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Corporate Governance : China’s Footprints and the Road Ahead

The China Impact May 23rd. 200 7. Corporate Governance : China’s Footprints and the Road Ahead. GAO Xiqing National Council for Social Security Fund P.R. China. Outline. 1: the footprints

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Corporate Governance : China’s Footprints and the Road Ahead

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  1. The China Impact May 23rd. 2007 Corporate Governance: China’s Footprintsand the Road Ahead GAO Xiqing National Council for Social Security Fund P.R. China

  2. Outline 1: the footprints - institutional evolution of China’s corporate governance - the development of private sector - performance of corporate governance 2: the way ahead 2

  3. 1.1 Institutional Evolution of China’s Corporate Governance 1.1 1872 First Joint Stock Company: China Merchant Group 1904 Code of Corporations 1929 Company Law 1946 Amendments of Company Law Abolition of all laws in the old regime and de facto nationalization of all industrial & commercial enterprises 1950’s 3

  4. 1.1 Institutional Evolution of China’s Corporate Governance 1.1 1978 reform and opening-up 1986 Regulations on Functionality of State Owned Industrial Enterprises 1988 Law of Industrial Enterprises Owned by the Whole People 1992.5 The Standard Opinion on Joint-Stock Company 1993.4 Interim Provisions on the Management of the Issuing and Trading of Stocks 1993.11 Decision on Issues Regarding the Establishment of a Socialist Market Economic System 4

  5. 1.1 Institutional Evolution of China’s Corporate Governance 1.1 1993.12 Corporation Law 1994.8 Special Provisions of the State Council Concerning the Floatation and Listing Abroad of Stocks by Limited Stock Companies 1999 Securities Law 2001 Code of Corporate Governance for Listed Companies 2005 Amendments of Corporation Law and Securities Law 5

  6. 1.2 the development of private sector 1.2 Percentage of Private Sector Production in GDP 2000 2005 Domestic Private Sector Foreign Investment Companies Public Sector Source: All-China Federation of Industry & Commerce (2006) 6

  7. 1.2 the development of private sector 1.2 Percentage of Workers in Domestic Private Sector Production Note: includes workers of all economic sectors and geographic areas. 7

  8. 1.2 the development of private sector 1.2 Who controls the controlling shareholders of listed companies? Source: Nankai University (2007) 8

  9. 1.3 Performance of Corporate Governance Performance of Corporate Governance: A Grading System Source: Nankai University (2007) 9

  10. 2: the road ahead 2 -- the larger issue: public governance hardening budget constraint/ professional & mathematical management -- to change ownership structure: the share diversification dilemma insider control vs. the dominant biggest shareholder -- to improve market system: referee or player open & fair competition -- to improve regulation: easy said then done independent, transparent and fairness mandatory disclosure auditing enforcement: systemic incentives 10

  11. Thank you! 11

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