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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:7006
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: [email protected] (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。