Download or read book Corporate Reorganisations in China written by Zinian Zhang and published by Cambridge University Press. This book was released on 2018-10-11 with total page 291 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first comprehensive empirical study on corporate bankruptcy reorganizations in the second largest economy, China, investigating the formal corporate restructurings handled by China's courts between 2007 and 2015. The data and analysis presented in the book provide a unique lens from which China's newly-enacted Chapter 11-styled corporate reorganization law, both in the books and in practice, can be understood and from which the interaction between business and state in dealing with corporate bankruptcies in China could be better comprehended. This book benefits from the author's ten-year business law practice in China, and his insights on China's judicial and political system considerably enrich the arguments. In particular, this book sheds light on commencement of bankruptcy reorganizations, control models, corporate reorganization financing, value distribution, approval of reorganization plans and cross-border reorganizations under the China Enterprise Bankruptcy Law of 2006.
Download or read book Corporate Reorganisations in China written by and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This article examines the developments and challenges of China's new corporate reorganization law, which is enshrined in the newly-enacted PRC Enterprise Bankruptcy Law 2006. In particular, it sheds light on the difficulties of commencing formal corporate reorganisation procedures, alternative control models and formulating reorganisation plans under the new law in China.This paper investigates the corporate reorganization of the Chinese public companies listed on its Shanghai and Shenzhen Stock Exchanges, which took place between 1 June 2007 and 31 December 2013. These cases arose within the corporate reorganization regime enshrined in China's newly enacted Enterprise Bankruptcy Law 2006 (The EBL 2006). By examining forty-three listed company reorganizations, this paper challenges the assertion made in most of these corporate reorganization plans that the major beneficiaries of such reorganizations are the company's creditors, employees and general public shareholders. Through an analysis of the statistics derived from these company reorganization plans, annual reports, public notices and the media reports, this research found that creditors, employees and general public shareholders do not actually benefit much from such corporate reorganizations on the following grounds.First, the data suggests that creditors, especially unsecured creditors could have received 62.90% more if the fundamental value distribution principle - the absolute priority norm, which makes creditors be paid before shareholders - was complied with; second, on average 77.29% of employees lost jobs during and before reorganization; and third, substantial losses were incurred by general public shareholders, as they had to give up part of their shares under these reorganization plans, 85.37% of 6 them could have been avoided if the general-public-shareholder-protection scheme issued by China's Supreme People Court was rigorously applied.This paper concludes that instead of maximizing the interests of creditors, employees and general public shareholders, most of listed company reorganizations in China seemed to mainly benefit local government, controlling shareholders and strategic investors. This paper suggests that only by stringently applying basic insolvency value distribution norms and by improving transparency will the reorganization procedure involving China's listed companies be strengthened so as to ensure greater legal certainty for their stakeholders.
Download or read book Corporate Reorganisations in China written by Zinian Zhang and published by Cambridge University Press. This book was released on 2018-10-11 with total page 291 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive empirical study of China's corporate reorganization law and its implementation.
Download or read book Corporate Bankruptcy Law in China written by Natalie Mrockova and published by Bloomsbury Publishing. This book was released on 2021-01-28 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: This fascinating study uses qualitative and quantitative data and insights from interviews with judges, lawyers, government officials, entrepreneurs, bankers, consultants, and academics in China and abroad, to provide a new perspective on the problems that have hindered the implementation of the Enterprise Bankruptcy Law in China, and recent attempts at reform. The analysis provides unique insights into China's business world and its interaction with the judicial and political system in China. In addition, the book also provides important information about how the Enterprise Bankruptcy Law affects foreign companies, agencies and governments that are active in China. The author draws on empirical data, decided cases and her experience of how the law and surrounding practices deal with foreign stakeholders whose interests are affected by corporate bankruptcy in China. The book will improve understanding of how China's corporate bankruptcy law has been used in practice, what has limited its practical effectiveness, whether it is desirable for the law to be used more readily in China, and the possible options for its reform.
Download or read book Government Intervention in the Reorganisation of Listed Companies in China written by 趙惠妙 and published by Cambridge University Press. This book was released on 2020-01-02 with total page 351 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discusses the nature, extent and appropriateness of government intervention in the bankruptcy of listed companies in China.
