During the last 30 years of reform and opening up, China’s private enterprises have acted with different "identities" and "organizational form" at different stages. The specific transition background determines that the historical perspective with which to analyze the governance evolution of China’s private enterprises is appropriate. The governance evolution of China’s private enterprises is characterized by environmental constraints, which include the change of the economic system, industrial organization, as well as management and nancial markets. The internal demand-driven resource is another stylized factor which conditions the enterprises’ maximization behaviors for growth. The adaptive choice is the endogenous mechanism of governance evolution of the private enterprises.
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