The CPC’s Century-Long Exploration of a Socialist Ownership System

Throughout its century-long history,the Communist Party of China(CPC)has been striving to explore and implement an ownership system of the means of production.Upon its founding in 1921,the Party envisioned to create a sole ownership system after the victory of the National Revolution.In war times,land issues dominated the agenda of the Party’s work on the ownership structure since most of its bases and liberated areas were in the countryside.After the founding of the People’s Republic of China in 1949,China established a basic socialist economic system through“one industrialization and three transformations,”i.e.socialist industrialization and the transformations of agriculture,artisanal production,and capitalist industry and commerce.This nascent socialist economic system was characterized by the sole public ownership of the means of production and a highly centralized planned economy.Since the reform and opening up in 1978,the Party took bold steps to explore and reform the socialist ownership system under the principle to keep public ownership as the mainstay and allow diverse forms of ownership to develop side by side.In the new era,the Party has redefined China’s basic socialist economic system by creating a mixed ownership structure at two levels with public ownership as the mainstay.China’s increasing economic vitality and dynamism have witnessed the exploration and growth of this mixed ownership system.

Ownership Structure and Earnings Quality of Listed Financial Firms in Nigeria

The study determined the effect of ownership structure on earnings quality of listed financial firms in Nigeria.The study employed secondary data.The study population comprised all the 16 listed financial firms on the Nigerian Stock Exchange.Purposive sampling technique was adopted to select top 10 banks whose shares are consistently traded on the stock market.Data for ownership structure and earnings quality were sourced from the audited financial statements of the selected firms and the Nigerian Stock Exchange Factbook over a period of 10 years(2009-2018).Collected data were analyzed using pooled ordinary least square,fixed effect and random effect estimation techniques.The result from the study showed that institutional ownership(t=4.3,p˂0.05)had a positive and statistically significant relationship with earnings quality while ownership concentration(t=-2.5,p˂0.05)had a negative and significant relationship with earnings quality.The study recommended that the institutional ownership which shows a positive relationship with earnings quality enables improved earnings of the sampled listed banks.More institutional participation should be allowed in the Nigerian listed banks as it was proved that they have the power to monitor the affairs of managers as this will have a positive impact on earnings.Concentration ownership gives managers incentives to manage earnings to achieve short term opportunistic interest;therefore it should not be encouraged.

英美法中是否存在所有权?——“ownership”在英美不动产法中的真实含义

一、问题的提出英美法中是否存在所有权?这是一个涉及如何看待英美物权法的根本性问题。国内许多学者认为,英美法中并不存在所有权概念,甚至连物权概念都不存在。英美法系财产法……沿袭古日耳曼法的传统,理论上并没有一个明确的所有权概念,至今也没有一个完整的定义。

Investor Protection,Ownership Structure and Corporate Valuation

The purpose of this paper is to investigate the relationship between investor protection, ownership structure and corporate valuation. La Porta showed that there existed a simple linear relationship between corporate valuation and the holding percentage of controlling shareholders. But recent empirical evidence does not support it. A nonlinear relationship is proved between ownership structure and corporate valuaton by relaxing the assumption of La Porta＇s model in this paper. There exists a positive relation between investor protection and corporate valuation. Our empirical research shows that this relation is significantly positive indeed.

Corporate Governance, Ownership and Financial Distress of Publicly Listed Companies in China

This paper examines the effects of internal control mechanisms on the financial distress of publicly listed companies in China. Using t-test and Logistic regression analysis, we investigated the following aspects: ownership by top managers and the CEO, the number of directors, the percentage of inside directors, CEO duality, and ownership concentration. The empirical tests indicate a lower probability of financial distress when ownership by top managers and that by the CEO are higher. The evidence also shows that a combination of two parts, the CEO and the chairman of the board, may influence the internal control system of a publicly listed companies.

