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Models Of Trust-Sharing In Chinese Private Enterprises, Zhong Qin, Guibin Zhang
Models Of Trust-Sharing In Chinese Private Enterprises, Zhong Qin, Guibin Zhang
Faculty of Commerce - Papers (Archive)
This paper presents two related models of development patterns of Chinese private enterprises. They illustrate incentive-based reasons for ownership arrangements of private enterprises, and highlight how institutional foundations of trust, particularly government and family-based cultural values, play an important role in influencing the development of private enterprises. These models attempt to explain why government and family-based culture are crucial for the ownership structure and management of private enterprises. The main argument in the models is that the structure of family businesses can be viewed, in essence, as a form of trust-sharing (Guanxi-sharing) arrangement within the firm. Furthermore, the increase in …
Government And Family Guanxi In Chinese Private Enterprises, Guibin Zhang, Zhong Qin
Government And Family Guanxi In Chinese Private Enterprises, Guibin Zhang, Zhong Qin
Faculty of Commerce - Papers (Archive)
Domestic private enterprises have dramatically re-emerged in China's unique transition from a planned to a market-oriented economy, where the private sector plays an increasingly important role. Over the last quarter of a century, there has been a decline in 'red-hat' enterprises and an increased dominance of family businesses among private enterprises.This paper employs the concept of trust, which stems from traditional culture and comprises two important components (government and family), to investigate the changing patterns of corporate governance. The core argument of this paper is that family trust is replacing government trust within Chinese private enterprises. The study of the …
Non-Tradable Share Reform And Convergence Between Chinese Cross-Listed A And H Shares, Yuan Fang Zhao, Andrew S. Tan, Gary G. Tian
Non-Tradable Share Reform And Convergence Between Chinese Cross-Listed A And H Shares, Yuan Fang Zhao, Andrew S. Tan, Gary G. Tian
Faculty of Commerce - Papers (Archive)
This paper explores the impact of China's two recent stock market reforms, i.e.non-tradable share reform and QFII procedures, on the price linkages of A- and H- sharesby using the technique of cointegration. We found that although A-share index andH-share index is still segmented, the price linkages between individual A-shares and theircross-listed H-shares have been straightened since the two policies implemented. Weargued that ownership restrictions contributed to the market segmentation of Chinese andHong Kong's stock markets and the integration process of China and Hong Kong seemsto be a gradual progress.