Download or read book Ownership Distribution and Firm Performance in China s Transitional Economy written by Jing Tong and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Ownership in China s Transitional Economy written by Yang Chen and published by . This book was released on 2007 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study develops an understanding of the change of ownership and property rights in the context of China in transition and challenges conventional property rights theories which fail to consider the context of the societies in which economic institutions operate.

Download or read book Understanding Firm Performance Drivers in a Transitional Economy written by David Kwai-Che Tse and published by . This book was released on 2002 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Determinants of Firm Performance in a Transition Economy written by Seung-ho Park and published by . This book was released on 1998 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Evolution of the Stock Market in China s Transitional Economy written by Jianxun Chen and published by Edward Elgar Publishing. This book was released on 2002-01-01 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'The book The Evolution of the Stock Market in China's Transitional Economy by Chien-Hsun Chen and Hui-Tzu Shih offers valuable insights into the evolution and development of the Chinese stock market. The book was written with an important mission in mind - how to develop an efficient financial system that facilitates innovation and spontaneous evolution of the society.' - Guojun Wu, Journal of Asian Business 'Chien-Hsun Chen and Hui-Tzu Shih have produced an informative and insightful study of China's stock market development. In The Evolution of the Stock Market in China's Transitional Economy, the reader will find a straightforward account of the development of China's stock markets that further clarifies the role China's capital markets will play in the country's financial future.' - Mark T. Fung, The China Business Review The establishment of the Shanghai Stock Exchange in December 1990 was a landmark in China's institutional transformation. With this in mind, the authors consider the factors relating to institutional change - such as changes in the financial system, the scale and structure of stock market, operational efficiency and the regulatory system of the stock market. During the course of its development the Chinese stock market has experienced speculation, dramatic fluctuations and violations of market regulations of frequent and diverse natures. There is therefore, urgent need for the discussion contained within this volume of best procedure policies for the establishment of a properly ordered and regulated market. The authors assess the operational performance of listed companies, and changes in the external environment such as the impact of China's accession to the WTO on the stock market. The authors find that WTO accession will have a more serious impact on the more heavily protected agricultural sector and on capital-intensive industries such as automobile, instruments, cotton and wheat to name a few. They argue that the fundamental reason for the inefficiency of China's stock market is the weakness of the competitive mechanism leading to imperfect competition and rent-seeking activity. This book will be of great interest to academics and researchers of Asian studies and money and finance. Multinational enterprise managers, as well as brokers, dealers, business economists and others involved in the global financial markets will also find this book of value.

Download or read book The Chinese Economy under Transition written by Sarah Cook and published by Springer. This book was released on 2000-01-28 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: This wide-ranging collection addresses many important issues in China's economy under transition, from grain production to trade, to the development of township enterprises, the restructuring of state-owned enterprises, the emergence of big business, money demand and consumption behaviour. Together, the studies provide insightful analysis and discussion of economic policies, illuminating the institutional context within which reform strategies are negotiated and implemented in different economic sectors.

Download or read book The Corporate Network of Interlocking Directorates Corporate Governance and Firm Performance in China s Transitional Economy written by Bing Ren and published by . This book was released on 2005 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: Third, it highlights the complex "agency problem" that has emerged during the process of China's economic development---"managerial class exploitation." Fourth, it highlights the important role of a concentrated ownership structure and state ownership in constraining and facilitating the "managerial class exploitation". The dissertation provides significant insights in the fields of transitional economy, corporate governance, and directorship interlock network.

Download or read book Under New Ownership written by Shahid Yusuf and published by Stanford Economics & Finance. This book was released on 2006 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing upon new firm-level survey data, this volume assesses how changes in the ownership structure of SOEs affect management, governance, innovation, and performance, comparing these SOEs to other types of firms in China.

