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1, are moving towards Western capitalist institutions would be reflected in four results: the state as an ultimate controlling shareholder and its shareholding percentage of NOPCs will be decreasing, minority shareholder influence on recurring and one-off RPTs will be increasing, the overall amount of RPTs will be decreasing and takeovers or bankruptcy will be evident. On the contrary, if blocks of shares remain in the state’s hands, RPTs continue, and shareholder activism and takeover threats are suppressed, this is evidence that market institutions are not emerging or are even declining over the period. Thus, the final research question: how have NOPCs from 2007 to 2011 evolved in terms of property rights and institutions of corporate governance? Method The selection of NOPCs for this paper comes from the Shenzhen (SZSE) and Shanghai (SSE) A-share bourses. Some of the companies are listed under the SSE ‘Energy Industry Index’ and the SZSE ‘Petrochemical, Plastic and Rubber Index’. Others were found by consulting stock market information websites, including Sina Finance, East Money and Emoney,13 and securities company websites for specialized oil and petrochemical industry ‘boards’. The selection was limited to companies that had listed by 2007 so that a full five years of annual reports are available to compare. In addition, companies connected to the three major NOPCs or large industry players in the petroleum industry are included, for example Jichai Diesel Engine Company Limited which is 60% held by CNPC, SinoChem International Corporation majority held by SinoChem Ltd14 and Nanjing Tanker Corporation, controlled by SinoTrans-CSC.

The websites that maintain their individual petroleum or petrochemical “concept boards” (gainian bankuai) are finance.sina.com.cn, quote.eastmoney.com and respectively. Sites were accessed in November and December, 2012. 14 SinoChem International’s 2011 annual report claims SinoChem Ltd is “one of the four large oil companies of China”.

The majority of listed company’s revenue comes from oil shipping. In this paper, RPTs for the 31 NOPCs are found through reviewing the 2007 to 2011 annual reports of companies, including both business and non-business related costs and sales, which are required to be declared. Financing among the NOPCs is surveyed by analyzing leverage, loans, loan guarantees, accounts receivable and other accounts receivables from the annual reports. To understand corporate finance of the NOPCs, the presence or absence of a finance company within the business group has already been noted. Finally, property rights and governance are explored by reflecting both on the one and a half decades of NOPC development since restructuring and reorganization and by reviewing several case studies of individual NOPCs in terms of property rights. Data analysis Ownership All business groups possess varying amounts of block share ownership by their controlling shareholder: for the CSOEs, they control an average of over 48% of the shares, though the majority have well over 50% of shares. For the LSOEs, controlling shareholders exert a similar amount of dominance, with only one company, owned by a municipal district in the Xinjiang city of Karamay, having less than 50%. Finally, private companies’ controlling shareholders average ownership of 22% of all shares, though 3 have less than 20%. From 2007 to 2011, the population of companies increa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。