Under the existed system, the capital structure is the basis of the corporate governance, the structure of the corporate governance is the reflection of the capital structure. The choice of the capital structure decid...Under the existed system, the capital structure is the basis of the corporate governance, the structure of the corporate governance is the reflection of the capital structure. The choice of the capital structure decides the level of the corporate governance to a great degree. This paper discusses the governance effect of Chinese public corporation in the view of capital structure. At last, the author suggests that the government should change the state of state-owned stock which takes a great proportion, make the state-owned stocks and corporation stocks enter and circulate in the market, develop investment banks, promote the stockholder＇s rights to circulate and recombine, enhance the supervision and the management of the stock markets, perfect the mechanism of the market＇s operation, set up the mechanism of the way to protect to pay back the debt, perfect the system of bankruptcy and develop the way of bond-financing, offset the drawbacks of the indirect-financing among banks and so on. All of the advice was given to perfect the public company＇s capital structure and improve the efficiency of the corporate governance.展开更多
Ⅰ. The present Situation of Transnational Corporations’ Investment in TEDA (1 ) General situation Since its founding ten years ago, especially since 1992. TEDA has achieved encouraging successesin undertaking major ...Ⅰ. The present Situation of Transnational Corporations’ Investment in TEDA (1 ) General situation Since its founding ten years ago, especially since 1992. TEDA has achieved encouraging successesin undertaking major projects. drawing the attention of leading consortia, omnibearingly solicitingbusiness and drawing foreign capital. By September 30, 1994, TEDA had approved 2054 solely for-展开更多
The Chinese government set up the State Development Bank against the background of the Chinese economic system being transformed from planned to market. In May 1995, the State Development Investment Corporation was es...The Chinese government set up the State Development Bank against the background of the Chinese economic system being transformed from planned to market. In May 1995, the State Development Investment Corporation was established. Does this mean that China’s investment system reform is advancing at a much展开更多
August 30,2007,Shenzhen,China-ZTE Corporation ("ZTE"),a leading global provider of telecommunications equipment and network solutions,announced that it has recently signed an agreement with Telkom Indonesia...August 30,2007,Shenzhen,China-ZTE Corporation ("ZTE"),a leading global provider of telecommunications equipment and network solutions,announced that it has recently signed an agreement with Telkom Indonesia ("Telkom"),the largest InfoCom company and full-service network provider in Indonesia,to help expand the CDMA2000 network capacity for national coverage. Under the contract,the network expansion will cover the four main cities of the eastern part of Sulawesi,Indonesia.展开更多
First business: to clean a tea pot. Income: RMB 0.20 (less than 10 US cents at the time). Second business: to clean a boiler. Income: RMB 1, 200. Three months later, incomereached RMB 240, 000. Ten years later, the co...First business: to clean a tea pot. Income: RMB 0.20 (less than 10 US cents at the time). Second business: to clean a boiler. Income: RMB 1, 200. Three months later, incomereached RMB 240, 000. Ten years later, the company had 350 subsidiaries across China and four joint ventures abroad, with an annual output value of more than RMB 300 million. The data are simple but intriguing, recording the history of the Blue展开更多
"China’s shipbuilding industry has boomed in the last 15 years since the end of the 1970s and has drawn attention of international shipbuilding and shipping circles even though a gap still remained between China..."China’s shipbuilding industry has boomed in the last 15 years since the end of the 1970s and has drawn attention of international shipbuilding and shipping circles even though a gap still remained between China and advanced shipbuilding countries including Japan and South Korea. China ranks among advanced shipbuilding countries relying on its own investment and enterprise development. China has opened its shipbuilding industry to the outside world for wider cooperation and more foreign involvement."展开更多
The Capital Iron and Steel Corporation (Shou Gang) is one of the eight major iron and steel companies in China and one of the first state-owned enterprises to be selected as a testing ground for the reform programme, ...The Capital Iron and Steel Corporation (Shou Gang) is one of the eight major iron and steel companies in China and one of the first state-owned enterprises to be selected as a testing ground for the reform programme, since it was authorized to manage its own foreign trade in 1981, the Corporation’s export trade has expanded steadily. Especially since 1992, its development in foreign trade has skyrocketed because China Shou Gang International Trade Construction Company was approved to be set up. In 1993, it exported 239,700 tons of steel. Its foreign exchange income reached US$630 million, of which the Shou Gang’s self-managed exports took up US$96.98 million. During the展开更多
