Corporate governance reform of listed company in china Essay

Corporate governance reform of listed company in china - Essay Example In addition, the corporate governance of a company is indispensible in influencing how the company is functioning. According to Development Institute (2005), â€Å"the presence of strong governance standards provides better access to capital and aids economic growth.† Thus good corporate governance ascertains that the business operation of a company is transparent and fair and simultaneously enables the controlling authorities to hold companies accountable for their actions in the market. On the contrary, weak corporate governance leads a company towards corruption, mismanagement as well as waste of useful resources (Lin, 2001). Centre for Financial Market Integrity (2007) mentioned that â€Å"Corporate governance is critically important to a country’s economic growth and stability, because it provides the credibility and confidence that is fundamental to capital markets.† Hence, from the discussion it is evident that corporate governance is an important subject for a nation’s economy. The recent history of corporate governance and economic reforms in China has been marked as one of the important phases of the country as it started to focus more on the development of private enterprises and capitalism (Bebchuk and Hamdani, 2009). Moreover, China also succeeded to align itself with the international economy and has further sought to espouse Western-style administration mechanisms and legal principles pertaining to the function of its companies (Rand Corporation, 2008). The chronological development of the corporate governance in China has passed through four major stages. The first stage was from 1949 to 1983, where state-owned enterprises (SOEs) subjugated the Chinese economy and as a result, the state controlled and commanded almost every economical aspect (Bhagat, Bolton and Romano, 2008). During this era, the Western-style corporate governance also did not existed in the country. The second stage was from 1984 to 1993. This phase is characterised by commencement of the separation of enterprise and government in China. The Shenzhen Stock Exchange (SZSE) and the Shanghai Stock Exchange (SSE) was also established in this epoch. Alongside this, the China Securities Regulatory Commission (CSRC) was also established as a government body to regulate the stock market. The third stage continued from 1994 to 2005, which is marked by the commencement of trialling the modern enterprise structures. The company law was also passed which mentioned the responsibilities and rights for the companies operating in China. Despite, the passage of company law, it had a far-reaching affect on the Chinese Economy and corporate governance and as a consequence, the state shareholders enjoyed overwhelming favouritism over single investors (Roe, 2002; Development Institute, 2005). The fourth stage as is currently in progress from 2006 onwards. During this phase corporate governance has witnessed colossal growths in China. It encompassed legislation that was aimed to form equilibrium of the power asymmetry among the individual or single shareholders and state shareholders. The current corporate governance system of china lacks credibility. This can be said from the fact that many of the Chinese companies are not aligning to the standard policies and regulations of the business as well as government

Culture of Laughter Essay Example | Topics and Well Written Essays - 2000 words

Culture of Laughter - Essay Example Bean is that their writers have determined 'laughter' as a reaction that serves the function of a social sanction. In this context Bergson's research on laughter theory reveals that the function of comedy is to correct the 'follies' of mankind by making them appear ridiculous. In other words, such event in which any actor performs 'antisocially' generates an amusing situation. The power of laughter as a social sanction has thus been elucidated in many comedy movies as well as comics. On the other hand, we have seen that the theory of the 'corrective' function of laughter is inadequate to explain its arousal by verbal wit, which as we have seen is similar to any other type of ludicrous situation in many movies of Loriot. However, this is not the case with Mr. Bean, as Mr. Bean comedies revolve around gestures and expressions. Both the characters represent comedies in a social environment however, the difference exists in their way of representing; Loriot with less expressions and more humour whereas Mr. Bean with more physicality in the comedy. Vicco von Bulow, a German humour performer of comedy remembered as 'Loriot' is best known as a 'cartoonist' for the movies in which he used to perform. His famous work contains television series 'Loriot'. 'Odipussi' and 'Pappa ante portas' are his well known comedies in which he performed not only as a comedian but as a performer. (Loriot, 2007a) Though an all-rounder in artistic works (writer, director and poet), Loriot highlights humour in most of his comedy films and dramas by presenting a series of 'laughing' events, but still one wonders how the sheer relief of such events, whether in the participator who escapes in person or in the observer who watches a peril that passes him touch others, marks a distinct species of laughter. (Gregory, 1924, p. 22) Among all societies one finds a more or less organised system of social sanctions related to the prevailing code of right and wrong. Such sanctions may be positive, that is, designed to encourage socially desirable behaviour or they may be negative, that is, they may serve to discourage anti-social behaviour. Loriot's comedies inhibit all the characteristics of such positive and negative loopholes of the society in such a critical manner that one does not have any option other than to laugh. His comedies are non physical in nature as compared with those of Mr. Bean's and present before us the flaws of modern society in combination with humour and laugher that one does not feel awkward. Though such sanction exist in all societies, and any theory which is to explain their meaning must take account of their various manifestations in totally different types of social structure, but the way Loriot presents our society's dilemmas is much more than what viewer expects. (Piddington, 1963, p. 117) In other words we can say that Loriot presents society in a critical manner. Loriot's Humour If we analyse Loriot's work in the light of Bergson's laughter theory, most of his films represent laughter triggering in a social surrounding. Following the notion that laughter only triggers among humans, his films highlight all the antisocial happenings but in a social environment. This is evident from one of his dramas 'once upon a noodle', in which Loriot confronts a situation where all the restaurant members