The State As Controlling Shareholder In Chinese State Owned Enterprises
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The State As Controlling Shareholder In Chinese State Owned Enterprises
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Author : Jiangyu Wang
language : en
Publisher:
Release Date : 2018
The State As Controlling Shareholder In Chinese State Owned Enterprises written by Jiangyu Wang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
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.
Regulating The Visible Hand
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Author : Benjamin L. Liebman
language : en
Publisher: Oxford University Press, USA
Release Date : 2016
Regulating The Visible Hand written by Benjamin L. Liebman and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with Business & Economics categories.
This text 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.
State Owned Enterprise Reform In China
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Author : Justin Yifu Lin
language : en
Publisher: Chinese University Press
Release Date : 2001
State Owned Enterprise Reform In China written by Justin Yifu Lin and has been published by Chinese University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Business & Economics categories.
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.
From State To State
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Author : Kun Wang
language : en
Publisher:
Release Date : 2010
From State To State written by Kun Wang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
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.
An Analysis Of State Owned Enterprises And State Capitalism In China
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Author : Andrew Szamosszegi
language : en
Publisher: Createspace Independent Publishing Platform
Release Date : 2011-10-26
An Analysis Of State Owned Enterprises And State Capitalism In China written by Andrew Szamosszegi and has been published by Createspace Independent Publishing Platform this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-10-26 with Capitalism categories.
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.
Reframing Related Party Transactions In China S State Owned Enterprises
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Author : Sang Yop Kang
language : en
Publisher:
Release Date : 2020
Reframing Related Party Transactions In China S State Owned Enterprises written by Sang Yop Kang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
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.
State Owned Enterprise S Ownership Reform
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Author : Zhigang Zheng
language : en
Publisher: Taylor & Francis
Release Date : 2022-12-27
State Owned Enterprise S Ownership Reform written by Zhigang Zheng and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-12-27 with Business & Economics categories.
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.
China S State Owned Enterprises
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Author : Hong Sheng
language : en
Publisher: World Scientific
Release Date : 2013
China S State Owned Enterprises written by Hong Sheng and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Business & Economics categories.
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.
China S State Owned Enterprises
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Author : Duanjie Chen
language : en
Publisher:
Release Date : 2013
China S State Owned Enterprises written by Duanjie Chen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
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.
Corporate Governance In China
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Author : Jinqian Qiu
language : en
Publisher:
Release Date : 2007
Corporate Governance In China written by Jinqian Qiu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
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.