Overview
- Applies venture capital perspective to analyze Chinese corporate governance
- Timely topic, as interest in Chinese business is growing rapidly
- Considers implications for foreign, especially American, investment in China
- Includes supplementary material: sn.pub/extras
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Table of contents (7 chapters)
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Front Matter
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Back Matter
Keywords
About this book
State-controlled listed companies have always dominated Chinese stock markets. As a result of the rampant scandals related to them, there have been voluminous academic efforts to explore their corporate governance, underpinned by agency costs. However, these studies have yet to examine the phenomenon from the perspective of venture capital and adaptive efficiency.
During the last ten years, despite China’s remarkable progress in the development of its venture capital market, its domestic venture capital has been marginalized by American competitors. Given the different performance between them, the author contends that the corporate governance system of Chinese state-controlled listed companies has hampered the performance of the institutional factors which are responsible for the prosperity of American venture capital in Chinese venture capital markets.
With the practice of American venture capital as the mirror, he empirically demonstrates that Chinese domestic venture capital lacks the four factors related to the success of their American counterparts: large and independent funding, application of incentive mechanisms, efficient exit channels, and a high risk tolerance level. More importantly, these defects as a whole are closely linked to the corporate governance of state-controlled listed companies. Considering the potential negative consequences on economic and social development, the author identifies policy reforms underway to harmonize agency costs and adaptive efficiency.Â
Authors and Affiliations
Bibliographic Information
Book Title: Venture Capital and the Corporate Governance of Chinese Listed Companies
Authors: Lin Zhang
DOI: https://doi.org/10.1007/978-1-4614-1281-6
Publisher: Springer New York, NY
eBook Packages: Business and Economics, Economics and Finance (R0)
Copyright Information: Springer Science+Business Media, LLC 2012
Hardcover ISBN: 978-1-4614-1280-9Published: 19 October 2011
Softcover ISBN: 978-1-4899-9490-5Published: 28 October 2014
eBook ISBN: 978-1-4614-1281-6Published: 20 October 2011
Edition Number: 1
Number of Pages: VIII, 122
Topics: Corporate Finance, Finance, general, R & D/Technology Policy