Download or read book New Ownership Forms in Transitional Economies written by David Kwai-Che Tse and published by . This book was released on 1999 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Ownership Structure and Company Performance written by JIAYIN. ZHENG and published by . This book was released on 2017-01-26 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "Ownership Structure and Company Performance: the Case of Listed Real Estate Companies in Mainland China" by Jiayin, Zheng, 郑嘉吟, 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: Although Chinese economy has been growing remarkably, the development of the institutional, legal infrastructure and financial system remains a numbers of distinctive characteristics (Allen et al., 2004). One of the unique features is the dominance role of the government as shareholder of corporations, even for those listed on the stock exchange. This paper investigates empirically the impact of this significant characteristic on company performance. In particular, this dissertation presents an empirical study of the relationship between ownership structure and the company performance of listed property companies in China. Previous theoretical and empirical studies suggest government ownership is detrimental to company performance. Estrin and Perotin (1991) propose that corporations with the government as ultimate owner and/or with a large stake of government shareholding may not pursue profit maximization objective since the government tends to focus on its political objectives rather than the economic ones. Consequently, the firm performance in such government-related publicly listed firms will be inferior. Moreover, Shleifer and Vishny (1998) show that private ownership is preferable to state ownership because the government has a 'grabbing hand' that expropriates firm assets for the benefit of politicians and bureaucrats. However, the impact of state ownership on property company performance in China is more complicated and may not be always be negative due to (1) state owned company usually have better access to cheaper credit offered by major state banks; (2) state owned companies may be able to acquire development rights and can go through the development approval process more smoothly; (3) weaker institutions for protecting small investors in Mainland China's as it is still a less developed equity market; (4) the government may have motive to demonstrate the efficiency of companies that the government has a major stake. By separating property companies into two groups according to the place of listing, namely Mainland listed group and Hong Kong listed group, based on a more recent panel data including 170 real estate firms between 2006 and 2011, this dissertation generates several distinctive results. Firstly, tradable ownership concentration has a significant positive effect on firm performance. Secondly, by separating the property companies into two groups, I found an initial positive but non-linear impact of state ownership on firm performance in Mainland listed property companies; whereas an initial negative but non-linear impact is found in those listed in Hong Kong. However, when the state's stake of shares is relative large, the positive impact outweighs the negative impact in Mainland China. This is because the investor protection rules and regulations and their enforcement are relatively weak in Mainland China, the government shareholder can act as private block-holder and provide effective monitor on management in solving the traditional agency problems. This is not the case in Hong Kong where the market is more transparent and the interests of small investors are better protected. When the state owns a sufficiently large percentage of the shares, the relationship between state ownership and firm performance becomes positive for both groups. This empirical result suggests that the positive impact of

Download or read book State Ownership and the Performance of Privatised Firms in Chin written by Trien Le and published by LAP Lambert Academic Publishing. This book was released on 2011-10 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is about privatisation and corporate governance, examining the association between state ownership and firm performance in privatised firms in China. The book presents two arguably novel approaches. First, it distinguishes itself by proving the mediating role of agency costs in the ownership/performance association. Second, it demonstrates that debt, as a source of corporate governance in the nuanced institutional context of transition economies, moderates the association between state ownership and firm performance. Given the possible power and/or efficiency influences of the Chinese government in the context of nascent Chinese institutions, the book may have practical significance for policy makers and other practitioners such as international managers and investors planning to invest in the country. Moreover, it may be a useful reference for examining similar issues in other transition economies.

