The Political Economy of Chinese Finance
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PART I: AN OVERVIEW AND CONCEPTUAL FOUNDATIONS Market Socialism with “Chinese Characteristics” - Jongmoo Jay Choi, Michael R. Powers and Xiaotian Tina Zhang The Metaphysical Foundations of Political Economy in China and the West - Robert Keith Shaw PART II: STATE AND CORPORATE GOVERNANCE A State-Stewardship View on Executive Compensation - Hao Liang, Luc Renneboog and Sunny Li Sun Netizens and Private Monitoring in Chinese Banking - W. Travis Selmier II CEO Promotion, Relative Performance Measures, and Institutions in an Emerging Market: Evidence from China’s Listed State-Owned Enterprise - Fang Hu and Yahua Zhang PART III: CONTROL AND OWNERSHIP IN THE CORPORATE SECTOR Does Government Control Always Reduce Firm Value? Theory and Evidence from China - Ping He, Kun Wang and Xing Xiao Internal Control, Corporate Life Cycle, and Firm Performance - Haiyan Zhou, Hanwen Chen and Zhirong Cheng The Effect of Privatization Processes and the Split-Share Structure Reform on the Market Reaction to the Announcements of Transitional Non-Traditional Shares - Aysun Ficici, Bo Fan, C. Bu¨Lent Aybar and Lingling Wang PART IV: RISK, REGULATION, AND FINANCIAL MARKETS Regulatory Risks and Strategic Controls in the Global Financial Centre of China - Artie W. Ng and Wallace Tang Bank Internationalisation: An Examination of the Role of Government and Home Institutions in Emerging Economies - Weijing He, Patrick Ring and Agyenim Boateng Climate Change, Catastrophe Risk, and Government Stimulation of the Insurance Market: a Study of Transitional China - Qihao He PART V: THE POLITICAL ECONOMY IN THE EXTERNAL SECTOR Determinants and Fluctuations of China’s Exchange Rate Policy: National Interests and Decision-Making Processes - Falin Zhang Efficiency of Regulated and Unregulated Forex Markets: An Analysis of Onshore and Offshore Renminbi Forward Markets - Zsuzsa R. Huszar, Ruth S. K. Tan and Weina Zhang Do Sectoral and Locational Factors of Foreign Direct Investment from Emerging Countries Matter for Firm Performance? The Case of Korean Firms’ FDI in China’s Service Sector - Seong-Bong Lee, Masaaki Kotabe, Doohoi Heo, Byung Jin Kang and Albert H. Yoon
This volume contains 14 essays on the political economy of Chinese finance and the mechanisms of state vs. private ownership, regulation, monetary and exchange rate policy, and foreign trade and investment. Researchers from Europe, Asia, the US, and Australia discuss the differences between the political economy of China and that of the West; state and corporate governance issues in China's state-owned enterprises, in terms of executive compensation, banking, and inventive schemes; control and ownership in the corporate sector, including the benefits and costs of government control, the impact of internal control on firm performance, and the relationship between the split-share structure reform and privatization; the role of government, banking, and insurance in regulating and mitigating financial risks, including the impact of climate change; and the political economy in the external sector, including China's exchange rate policy, the Chinese foreign exchange market, and foreign direct investment.