It’s estimated that by the year 2000, the international electronics market will be worth US$ 2 trillion, making the electronics industry the world’s largest. How to expand its share of this international market will...It’s estimated that by the year 2000, the international electronics market will be worth US$ 2 trillion, making the electronics industry the world’s largest. How to expand its share of this international market will be a challenge for the China Electronics Import-Export Corporation. Recently, our reporter interviewed Mr. Ouyang Zhongmou, president of CEIEC. Question: How is your corporation getting on as China’s largest foreign展开更多
Although it was reported that the title of 5000th Sino-foreign joint venture in Beijing had been conferred on Wall’s, it nevertheless remained a strange name to most Beijingers. However, on one of the hottest days la...Although it was reported that the title of 5000th Sino-foreign joint venture in Beijing had been conferred on Wall’s, it nevertheless remained a strange name to most Beijingers. However, on one of the hottest days last summer, the name Wall’s was seen in the Beijing streets and lanes, the ice-cream kept in small glass refrigerated cases standing under red and blue umbrellas with the trademark of Wall’s on them. This展开更多
Editor’s Note:In the recent two yearssince ZTE’s NGN prod-uct series were put intomarket,ZTE has maderemarkable achieve-ments in the industry. Al-though a leading vendorin China, ZTE has beencontinuously doing busi-...Editor’s Note:In the recent two yearssince ZTE’s NGN prod-uct series were put intomarket,ZTE has maderemarkable achieve-ments in the industry. Al-though a leading vendorin China, ZTE has beencontinuously doing busi- ness in a prudent and practical way,which has been recognized by govern-ment authorities, carriers and customers.In order to learn more about ZTE’s NGNdevelopment strategy,we interviewedChen Jie, ZTE’s vice president and gen-eral manager of Network Division, aboutZTE’s NGN development strategy, R&Dadvantages and progress.展开更多
The United States passed the Better Utilization of Investment Leading to Development(BUILD Act),as a counterweight to China’s overseas development activities.Under the Act,the US established a new federal agency,the ...The United States passed the Better Utilization of Investment Leading to Development(BUILD Act),as a counterweight to China’s overseas development activities.Under the Act,the US established a new federal agency,the U.S.International Development Finance Corporation(DFC),to enhance U.S.development financing capabilities.To better understand the impact of the DFC on China’s development finance,this article analyzes the DFC’s purpose,functions,structure,and funding.Then it focuses on the purpose of establishing the DFC,providing a preliminary analysis of the potential motivation for its establishment.It also compares the China Development Bank(CDB)and the DFC based on their focused sectors.Finally,through an in-depth analysis of financial frictions in China-U.S.relations,this article argues that the DFC competes with China’s overseas development financing activities in the context of broader strategic competition between China and the U.S.展开更多
Modern corporate situations, characterized by the globalisation of the markets and of the information, highlight the need to link the potential of a not transient growth to the adequate reconciliation of all the expec...Modern corporate situations, characterized by the globalisation of the markets and of the information, highlight the need to link the potential of a not transient growth to the adequate reconciliation of all the expectations converging around the entrepreneurial formula and not only of those attributable to shareholders. In such a defined context, corporate governance tends to evolve from a situation of primary care for the expectations of shareholders （shareholder＇s view） and for the correlated financial responsibility, to a wide consideration of all the stakeholders （stakeholder＇s view） and related responsibilities （financial, environmental, social, administrative）. The correct carrying out of governance processes requires, therefore, a clear focus on sustainable development and on the related assumption of a concept of global responsibility. The decisions made by the governing bodies must be driven by the purpose to create value in the long term according to conditions of fairness and sustainable development. To sum up, this research aims to deepen the existing connections between corporate governance, sustainable development and value creation on the basis of the empirical analysis of a limited number of listed Italian companies afferent to the public utilities sector. The paper, based on a deductive approach, is composed of two distinct but strictly connected parts： the first theoretical and the second empirical. The empirical research consists of a content analysis of the most recent documents （sustainability reports and annual reports） worked out by the selected companies. The results obtained about the degree respect of sustainable development conditions by each company are linked to the related value dimension （social, economic, competitive and environmental performance） aimed at verifying if the assumption of a corporate governance approach inspired by sustainability is susceptible of favouring the company development in a medium long term. From the delivered research it emerges how public utilities that promote behaviours in line with the sustainability conditions are marked out by stable growth paths. Conversely, the companies that assume a vision mainly addressed to the economic dimension, neglecting the other areas are generally compromised in the performance realized.展开更多
