1st Edition

The Theory of the Firm and Chinese Enterprise Reform
The Case of China International Trust and Investment Corporation

ISBN 9780415652803
Published August 12, 2014 by Routledge
224 Pages

USD $59.95

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Book Description

Changes to corporate structure, including the role of the corporate headquarters, have been key factors in bringing about economic reform in China. In this penetrating and insightful book, Xiao questions the conventional theory of the firm, arguing that the ultimate goal of the headquarters of modern large corporations is to function as a substitute for the market, and introducing a new explanation for the nature of the firm - the 'substitution function model'. He provides an insider's account of the reforms in CITIC, and as such this is a rare narrative that should be essential reading for scholars and practitioners who care about the theory and practice of the firm, in particular in the context of Chinese enterprise reform.

Table of Contents

List of Tables  List of Diagrams  Endorsements  Introduction  Foreword  Preface  1. Introduction  2. Overview of the Literature  3. The Establishment of 'Substitution Function Model' and the Study of the Relevant Variables  4. CITIC Story: Case Study  5. Conclusion  Appendix  References  Index

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Dr Qin Xiao is Chairman of China Merchant Group Limited and China Merchants Bank since 2001. Before that, he was Vice Chairman and President of China International Trust and Investment Corporation (CITIC), and Chairman of CITIC Industrial Bank. He is a member of the APEC Business Advisory Council (ABAC) and was Chair of ABAC in 2001. Dr Qin Xiao is also a member of Toyota's International Advisory Board. He holds a Ph.D. in economics from University of Cambridge, and serves as an Honorary Professor at the Business School of Tsinghua University and the Graduate School of the People's Bank of China. He is the author of several papers and books in the fields of economics and management, and a keynote speaker at various international fora, such as APEC.