Download or read book Corporate Governance in China written by Jian Chen and published by Psychology Press. This book was released on 2005 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: The nature of corporate governance is a key determinant of corporate performance and, therefore, of a country's overall economic power. This title examines key questions relating to corporate governance in China, exploring differences between private and state-owned companies.
Download or read book Going Private in China written by Jean Chun Oi and published by Walter H. Shorenstein Asia-Pacific Research Center. This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Three decades later, the Chinese state has managed to overcome the economic and political obstacles to corporate restructuring and radically improve performance. The success of the process raises questions that challenge existing theories about the requisites for development and reform. --
Download or read book Stock Market Behavior in China written by Jiang Zhu and published by . This book was released on 2017-01-27 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "Stock Market Behavior in China: Evidence From Rights Issue and Corporate Restructuring" by Jiang, Zhu, 朱江, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. DOI: 10.5353/th_b3124635 Subjects: Stock exchanges - China Corporate reorganizations - China
Download or read book An Analysis of Corporate Restructuring of Listed Company in China s Stock Market written by Yijing Yao and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Chinese Capital Market Takeover and Restructuring Guide written by Chengwei Liu and published by Kluwer Law International B.V.. This book was released on 2010-12-22 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although several useful entry guides to China for business investors have appeared in recent years, this is the first book to focus on a business strategy that is becoming increasingly important – and attractive – to businesses in China: the takeover and restructuring of a listed company. This practice orientated book has an additional value, moreover, in that it fully takes into account not only the relevant regulations, most of which were promulgated or updated from 2005 to 2010, but also the actual structures and procedures of nearly ninety announced deals, right up to September 2010. In unprecedented details, the author, an experienced M&A lawyer, describes China specific takeover and restructuring cases involving foreign investors as well as state-owned shareholders on the Shanghai Stock Exchange, the Shenzhen Stock Exchange and ‘ChiNext’. The presentation and analysis covers such elements as the following: the standard bids, such as tender offers, negotiated transfers, indirect takeovers and subscriptions for new shares; the special accesses available to a foreign investor such as qualifying as a ‘strategic investor’ or ‘qualified foreign institutional investor’ (QFII); the particular situations where ‘state-owned shareholder’ (SS) is involved or where a share exchange occurs, including where a foreign investor subscribes by injecting, or acquires indirectly via, its ‘onshore foreign invested enterprise’; the basic restructuring approaches of a listed company – public offering and private placement; and the full meaning and significance of the ‘substantial asset restructuring’ (SAR), which may be asset purchases, disposals or swaps, or the SAR in special cases – merger or separation deals. The author’s illustration of deal structures and step-by-step procedures, visualized in over 150 charts and checklists, gives the reader a clear path to follow through what can seem like a forbiddingly difficult process – a path rendered more secure by the deal histories presented. For companies with operations in China, or considering such operations, as well as professionals advising on these companies, this book is a goldmine of crucially valuable information and guidance. There is nothing else available that comes close to its authority or expertise in this area.
Download or read book Resolving China s Corporate Debt Problem written by Wojciech Maliszewski and published by International Monetary Fund. This book was released on 2016-10-14 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate credit growth in China has been excessive in recent years. This credit boom is related to the large increase in investment after the Global Financial Crisis. Investment efficiency has fallen and the financial performance of corporates has deteriorated steadily, affecting asset quality in financial institutions. The corporate debt problem should be addressed urgently with a comprehensive strategy. Key elements should include identifying companies in financial difficulties, proactively recognizing losses in the financial system, burden sharing, corporate restructuring and governance reform, hardening budget constraints, and facilitating market entry. A proactive strategy would trade off short-term economic pain for larger longer-term gain.
Download or read book A Comparative Study of the Corporate Bankruptcy Reorganization Law of the US and China written by Yongqing Ren and published by Eleven International Publishing. This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comparative study on the bankruptcy reorganization law of the US and China with the aim of establishing an efficient bankruptcy reorganization system in China.
