China's Corporate Governance

Zhaoxia Li

Chinese Economy, 2010, vol. 43, issue 3, 77-102

Abstract: This paper studies a case of corporate governance in the Mingxing Electric Power Company (MXEP). The corporate governance failure was not caused by lack of autonomy inside the company, but lack of sufficient checks and balances at the top management level. The internal disciplinary mechanism of the two-board system proved not to be effective. The constraining mechanism on the manager's discretionary power had been relatively neglected during the course of reform. Decreasing government intervention has made managerial discretion the major agency problem of corporate governance in China.

Date: 2010
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