the current regulatory trend in the area of banking scope regulation favours integrated financial services provision, China continues to restrict commercial banks' permissible range of business activities via its 1995 Commercial Bank Law. In this article, we propose an analytical framework that explicitly incorporates the sophistication-level constraint of a country's financial system into the regulatory trade-off calculation between banks' need for new growth opportunities and an increased risk of financial instability. Applying this framework to China, we first discuss the episode of financial instability that led policy-makers to re-segment the financial industry in 1995 and then analyse the rationale behind China's recent, gradual movement back towards integrated financial services provision. While improved risk management capabilities mean that China may now be ready for a more liberal banking scope regulatory regime, we find that a financial crisis could still derail this important element of China's financial sector reform strategy.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2 |
ID:
084231
|
|
|
|
|
| Publication |
2008.
|
| Summary/Abstract |
The private sale of corporate control, or agreed takeover, of listed companies has been the primary form of control transactions in China. However, such takeovers have, in many cases, presented an opportunity for the control buyer and seller to extract value from the company at the expense of the target company's non-insider minority shareholders. One key legal development that attempts to address this issue is the imposition of US-style fiduciary duties on both incumbent and new controllers. This article argues that placing controllers under fiduciary duties has largely failed to protect the minority shareholders of Chinese listed companies from the exploitation of both the seller and buyer of corporate control. The failure is partly due to the weakness of the requisite complementary legal institutions, and partly due to the absence of a supporting social context.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3 |
ID:
084226
|
|
|
| 4 |
ID:
084228
|
|
|
|
|
| Publication |
2008.
|
| Summary/Abstract |
Resource-based theories of the firm argue that the success of one firm over another is largely due to its resource endowments. Large enterprises have long been recognised as leading sources of learning innovation and growth. This is not just restricted to large firms in developed economies, but also applies to firms in developing economies such as China, where large firms have long and complex histories in the state bureaucracy. Focusing on the case of China's petrochemical sector, this paper argues that even if a sector has a long history in central planning, the critical resources of a firm matter. It shows how existing organisational resources inherited from the pre-reform era, when provided with the correct incentive structures, can survive economic transition and be successfully applied under market conditions. In the petrochemical sector a key inducement was the commitment of the state to expose the sector to international developments where possible. The paper describes how this commitment has resulted in a mostly positive adjustment, but has also created ambiguities over how resources should be developed in future in a rapidly changing global industry.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 5 |
ID:
084219
|
|
|
|
|
| Publication |
2008.
|
| Summary/Abstract |
The objective of this paper is to gauge the extent to which Chinese state-owned commercial banks are converging with international best banking and corporate governance practices, with a particular focus on the policy of international listing given its recent popularity. Drawing on the international listings of China's state-owned banks on the Hong Kong stock market, the paper finds that formal convergence is possible to achieve. More difficult to achieve is substantive convergence. In general, the findings suggest that the domestic institutional framework still matters, but what may matter more is that banks have the autonomy to integrate best-practices in a manner consistent with domestic conditions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 6 |
ID:
084217
|
|
|