Impact of Enterprise Ownership and Size on Registered Hematotoxicity in Benzene-exposed Workers

Benzene is a classified as ahuman carcinogen that can cause myelodysplastic syndrome and acute myelogenousleukemia;.This compound is also a potent toxin suppressing the bone marrow.Accordingly,benzene causes serious hematological adverse effects,such as pancytopenia and aplastic

Support Vector Machine Prediction Modeling for Automobile Ownership

To address some inherent defects of artificial neural networks, such as insufficient generalization performance, local extremum problem, and dimensional catastrophe problem, a support vector machine was proposed and applied to the modeling of automobile ownership prediction. By analyzing the data on automobile ownership and its influencing factors, the learning sample couples for automobile ownership prediction modeling were constructed, and support vector machine (SVM) was used to regression the nonlinear function relation of automobile ownership prediction model, and the established automobile ownership prediction model was used to predict the automobile ownership in different years. To reduce the impact on the accuracy of automobile ownership prediction caused by the large order of magnitude difference between the data of automobile ownership and its influence factors, the normalization method was used to pre-process the automobile ownership and its influence factors, and the inverse normalization was used to process the automobile ownership prediction results. The comparison between the automobile ownership prediction results and the statistical results shows that the automobile ownership prediction model has good generalization performance, and the support vector machine is an effective method to model the automobile ownership prediction.

Does Hospital Ownership Influence Hand Hygiene Compliance?

The issue as to whether hospital ownership has an impact on the quality of care has long been a serious concern. Hand hygiene（HH） compliance is regarded as an important indicator of the quality of care in the control of hospital-acquired infections. However, little information is available on whether hospital ownership influences HH compliance. In this study, of 229 hospitals selected from Hubei province in China, 152 were public and 77 were private hospitals. A total of 23 652 healthcare workers（HCWs） were surveyed, using a convenience sampling. HH compliance, the WHO＇s ＂My Five Moments for hand hygiene＂（5 MHH）, among HCWs, together with the factors of hospital ownership, training frequency, bed occupancy rates, etc. were collected. Univariate analysis and ordinal logistic regression analysis were used to analyze factors affecting HH compliance. Overall, HH compliance rates were 67% and 79% for public and private hospitals, respectively. The HH compliance rates of HCWs and 5 MHH were between 55% and 95%, and influenced by hospital ownership（P〈0.05）, excluding compliance rate at the moment after body fluid exposure, and other influence factors included training frequency and bed occupancy rate（P〈0.05）. HH compliance is better in private than in public hospitals. Hospital ownership is a significant factor affecting HH compliance, in addition to training frequency and bed occupancy rate.

Analysis on "State Ownership of Climate Resources"

Climate resources are not scarce resources, nor do they conform to basic characteristics of the legal conception of ＂objects＂ which is used in the legal context. It is a violation of jurisprudence to assign ownership of climate resources. The provisions of local regulation which stipulate that climate resources belong to the state and government therefore has the jurisdiction over the climate probe activities, which is not only counter to higher laws, but also goes against the Constitution. That makes the provisions invalid. Besides, state ownership of climate resources also creates the possibility for the state to take on liabilities for damage caused by climate disasters. The motivation for the above provisions in local regulation is to acquire the administrative approval rights and economic benefits hiding behind those rights. So the basic principles for exercising state power should be in line with basic jurisprudence and conform with provisions of the Constitution and higher laws.

>Problems and Countermeasures of Collective Land Ownership Disputes in Beijing

In 2010, No.1 document of central government demanded strengthening mediation and settlement of ownership of rural collective land, to complete confirmation of right and registration and issue of certificate of rural collective land in 3 years. However, the mediation and settlement of land ownership in China still remain at starting stage, and there are many problems in both theory and practice. In this situation, this paper summarizes current situations of disputes about ownership of collective land in Beijing, analyzes causes of disputes, introduces existing working mechanism, methods and problems of dispute mediation and settlement, and finally presents feasible recommendations, in the hope of providing guidance for mediation and settlement of land ownership disputes.

