Academic journal article International Journal of Business

Greater China Economy: 21st Century Challenges and Opportunities

Academic journal article International Journal of Business

Greater China Economy: 21st Century Challenges and Opportunities

Article excerpt

I. INTRODUCTION

Greater China is expected to play an increasingly important role in the world economy in the 21st century. This special volume investigates various challenges and opportunities facing Greater China today. This examination should yield, we hope, useful insights in the ongoing Chinese economic development process and related financial issues for both policy makers and scholars.

The first article, "Financial Liberalization and Corporate Governance in China," by Fung and Leung documents the Chinese financial market liberalization, corporate control issues and the potential role of offshore markets such as Hong Kong and New York where Chinese firms can raise new capital for growth.

The second article, "Short-term Dynamic Transmission and Long-term Foreign Share Discount: Evidence from the Chinese Stock Markets," by Xu and Liu considers the corporate governance issue by investigating the price differentials between two types of equity, A (with greater proportional voting rights) and B (where a relative loss of voting rights is compensated by a relative gain in dividend payments). Generally the type B shares sell at lower price than the type A. The authors use a bivariate GARCH process to model the short-run dynamic transmissions of information between the two types of shares. They find that company earnings, the company ownership, and the capital structure are significantly related the price discount of B shares relative to A shares.

The third article, "A Location Analysis of Taiwanese Manufacturing Branch-Plants in Mainland China," by Hou and Zhang analyzes the location decision of Taiwanese firms in China for the period: 1987-1998. …

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