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Minggu, 01 April 2012

CHINA’S CAPITAL MARKET AND CORPORATE GOVERNANCE: THE PROMOTION OF THE EXTERNAL GOVERNANCE MECHANISM

Yuwa Wei 
MqJBL (2007) Vol 4



INTRODUCTION
Companies are fundamental cells of modern commercial society. Although people
generally regard the rise and fall of companies as part of the natural circle of
corporate development, the collapse of large corporations and the consequentially
profound social and economic impact have caused great concern in the community,
particularly when corporate failure has resulted from mismanagement. For this
reason, issues of corporate governance have attracted enormous attention since the
1980s.
Securities markets and takeover activities are important mechanisms of corporate
governance.1 The law and economics tradition recognises that the hostile takeover
performs a desirable disciplinary function by placing management under the
market's judgment.2 According to law and economics literature, the pressure of
takeovers and the advantages of being listed on a stock exchange are effective
stimuli of promoting good corporate governance. Furthermore, by having a wide
and varied scope of owners, listed companies generally tend to improve on their . . .... (baca_selengkapnya )

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