State-Owned Capital Participation in Private Enterprises:A Perspective of Debt Financing

This study takes debt financing as the entry point and explores the impact of state-owned capital participation in private enterprises from the perspectives of“unarticulated rules”and“articulated rules”.The study finds that state-owned capital participation significantly reduces the debt financing costs of private enterprises and expands the scale of their debt financing.This conclusion remains valid after a series of endogeneity and robustness tests.Further analysis of the mechanism reveals that state-owned capital participation improves the debt financing of private enterprises through multiple channels:Enhancing their social reputation,mitigating the“statistical bias”they face,optimizing their information quality,and reducing the“shareholder-creditor”agency problems.This paper conceptualizes these benefits as the“complementary advantages of heterogeneous shareholders”.This not only constructs a theoretical framework for“reverse mixed-ownership reform”but also better narrates the Chinese story of“mixed-ownership reform”by adopting a more universally applicable theory of equity structure.Additionally,the paper supplements existing research on the macro-and meso-level relationship between the government and the market by exploring the government’s positive role at the micro-level.

Minority Protection in Proceedings for the Settlement of Disputes Between Shareholders

“A limited company is more than a mere judicial entity, with a personality in law of its own： Behind it, or amongst it, there are individuals, with rights, expectations and obligations inter se”. The competitive attitude of the member states of the EU （European Union）, to become the most attractive for companies results in law reforms aiming at more flexible conflict between shareholders. Besides, the economic objective of avoiding a company＇s dissolution, the English, Dutch, and Belgian exit proceedings for the settlement of disputes between shareholders set up a social objective： protecting the interests of the minority shareholder of a private limited company. The paper consists of four chapters. The introduction lays out the necessity of buy-outs for shareholders of a private limited company. The first chapter describes the different facts justifying the buy-out of a shareholder on the basis of serious grounds. The second chapter presents the findings of a comparative research of the valuation of the shares transferred in an English, Dutch, and Belgian procedure. Finally, the conclusion summarises in which way the English, Dutch, and Belgian legal system protect the interests of the minority shareholder of a private limited company.

An Application of Heterogeneous Bayesian Regression Models with Time Varying Coefficients to Explore the Relationship between Customer Satisfaction and Shareholder Value

The authors propose new Bayesian models to obtain individual-level and time-varying regression coefficients in longitudinal data involving a single observation per response unit at each time period. An application to explore the association between customer satisfaction and shareholder value is included in the paper. The Bayesian models allow the flexibility of incorporating industry and firm factors in the context of the application to help explain variations of the regression coefficients. Results from the analysis indicate that the effect of customer satisfaction on shareholder value is not homogeneous over time. The proposed methodology provides a powerful tool to explore the relationship between two important business concepts.

Shareholder Structure and Discretionary Regulation of Accounting Results in Enterprises: The Case of Cameroon

Debates on shareholder structure and discretionary management of accounting results have carried forward controversial results. This study is intended to analyze within the Cameroonian context the impact of shareholder structure on the management of accounting results in enterprises. More specifically, its objective is to analyze the impact of shareholder structure on the adjustment of regulating discretionary accounting variables. A panel of enterprises is constituted over the periods 2013, 2014, and 2015 in Cameroon. The modeling of regulating discretionary accounting variables has been carried out according to the model of Jones (1991). The different results obtained show that the degree of concentration of the capital seems not to dissuade the management of result per long-term positions. Foreign ownership and state property stimulate management by regulating discretionary accounting variables.

A Research on the Relationship of Charismatic Leadership Behaviors of Agricultural Cooperative Managers With Cooperative Shareholders＇ Performance and Satisfaction

In this study, the cooperative shareholders＇ performance and satisfaction were investigated as antecedent. Charismatic leadership of cooperative managers has been identified as antecedent. In addition, shareholders＇ age, education, land size, and duration of membership in the cooperative were investigated to have effect on the shareholder＇s performance and satisfaction. Charismatic leadership of cooperative managers is the subject of research on the effects of performance and satisfaction of the cooperative shareholders. A field survey was conducted. This study has been applied to Cukobirlik, an agricultural sale cooperative in East Mediterranean of Turkey. The researchers collected data by random questionnaire method. The research data were collected from 155 cooperative shareholders. For the data, exploratory factor, correlation, and regression were analyzed. The results of this analysis show that there is a meaningful relationship between charismatic leaders and the performance and satisfaction of shareholders for these cooperatives. Another result, there is significant relation between land size of cooperative shareholders and the performance and satisfaction of cooperative shareholders.

Corporate Governance Intelligence： Minority Shareholder＇s Aspects （Evidence From Ukraine）

The paper is devoted to the corporate governance intelligence system investigation as the part of the complex stakeholder-related approach to the corporate strategic intelligence system （CSIS）. The special attention is given to the minority shareholders activism in the system of corporate governance. Some existing methods of abusing minority shareholders rights, made by joint-stock companies executives, are generalized. The recommendations for minority shareholder＇s rights protection are given. The necessity for the implementation of the stakeholders-oriented approach for the CSIS creation on the base of companies＇ security principles is substantiated.

