중국 기업지배구조 개혁 현황 및 전망
Reform of Corporate Governance in China: Status and Outlook
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Abstract
There has been a global movement to seek to improve corporate governance standards and practices of major companies. This movement has gained the support of senior government officials and regulators in China and is being increasingly influential in China's more important companies. Since 1978, China’s economic reforms have called for an incentive mechanism to be incorporated in the state-owned enterprises (SOEs), while the reforms have demonstrated considerable success. In the early 1990s, the Chinese government took further steps and began to list SOEs on stock exchanges to raise external capital and improve their efficiency. We have reviewed and identified the key problems of China’s corporate governance. Several suggestions are provided to improve its governance mechanism. A review of corporate governance models among different countries suggests that the state ownership of the Chinese companies should be reduced and shares that are split into tradable and non-tradable shares should be abolished. The three-tier board structure and duty of director should be restructured to improve transparency and disclosure requirements.
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