Le contexte général et le thème de la recherche
We choose the corporate governance issues in an emerging market like China as our study subject. There are two main interests for us to choose this subject. Firstly, why choose the corporate governance subject? Despite many academic studies focused on the relation between the corporate governance and the performance of the enterprise, there are little evidences to show causality between the two sides. Indeed, it’s difficult to answer the question whether good corporate governance can certainly leads to a better operational performance. However, on another aspect, many studies do prove that there is a strong coherence between the bad corporate governance and the poor market value. Besides, following the explosion of financial crisis in 2008, the traditional AngloSaxon model of the corporate governance has been widely doubted and questioned. So what is the best approach to control the enterprise in a new globalization environment becomes a “new” big issue to each shareholder, board member and country governor. Secondly, why concentrate our analysis in China? Since 1978, China has changed its economic structure, from the state-owned enterprises (SOE) transferring to the partially or wholly private enterprises. This change of enterprise ownership has led to a great revolution of corporate governance. And despite this undergoing process of privatization of SOE, state government still holds a relative high level of participation and thus a great impact on the their firms. Even in a fully privatized enterprise, because of Chinese culture which implies social network or “Guanxi” in Chinese, state government can still execute a significant influence over the decision making process. Furthermore, although Chinese market has developed rapidly, which once had only 14 listed companies in the begin 1990’s but valued more than $3.21 trillion in 2009 overtaking Japan’s market as world’s NO.2, the development of regulatory regime is