Corporate Governance in China: Then and Now

Corporate governance has become a globally debated topic. As multinational corporations enter new global markets, complications abound due to the myriad of corporate governance rules existing among the various legal systems. One example of the new markets becoming more available to American investment is the Chinese market. In light of both the grant of permanent normal trade relations (PNTR) to China and China's anticipated membership in the World Trade Organization (WTO), the American business community is apt to find more opportunity for investment in China. American investors are likely to be increasingly interested in understanding the current Chinese corporate governance regime as they consider the Chinese market for investment of their assets. The goal of this paper is to provide an analysis of the corporate governance system in China and offer some suggestions for improvement to make the Chinese market more attractive to foreign investors. This paper is organized as follows. Part I provides general background information on the historical corporate governance structures prevalent in China. Part II then analyzes current governance issues, in particular those occurring in the context of corporatization of China's State-owned enterprises. Part III offers proposals for reform and is followed in Part IV by our concluding remarks.http://deepblue.lib.umich.edu/bitstream/2027.42/39791/3/wp407.pd

Corporate Governance in China: Then and Now

Corporate governance has become a globally debated topic. As multinational corporations enter new global markets, complications abound due to the myriad of corporate governance rules existing among the various legal systems. One example of the new markets becoming more available to American investment is the Chinese market. In light of both the grant of permanent normal trade relations (PNTR) to China and China's anticipated membership in the World Trade Organization (WTO), the American business community is apt to find more opportunity for investment in China. American investors are likely to be increasingly interested in understanding the current Chinese corporate governance regime as they consider the Chinese market for investment of their assets. The goal of this paper is to provide an analysis of the corporate governance system in China and offer some suggestions for improvement to make the Chinese market more attractive to foreign investors. This paper is organized as follows. Part I provides general background information on the historical corporate governance structures prevalent in China. Part II then analyzes current governance issues, in particular those occurring in the context of corporatization of China's State-owned enterprises. Part III offers proposals for reform and is followed in Part IV by our concluding remarks.corporate governance, law reform, China, corporate law

Chinese Business and the Internet: The Infrastructure for Trust

Although the Internet and E-commerce revolutions have clearly taken hold in the United States and Europe, the Chinese culture has been slow to adopt the Internet as a marketplace. The Authors cite a lack of trust on the part of both potential consumers and potential merchants as the primary obstacle to a robust Chinese E-commerce community. To remedy this lack of trust, the Article proposes the nation seek a middle way between reforms guided by Western rule of law and Eastern rule of ethics, thus incorporating effective regulatory strategies and the philosophical resources already within the Chinese cultural consciousness. The Authors propose a framework based on three distinct varieties of trust, and apply that framework across the specific policy problems that impede vibrant E-commerce in China--namely, the development of a workable regulatory regime, and the particular problems of privacy and defamation that seem to be related to the growth of E-commerce. Ultimately, the Authors suggest that to successfully navigate this dramatic shift to an Internet-enabled economy, China should embrace its past but recognize that the new E-commerce context also may demand new solutions

Composite Layer Manufacturing with Fewer Interruptions

An improved version of composite layer manufacturing (CLM) has been invented. CLM is a type of solid freeform fabrication (SFF) -- an automated process in which a three-dimensional object is built up, point-by-point, through extrusion of a matrix/fiber composite-material precursor. In CLM, the translation and the extrusion operation are such that the final size and shape of the fabricated object are as specified by a computer-aided design (CAD). Sometimes, in order to achieve the desired final shape

The Future of Securities Class Actions against Foreign Companies: China and Comity Concerns

In Morrison v. National Australia Bank Ltd., the U.S. Supreme Court limited the application of U.S. securities fraud law in transnational situations. The Supreme Court noted that its decision was influenced by international comity considerations. In this Article, we evaluate the availability of class actions in China in cases involving alleged securities fraud. Because we find that the availability of those actions is too limited to fully protect U.S. shareholders, we argue that U.S. investors should be permitted to bring securities fraud class actions against non-U.S. companies whose securities are traded on a U.S. exchange regardless of where those investors entered into the relevant securities transactions

