STUDY OF REENGINEERING THE STOCK EQUITY STRUCTURE IN CHINESE STATE-OWNED ENTERPRISE REFORM

In this paper,it is first briefly described the basic situation and current policies of state owned enterprise reform in China.Then the major issues in the reform process are identified,the possible solutions in terms of reengineering stock equity structure and state share circulation are discussed,and finally some suggestions are made for the further state owned enterprise reform.Basing on the theory on the modern corporation system,relevant experiences of market economy nations and the practice of Chinese enterprise system reform.The approaches to determine the proportion of state share in the future corporations are proposed.Since the public ownership is not ideologically appropriate,the establishment of social security fund and mutual fund investment companies are suggested as new and acceptable pattern of public ownership.It is believed that these companies will be the major institutional shareholders in the future corporations.Their stock equity structure would mainly consist of institutional shareholders,which will be both consistent with international norms of modern corporations and with socialist public ownership with Chinese characteristics.

Vehicle Fleet Management Practices and Service Delivery in State Owned Enterprises in Zimbabwe

The main objective of the study was to examine the influence of vehicle fleet management practices on service delivery in State-Owned Enterprises (SOEs) in Zimbabwe. The study adopted a pragmatism research philosophy together with a mixed method research paradigm. In addition, structured questionnaires were distributed to 344 respondents drawn from 86 SOEs. Stratified and purposive sampling was used. Descriptive statistics were calculated using Statistical Package for the Social Science (SPSS) version 20. Exploratory factor analysis (EFA) was done on all items of the study while research hypotheses were tested using Structural Equation Modelling (SEM) in AMOS version 21. The study concluded that vehicle maintenance, fuel management, driver management and vehicle replacement positively influence service delivery. In addition, the study also established that Information and Communication Technologies (ICTs) moderate the influence of vehicle fleet management practices on service delivery. The study recommended that there is need for regular driver training and vehicle programs encompassing electronic spares tracking.

Fundamental issues and solutions in the design of China's ETS pilots:Allowance allocation,price mechanism and state-owned key enterprises

This paper analyzes the three main fundamental issues in the design of China's ETS pilots,including allowance allocation,price mechanism and state-owned key enterprises,and proposed suggested solutions.For the issue of allowance allocation,we suggest that the gradual hybrid mode could be applied at the beginning,which starts with mainly free allocation and then increases auction ratio gradually.And grandfathering is a suitable method of free allocation.For the issue of price mechanism,we suggest a price floating zone with open market operation to reduce the uncertainty of prices.For the issue of state-owned key enterprises,we suggest a good coordination with SASAC,defining the state-owned property right and supervision right when state-owned key enterprises are involved into the carbon market,and the local government can set rules of allocation and transaction to limit their potential market power.

Profit Delivery Proportion,Operation Performance and Bond Rating of Agricultural State-owned Enterprises

The distribution relationship between the profits of state-owned enterprises and the state has been constantly changing with the times. From the state implementing the policy that state-owned enterprises not pay profits to the state in 1994 to the constant growth of stateowned enterprises in the 21st century,their profits have become more and more abundant. Until 2007,the state issued a document stipulates that the state-owned enterprises should pay part of their profits to the state,but at the initial stage of trial implementation of the policy,the implementation was not effective,and finally in 2010 the state officially announced the collection of profits from state-owned enterprises and increased the proportion of collection. From the perspective of agricultural state-owned enterprises,using the difference-in-difference( DID)model,this paper studied the state policy of increasing the profit delivery proportion of state-owned enterprises in 2020. Through CSMAR database,we selected agricultural state-owned listed companies in the 2008-2013 as samples,tested the impact of the implementation of the new policy in 2010 on the operation performance of agricultural state-owned enterprises,evaluated the implementation effect of the policy through comparing the operation performance before and after the policy,and explored whether the policy has an impact on the bond rating. Through empirical research,it found that increasing the profit delivery proportion of state-owned enterprises is helpful for improving the operation performance of state-owned enterprises and improving the quality of bond ratings,and this policy has more prominent effects on stimulating the performance of monopolistic state-owned enterprises. Therefore,collection of some profits from state-owned enterprises can promote better development of state-owned enterprises and also benefit both the state and the people.