Download or read book Ownership Structure Corporate Governance and Corporate Performance The Case of Chinese Stock Companies written by Yan Wang and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: June 1997 Does the ownership structure of publicly listed firms in China affect their performance? Yes. Institutional shareholders seem to have a positive impact on corporate governance and performance; state ownership seems to lead to inefficiency; and an overly dispersed ownership structure can create problems in the Chinese setting. Xu and Wang investigate whether ownership structure significantly affects the performance of publicly listed firms in China and if so, in what way. With public listed stocks, one can quantify the ownership mix and concentration, which makes it possible to study this issue. The authors use the recent literature on the role of large institutional shareholders in corporate governance as a theoretical base. A typical listed stock company in China has a mixed ownership structure, with three predominant groups of shareholders- state, legal persons (institutions), and individuals- holding about 30 percent of the stock. (Employees and foreign investors together hold less than 10 percent.) Ownership is heavily concentrated: the five largest shareholders accounted for 58 percent of outstanding shares in 1995, compared with 57.8 percent in the Czech Republic, 42 percent in Germany, and 33 percent in Japan. Their empirical analysis shows that the mix and concentration of stock ownership do indeed significantly affect a company's performance: * There is a positive, significant correlation between concentration of ownership and profitability. * The effect of concentrated ownership is greater with companies dominated by institutions than with those dominated by the state. * The firms' profitability is positively correlated with the fraction of legal person (institutional) shares; it is either negatively correlated or uncorrelated with the fraction of state shares and with tradable A-shares held mostly by individuals. * Labor productivity tends to decline as the proportion of state shares increases. This paper- product of the Office of the Director, Economic Development Institute- part of a larger effort in the Bank to understand and disseminate various models of corporate governance. The study was funded by the Bank's Research Support Budget under the research project Ownership Structure, Corporate Governance, and Firm's Performance (RPO 681-08).

Download or read book Governing Enterprises in China written by Zhang Cheng and published by Springer. This book was released on 2022-06-26 with total page 165 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the nature of the marketization of corporate boards following the introduction of the split share reform, corporate board and shareholder relations, corporate performance, and risk-taking conduct in China. The chapters cover topics such as determinants of corporate board size and independence, corporate risk-taking conduct under different controlling shareholder types. The book deepens our understanding of corporate governance mechanisms as most previous studies have limited their findings using mainstream perspectives grounded on neoclassical theory. It outlines that China’s corporate board composition is determined by the board’s scope of operation, monitoring, bargaining power, and other governance mechanisms and regulations. It also offers a comparison between China’s experience with other economies in general and other transition economies in particular. As such, the book represents an essential overview of the current concerns regarding corporate governance in China. It is of great interest to legal researchers, policymakers, and legal practitioners working with business investments in China.

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.

Download or read book China s Retreat from Equality written by Carl Riskin and published by Routledge. This book was released on 2016-07-08 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: A collection of 13 essays based on two national surveys of household income in China - in 1985 and 1995 - and prepared and carried out by the research team. These essays explore a wide range of aspects of the rapidly changing income distribution during this period.

Download or read book Economic Transition and Labor Market Reform in China written by Xinxin Ma and published by Springer. This book was released on 2018-12-30 with total page 303 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book empirically investigates the changes in labor market structure accompanying the labor market reform in China by focusing on the labor market segmentation problems from the 1980s to 2013. The book also aims to examine the effect of labor policy reforms on individual, household and enterprise behavior, including the causes and consequences of labor market reform in China, particularly the influences of labor policy reforms on labor market performance. Offering valuable insights into the changing structure of the Chinese economy, this book will be of interest to scholars, activists, and economists.

Download or read book Understanding Chinese Corporate Governance written by Lyndsey Zhang and published by Taylor & Francis. This book was released on 2023-11-16 with total page 227 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a complex political and environmental global landscape, it has never been more critical for global organizations to understand the past, present, and future of Chinese corporate governance: this book is the key. Leveraging her dual-cultural background and using a board-level practitioner’s lens, Lyndsey Zhang offers insights that will help the global business community better understand Chinese companies’ corporate governance practices and economic development journeys, shorten the learning curve for global business leaders and investors, and explore different economic models that better suit emerging markets. She addresses important questions such as: • How does the Chinese government manage to retain its controlling position in Chinese companies while still making them attractive to global investors? • What are the drivers for Chinese companies’ future corporate governance improvement? • What is China’s position on the worldwide ESG and climate change movements? • How can global practitioners feel less like "navigating in the dark" when working with Chinese companies? This book will be an invaluable resource for anyone seeking to understand the rapidly changing world of Chinese corporate governance, including global investors, senior executives in multinational corporations, consultants, financial and political policymakers, business and law students, and researchers.