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The State As Controlling Shareholder In Chinese State Owned Enterprises
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Book Synopsis The State As Controlling Shareholder in Chinese State-Owned Enterprises by : Jiangyu Wang
Download or read book The State As Controlling Shareholder in Chinese State-Owned Enterprises written by Jiangyu Wang and published by . This book was released on 2018 with total page 6 pages. Available in PDF, EPUB and Kindle. Book excerpt: This short paper discusses the recently promoted mixed-ownership reform (MOR) in light of the increasingly strengthened "Party-building" work in SOEs. It first briefly introduces the state of SOEs in China as well as the legal and political structures of corporate governance in SOEs. It then proceeds to examine the MOR and its implications, focusing on the recent controversial case of China Unicom's MOR. From this MOR case the paper advances the possibility for the emergence of a 'Consultative Corporate Governance' model in Chinese SOEs with mixed-ownership. The paper ends with questions and directions for future research.
Book Synopsis State-owned Enterprise Reform in China by : Justin Yifu Lin
Download or read book State-owned Enterprise Reform in China written by Justin Yifu Lin and published by Chinese University Press. This book was released on 2001 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work is a continuation of the authors' earlier publication, "The China Miracle: Development Strategy and Economic Reform". The authors review the historical evolution of the state-owned enterprises, analyze the current problems, and suggest the direction for future reforms.
Book Synopsis Regulating the Visible Hand? by : Benjamin L. Liebman
Download or read book Regulating the Visible Hand? written by Benjamin L. Liebman and published by Oxford University Press. This book was released on 2015-10-19 with total page 481 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economic and geopolitical implications of China's rise have been the subject of vast commentary. However, the institutional implications of China's transformative development under state capitalism have not been examined extensively and comprehensively. Regulating the Visible Hand? The Institutional Implications of Chinese State Capitalism examines the domestic and global consequences of Chinese state capitalism, focusing on the impact of state-owned enterprises on regulation and policy, while placing China's variety of state capitalism in comparative perspective. It first examines the domestic governance of Chinese state capitalism, looking at institutional design and regulatory policy in areas ranging from the environment and antitrust to corporate law and taxation. It then analyses the global consequences for the regulation of trade, investment and finance. Contributors address such questions as: What are the implications of state capitalism for China's domestic institutional trajectory? What are the global implications of Chinese state capitalism? What can be learned from a comparative analysis of state capitalism?
Download or read book From State to State written by Kun Wang and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses a sample of Chinese listed companies whose controlling shareholders have changed from government agencies to state-owned enterprises (SOEs), to examine whether reducing government intervention while maintaining government's ultimate control could improve firm performance. The results show that the overall performance of these firms improves after the transfer of their controlling shareholders, due to improvements in both operating and non-operating performance. When we separate all samples into solely SOEs and other SOEs based on the controlling shareholder, we find that operating performance improved significantly in the solely SOE group, whereas non-operating performance improved significantly in the SOE group. In addition, we identify sources of performance improvement from two perspectives: corporate governance and related party transactions. The results imply that the Chinese Government should continue to decentralize control and, at the same time, continue to monitor firm operating efficiency.
Book Synopsis Resource Misallocation Among Listed Firms in China: The Evolving Role of State-Owned Enterprises by : Ms. Emilia M Jurzyk
Download or read book Resource Misallocation Among Listed Firms in China: The Evolving Role of State-Owned Enterprises written by Ms. Emilia M Jurzyk and published by International Monetary Fund. This book was released on 2021-03-12 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: We document that publicly listed Chinese state-owned enterprises (SOEs) are less productive and profitable than publicly listed firms in which the state has no ownership stake. In particular, Chinese listed SOEs are more capital intensive and have a lower average product of capital than non-SOEs. These productivity differences increased between 2002 and 2009, and remain sizeable in 2019. Using a heterogeneous firm model of resource misallocation, we find that there are large potential productivity gains from reforms which could equalize the marginal products of listed SOEs and listed non-SOEs.