Research on evaluation model of technology innovation ability of state-owned enterprises in northeast industry base

The paper viewed the current problem that state-owned enterprises in northeast industry base hadn＇t technologies of their own intellectual property right, whose sources mainly depended on imitation and introduction from abroad. Operational evaluation method and index criteria system of enterprises technology innovation ability were put forward in this paper, different enterprises may revise the model according to their actual situations to evaluate the enterprise technological innovation ability scientifically and quickly. The findings will be helpful to correlative departments to formulate the related policies and also has important theoretical and practical value in technological innovation project of enterprise.

The Comparative Discussion of State Owned Enterprise in Competition Law

Reflect on the benefits and costs of the current approaches in the European Union and the People’s Republic of China.To the conclusion that State Owned Enterprises(SOE)’s and more generally state conduct should be fully covered by competition law.

THE WAY FOR STATE FOREIGN TRADE ENTERPRISES TO ADOPT STRUCTURAL REFORM

The Sichuan Provincial ChangjiangEnterprise Company, the former ofSichuan Provincial ChangjiangEnterprise (Group) Holdings Co.(SPCEGHC), is a comprehensive foreigntrade enterprise under the direct leadershipof the provincial government, mainly engagedin various kinds of foreign trade businessand as an agent for clients, involving deliveryof goods to foreign countries, the exchangeof technology, and the repair and leasing ofdomestic equipment. It was restructured tobecome an enterprise group in 1988, a"window" corporation on the province.

30 years of reform of China's state-owned asset management system

Reform of China’s state-owned asset management system is an important component of China’s economic system reform,but also a key factor in rejuvenating the national economy.In this article,the authors analyzed the background of the reform,summarized the reform process and discussed related question on how to deepen the reform.

Impact of State Equity Participation on Family Enterprises’ Innovation Input

Whether the mixed-ownership reform whereby the state invests in nonstate enterprises will be effective is a question that has attracted widespread attention and discussion.This paper uses sample data from family-owned enterprises listed from 2009 to 2016 and empirically tests the impact of equity participation by the state in the family enterprises on their innovation input and the underlying mechanisms.Our results show that state investment has positive impacts on innovation input in the family enterprises.This effect is even more significant for high-tech family enterprises and/or those family enterprises confronting high policy uncertainty.Our results also reveal that when state investment is accompanied by a greater degree of state participation in enterprise operations or when the investment originates locally,there is a greater increase in innovation input.Further analysis of the underlying mechanisms reveals that state investment increases innovation input by increasing both willingness to innovate and the resources available for innovation.This paper provides new theoretical support and empirical evidence for pushing the mixed-ownership reform and stepping up the sustainable development of non-state enterprises including family ones.

State-owned Enterprises' Outward Investment and the Structural Reform in China

Since China＇s accession to the WTO in 2001, China has been on a steep learning curve in terms of engaging in outward direct investment, and state-owned enterprises （SOEs） have played a predominant role in this drive. We argue that investment overseas by SOEs is a double-edged sword as far as its impact on domestic reform is concerned. Investing overseas offers opportunities to deepen structural reform in China, but such investment could also strengthen the monopoly position of some SOEs, which is inconsistent with the objective of domestic reform. Therefore, it is important for China to deepen domestic reform with respect to competition, ownership and regulations, to maximize the benefits from investing overseas＇. The present paper also discusses how building market-compatible institutions will resuh in increased innovation. This provides opportunities for Chinese firms to effectively catch up with the advanced technologies to remain competitive in overseas markets.

State-owned enterprises in China: A review of 40 years of research and practice

State-owned enterprises(SOEs)are important components of the Chinese economy.Although SOEs are generally considered inefficient in operations,China’s economy,which relies heavily on SOEs,has been highly successful over the last four decades.This indicates the importance of SOEs in China’s past and future economic success.Therefore,in this study,we review the literature on economic theories and 40 years of practice of Chinese SOEs and discuss implications for future research.Our review consists of four parts:the theories of SOEs and their reform,the performance and financing strategies of SOEs,corporate governance in SOEs,and corporate social responsibility in SOEs.

