Mercado e estado na reforma da governança corporativa das empresas estatais chinesas

Abstract

After a long period of exclusion from the world economy, the resounding success of China's recent structural transformation has put it back at the center of the global stage. The basis of this success is the enduring process of deep economic reform. One of its axes is the modernization of corporate governance of state-owned enterprises (SOEs). The objective of the article was to discuss the guidelines of such modernization and how it is articulated with the Party-State System. The main point is how to reconcile this governance reform with corporate-governance best practice by market standards, the principle of maximizing shareholder value (MSV). We conclude that even considering the opacity of certain informal relationships in the governance of SOEs, literature evidences seem to point to the effectiveness of the reform in improving their performance and attracting private capital.