Speaker: Dr. 姜付秀 (Fuxiu Jiang)

Title: Corporate Governance in China: A Survey

Schedule: Dec 6, Wed 1:30-3:00 PM

Location: 诚明楼 (Chengming Hall）RM 315

Introduction: 姜付秀，中国人民大学商学院教授。主要研究领域包括公司财务，公司治理，ESG。在《Journal of Banking and Finance》, 《Journal of Corporate Finance》, 《Review of Financial Studies》, 《Journal of Business Ethics》，《经济研究》，《管理世界》等期刊上发表近百篇重要学术成果。

Abstract: This article surveys corporate governance in China, as described in a growing literature published in top journals. Unlike the classical vertical agency problems in Western countries, the dominant agency problem in China is the horizontal agency conflict between controlling and minority shareholders arising from concentrated ownership structure; thus one cannot automatically apply what is known about the USA to China. As these features are also prevalent in many other countries, insights from this survey can also be applied to countries far beyond China. We start by describing controlling shareholder and agency problems in China, and then discuss how law and institutions are particularly important for China, where controlling shareholders have great power. As state-owned enterprises have their own features, we separately discuss their corporate governance. We also briefly discuss corporate social responsibility in China. Finally, we provide an agenda for future research.