Electroweak Baryogenesis, CDM and Anomaly-free Supersymmetric U(1)-prime Models

We construct two anomaly-free supersymmetric $U(1)'$ models with a secluded $U(1)'$-breaking sector. For the one with $E_6$ embedding we show that there exists a strong enough first order electroweak phase transition for electroweak baryogenesis (EWBG) because of the large soft trilinear terms in the Higgs potential. Unlike the Minimal Supersymmetric Standard Model (MSSM), the stop masses can be very heavy. We then discuss possible CP violation in the Higgs sector, which can be both spontaneous and explicit, even at tree level. The spontaneous violation provides a direct source for baryogenesis, while its magnitude is mediated by an explicit phase from the secluded sector. These new CP sources do not introduce significant new contributions to electric dipole moments. EWBG in the thin wall ($\tau$ leptons) and thick wall regimes (top squarks, charginos and top quarks) are systematically discussed. We find that the CP-violating stop and chargino currents are very different from those obtained in the MSSM. Due to the space-dependence of the relevant CP phases, they do not require a variation of $\tan \beta$ in the bubble wall to have a non-trivial structure at the lowest order of Higgs insertion. In addition to $\tau$ leptons, top squarks and charginos, we find that top quarks can also play a significant role. Numerical results show that the baryon asymmetry is large enough to explain the cosmological observation today. We illustrate that EWBG and neutralino cold dark matter can be accommodated in the same framework, i.e., there exists parameter space where a strong enough first order EWPT, large CP phase variations across the bubble wall, a reasonable baryon asymmetry as well as an acceptable neutralino dark matter relic density can be achieved simultaneously.Comment: 71 pages, 20 figure

Apparatus and process for freeform fabrication of composite reinforcement preforms

A solid freeform fabrication process and apparatus for making a three-dimensional reinforcement shape. The process comprises the steps of (1) operating a multiple-channel material deposition device for dispensing a liquid adhesive composition and selected reinforcement materials at predetermined proportions onto a work surface; (2) during the material deposition process, moving the deposition device and the work surface relative to each other in an X-Y plane defined by first and second directions and in a Z direction orthogonal to the X-Y plane so that the materials are deposited to form a first layer of the shape; (3) repeating these steps to deposit multiple layers for forming a three-dimensional preform shape; and (4) periodically hardening the adhesive to rigidize individual layers of the preform. These steps are preferably executed under the control of a computer system by taking additional steps of (5) creating a geometry of the shape on the computer with the geometry including a plurality of segments defining the preform shape and each segment being preferably coded with a reinforcement composition defining a specific proportion of different reinforcement materials; (6) generating programmed signals corresponding to each of the segments in a predetermined sequence; and (7) moving the deposition device and the work surface relative to each other in response to these programmed signals. Preferably, the system is also operated to generate a support structure for any un-supported feature of the 3-D preform shape

Adaptive Fractional Fuzzy Sliding Mode Control for Multivariable Nonlinear Systems

This paper presents a robust adaptive fuzzy sliding mode control method for a class of uncertain nonlinear systems. The fractional order calculus is employed in the parameter updating stage. The underlying stability analysis as well as parameter update law design is carried out by Lyapunov based technique. In the simulation, two examples including a comparison with the traditional integer order counterpart are given to show the effectiveness of the proposed method. The main contribution of this paper consists in the control performance is better for the fractional order updating law than that of traditional integer order

Electroweak Baryogenesis in a Supersymmetric U(1)' Model

We construct an anomaly free supersymmetric U(1)' model with a secluded U(1)'-breaking sector. We study the one-loop effective potential at finite temperature, and show that there exists a strong enough first order electroweak phase transition for electroweak baryogenesis (EWBG) because of the large trilinear term $A_h h S H_d H_u$ in the tree-level Higgs potential. Unlike in the MSSM, the lightest stop can be very heavy. We consider the non-local EWBG mechanism in the thin wall regime, and find that within uncertainties the observed baryon number can be generated from the $\tau$ lepton contribution, with the secluded sector playing an essential role. The chargino and neutralino contributions and the implications for the Z' mass and electric dipole moments are briefly discussed.Comment: RevTex, 4 pages, 2 figures, references added, version to appear in PR