Between Bureaucracy and Market: Chinese Industrial Groups in Search of New Forms of Corporate Governance
Résumé
This paper investigates the peculiar and contradictory nature of the on-going construction
of a system of corporate governance in China. The analysis attempts to overcome the limits of
traditional corporate studies that tend to focus on enterprise management, and puts the issue
within the framework of the systemic and political relationships that shape economic
management and state intervention in large enterprises in transitional socialist systems. The
emergence of a specific managerial culture within the market and of winners among the
enterprises is related to the position still held by the state in the enterprise asset, and by the access
to competitive markets available to the enterprises. State owned enterprises, enjoy the protection
of their status but they are more successful and adopt a more profit-oriented management culture
if they operate in the internationalised and competitive markets rather than in the strategical lowprofit,
state-dominated sectors. Due to continuous interaction between enterprise management
and external (policy or macro-economic) factors, and to the absence or underdevelopment of
most of the institutions generally necessary for a sound corporate governance system (financial
markets, bank independence, free press etc.) the privatisation does not seem sufficient to
engender all round market-led governance.
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