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Corporate Governance and Financial Reform in China's Transition Economy$
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Jing Leng

Print publication date: 2009

Print ISBN-13: 9789622099319

Published to Hong Kong Scholarship Online: September 2011

DOI: 10.5790/hongkong/9789622099319.001.0001

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The Interaction between Capital Markets and Corporate Governance of Chinese Listed Companies

The Interaction between Capital Markets and Corporate Governance of Chinese Listed Companies

Chapter:
(p.117) 5 The Interaction between Capital Markets and Corporate Governance of Chinese Listed Companies
Source:
Corporate Governance and Financial Reform in China's Transition Economy
Author(s):

Leng Jing

Publisher:
Hong Kong University Press
DOI:10.5790/hongkong/9789622099319.003.0005

The term “capital markets” refers to the stockmarket in China and overseas as the country's listed companies utilize equity financing for capital accumulation. The country's stockmarket during the transition period represents a promising financial institution that contradicts China's “socialist market economy.” This contradiction is reflected in the state's aspirations of acquiring foreign and private capital that may strengthen the financial base of firms through adopting full privatization. The Chinese government has been able to create a properly functioning stockmarket as the economy's commanding heights were still dominated by state monopolies. As such, the stockmarket's inefficiency was attributed to political logic remainin the dominating theme. This chapter shows how an improved stockmarket is able to bring about significant and good impacts not only on the state-owned enterprise sector but on the banking system as well.

Keywords:   capital markets, banking system, state-owned enterprise sector, stockmarket, full privatization, state monopolies, commanding heights, foreign and private capital

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