Book Synopsis Corporate Governance Strengthening Latin American Corporate Governance The Role of Institutional Investors by : OECD
Download or read book Corporate Governance Strengthening Latin American Corporate Governance The Role of Institutional Investors written by OECD and published by OECD Publishing. This book was released on 2011-07-01 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report reflects long-term, in-depth discussion and debate by participants in the Latin American Roundtable on Corporate Governance.
Book Synopsis China's State-owned Enterprises by : Hong Sheng
Download or read book China's State-owned Enterprises written by Hong Sheng and published by World Scientific. This book was released on 2013 with total page 407 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Nature, the Performance, and the Reform of State-owned Enterprises provides a detailed description of state-owned enterprises (SOEs) in China with respect to both efficiency and income distribution. It shows that state ownership in the form of SOEs does not use resources efficiently and has a poor record in income distribution. Moreover, SOEs are found to enjoy unfair advantages in their competition with other firms. To illustrate the point, the book presents data revealing how favored policies, monopolistic powers, and subsidies benefit SOEs. These advantages are worth several trillion yuans a year. It is a sad irony that such wealth of the people is used to beef up the revenues of the SOEs, making their accounts look much better than they should be.This book, with its rich empirical data and information, is an authoritative reference for researchers interested in SOEs. It is also a good read for students of social sciences and the public to learn more about SOEs.
Book Synopsis State-Owned Enterprise's Ownership Reform by : Zhigang Zheng
Download or read book State-Owned Enterprise's Ownership Reform written by Zhigang Zheng and published by Taylor & Francis. This book was released on 2022-12-27 with total page 313 pages. Available in PDF, EPUB and Kindle. Book excerpt: In reviewing the new round of state-owned enterprise (SOE) reforms characterized by mixed ownership since 2013 in China, this book systematically investigates the theoretical underpinnings, model options and approaches to implementation of SOE mixed-ownership reforms. SOE reforms have functioned as an integral part of China’s transformation to a market-oriented economy. Responding to the changing economic context and negative repercussions of earlier SOE reforms launched in the late 1990s, SOE mixed-ownership reforms encourage the participation of different types of capital and sounder management mechanisms. The author first reviews the impetus behind SOE mixed-ownership reforms and discusses how modern property rights theory and decentralized control theory perform as the theoretical underpinnings of the reforms. Based on cases of many completed SOE mixed-ownership reforms, the book summarizes and assesses the feasible models and implementation details of the reforms. It also examines how the reforms have impacted state-owned assets as well as executives’ compensation and incentives, both of which run parallel to the core reforms surrounding ownership. The book will appeal to professional readers studying entrepreneurial theory, corporate governance, China’s SOE reforms and Chinese business and the economy, as well as investors and policy makers interested in the Chinese market and Chinese enterprise reform.
Book Synopsis The Oxford Handbook of Corporate Law and Governance by : Jeffrey Neil Gordon
Download or read book The Oxford Handbook of Corporate Law and Governance written by Jeffrey Neil Gordon and published by Oxford University Press. This book was released on 2018 with total page 1217 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate law and governance are at the forefront of regulatory activities worldwide, and subject to increasing public attention in the wake of the Global Financial Crisis. Comprehensively referencing the key debates, the Handbook provides a much-needed framework for understanding the aims and methods of legal research in the field.
Book Synopsis Reframing Related Party Transactions in China's State-Owned Enterprises by : Sang Yop Kang
Download or read book Reframing Related Party Transactions in China's State-Owned Enterprises written by Sang Yop Kang and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes understudied aspects of related party transactions (RPTs) in China's state-owned enterprises (SOEs). This paper defines the government as an “institutional controlling shareholder” of SOEs. In addition, this paper examines two types of RPTs in the SOE sector: “corruption-RPTs” and “policy-RPTs.” Corruption-RPTs are those associated with tunneling for the personal greed of SOE executives and party-government officials. Thus, from the standpoint of public investors, corruption-RPTs are always detrimental and generate cash-outflow wealth-transfers. Policy-RPTs are conducted by the government as a means of enacting public policy. In contrast to corruption-RPTs, policy-RPTs are associated with two opposite concepts--“institutionalized tunneling” (in favor of the controlling shareholder of SOEs, the government) and “propping” (to the detriment of the government). Although it is well known that investors in China are subject to the problem of insufficient investor protection, this paper finds that investors can sometimes benefit from policy-RPTs (e.g., investors of a propped SOE). Besides, this paper demonstrates that SOEs gain a variety of additional benefits from government policies in China that favor the financial interests of SOE investors. Accordingly, this paper shows that investors in Chinese SOEs are, to some extent, compensated and protected by an informal, extra-legal investor-protection mechanism. Moreover, this paper explores an overlooked topic in China's SOE sector--how the political motivations of SOE executives and party-government officials function in the context of RPTs.
