Smyth, Russell
(2001)
Historical Evolution, Financing And The Changing
Nature Of Corporate Governance In China’s Collective
Township And Village Enterprises.
Asian Academy of Management Journal (AAMJ), 6 (1).
pp. 1-17.
ISSN 1394-2603
Abstract
Collective township and village enterprises (CTVEs) have been the driving force
behind China’s high rate of economic growth over a sustained period. The
objective of this article is to offer one possible explanation for the emergence of
new governance structures in China’s CTVE sector. The article begins by
examining three specific aspects of the development of CTVEs; namely, their
history, financing arrangements and changing corporate governance arrangements.
After this review, it is then argued that local governments have adopted indirect
forms of governance over CTVEs in response to increasing monitoring costs as
firms have grown in size, while retaining direct control over the most profitable
firms. However, as local governments still control most of the more successful
CTVEs, as well as the resources on which private firms depend, it would be wrong
to conclude that China's small and medium non-state sector is “ going private” .
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