This study investigates the effects of corporate governance compliance on market valuation in Malaysia using a sample of 164 companies listed on the Main Board in Bursa Malaysia from 5 different industries （consumer,...This study investigates the effects of corporate governance compliance on market valuation in Malaysia using a sample of 164 companies listed on the Main Board in Bursa Malaysia from 5 different industries （consumer, trading ＆ services, industrial, constructions and properties） within 2001 to 2005. Throughout, this study will use correlation and regression analysis in the SPSS software to determine the effects of corporate governance practices on Market Valuation. In analyzing firms＇ market valuation, we will use the Tobin＇s Q formula and for the corporate governance compliance, we will look at 4 criteria to compare with market valuation, which are （1） Board of Director＇s composition, （2） Board of Director＇s remuneration （salaries）, （3） Board of Director＇s training and development, （4） Board of Director＇s meeting. In order to determine the effects between the corporate governance compliance and market valuation, we will use regression analysis. Based on the correlation analysis, the first null hypothesis must be rejected and the alternative hypothesis is accepted, in which dependent variable and independent variables are significantly correlated with BOD remuneration and BOD training availability. Overall, there is a significant relationship between Tobin＇s Q and independent variables （BOD remuneration and BOD training）. This study also recommends that for the company who did not comply with the code, they should follow the best practice because it will be a pivotal weapon in facing with the fierce competition in era globalization.展开更多
In China, the concept of corporate governance does not have a long history, and the implementation of corporate governance has been growing up with the process of China's enterprise reform especially the SOEs (sta...In China, the concept of corporate governance does not have a long history, and the implementation of corporate governance has been growing up with the process of China's enterprise reform especially the SOEs (state-owned enterprises) reform and economic growth. In the last two decades, China's enterprise reform has been the focus of economic reform and system reform, and the importance of corporate governance became clearly recognized among the join stock corporations which had undergone or are ongoing the corporatization progress.展开更多
With intensifying global climate change,humanity is confronted with unparalleled environmental challenges and risks.This study employs the staggered difference-in-difference model to examine the relationship between c...With intensifying global climate change,humanity is confronted with unparalleled environmental challenges and risks.This study employs the staggered difference-in-difference model to examine the relationship between climate policy and green innovation in the corporate financialization context.Using Chinese-listed company data from 2008 to 2020,our analysis reveals a favorable correlation between China’s carbon emission trading policy(CCTP)and advancements in green innovation.Furthermore,we find that the level of corporate financialization moderates this correlation,diminishing the driving effect of CCTP on green innovation.Additionally,results of heterogeneity analysis show that this moderating consequence is more evident in non-state owned and low-digitization enterprises compared with state-owned and high-digitization ones.Our findings contribute to the existing literature by clarifying the interaction between CCTP,green innovation,and corporate financialization.Our research provides valuable insights for policymakers and stakeholders seeking to strengthen climate policies and encourages green innovation in different types of businesses.展开更多
文摘Under the existed system, the capital structure is the basis of the corporate governance, the structure of the corporate governance is the reflection of the capital structure. The choice of the capital structure decides the level of the corporate governance to a great degree. This paper discusses the governance effect of Chinese public corporation in the view of capital structure. At last, the author suggests that the government should change the state of state-owned stock which takes a great proportion, make the state-owned stocks and corporation stocks enter and circulate in the market, develop investment banks, promote the stockholder＇s rights to circulate and recombine, enhance the supervision and the management of the stock markets, perfect the mechanism of the market＇s operation, set up the mechanism of the way to protect to pay back the debt, perfect the system of bankruptcy and develop the way of bond-financing, offset the drawbacks of the indirect-financing among banks and so on. All of the advice was given to perfect the public company＇s capital structure and improve the efficiency of the corporate governance.