The Shareholders' Responsibility for Contribution of Balance of the Equity Assignee

2005年修订的《公司法》第31条规定:"有限责任公司成立后,作为发现设立公司出资的非货币财产的实际价额显著低于公司章程所定价额的应当由交付该出资的股东补足其差额;公司设立时的其他股东承担连带责任。"从该条规定可知,差额补缴责任的主体为公司成立后发现的特定的瑕疵出资人。

A New Tool to Build Shareholder Value—— BPM

Corporation reforming regards the building shareholder value as the first aim of financial management. As a new tool of strategy management, Business Performance Management （BPM） can rebuild shareholder value through greater transparency and enhanced compliance capabilities, and faster, more accurate reporting. The appliance of BPM in China must take more serious consideration.

Tracing Ultimate Shareholders＇ Double Control Chain in Listed Companies- Using the Theory of Organizational Routine Evolution

Based on the epistemology and methodology of organizational routine evolution, this paper presents a systematic analysis on how ultimate shareholders control listed companies by means of equity control chain in a pyramid structure and social capital control chain hidden in social networks. First, this paper examines the internal logic of ultimate shareholders＇ double control chain and designs an iterative model for dynamic evolution intent proceeding from ultimate shareholders ＇degree of intent for social capital control. Finally, with the case study of Inner Mongolia Caoyuan Xingfa Co., Ltd., this paper reveals the process and mechanism of ultimate shareholders＇ creation of double control chain.

The Role of Financial Performance as a Moderator on the Relationship Between Financial Leverage and Shareholders Return

The study examines the moderating effects of financial performance on the relationship between financial leverage （FL） and shareholders return （SR）. Panel data of pharmaceutical companies listed in the National Stock Exchange （NSE） were used for 13 years for the period from 2002-03 to 2014-15. Findings indicated that FL is significantly related with SR. However, financial performance has an insignificant relationship with SR and did not moderate the relationship between FL and SR.

CES HELD 2001 Shareholder Meeting

On 28 June 2001, CES held 2001 Shareholder Meeting ceremoniously at Qing Song Cheng Hotel.After hearing Board Secretary Luo Zhuping’s accounts on attendance number and shareholding issues, Ye Yigan, President of Eastern Air

Analysis of the Relationship between Ultimate Controlling Shareholders and Private Enterprises＇ Business Performance

In China, major shareholders of private listed enterprise could control its production and operation by virtue of few resources which makes it possible for ultimate controlling shareholders to expropriate minority shareholders＇ rights and interests.In this paper, we studied the relationship between ultimate controlling shareholders and business performance of private enterprises based on the theory of ultimate controlling shareholders and made relevant conclusions and recommendations.

The Impact of Shareholder Activism on Corporate Performance——Evidence from China

The separation of ownership and management of companies results in agency problems between shareholders and management to some extent.In Western countries,shareholders usually actively participate in the company’s management and monitor management issues in order to enhance the company’s performance.At present,China’s securities market,as well as institutional investors are undergoing a rapid development,while problems of governance among listed companies in China have been negatively affecting the development of capital markets.Institutional investors have developed to form a certain scale.Moreover,national policies,as well as the split-share structure reform,further encourage the growth of institutional investors,and their active participation in corporate governance in order to better promote the development of capital markets.A great deal of research pertains to the effects of shareholder activism on corporate performance in Western countries.However,research on shareholder activism in China is scanty.Furthermore,chances are that in some specific Chinese regions and industries circumstances are unique,in which the well-established theories cannot be effectively applied.Therefore,this paper empirically analyzes the correlation between shareholder activism and corporate performance so as to examine how effective China’s institutional investors participate in the governance of listed companies.This paper empirically tests the impact of shareholder activism on corporate performance.In this paper,an unbalanced panel data set consisting of observation is constructed.Then,in order to insure validity of results,a series of preliminary tests are conducted.Furthermore,Panel data method and robustness check are performed for empirical analysis.Finally,the result of the empirical tests shows that there is a positive correlation between Chinese institutional shareholding ratio and corporate performance of listed companies.This indicates that shareholder activism can definitely promote the corporate governance and corporate performance in China.

To Be a Fiera Milano Shareholder

When interviewed, Mr. Michele Perini, President of Fiera Milano SPA reveals that they will recommend Italian enterprises to attend Furniture World & Woodworking Machinery China, besides, as he regards, there should be some legal protection on intellectual property right for exhibition organizers.

