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(Ⅴ)Closure
As we know, there are two major corporate governance models in advanced economy, i.e. America’s capital market-oriented system and Germany and Japan’s main bank system. And up to present, there are still no consistent opinions about which model is more suitable for China. But, either of the two models has its own advantages and good systems in the tradition, culture and regulations. The reform of corporate governance of Chinese corporations can refer and study them combined with China''s economic conditions and social realities .The most important is to enhance the level of corporate legislation as soon as possible, and unrealistic expectations will never serve as a panacea for all the problems.
Generally speaking, corporate governance is fast becoming one of the key business issues of our times, and we think that revolutionary governance in the reform and improvement of the Company Law will characterize China''s corporate governance in future.
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Reference:
⑴Jim.Volfison, the president of the World-Bank,1999
⑵Shi Meilun , the vice-president of the Securities Supervision Committee of China,2001
⑶J. Clutterburk, Business Ethics: The Way Forward; Company Secretary, 1994 September Issue, p21.
⑷Stephen. W. Mayson, D.French, C. Ryan Mayson, French Ryan Company Law, 13th ed, Blackstone Press, 1996, p44.
⑸Cadbury Report: the Financial Aspects of Corporate Governance,1992, para.2.5
⑹Andrei Shleifer ﹠Robert w.Vishny, ”A survey of Corporate Governance”,52 The Journal of Finance 769,1997.
⑺According to statistics, in the all 1124 publicly listed corporations in China up to April,2001,,there are 890 corporations in each one of which the biggest shareholder’ share proportion exceeds 50%,and 730 corporations that the biggest shareholders are all state-owned shares.,
⑻Frank H. Easterbrook ﹠Daniel R. Fischel, The Economic Structure of Corporate Law, Harvard University Press, 1991, p6
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