Company Financial Policy and Corporate Governance: Chinese Practices

Author: Wang Changyun
Publisher:
Publish Date: 2006-05-25
Features: This book aims to reveal the veil of financial policies and corporate governance of Chinese listed companies through empirical evidence. The book is divided into four parts. Part 1 (i.e., Chapter 1) uses descriptive statistical methods to analyze the financial characteristics of Chinese listed companies. Part 2 includes Chapters 2-4, discussing the basic theories of corporate finance policies, including corporate pricing principles and methods, corporate financial policy theories under a well-developed capital market, and the development of asymmetric information and corporate finance theories. Part 3 contains Chapters 5-8, employing empirical analysis methods to study the core financial policies of Chinese listed companies: financing policy, capital structure policy, dividend policy, and risk management policy. The final part includes Chapters 9-12, focusing on analyzing and measuring the corporate governance level (corporate governance ratings) of Chinese listed companies, systematically exploring and measuring the corporate governance premium of Chinese listed companies. At present, the financial theories and related empirical evidence of China's corporate finance are largely "imports" from developed capital markets. Chinese listed companies have a relatively short history, and the environment of China's capital market differs significantly from that of developed countries. As a result, corporate financial policies and corporate governance in China are inevitably marked with "Chinese characteristics." The core feature of this book is the use of internationally recognized financial research methods to provide an in-depth revelation and analysis of the current status, characteristics, and causes of financial policies and corporate governance in Chinese listed companies.