文摘Ⅰ. The present Situation of Transnational Corporations’ Investment in TEDA (1 ) General situation Since its founding ten years ago, especially since 1992. TEDA has achieved encouraging successesin undertaking major projects. drawing the attention of leading consortia, omnibearingly solicitingbusiness and drawing foreign capital. By September 30, 1994, TEDA had approved 2054 solely for-
文摘The Chinese government set up the State Development Bank against the background of the Chinese economic system being transformed from planned to market. In May 1995, the State Development Investment Corporation was established. Does this mean that China’s investment system reform is advancing at a much
文摘August 30,2007,Shenzhen,China-ZTE Corporation ("ZTE"),a leading global provider of telecommunications equipment and network solutions,announced that it has recently signed an agreement with Telkom Indonesia ("Telkom"),the largest InfoCom company and full-service network provider in Indonesia,to help expand the CDMA2000 network capacity for national coverage. Under the contract,the network expansion will cover the four main cities of the eastern part of Sulawesi,Indonesia.
文摘First business: to clean a tea pot. Income: RMB 0.20 (less than 10 US cents at the time). Second business: to clean a boiler. Income: RMB 1, 200. Three months later, incomereached RMB 240, 000. Ten years later, the company had 350 subsidiaries across China and four joint ventures abroad, with an annual output value of more than RMB 300 million. The data are simple but intriguing, recording the history of the Blue
文摘"China’s shipbuilding industry has boomed in the last 15 years since the end of the 1970s and has drawn attention of international shipbuilding and shipping circles even though a gap still remained between China and advanced shipbuilding countries including Japan and South Korea. China ranks among advanced shipbuilding countries relying on its own investment and enterprise development. China has opened its shipbuilding industry to the outside world for wider cooperation and more foreign involvement."
文摘The Capital Iron and Steel Corporation (Shou Gang) is one of the eight major iron and steel companies in China and one of the first state-owned enterprises to be selected as a testing ground for the reform programme, since it was authorized to manage its own foreign trade in 1981, the Corporation’s export trade has expanded steadily. Especially since 1992, its development in foreign trade has skyrocketed because China Shou Gang International Trade Construction Company was approved to be set up. In 1993, it exported 239,700 tons of steel. Its foreign exchange income reached US$630 million, of which the Shou Gang’s self-managed exports took up US$96.98 million. During the
文摘It’s estimated that by the year 2000, the international electronics market will be worth US$ 2 trillion, making the electronics industry the world’s largest. How to expand its share of this international market will be a challenge for the China Electronics Import-Export Corporation. Recently, our reporter interviewed Mr. Ouyang Zhongmou, president of CEIEC. Question: How is your corporation getting on as China’s largest foreign
文摘Although it was reported that the title of 5000th Sino-foreign joint venture in Beijing had been conferred on Wall’s, it nevertheless remained a strange name to most Beijingers. However, on one of the hottest days last summer, the name Wall’s was seen in the Beijing streets and lanes, the ice-cream kept in small glass refrigerated cases standing under red and blue umbrellas with the trademark of Wall’s on them. This
文摘Editor’s Note:In the recent two yearssince ZTE’s NGN prod-uct series were put intomarket,ZTE has maderemarkable achieve-ments in the industry. Al-though a leading vendorin China, ZTE has beencontinuously doing busi- ness in a prudent and practical way,which has been recognized by govern-ment authorities, carriers and customers.In order to learn more about ZTE’s NGNdevelopment strategy,we interviewedChen Jie, ZTE’s vice president and gen-eral manager of Network Division, aboutZTE’s NGN development strategy, R&Dadvantages and progress.
文摘The United States passed the Better Utilization of Investment Leading to Development(BUILD Act),as a counterweight to China’s overseas development activities.Under the Act,the US established a new federal agency,the U.S.International Development Finance Corporation(DFC),to enhance U.S.development financing capabilities.To better understand the impact of the DFC on China’s development finance,this article analyzes the DFC’s purpose,functions,structure,and funding.Then it focuses on the purpose of establishing the DFC,providing a preliminary analysis of the potential motivation for its establishment.It also compares the China Development Bank(CDB)and the DFC based on their focused sectors.Finally,through an in-depth analysis of financial frictions in China-U.S.relations,this article argues that the DFC competes with China’s overseas development financing activities in the context of broader strategic competition between China and the U.S.
