英语论文网

留学生硕士论文 英国论文 日语论文 澳洲论文 Turnitin剽窃检测 英语论文发表 留学中国 欧美文学特区 论文寄售中心 论文翻译中心 我要定制

Bussiness ManagementMBAstrategyHuman ResourceMarketingHospitalityE-commerceInternational Tradingproject managementmedia managementLogisticsFinanceAccountingadvertisingLawBusiness LawEducationEconomicsBusiness Reportbusiness planresearch proposal

英语论文题目英语教学英语论文商务英语英语论文格式商务英语翻译广告英语商务英语商务英语教学英语翻译论文英美文学英语语言学文化交流中西方文化差异英语论文范文英语论文开题报告初中英语教学英语论文文献综述英语论文参考文献

ResumeRecommendation LetterMotivation LetterPSapplication letterMBA essayBusiness Letteradmission letter Offer letter

澳大利亚论文英国论文加拿大论文芬兰论文瑞典论文澳洲论文新西兰论文法国论文香港论文挪威论文美国论文泰国论文马来西亚论文台湾论文新加坡论文荷兰论文南非论文西班牙论文爱尔兰论文

小学英语教学初中英语教学英语语法高中英语教学大学英语教学听力口语英语阅读英语词汇学英语素质教育英语教育毕业英语教学法

英语论文开题报告英语毕业论文写作指导英语论文写作笔记handbook英语论文提纲英语论文参考文献英语论文文献综述Research Proposal代写留学论文代写留学作业代写Essay论文英语摘要英语论文任务书英语论文格式专业名词turnitin抄袭检查

temcet听力雅思考试托福考试GMATGRE职称英语理工卫生职称英语综合职称英语职称英语

经贸英语论文题目旅游英语论文题目大学英语论文题目中学英语论文题目小学英语论文题目英语文学论文题目英语教学论文题目英语语言学论文题目委婉语论文题目商务英语论文题目最新英语论文题目英语翻译论文题目英语跨文化论文题目

日本文学日本语言学商务日语日本历史日本经济怎样写日语论文日语论文写作格式日语教学日本社会文化日语开题报告日语论文选题

职称英语理工完形填空历年试题模拟试题补全短文概括大意词汇指导阅读理解例题习题卫生职称英语词汇指导完形填空概括大意历年试题阅读理解补全短文模拟试题例题习题综合职称英语完形填空历年试题模拟试题例题习题词汇指导阅读理解补全短文概括大意

商务英语翻译论文广告英语商务英语商务英语教学

无忧论文网

联系方式

澳洲布里斯班论文-公司治理与中国上市公司国有股研究-Corporate governance and state-owned shares in China listed companies

论文作者:留学生论文网论文属性:硕士毕业论文 thesis登出时间:2011-07-15编辑:anterran点击率:6910

论文字数:6466论文编号:org201107151507038279语种:英语 English地区:澳大利亚价格:$ 66

关键词:澳洲布里斯班论文:Corporate governancestate-owned sharesChina listed companies公司治理中国上市公司国有股

摘要:澳洲布里斯班论文-关于公司治理与中国上市公司国有股研究。从开始的中国国有企业(国有企业)改制成的PLC改革,对国有资产的潜在损失的关注所有制分割,只有一小部分的不同类型的股份,股票是流通的,和国家的股份控股。

澳洲布里斯班论文:Corporate governance and state-owned shares in China listed companies

Abstract
During the last decade, China public listed companies’ (PLCs) performance is growing weakly andgovernance practices are seriously defective. Some of the previous studies based on practice of
developed economies overlooked the underlying issues, and the empirical researches are mixed. Thispaper argue that, from the beginning of the reform of restructuring China state-owned enterprises(SOEs) into PLCs, the concern about the potential loss of state assets made the ownership split intothree different type of shares, with only a small fraction of A-shares are tradable, and the state keepson holding the controlling share stakes. This special institutional arrangement rooted deeply in Chinapolitical system and ideology, as well as in the economic reform strategy, explains large part of theinefficiency of corporate governance of China PLCs.
After an unsuccessful policy practice in 2001, in which the government’s objective aiming to
finance its huge social security fund gap conflicted with that of market, it should be realized that there
are two major unknowns: the time and the pricing mechanism of the state shares to be reduced, which
are crucial to the future of China capital market and economic development.
# 2003 Elsevier Inc. All rights reserved.
JEL classification: G3; O5; P3
Keywords: Corporate governance; State-owned share
1. Introduction
Since early 1990s, stock market has been playing a growing important role in reshaping
China financial system. It is expected that the market could improve the performance and
corporate governance of public listed companies (PLCs). However, the actual performance
Journal of Asian Economics 14 (2003) 771–783
* Tel.: þ86-10-6251-4652; fax: þ86-10-8859-8009.
E-mail address: qq66@sfruc.org (Q. Qiang).
1049-0078/$ – see front matter # 2003 Elsevier Inc. All rights reserved.
doi:10.1016/j.asieco.2003.10.005
are growing weakly and governance practices are seriously defective, characterized byinsider control and collusion, lack of safeguards for minority shareholders and weak
transparency, etc. Most of previous studies based on theories and practice of developedeconomies attribute these flaws to factors such as culture, uncompetitiveness of markets,poor legal enforcement, inefficient debt and equity market. The empirical researches aremixed. For example, Tian (2001) argues that ‘‘corporate value increase with increased stateshareholding when the government is a large shareholder’’; Xu andWang (1999) suggested
that while the state share is negatively related with performance, the large stakeholder oflegal persons, or institutional investors, has positive effect. The policy of ‘‘speedingfostering institutional investors’’ by China Securities Regulatory Commission (CSRC) inthis vein in 2002, resulting in massive collision and price manipulation between theseinvestors, has been criticized widely.
Without the understanding of the fundamental underlying issue, the share structure,especially the role of state-owned shares playing in corporate governance of China PLCs, it
might be impossible to make meaningful results.
As the state-owned enterprises (SOEs) reform started in China about two decades before,the government was concerned about the potential loss of state assets if all shares of arestructured SOE were to be freely traded. As a concession, t论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。

共 1/2 页首页上一页12下一页尾页

英国英国 澳大利亚澳大利亚 美国美国 加拿大加拿大 新西兰新西兰 新加坡新加坡 香港香港 日本日本 韩国韩国 法国法国 德国德国 爱尔兰爱尔兰 瑞士瑞士 荷兰荷兰 俄罗斯俄罗斯 西班牙西班牙 马来西亚马来西亚 南非南非