Download or read book Deals Happen Where Deal Opportunities Are written by Wen Xu and published by Open Dissertation Press. This book was released on 2017-01-27 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "Deals Happen Where Deal Opportunities Are: Investigating the Economic Rationality of Corporate Restructuring Activities in China" by Wen, Xu, 胥雯, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: Abstract of the thesis entitled Deals Happen Where Deal Opportunities are: Investigating the Economic Rationality of Corporate Restructuring Activities in China Submitted By Xu, Wen For the Degree of Doctor of Philosophy at the University of Hong Kong in June 2007 This paper studies the determinants and consequent performance of corporate restructuring activities in China. By studying the restructuring transactions of the listed manufacturing companies' during 2000 - 2003, I find distinct differences in the rates of restructuring activities both across industries and across the regions. The evidence suggests that industrial and regional economic factors might account for the corporate restructuring activities in China. To examine the effect of industrial and regional variables, both industry-level and firm-level analyses are implemented. The industry-level study indicates that industrial concentration, competition from foreign investors and industrial average value of ii firm's q affect the industrial restructuring rate. The results of firm-level regressions suggest that industrial, regional and firm-specific factors affect restructuring activities of individual firms. Specifically, firms in the industries where competition is fiercer and in the regions with higher levels of marketization and internationalization are more likely to undertake restructuring transactions. Next, the paper investigates the influence of restructuring activities on post-event performance. Three common measures of performance are employed: productivity, measured by total factor productivity; market performance, measured by cumulative abnormal return; and, operating performance, measured by some financial ratios relative to benchmarks. The study of productivity performance shows that large firms are less efficient in enhancing efficiency through the restructuring activities, and only the target firms in the ownership transfer deals can significantly improve their productivity. The evidence from the market performance study illustrates that all main types of restructuring transactions, including merger and acquisition, ownership transfer and divestiture, create shareholder's wealth. The study of operating performance finds that significant improvement in efficiency only happens in the announcement year. The performance significantly declines in the post-announcement years. To examine the impact of economic rationality on the post-deal performance, I construct an index based on the determinants of restructuring activities identified earlier, where the level of economic rationality is defined as the extent to which a given transaction is motivated by economic considerations. I find significant correlations between the index score and market/productivity performances measures. The results iii imply that the deals with higher levels of economic rationality do lead to higher post-deal performance. The study offers an in-depth analysis on the restructuring activities in China. It identifies several industrial and regional factors affecting the restructuring activities. This research is also one of the first to construct an index to measure the economic rationality of the restructuring transactions, and to examine the its effect on the post-restructuring performance. iv DOI: 10.5353/th_b3890315 Subjects: Corporate reorganizatio
Download or read book Bankruptcy Reorganization of Listed Companies with Chinese Characteristics written by Zhao Huimiao and published by . This book was released on 2016 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: The bankruptcy reorganization of listed companies in China matters a lot to the local governments and local economy. Although the Enterprise Bankruptcy Law (the “EBL”) of the People's Republic of China (“PRC”) does not grant many rights to the government in the enterprise bankruptcy, the government intervenes actively into the bankruptcy reorganization of listed companies in practice. There appears a great gap between the reorganization system in the book and its implementation in practice. This paper examines the reorganization of 45 listed companies in China through a detailed case study, analyses the reorganization system of listed companies with Chinese characteristics and critiques that government intervention in the reorganization of listed companies violates the goals of the reorganization system and does not lead to efficient results. The author argues that the government should reduce its intervention in the reorganization of listed companies to let the reorganization system smoothly work.
Download or read book The Reorganization Process Under China s Corporate Bankruptcy System written by Emily Lee and published by . This book was released on 2015 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: The number of enterprises ...
Download or read book On Shifting Foundations written by Kean Fan Lim and published by John Wiley & Sons. This book was released on 2019-03-11 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book introduces readers to the current social and economic state of China since its restructuring in 1949. Provides insights into the targeted institutional change that is occurring simultaneously across the entire country Presents context-rich accounts of how and why these changes connect to (if not contradict) regulatory logics established during the Mao-era A new analytical framework that explicitly considers the relationship between state rescaling, policy experimentation, and path dependency Prompts readers to think about how experimental initiatives reflect and contribute to the ‘national strategy’ of Chinese development An excellent extension of ongoing theoretical work examining the entwinement of subnational regulatory reconfiguration, place-specific policy experimentation, and the reproduction of national economic advantage
Download or read book Corporate Reorganization Under the Enterprise Bankruptcy Law of the People s Republic of China written by Zinian Zhang and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
