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

1st Edition

Xiao Qin

Routledge
Published August 15, 2014
Reference - 224 Pages
ISBN 9780415652803 - CAT# Y143911
Series: Routledge Studies on the Chinese Economy

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Summary

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.

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