Practice Mode and Value Research of Reform of Rural Collective Economy Property Right System in Beijing Rural-urban Continuum

In the research, reform of rural collective economy property right system in Beijing rural-urban continuum was explored in terms of background, cause, pro- cess and practice modes by surveying and interviewing, and the value of system reform on urbanization in rural areas was illustrated from the perspective of farmers who lose lands. The results showed that since reform and opening-up, disadvan- tages of collective economy property are always the fundamental cause of reform; rural-urban contradiction produced from rapid urbanization makes the reform much more urgent; shareholding co-operative system is the essence of reform of collective economy property right system. Rural collective economy property right system in Beijing includes stock-assets quantification shareholding co-operative system, share- capitalization of contractual land management right, farmers as shareholders by investment, and resource and capital mode, with advantages and disadvantages respectively. The common character should be noticed is that all modes have share on contractual right of land, indicating the core of the reform of property system lies in asset quantification and stock quota. In improving urban-rural integration and modern market system, as well as endowing more rights to farmers, reform of rural collective economy property right system is of great significance, which provides a transition space and buffer mechanism for urbanization in rural areas.

Analysis and outlook of applications of blockchain technology to equity crowdfunding in China

Equity crowdfunding via the Internet is a new channel of raising money for startups.It features low barriers to entry,low cost,and high speed,and thus encourages innovation.In recent years,equity crowdfunding in China has experienced some developments.However,some problems remain unsolved in practice.Blockchain is a decentralized and distributed ledger technology to ensure data security,transparency,and integrity.Because it cannot be tampered with or forged,the technology is deemed to have great potential in the finance industry.This study examines current problems in the practice of equity crowdfunding in China.Based on the analysis of the characteristics of blockchain technology,this study further explores its practical applications in equity crowdfunding.1)Blockchain technology may be a secure,efficient,low-cost solution for the registration of stocks and shares of a firm financed by crowdfunding;2)Blockchain technology simplifies the transaction and transfer of crowdfunding equities,and thus facilitates their circulation;3)Blockchain technology enables peer to peer transactions between investors and entrepreneurs,and solves the problems of regulatory compliance and security of fund management;Blockchain technology can be used to develop a voting system for crowdfunders,which enables them to be involved in corporate governance.This helps protect the rights and interests of small investors;5)Blockchain technology helps regulators know about market conditions,and supports regulatory activities such as managing investors and fighting money laundering.

Effect of family control on corporate dividend policy of firms in Pakistan

This study examines the impact of family control on the dividend policy of firms in Pakistan,covering the period from 2009 to 2016.It also investigates whether family control moderates the impact of firm-specific factors on the dividend policy.The GMM model for panel data estimation is used.The mean difference univariate analysis shows that family firms differ from nonfamily firms based on financial characteristics.The multivariate analysis shows that family firms pay lower dividends than nonfamily firms.Besides,firm size inversely affects the dividend policy,whereas tangibility positively affects it.Moreover,family control does not moderate the impact of all firm-specific factors on the dividend policy.Overall,family control,size,and tangibility are found to be the main determinants of the dividend policy in Pakistan.

Corporate Governance, Sustainable Development and Value Creation Some Evidences From Italian Listed Companies

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.

New Restructuring Model for Chinese M&S SOEs:A Case of Executive Holding Major Capital Stock

The reform for Chinese state-owned enterprises (SOEs)during the past twenty years selected several ways which couldn't solve essential problems and improve the performance of the SOEs in China. The reason is that traditional ownership instituton wasn't changed at all,the institution reach an impasse in market system which resulted in the fact that SOEs couldn't get used to keen competition. This paper analyses an ownership restructuring case in which an executive holds major capital stock in a state textile institute restructured and therefore the state ownership was withdrawn from it completely, it expounds the rationality of the model selected and points out that the model is currently a very effective way by which M & S SOEs would withdraw from competitive business field successfully.

Have the Private Benefits in Italian Firms Decreased？

The topic of the paper is the estimate of the benefit of control, according to the Barclay and Holderness method. The reference system of this research is Italy, given that the empirical evidence of the past which had underlined private benefits particularly high among Italian companies and the reference period is 1999-2007. The idea of this research is to demonstrate that, since the Legislative Decree No. 58 of February 24, 1998 （Consolidated Law on Finance, henceforth Consolidated Law）, which has significantly changed the protection of minority shareholders, in Italian, the intensity of private benefits has on average declined sharply. To this end, considering the results of the empirical researches on periods pre-1998 and at the turn of the Consolidated Law, the paper provides evidence that the improvement of minority shareholder protection already shown by these researches is further accentuated over the years, because of the effects that the new regulatory framework has produced. In fact, the basic assumption is that the important laws, as Consolidate Law, require several years to produce the desired results in full. This idea is supported by the findings of research that show an average percentage of private benefits dropped to five percent of the capital. Hence, the investigation is extended to the demonstration of comparability of this estimation with other estimations quoted in literature, verifying the statistical significance of the correlations between the measures estimated and the variables considered as determinants in much of the literature.