Making Global Capital Work: Economic Openness and Corporate Governance in Chinese Capital Markets

在这个项目中，调查人员研究了中国新兴资本市场的全球投资者如何塑造公司的成果，包括公司业绩，技术转让和国内研发（R D）;他们失败的地方和问题是什么;以及他们在哪些制度环境中成功，为什么。大多数关于全球资本的金融经济研究都认为，向外国投资者开放一国股市会产生积极影响。但政治经济学家和社会学家强调国家？制度配置和地方差异往往限制、削弱甚至使经济全球化的好处失效。研究人员呼吁通过整合这两种理论账户，以更平衡的视角看待全球资本。本文结合了三个关于中国上市公司的数据集：涵盖这些公司财务信息的WindDB数据集，以及详细介绍组织信息的中国经济研究中心（CCER）和中国证券市场与会计研究中心（CSMAR）数据集。由此产生的数据集提供了从1994年到2011年的公司年度观察结果。认识到定量分析可能无法捕捉到关于流程如何运作的足够的经验细节，调查人员将对9-12家公司进行案例研究作为补充数据。就更广泛的影响而言，这项研究有助于世界各地公司治理机构的蓬勃发展的跨学科文献。近年来，中国进一步融入全球市场，发展了公司治理制度。但中国的企业模式--国有实体占主导地位，控股股东占主导地位--并没有得到很好的理解。这项研究将为各国如何启动组织和体制变革以利用外国投资带来的潜在利益提供理论和实践见解。研究结果应该对企业管理者和公共政策都有实际意义。

In this project the investigators examine how global investors in China's nascent capital markets shape firm outcomes including firm performance, technology transfer, and domestic research and development (R & D); where they fail and what the problems are; and in which institutional contexts they succeed, and why. Most financial-economic studies of global capital agree on the positive effects of opening a country's stock market to foreign investors. But political economists and sociologists emphasize countries? institutional configurations and local variation that often constrain, weaken, and even disable the benefits of economic globalization. The investigators call for a more balanced perspective on global capital by integrating these two theoretical accounts. Three datasets on China's publicly-traded firms are combined: the WindDB dataset covering these firms' financial information, and the China Center for Economics Research (CCER) and the Chinese Securities Markets and Accounting Research (CSMAR) datasets detailing organizational information. The resulting dataset provides company-by-year observations from 1994 till 2011. Acknowledging that quantitative analysis may not capture sufficient empirical details about how processes work, the investigators will conduct case-studies of 9-12 firms as supplementary data. In terms of broader impacts, this research contributes to the thriving interdisciplinary literature on the institutions of corporate governance around the world. In recent years, China has deepened its integration into the global market and developed its corporate governance regime. But the Chinese model of corporate setting where state entities are dominating and controlling shareholders is not well understood. This research will provide both theoretical and practical insights into how countries can initiate organizational and institutional changes to take advantage of the potential benefits brought by foreign investments over time. Findings should have practical implications for both corporate managers and public policy.