Book Synopsis Under New Ownership by : Shahid Yusuf
Download or read book Under New Ownership written by Shahid Yusuf and published by World Bank Publications. This book was released on 2006 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although China's centrally planned economy is a little more than a shadow of its former self, the closely inter-linked reforms of the enterprise and banking sectors are still incomplete. The relative size of the state-owned enterprise sector has been much reduced, however, the sector remains the dominant borrower from the banking system and is responsible for the majority of bank non-performing assets. Thus in the interests of financial stability it is crucial to implement the remaining reform agenda. The accession to the WTO has also made it more urgent for China's most-dynamic state-owned en.
Book Synopsis Company Law in China by : Jiang Yu Wang
Download or read book Company Law in China written by Jiang Yu Wang and published by Edward Elgar Publishing. This book was released on 2014-04-25 with total page 407 pages. Available in PDF, EPUB and Kindle. Book excerpt: This accessible book offer a comprehensive and critical introduction to the law on business organizations in the People�s Republic of China. The coverage focuses on the 2005-adopted PRC Company Law and the most recent legislative and regulatory develop
Book Synopsis An Analysis of State-Owned Enterprises and State Capitalism in China by : Andrew Szamosszegi
Download or read book An Analysis of State-Owned Enterprises and State Capitalism in China written by Andrew Szamosszegi and published by Createspace Independent Publishing Platform. This book was released on 2011-10-26 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: China's breathtaking economic growth, has often led observers to assume that the country's economic system has been transformed into a capitalist economy dominated by private enterprise. Although China's reliance on private enterprise and market-based incentives has been growing, and the CCP's treatment of private enterprises and entrepreneurs has been changing, it would be a mistake to minimize the current role of the State and the CCP in shaping economic outcomes in China and beyond. The Chinese government and state-owned enterprises (SOEs) remain potent economic forces. Indeed, some of China's SOEs are among the largest firms in China and the world. They are major investors in foreign countries. They have been involved in some of the largest initial public offerings in recent years and remain the controlling owners of many major firms listed on Chinese and foreign stock exchanges.
Book Synopsis Corporate Governance in China by : Jinqian Qiu
Download or read book Corporate Governance in China written by Jinqian Qiu and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance mainly of public companies has been lively debate by scholars in law, law and economic, management, sociology, and political economy from various angles respectively in the past two decades. Traditionally, the debate of corporate governance is based on the assumption of the separation of ownership and control in modern public companies with diffuse ownership, identified by Berle and Means in their classical work. However, the proposition of ownership structure and the approaches to corporate governance have been challenged by recent research. Massive empirical surveys have been conducted in relation to the ownership structure of publicly quoted companies, around the world, not limited to the US. Empirical evidence has shown that ownership is dispersed in the UK and US and, however, concentrated in the hands of banks, the state, or family-controlled companies in most other countries, as opposed to the Berle and Means modern company with dispersed ownership. The Berle and Means modern company with diffuse ownership has been further challenged by the rise of institutional ownership since the 1990's in the US, UK, and Australia. The corporate governance systems can be distinguished pursuant to the ownership structure, control, and identity of controlling shareholders. In china, although the state promotes the ideas of a shareholding system and corporatization, it still retains a large portion of state-owned shares in listed companies constructed from former State-Owned Enterprises (hereinafter referred to as "SOEs"). The ownership structure of Chinese listed companies is highly concentrated in the hands of the state, directly or indirectly. This will lead to expropriation of minority shareholders by controlling shareholders. This article intends to explore the issue of corporate governance in Chinese listed companies from the perspective of both expropriation of minority shareholders by controlling shareholders and the protection of minority shareholders. The rest of this article is organized as follows. Section 2 briefly reviews recent literature on the expropriation of minority shareholders by controlling shareholders. Various forms of tunneling in Chinese listed companies are examined in section 3. Section 4 analyses protection of minority shareholders in China and mainly focuses on recent relevant administrative regulations introduced by the China Securities Regulatory Commission (hereinafter referred to as "CSRC"). Section 5 concludes with some observations and recommendations as to how minority shareholder protection can be strengthened in China.
