East Asian Corporate Governance and East Asian Community : From Economic System Competition to Corporate System Competition

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The U.S. financial crisis, which stemmed from the breakdown of the subprime loan, is expanding further and developing into a global financial crisis. This crisis is greatly influencing East Asian countries that have experienced rapid growth. This paper examines East Asian corporate governance just before the crisis. In this paper, East Asia means China, Hong Kong, Russia, Korea, Taiwan and Singapore. That is, East Asia is China, Russia and the previous NIES. As I discusses in detail, in both China and Russia, large state monopoly enterprises are born one after another as they move toward a market economy. Older state-owned enterprises are converting to large state monopoly enterprises, and the latter have a marked influence not only on the country, but also on the entire world economy. The following are features of state monopoly enterprises: 1. Although a state-owned enterprise is privatized, it maintains approximately two thirds ownership ratio to its public company as a holding company, and as a result substantially continues to control its management. 2. The most efficient part of all state-owned enterprise resources are transferred to a public company, and state monopoly enterprises continue to maintain monopolistic status in each market. 3. Such a monopolistic position brought about the adhesion and unifi cation with politics, and, in certain cases, corruption. In East Asia, the market-centered corporate governance in Japan and some other countries, along with the large state monopoly enterprises in China and Russia, is developing a new form of competition. The previous economic system competition is changing into the corporate system competition. In such conditions, I would like to examine whether or not the East Asian community can be established. Section 1 summarizes East Asian business activity and its financial markets. Section 2 discusses Chinese corporate governance, Section 3 discusses corporate governance in Russia, Singapore, Korea and Taiwan. Finally, Section 4 summarizes the relationship between East Asian corporate governance and the East Asian community, and the role of Japanese companies.

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