On April 29, 2005, the reform of non-tradable shares was started. 46 companies were selected as the first and second batches of non-tradable share pilot reform, and among them 45 pilot companies finished their non-tra...On April 29, 2005, the reform of non-tradable shares was started. 46 companies were selected as the first and second batches of non-tradable share pilot reform, and among them 45 pilot companies finished their non-tradable share reform. This study examines the abnormal stock returns of the 45 pilot companies finishing their non-tradable share reform to determine whether tradable shareholders gain profits from this non-tradable share reform. By employing event study analysis, we find that tradable shareholders do gain profits from the non-tradable share reform. The average abnormal return of the 45 pilot companies was 10.62% on the resumption trading day after they finished their non-tradable share reform, which was statistically significant. We also find that the average abnormal return of high-compensation package group is significantly higher than that of low-compensation package group.展开更多
At the present stage of the SOEs joint share system reform, the problem of distorted accounting information, the failed financial audit and the ensuing erosion of the state： Owned assets, have severely impeded the pr...At the present stage of the SOEs joint share system reform, the problem of distorted accounting information, the failed financial audit and the ensuing erosion of the state： Owned assets, have severely impeded the process of the SOEs reform. This paper conducts an in-depth analysis on auditing problems in the process of the SOEs reform from managerial points of view, makes the suggestion that we should introduce governmental audit into the auditing supervision of the SOEs reform, and discusses its methods, approaches, contents and procedures in detail. This paper also indicates the possible obstacles of implementing this suggestion.展开更多
At Jiancaoping District, a rural part of Taiyuan, the capital city of Shanxi Province, north China, more than 8% of the residents are religious, believing in Catholicism, Christianity, Islam, Buddhism, as well as Chin...At Jiancaoping District, a rural part of Taiyuan, the capital city of Shanxi Province, north China, more than 8% of the residents are religious, believing in Catholicism, Christianity, Islam, Buddhism, as well as China＇s indigenous religion, Taoism. In other words, all the five religions in China have believers here. In particular, there are 16 villages with altogether 10,000 Catholics living in compact communties. It so happens that most religious people live in mountainous or hilly areas in the district, where adverse natural conditions once rendered them poor.展开更多
文摘On April 29, 2005, the reform of non-tradable shares was started. 46 companies were selected as the first and second batches of non-tradable share pilot reform, and among them 45 pilot companies finished their non-tradable share reform. This study examines the abnormal stock returns of the 45 pilot companies finishing their non-tradable share reform to determine whether tradable shareholders gain profits from this non-tradable share reform. By employing event study analysis, we find that tradable shareholders do gain profits from the non-tradable share reform. The average abnormal return of the 45 pilot companies was 10.62% on the resumption trading day after they finished their non-tradable share reform, which was statistically significant. We also find that the average abnormal return of high-compensation package group is significantly higher than that of low-compensation package group.
文摘At the present stage of the SOEs joint share system reform, the problem of distorted accounting information, the failed financial audit and the ensuing erosion of the state： Owned assets, have severely impeded the process of the SOEs reform. This paper conducts an in-depth analysis on auditing problems in the process of the SOEs reform from managerial points of view, makes the suggestion that we should introduce governmental audit into the auditing supervision of the SOEs reform, and discusses its methods, approaches, contents and procedures in detail. This paper also indicates the possible obstacles of implementing this suggestion.
文摘At Jiancaoping District, a rural part of Taiyuan, the capital city of Shanxi Province, north China, more than 8% of the residents are religious, believing in Catholicism, Christianity, Islam, Buddhism, as well as China＇s indigenous religion, Taoism. In other words, all the five religions in China have believers here. In particular, there are 16 villages with altogether 10,000 Catholics living in compact communties. It so happens that most religious people live in mountainous or hilly areas in the district, where adverse natural conditions once rendered them poor.
