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cture of NOPCs is dominated by state-owned business group enterprises, particularly Sinopec Group, CNPC and CNOOC Group, and is identified as a pillar industry of the Chinese economy (Andrews-Speed 2004). There are various entry barriers to both foreign and domestic enterprises and prices are set by government mechanism, though some reform of price-setting began in 1998 (Zhang 2004) to make set price more accurately reflect global oil market prices. Integrating both radical restructuring and reorganization in 1997/8 with business groups as primary organizational form of business yields questions against which research data can be tested; namely, the extent to which China’s listed NOPCs have consolidated their groups into a single, multidivisional firm with majority outside ownership mirroring Western managerial capitalist forms of corporate organization (Chandler 1977, 1990). This generates a research question: what changes in industrial structure and corporate organization of NOPC business groups have occurred since the 1997/8 restructuring and reorganization? Role of RPTs in business groups ‘Related party transactions’ (guanlianfang jiaoyi; RPTs) in corporate annual reports are defined as exchanges between a group’s listed company and another company in the business group. NOPCs that engage in regular RPTs, both purchases and sales, provide a proxy for gauging either the development of market-supporting institutions (or the declining imperfection of markets) or the entrenchment of intra-group transactions despite the changing external environment in China (Carney et al. 2009). Lu et al. (2004) study RPTs, distinguishing between related party purchases and related party sales, of China listed firms in 2001 and find that related party sales are more important to control product distribution. Yeh et al. (2009) and Berkman et al. (2010) use RPTs as a direct proxy for corporate governance (or lack thereof). As Cheung et al. (2009) also show, analyzing RPTs in China’s business groups allows understanding of the degree to which listed companies are supported by these transactions, i.e. that transactions are valued above or below external rates, and thus represent either a premium paid by listed company or a discount enjoyed by it. Jian and Wong (2004) find that RPTs minimize transaction costs and help manage earnings between different group firms. RPTs allow the diversion of corporate wealth into other uses by the business group (Jian and Xu 2012). Despite their importance to NOPC corporate organization and operation, related party transaction are often only viewed as either propping up or tunnelling away the listed firm’s assets and profits (Jian and Wong 2010; Williams and Taylor 2013). In this paper, NOPC groups’ internal or RPTs measure the extent of market institution internalization. Over time, increasing volume and ratio of RPTs indicates worsening market institutional environment, while decreasing volume and ratio indicates improving market。

Prior to 1997-8 restructuring, prices for oil, gas and petroleum products are set by the state without Reference to global oil and petrochemical prices. Different ministries—the Ministry of Oil Industry and the Ministry of Chemicals Industry— oversaw all production and sale, while local governments, from the provincial to the city and district, ran the distribution networks for these ministries, in a typical tiao-kuai (vertical oversight and regional integration) fas本论文由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。