Since stock markets came forth in China only about 15 years ago, there are many different characteristics of Chinese listed companies compared with those of western. According to the regulation on Chinese security mar...Since stock markets came forth in China only about 15 years ago, there are many different characteristics of Chinese listed companies compared with those of western. According to the regulation on Chinese security markets, an effective internal governance system is composed of systems of general meeting of shareholders, board of directors, board of supervisors and managers. The general meeting of shareholders, as the highest agency of power, makes decisions on important affairs of the company and one of its most important rights is to select qualified members for the board of directors. Board of directors exercises the resolution made by general meeting of shareholders and fulfil the responsibilities authorized by general meeting of shareholder during adjournment. Among the system arrangements above-mentioned, board of directors is the most important. However, the efficiency of internal governing system of the whole company depends on board of directors. Combined with ownership structure analysis, this paper analyses the status quo of boards of directors in China and demonstrates every attribute of Chinese listed companies＇ board of directors.展开更多
After revenue-sharing system reform,the proportion of tax refund in fiscal transfer payments continued to decline,and the proportion of categorical grant and condition grant increased.The calculation results used SE-D...After revenue-sharing system reform,the proportion of tax refund in fiscal transfer payments continued to decline,and the proportion of categorical grant and condition grant increased.The calculation results used SE-DEA method show that,the financial expenditure efficiency declined continuously from 1995.The paper studies how transfer payment structure effect fiscal efficiency from the perspective of local financial revenue structure.The theoretical and empirical studies indicate that,the tax refund is the most effective policy and the categorical grant is more efficient than condition grant.Because the categorical grant is the fairest policy,we suggest the central government should decrease the condition grant,and increase the tax refund or categorical grant in transfer payment.展开更多
文摘Since stock markets came forth in China only about 15 years ago, there are many different characteristics of Chinese listed companies compared with those of western. According to the regulation on Chinese security markets, an effective internal governance system is composed of systems of general meeting of shareholders, board of directors, board of supervisors and managers. The general meeting of shareholders, as the highest agency of power, makes decisions on important affairs of the company and one of its most important rights is to select qualified members for the board of directors. Board of directors exercises the resolution made by general meeting of shareholders and fulfil the responsibilities authorized by general meeting of shareholder during adjournment. Among the system arrangements above-mentioned, board of directors is the most important. However, the efficiency of internal governing system of the whole company depends on board of directors. Combined with ownership structure analysis, this paper analyses the status quo of boards of directors in China and demonstrates every attribute of Chinese listed companies＇ board of directors.
基金supported by the major project of China National Social Science Foundation No.15AZD022.
文摘After revenue-sharing system reform,the proportion of tax refund in fiscal transfer payments continued to decline,and the proportion of categorical grant and condition grant increased.The calculation results used SE-DEA method show that,the financial expenditure efficiency declined continuously from 1995.The paper studies how transfer payment structure effect fiscal efficiency from the perspective of local financial revenue structure.The theoretical and empirical studies indicate that,the tax refund is the most effective policy and the categorical grant is more efficient than condition grant.Because the categorical grant is the fairest policy,we suggest the central government should decrease the condition grant,and increase the tax refund or categorical grant in transfer payment.
