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Research on corporate governance of Chinese private enterprises listed overseas: A case study of NVC
corporate governance structure
corporate governance mechanism
listed in Hong Kong
Chinese private enterprise
Lacking of financing channels, Chinese private enterprises encounter the problem of inadequate funding. Their management effectiveness is not high without a modern corporate governance structure. Through listing overseas, the entrepreneurs sell shares to obtain funds, expanding the scale of production and operation. Institutional investors invest in private enterprises and change their corporate governance structure to promote these private enterprises to go public, making profit in the stock market. It seems that private enterprises not only get more financing channels but also reform corporate governance structure. However, a complicated corporate governance structure means that more stakeholders will participate in corporate governance for their own interests. Sometimes these stakeholders overlook the profit of the whole enterprise. NVC Lighting Holding Limited is a representative of Chinese private enterprises listed overseas. Through listing in Hong Kong, NVC changed its corporate governance structure and improved business performance, but experienced a management crisis result in a poor performance. Through a case study of NVC Ltd., we hope to explore some corporate governance issues of Chinese private enterprises listed overseas. This study concluded that, preventing the abuse of control of the founder and guiding the behavior of institutional investors to form a stable board of directors, re-distributing the benefit of other stakeholders, discovering more high-quality information and strengthening supervision from the government and stock are important to sound corporate governance mechanism which is the key to solving the problems of corporate governance.
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