Estado e mercado na reforma da governança corporativa chinesa
DOI:
https://doi.org/10.5007/2177-5230.2020v35n77p349Resumo
Depois de um longo período de exclusão do debate econômico, o estrondoso sucesso da transformação estrutural da China voltou a colocá-la no centro do debate. Na base de tal sucesso, está o processo de reforma econômica, que teve como um dos seus eixos a modernização da governança corporativa das empresas estatais (SOEs). O objetivo do artigo foi discutir as diretrizes de tal modernização e como esta se articula com o Sistema Partido-Estado. Para atingir o objetivo proposto, discutiu-se instituições, governança corporativa moderna e a reforma da governança das SOEs chinesas. Conclui-se que mesmo considerando a opacidade de certas relações informais na governança das SOEs, algumas evidências parecem apontar para efetividade da reforma na melhoria da performance e atração de capitais delas.
Referências
ACEMOGLU, D.; ROBINSON, J. Why nations fail: the origins of power, prosperity and poverty. New York: Crown, 544 p., 2012.
AGLIETTA, M. Shareholder value and corporate governance: some tricky questions. Economy and Society, London, v. 29, n.1, pp. 146-159, 2000.
ARTHUR, W. B. Competing Technologies and lock-in by historical events: the dynamics of allocation under increasing returns, Stanford University, CEPR, Discussion Paper, 1985.
BERNSTEIN, P. Capital ideas evolving. New Jersey: John Wiley & Sons, Inc., 282f., 2007.
BUSH, P. D. The theory of institutional change. Journal of Economic Issues, 21(3), 1075-1116, 1987.
CEPAL. Transformación productiva con equidad: la tarea prioritaria del desarrollo de América Latina y el Caribe en los años noventa, Santiago de Chile, Organización del Naciones Unidas, 1990.
CHANG, H. Institutions and economic development: theory, policy and history. Journal of Institutional Economics, 7: 4, 473–498, 2011.
CHARREAUX, G; DESBRIÈRES, P. Corporate governance: stakeholder value versus Shareholder value, Journal of Management and Governance, v. 5, n. 2, pp. 107-128, 2001.
CHAVANCE, B. Ownership transformation and system change in China, Revue de la régulation. 2017. Disponível em: http://regulation.revues.org/12298. Acesso em: 15.07.2020.
CHINA Statistical Yearbook. Peoples Republic of China. National Bureau of Statistics. 2000-2019. Available at: http://www.stats.gov.cn/tjsj/ndsj/2019/indexeh.htm, Acess: 15.08.2020.
DEQUECH, D. Some institutions (social norms and conventions) of contemporary mainstream economics, macroeconomics and financial economics. Cambridge Journal of Economics, v. 41, p. 1627-1652, 2017.
DIAMOND, S. F. The PetroChina syndrome: regulating capital markets in the anti-globalization era. Cornell Law Faculty Working Papers. Paper 11, 2003.
DOSI, G. Institutions and markets in a dynamic world. The Manchester School, vol. LVI, n. 2. Reimpresso em: DOSI, G. Innovation, organization and economic dynamics: selected essays. Cheltenhand, UK: Edward Elgar, 2000.
FAMA, E. F. Efficient capital markets: a review of theory and empirical work. The Journal of Finance. Cambridge, v. 25, p.383-417, May 1970.
FORTUNE Global 500. CNN Money. 2015. Available at: http://money.cnn.com/magazines/fortune/global500. Acess: 10.08.2020.
GAO, P. Economic reform in China: problems and future prospects. Graduate Student Theses, Dissertations & Professional Papers. 5149, 1988.
JABBOUR, E. M. K. Projeto nacional, desenvolvimento e socialismo de mercado na China de hoje. São Paulo, 2010. Tese (Doutorado em Geografia) – Faculdade de Filosofia, Letras e Ciências Humanas, Universidade de São Paulo, São Paulo, 2010.
JENSEN, M. C. Some anomalous evidence regarding market efficiency. Journal of Financial Economics, Rochester, New York, v.6, n.1, p. 95-101, 1978.