Civil Society in Traditional China: Governance and Ownership System——Evidence from Construction and Management of Public Facilities in the Qing Dynasty

This paper focuses on the bridge council and free ferry services as the private organizers of public infrastructure construction in the Qing Dynasty, uncovers the legal entity ownership system and governance model with China's native origin, and reveals the attributes and characteristics of ownership by legal entities in China's traditional era. Bridge councils and free ferry services are non-profit and non-government public-interest institutions, whose members were elected by local communities. These councils were responsible for the fundraising, construction, and long-term maintenance and operation of public facilities and infrastructure at the grassroots level. They adopted open and transparent management procedures and could coordinate cross-jurisdictional affairs and mediate disputes. They possessed independent assets such as lands and fund reserves, and such exclusive legal-entity ownership received protection from the government and under the laws. Such form of legal-entity ownership provided the institutional foundation for the development of clans, temples, charitable groups, academies of classical learning, and various associations and societies. These self-organizing groups demonstrate remarkable mobilization and organizational capabilities and institutional creativity of civil society in traditional China. They served as a link between the government and communities and played a unique and active role in maintaining social order at the grassroots level.

Study on the Ownership of Plant Genetic Resources on Farmers' Land

In order to protect Chinese farmers' sharing benefits and make legal preparation for accession to the International Treaty on Plant Genetic Resources for Food and Agriculture, this paper analyzed differences between state sovereignty and ownership of genetic resources and between natural resources and plant genetic resources on farmers' land. Then, it studied the regulations of the United States, European Union and Indian on the ownership of plant genetic resources on farmers' land. On the basis of the analysis and study, the authors stated that the sovereignty of plant genetic resources can not replace the ownership system. The plant genetic resources on farmers' (community) land should be in the possession of farmers or communities, which should be confirmed by the State.

Natural Monopoly and Mixed Ownership Reform--Based on Natural Experiment and Cost Function Analysis Method

Despite a multitude of theoretical discussions on China's mixed ownership reform, very few studies have addressed realistic questions concerning the implementation of the reform. The Resolutions of the Third Plenum of the 18 th CPC Central Committee and other reform strategies have outlined the reform of sectors with natural monopoly, including urban public utility sectors. The question is how mixed ownership reform should be carried out in sectors of natural monopoly, or which public utilities sectors should enjoy priority of mixed ownership reform. To answer this question, this paper employs data of large public utility enterprises in China from 1998 to 2008, and estimates the natural monopoly attribute at the industry level and corporate total factor productivity(TFP) using cost function analysis method excluding the impact of product price factor. Based on the difference-indifferences-in-differences(DDD) method of natural experiment, an empirical test is carried out for the relationship among natural monopoly, mixed ownership reform and corporate productivity. Our results suggest that:(1) Statistically, mixed ownership reform cannot significantly increase corporate TFP in sectors with natural monopoly;(2) mixed ownership reform should not be carried out indiscriminately on a nationwide basis and for all public utilities sectors. Such an attempt of reform without distinguishing natural monopoly and the level of competitiveness is fraught with policy uncertainties;(3) relative to sectors with natural monopoly, corporate productivity in competitive sectors after mixed ownership reform will improve more significantly and enjoy greater "policy dividends" of institutional reform. Therefore, mixed ownership reform should be carried out first in competitive sectors.

The Moderating Role of Ownership Structure on the Relation between Board Independence and Voluntary Financial Disclosure: An Analysis of Italian Listed Company

Voluntary disclosure and corporate governance variables, such as board independence and ownership structure are considered mechanisms useful to reduce information asymmetries between competing parties of the firms. This paper aims at investigating both the relationship between board independence and the quality of voluntary financial disclosure and how previous relationship is moderated by the level of ownership concentration. The analysis has been conducted on a sample of Italian non-financial listed companies. The results show that there is a positive and significant relationship between board independence and the quality of voluntary financial disclosure provided by companies. In addition, the findings reveal that ownership concentration plays a relevant moderating role in previous relationship. The results highlight the necessity to consider the interaction effects of different governance mechanisms, when studying corporate governance effectiveness.