CORPORATE GOVERNANCE WITH CHINESE CHARACTERISTICS： THE CASE OF STATE OWNED ENTERPRISES

This article examines the reception of Western corporate governance models and standards into the Chinese system of corporate governance. It investigates how China has adapted these models to fit in with its political, economic, and cultural norms in relation to its state owned enterprises （SOEs）, a large number of which are now listed in onthe Fortune Global 500 list. Overall, the study highlights that firstly, the importance of culture in the shaping and functioning of human behavior as well as that of institutions, and in their subsequent path dependence; and secondly the limited impact of property rights, minority shareholder rights, and financial markets as arbiters of the destination of investment funds.

Executive turnover in China's state-owned enterprises:Government-oriented or market-oriented?

Executive turnover is important in the governance of state-owned enterprises(SOEs). Herein, we focus on the executive turnover of China's SOEs, and the implementation of related evaluation mechanisms under different levels of government intervention. We collect executive turnover data of listed Chinese SOEs from 1999 to 2012, and find that about half of the SOE executives leave office within two terms, which is in line with government recommendations. Moreover, we find that more than a third of executives leave after less than one term, and nearly 20% after more than two terms, highlighting the uncertainty and unpredictability of executive appointments in SOEs. We also find that the executive evaluation mechanism for SOEs is implemented differently under different levels of government intervention. SOEs under weak intervention, such as those controlled indirectly by governments, controlled with low shareholdings, from non-regulated industries or in the Eastern regions, prefer the market-oriented evaluation method, which places more weight on executives' economic performance. In contrast, those under strong intervention prefer the government-oriented evaluation method, which is characterized by policy burden.

Restructuring in China's State-owned Enterprises:Evidence from the Coal Industry

Usingfirm-level data for China ＂s state-owned coal mines, this paper examines the impact of privatization, corporatization and debt restructuring of state-owned enterprises on technical efficiency. A stochastic frontier production method is applied to a panel dataset from 2000 to 2007. The simultaneous study of these three measures makes it possible to study individual effects more precisely than otherwise. The study shows that the three reform initiatives are all able to improve technical efficiency in state-owned coal mines. The finding of a significant efficiency improvement from relinquishing state ownership provides an alternative to privatization. The study of debt restructuring and technical efficiency has not been documented in the published literature.

Non-CEO top managers’ monitoring power and CEO pay-performance sensitivity in state-owned enterprises:Evidence from Chinese state-owned listed firms

Few studies have focused on the role of non-CEO top manager inside directors in corporate governance,especially in the context of emerging countries.Despite their tendency to be subject to CEOs,non-CEO top manager inside directors can counterbalance CEOs in specific situations.Using panel data on state-owned listed companies in China,we conduct an empirical study of how non-CEO top manager inside directors influence CEO pay-performance sensitivity under serious agency conflicts.We find that the proportion of non-CEO top manager inside directors is significantly negatively correlated with CEO pay-performance sensitivity in state-owned enterprises,whereas the shareholding proportion of the controlling shareholders weakens this relationship.Furthermore,we find that non-CEO top manager inside directors significantly increase executives’on-the-job consumption.Our conclusions are robust to endogeneity testing and alternative specifications.

Comparison of Entrepreneurship Environment for Executives between State-owned and Private Enterprises in China

This research aims at exploring the differences in the effects of environment on entrepreneurship growth between state-owned enterprises and private businesses. Through executive investigation, reasons are provided for better performance of private businesses. Environmental factors, including economic, legal, technological, cultural and social factors, which influence entrepreneurship growth, are examined to determine differences between state-owned enterprise and private business executives. It is found that the methods of executive assignment to managerial posts determine executives＇ effort towards entrepreneurship.

A Policy Perspective on Outward Foreign Direct Investment by Chinese State-Owned Enterprises

A growing number of developed country governments in recent years have adopted a hostile attitude towards foreign direct investments undertaken in their markets by state-owned enterprises （SOEs）, the latter often based in China. The broad reason for this hostility is the belief that state-owned enterprises pursue non-commercial objectives with resulting damage to host economies. This paper argues that the empirical evidence shows SOEs are increasingly exhibiting market-owned behavior. Furthermore, any adverse consequences of non-commercial behavior are likely to be realized primarily by the SOEs themselves.