Corporate governance of listed companies has become a focus in China capital market. Corporate governance being the most important organization structure and control mechanism of modern enterprises is directly affected by its external environment and internal mechanism. In view of the external...

In the recent decade China witnessed an upsurge of privatization of small and medium state-owned enterprises (SOEs). In contrast to the consequent sharp reduction in the number of firms, however, the estimated share of broadly-defined SOEs that includes limited liabilities companies controlled...

Literature on agency problems arising between controlling and minority owners claim that separation of cash flow and control rights allows controllers to expropriate listed firms, and further that separation emerges when dual class shares or pyramiding corporate structures exist. Dual class...