Game analysis of control right of state-owned shares under the background of the mixed ownership

Since the Third Plenary Session of the 18 th Central Committee of the Communist Party of China, the concept of the mixed ownership economy has received extensive attention from all sectors of society, which has effect on a coming new round of reformation on enterprise property. However, in order to take control of the state-owned shares in the end making the state ownership economy become the principal position and to enlarge the scale of state-owned shares, which guides the common development with the non-public sectors of the economy, how to determine the proportion of state-owned shares? Under the background of the mixed ownership reformation, the article explains the mixed ownership by explaining how to enlarge the state-owned assets controlling scale and how to improve the stateowned company 'economic effi ciency and how to protect the interests of small shareholders. The final conclusion is that the SASAC should use the thinking of relative holdings, instead of the absolute control thinking, and should make use of the games among the large shareholders and the pyramidal ownership structure to make the pattern of ownership diversify.

A Comparative Study of Land Economy under Different Ownerships in China

This paper creates a land economy model under the framework of the consistent growth theory to investigate the impacts of different forms of ownership on longterm economic equilibrium.As demonstrated under the model,in an economy of private ownership that allows the free transfer of land,land gradually becomes concentrated in the hands of a few;income growth deriving from technological progress merely contributes to the wealth and consumption of landowners;landless workers will struggle at the level of subsistence.An economy of public or collective ownership that forbids the transfer of land can ensure basic social equity.However,in a collective economy without a contract system,population is likely to grow excessively and thus requires external restraint.The conclusions of our model suggest that the long-term welfare and growth effect under collective ownership with a contract system is superior to those under private ownership and pure public ownership.

Ownership Forms and Costs of Operations of Microfinance Institutions in Cameroon

This paper investigates on the relative costs of operations of microfinance institutions(MFIs)in Cameroon with regard to their ownership forms.We extracted data from MIX Market which included 31 MFIs over the period 2001-2017.On processing data though a multinomial logistic regression,we found out that affiliated Credit Unions were the most cost-efficient organisational form,but the portfolio efficiency was nearly the same all across ownership patterns.Affiliated Credit Unions underwent the lowest operating expenses whereas Microbanks significantly reported the highest financial expenses.Also,we did not find any significant differences between personnel productivity across ownership forms.

Development of Natural Gas in China--Concentrating Resources to Accomplish Major Undertakings, and Expediting Development through Diversified Ownerships

The development of China’s natural gas industry can be described as the story of an ancient but rising industry.In general,the route for China’s natural gas development is through concentrating resources to accomplish major undertakings,and expediting development through diversified ownerships.A brief review of the development of the natural gas industry in

SOE Reform: from Corporate System to Ownership System

China’s restructuring of state-owned enterpsies has been a major component of the country’s reform and opening, and a driver of its impressive economic growth of the last two decades. An examination of this restructuring is important not only as a contribution to the general economic development literature, but also for China to best understand how its development has played out so far, and thus how it might best be continued.

Available Agricultural Area by Utilization Categories and Ownership Structure of Holdings in the Republic of Serbia

The subject of research in this paper is the analysis and presentation of data on agricultural holdings, the structure of available and utilized area. The data and calculated indicators represent a comprehensive overview of the structural characteristics of national agriculture, but they are also an internationally comparable database, based on key features of agriculture. The main goal of this paper is to determine and explain more comprehensively and in detail by using appropriate methods, and based on available data, the condition of utilized agricultural area (hereinafter: UAA) and its quantitative and qualitative characteristics by utilization categories and manner of its use;types of agricultural holdings and statistical regions and lower statistical units of data grouping. Implementation of such a defined basic research goal indicates necessity of more detailed and continuous study of the causes that led to the reduction of available agricultural area and especially its better and more important production categories of utilization and measures and activities to be taken to eliminate or reduce the causes of inadequate management of agricultural area in the coming period. The importance of this research arises from the fact that the results on utilized agricultural area can be used to adopt appropriate measures and undertake certain activities in land and overall agricultural and rural policy related to sustainable utilization, arrangement and protection of agricultural land and more balanced integrated development of rural areas, as well as to find better solutions in the field of utilization, ownership sector and conditions of agricultural area management.