JENSEN, M. C.; MECKLING, W. H. Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics, v. 3, n. 4, pp. 305-360, oct. 1976.
KERSTENETZKY, J. A natureza da firma contemporânea: o problema da governança corporativa à luz da história do pensamento econômico. Econômica, Rio de Janeiro, v. 9, n. 2, p. 209-238, 2007.
LAZONICK, W. Corporate governance, innovative enterprise, and economic development. UNU World Institute for Development Economics Research (UNU-WIDER). Research paper n. 71. 2006. Available at: http://www.wider.unu.edu/publications/rps/rps2006/rp2006-71.pdf. Acess: 01 set. 2013.
LAZONICK, W.; O’SULLIVAN, M. Maximizing shareholder value: a new ideology for corporate governance. Economy and Society, v. 29, n. 1, pp. 13-35, 2000.
LIN, K. J.; LU, X.; ZHANG, J.; ZHENG, Y. State-owned enterprises in China: A review of 40 years of research and practice, China Journal of Accounting Research, v. 13, n. 1, pp. 31-55, 2020.
LIN, L. (2013). State ownership and corporate governance in China: an executive career approach ([forthcoming in 2013]) 3, Colum Bus L Ver, 743, 2013.
LO, D. State-qwned enterprises in chinese economic transformation: institutional functionality and credibility in alternative perspectives, Journal of Economic Issues, 54:3, 813-837, 2020.
NOGUEIRA, I. Estado e capital em uma China com classes. Revista de Economia Contemporânea, v. 22, p. 1-23, 2018.
NORTH, D. Transaction costs, institutions, and economic performance. Occasional papers - International Center for Economic Growth, n. 30, 1992.
NORTH, D. C. Institutions. Journal of Economic Perspectives, 5, 97–112, 1991.
POLANYI, K. A grande transformação. 2ed. Rio de Janeiro: Elsevier, 2000.
POMAR, W. O enigma chinês. 2 ed. São Paulo: Editora Fundação Perseu Abramo, 2015.
PWC. Global top 100 companies. 2020. Available at: http://www.pwc.com. Acess: 02 ago. 2020.
SINGH, Ajit. Du plan au marché: la réforme maîtrisée en Chine. In: Tiers-Monde, tome 35, n°139, 1994. L'ouverture hétérodoxe: politiques et réformes économiques pour les années 90 (sous l'égide de la CNUCED) pp. 659-684, 1994.
SINGH, Ajit; SINGH, Alaka; WEISSE, B. Corporate governance, competition, the new international financial architecture and large corporations in emerging markets. 2002. Available at: http://www.cbr.cam.ac.uk/pdf/WP250.pdf. Acess: 25 mar. 2014.
SOUZA, R. Estado e capital na China. Salvador: EDUFBA, 2008, 285 p. ISBN 978-85-232-2002-0. Available at: https://doi.org/10.7476/9788523220020. Acess: 25.06.2020.
STRACHMAN, E. (2002). Instituições: uma caracterização crítica. Revista Economia da ANPEC, Niterói-RJ, v. 3, n.1, p. 113-157, 2002.
TISDELL, C. Thirty years of economic reform and openness in China: retrospect and prospect. Working papers in the series, Economic Theory, Applications and Issues, are published by the School of Economics, University of Queensland, 4072, Australia, 2008.
WANG, J.; TANG, C. H. Mixed ownership reform and corporate governance in China’s state-owned enterprises, Forthcoming, 53 VAND. J. TRANSNAT’L L, 2020.
WILLIANS, K. From shareholder value to present-day capitalism. Economy and Society, v.29, n.1, pp. 1-12, 2000.
WU, Y. Rethinking capitalist restoration in China. Monthly Review, New York, v. 57, n. 6, p. 44-63, nov. 2005.
ZHANG, Y. Economic system reform in China. WIDER Working Papers (1986-2000) 1989/055. Helsinki: UNU-WIDER., 1989.
Downloads
Publicado
Edição
Seção
Licença
Este trabalho está licenciado com uma Licença Creative Commons - Atribuição 4.0 Internacional.