文摘Modern corporate situations, characterized by the globalisation of the markets and of the information, highlight the need to link the potential of a not transient growth to the adequate reconciliation of all the expectations converging around the entrepreneurial formula and not only of those attributable to shareholders. In such a defined context, corporate governance tends to evolve from a situation of primary care for the expectations of shareholders （shareholder＇s view） and for the correlated financial responsibility, to a wide consideration of all the stakeholders （stakeholder＇s view） and related responsibilities （financial, environmental, social, administrative）. The correct carrying out of governance processes requires, therefore, a clear focus on sustainable development and on the related assumption of a concept of global responsibility. The decisions made by the governing bodies must be driven by the purpose to create value in the long term according to conditions of fairness and sustainable development. To sum up, this research aims to deepen the existing connections between corporate governance, sustainable development and value creation on the basis of the empirical analysis of a limited number of listed Italian companies afferent to the public utilities sector. The paper, based on a deductive approach, is composed of two distinct but strictly connected parts： the first theoretical and the second empirical. The empirical research consists of a content analysis of the most recent documents （sustainability reports and annual reports） worked out by the selected companies. The results obtained about the degree respect of sustainable development conditions by each company are linked to the related value dimension （social, economic, competitive and environmental performance） aimed at verifying if the assumption of a corporate governance approach inspired by sustainability is susceptible of favouring the company development in a medium long term. From the delivered research it emerges how public utilities that promote behaviours in line with the sustainability conditions are marked out by stable growth paths. Conversely, the companies that assume a vision mainly addressed to the economic dimension, neglecting the other areas are generally compromised in the performance realized.
文摘This study investigates the effects of corporate governance compliance on market valuation in Malaysia using a sample of 164 companies listed on the Main Board in Bursa Malaysia from 5 different industries （consumer, trading ＆ services, industrial, constructions and properties） within 2001 to 2005. Throughout, this study will use correlation and regression analysis in the SPSS software to determine the effects of corporate governance practices on Market Valuation. In analyzing firms＇ market valuation, we will use the Tobin＇s Q formula and for the corporate governance compliance, we will look at 4 criteria to compare with market valuation, which are （1） Board of Director＇s composition, （2） Board of Director＇s remuneration （salaries）, （3） Board of Director＇s training and development, （4） Board of Director＇s meeting. In order to determine the effects between the corporate governance compliance and market valuation, we will use regression analysis. Based on the correlation analysis, the first null hypothesis must be rejected and the alternative hypothesis is accepted, in which dependent variable and independent variables are significantly correlated with BOD remuneration and BOD training availability. Overall, there is a significant relationship between Tobin＇s Q and independent variables （BOD remuneration and BOD training）. This study also recommends that for the company who did not comply with the code, they should follow the best practice because it will be a pivotal weapon in facing with the fierce competition in era globalization.
文摘In China, the concept of corporate governance does not have a long history, and the implementation of corporate governance has been growing up with the process of China's enterprise reform especially the SOEs (state-owned enterprises) reform and economic growth. In the last two decades, China's enterprise reform has been the focus of economic reform and system reform, and the importance of corporate governance became clearly recognized among the join stock corporations which had undergone or are ongoing the corporatization progress.
基金support was obtained from the Fundamental Research Funds for the Central Universities[Grant No.JBK2307090].
文摘With intensifying global climate change,humanity is confronted with unparalleled environmental challenges and risks.This study employs the staggered difference-in-difference model to examine the relationship between climate policy and green innovation in the corporate financialization context.Using Chinese-listed company data from 2008 to 2020,our analysis reveals a favorable correlation between China’s carbon emission trading policy(CCTP)and advancements in green innovation.Furthermore,we find that the level of corporate financialization moderates this correlation,diminishing the driving effect of CCTP on green innovation.Additionally,results of heterogeneity analysis show that this moderating consequence is more evident in non-state owned and low-digitization enterprises compared with state-owned and high-digitization ones.Our findings contribute to the existing literature by clarifying the interaction between CCTP,green innovation,and corporate financialization.Our research provides valuable insights for policymakers and stakeholders seeking to strengthen climate policies and encourages green innovation in different types of businesses.
