This article will introduce both the dominant corporate model and corporate ownership structure as well as the model for the most efficient corporate governance system under the New Pluralistic Business Legal Order, as promoted by the proponents of the theory of global convergence of corporate governance. The author discusses how this phenomenon impacts China's corporate governance system during its ongoing economic and legal reforms. The author identifies the path dependencies and other problems the Chinese corporate governance system has been encountering, and suggests measures to address these problems. The article concludes by exploring why the path dependencies are harder to overcome in China, a "rule of man" country, than in other "rule of law" countries.
Worldwide Corporate Convergence within a Pluralistic Business Legal Order: Company Law and the Independent Director System in Contemporary China,
31 Hastings Int'l & Comp. L. Rev. 361
Available at: https://repository.uchastings.edu/hastings_international_comparative_law_review/vol31/iss1/8