This book examines the role of corporate structure, including the role of corporate headquarters, in the success of large firms. It considers these issues in relation to large global corporations, thereby providing a 'benchmark', which is then used as a contrast in a discussion of corporate structure and the role of corporate headquarters within large Chinese firms, many of which have evolved from former government ministries. It includes a detailed case-study of firms in the crucially important oil and petro-chemical sector. Overall, the book shows what a hugely competitive battle China's emerging 'national champions' face with their global competitors, and puts forward policy implications both for large Chinese firms and for the Chinese government concerning how business systems should be reformed further still in order to construct globally competitive large industrial corporations.

Jin Zhang is Leverhulme Research Fellow in the Judge Institute of Management and Fellow of Wolfson College at the University of Cambridge. Her main research interests are international business and China. She is currently undertaking research on China's large corporations and their position within the global business system.

List of Tables List of Figures List of Abbreviations Acknowledgements 1. Introduction 2. The Function of Corporate Headquarters 3. Corporate Structure and Headquarters' Function: BP and Shell 4. Government Centralisation and Corporatisation: CNPC and Sinopec from 1950s to 1997 5. Restructuring for Vertical Integration and Flotation: CNPC and Sinopec in 1998 and 1999 6. Corporate Structure and Headquarters Function: PetroChina and Sinopec 7. From Production Unit to Autonomous Enterprise and back to Production Unit: Daqing and Zhenhai 8. The Challenges for Large Chinese Firms 9. Conclusion Bibliography