In marked contrast to other regimes that have, virtually overnight,
abandoned state control of enterprises and espoused Western models
of corporate governance, China has pursued a gradual transition
suited to its own unique traditions, culture, and customs. Although
this new corporate system is still evolving, it is clear that China
is now ready for a nation-wide movement of corporatisation and
reform. "Comparative Corporate Governance draws on the entire
corpus of corporate governance theory, both East and West, and also
on the experience of many countries since the 1930s, to develop a
coherent model appropriate for China. In the process the author
shows how various corporate mechanisms have been tentatively
introduced into China's state-owned enterprises and how such
experimentation has, piece by piece, provided a firm basis for a
modern enterprise system. How to build an efficient and culturally
appropriate governance system, both in law and in practice, on this
foundation is the focus of this book. The analysis is notable for
its insistence that, for a corporate governance system to work, the
principles and practicalities of that system must be derived from
customary cultural norms. Experience shows that imported models,
although they may be enshrined in law, lead to economic Stagnation
unless actual practice is monitored and reformed and the laws
change to reflect these necessary adjustments. Thus the model
proposed here begins with the Company Law of 1994, and, proceeds to
show how practical experience is already providing valuable data
for the task of improving the law. This process, by which law and
business practice continue to "regulate" each other, is, in the
author's view,the essential ingredient of a successful corporate
system. The author's approach is fundamentally comparative. He
discusses and analyses models that have either created globally
powerful corporate economies or carried out reforms that have
brought new insights to corporate development. In this connection
he examines the law and experience of the UK, the USA, Germany, and
Japan, as well as Chinese communities overseas and some former
British Commonwealth countries. This remarkable book is of
inestimable value to practitioners and academics in the field of
international economic law. In addition, its often startling
perspectives on the accepted models of corporate governance are
sure to spark a reassessment of the nature of corporations and
their role in social and economic life.
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