Book Synopsis Private Law in China and Taiwan by : Yun-chien Chang
Download or read book Private Law in China and Taiwan written by Yun-chien Chang and published by Cambridge University Press. This book was released on 2017 with total page 361 pages. Available in PDF, EPUB and Kindle. Book excerpt: Comparing four key branches of private law in China and Taiwan, this collaborative and novel book demystifies the 'China puzzle'.
Book Synopsis China’s State Enterprises by : Ran Li
Download or read book China’s State Enterprises written by Ran Li and published by Springer. This book was released on 2018-06-27 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the nature and significance of China’s state enterprises which have undergone substantial changes since China’s economic liberalization in 1978. It argues that much of the criticism is based on mistaken premises, where even the term ‘state-owned enterprises’ is a misnomer given that the emphasis is much less on ownership than on control. Using numerous case studies, this book highlights the extent to which these enterprises have evolved in response to reforms, and provides an in-depth analysis of their role in China’s outward investment strategy in the “Belt and Road” initiative. This role speaks to their growing influence as China expands her global footprint.
Book Synopsis China's State-Owned Enterprises by : Duanjie Chen
Download or read book China's State-Owned Enterprises written by Duanjie Chen and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: China's state-owned enterprises (SOEs) are sometimes compared to Canadian Crown corporations, such as VIA Rail or the CBC. But that comparison is not only profoundly inaccurate, it can also be a dangerous assumption to make when crafting Canadian economic policy. China's SOEs have been actively buying up interests in major Canadian resource firms. But that phenomenon has much more serious implications for Canada than if these were, say, state-owned European firms, such as Norway's Statoil. China's SOEs do not operate by the normal rules of commerce. They are, in fact, a very powerful tool of the Chinese government's industrial policy, which is aimed at a ruthless expansion of its global economic empire. The spectacular growth of China's SOEs over the last two decades, at a rate unrivalled by virtually any other sector on earth, has been driven by the will of the Chinese government, which provides cheap or free inputs -- such as access to capital and real estate -- in order to create globally dominant corporate powers. There is also the Chinese competitive advantage that comes with not just lower wages for workers but also behaviour that would be considered irresponsible in a Western context. Placing a lower priority on human rights, the environment, social justice and corporate rectitude give China and its SOEs an edge that have helped them in their goal of leapfrogging competing world economic powers, including Canada. Without these explicit and implicit subsidies, China's SOEs have actually proven to be far less economically competitive than their private-sector rivals. Chinese SOEs are not publicly accountable the way that Crown corporations in Canada are. Chinese SOEs are run by appointees of the Communist party, whose first duty is to the state, the majority or even sole shareholder of SOEs. Unlike Canada's Crown corporations, which are designed to fill in market-failure gaps or provide public service, China's SOEs are permitted to chase profits in sectors that do not even fall within their primary mandate. And unlike Canada, China jealously guards the sectors in which its SOEs exert absolute or strong control, disallowing any private-sector competitors -- domestic or foreign -- free entry. When Canada's federal government last December granted approval to the takeover of Nexen Inc. it made it clear that this would be the “end of a trend” of Chinese SOEs controlling acquisition of major Canadian energy firms. Such takeovers would be allowed only in exceptional circumstances from now on. That is how it should be. Canada's business sector should contribute to market-driven economic growth, through efficient management and upright corporate behavior. It should not be allowed to become an instrument in China's distorted and often disreputable drive toward global hegemony.
