There are two opposing views over the necessity of privatization for SOEs. While some believe that privatization is the only solution to SOE inefficiency, others contend that privatization will lead to serious loss of...There are two opposing views over the necessity of privatization for SOEs. While some believe that privatization is the only solution to SOE inefficiency, others contend that privatization will lead to serious loss of state assets without resolving the problem. This paper examined how performance evaluation system contributed to the innovation and profitability of central SOEs after the implementation of the revised Interim Measures for Assessment of the Operational Performance of Persons in Charge of Central Enterprises in 2009. Using this revision as a natural experiment, this paper conducted a difference-indifference analysis and discovered a significant improvement in the innovation of central SOEs after the implementation of the new policy as compared with private firms not affected by this system. Moreover, the revised performance evaluation system significantly improved the marginal contribution of innovation to corporate value. The above test result indicates that SOEs may become more efficient solely by altering executive incentives without privatization. In this sense, privatization may not be the only solution to SOE inefficiency. This paper offers theoretical insights on the controversies regarding SOE privatization and helps enrich relevant literature on corporate incentives and innovation.展开更多
With the implementation of the CPC's eight-point regulation as a natural experiment platform, this paper seeks to unravel the causality between rent-seeking and firm performance for SOEs and private firms respectivel...With the implementation of the CPC's eight-point regulation as a natural experiment platform, this paper seeks to unravel the causality between rent-seeking and firm performance for SOEs and private firms respectively. Our empirical research has found that after the release of the "eight-point regulation ", investors responded negatively to private frms and positively to SOEs. Such market response is more significant for firms with a high degree of rent-seeking. Further research has found that rent-seeking helps both SOEs and private firms receive more subsidies from the government. While government subsidy from rent-seeking is conducive to the performance of private firms, it is not the case for SOEs. This implies that rent-seeking activities serve as a "lubricant'for private firms but have a "stumbling block" effect for SOEs.展开更多
The reforms in oil and gas sector have been accelerated in 2015. The reform of mineral rights has begun and 6 oil and gas exploration zones in Xinjiang Autonomous Region have served as the tender pilots, breaking thro...The reforms in oil and gas sector have been accelerated in 2015. The reform of mineral rights has begun and 6 oil and gas exploration zones in Xinjiang Autonomous Region have served as the tender pilots, breaking through the requirements on the resources varieties, exploration phase and enterprise qual!fication. The right of importing and using of the crude oil has been gradually relaxed and 13 local refineries have obtained the right to use imported crude oil of 55.1888 million tons per year. The natural gas price for non-residential use was unified and a universal price was set ~r the incremental supply and existing supply. Tire Shanghai Petroleum and Gas Exchange (SHPGX) was established and laid foundation for the market mechanism to detervnine the price. The government governance has undergone continuous adjustments such as regulating the tax instead of charging the fees, streamlining administration and delegating power to tire lower levels.The Guidelines on Deepening tire Reform of State-owned Enterprises was released, symbolizing the accomplishment of the overall planning ~ the SOE reform.展开更多
Using the data of China's listed companies during 2010-2014 as samples, this paper employs the PSM and DID methods to respectively investigate the effects of BTto-VAT reform on the turnover tax burden for companie...Using the data of China's listed companies during 2010-2014 as samples, this paper employs the PSM and DID methods to respectively investigate the effects of BTto-VAT reform on the turnover tax burden for companies in pilot regions(Shanghai and eight other provinces and municipalities) and the rest of China. Our study arrived at the following findings: Compared with pilot sectors in non-pilot regions, BT-to-VAT reform has no significant effect on the turnover tax burden of pilot companies in pilot regions; compared with non-pilot companies, BT-to-VAT reform slightly increased the turnover tax burden in the short run and somewhat reduced the turnover tax burden for pilot companies in the long run. Further differentiation of ownership nature led to the discovery that BT-toVAT reform somewhat reduced the turnover tax burden of SOEs and central SOEs, slightly increased the turnover tax burden for non-SOEs and local SOEs in pilot regions, slightly increased the turnover tax burden in the short run and somewhat reduced the turnover tax burden in the long run after nationwide pilot programs were introduced; BT-to-VAT reform has more significant effects on non-SOEs and local SOEs. In general, BT-to-VAT reform has no significant effects on the turnover tax burden of companies and after differentiating pilot regions, pilot sectors and ownership nature, we did not discover any significant effect, which is generally consistent with policy expectations.展开更多
In this paper, we analyzed the status of human resource management practices in western China state-owned and state holding enterprises azld private enterprises, and found that there are differences in the nature of t...In this paper, we analyzed the status of human resource management practices in western China state-owned and state holding enterprises azld private enterprises, and found that there are differences in the nature of the business combination of different patterns of human resource management practices.展开更多
Corporate governance takes an important role in affecting the quality of accounting information. Since the ownership structure determines the method and the level of the corporate governance and the right of control, ...Corporate governance takes an important role in affecting the quality of accounting information. Since the ownership structure determines the method and the level of the corporate governance and the right of control, supervision, and the benefit, it can decide the quality of information and affect the earning quality. This paper examines if the ownership concentration affects the earning quality in family-owned companies in China. Using the data of 298 publicly-traded corporations in China, this paper finds that the controlling shareholders are associated with low earning quality and that the separation of control rights and cash flow rights is negatively associated with the earning quality of family ownership.展开更多
基金supported by the National Natural Science Foundation of China(Grant No.:71172205,71372126,71502161,71572133 and 71672134)the Humanities and Social Science Project of the Ministry of Education(Grant No.:15YJA630057)
文摘There are two opposing views over the necessity of privatization for SOEs. While some believe that privatization is the only solution to SOE inefficiency, others contend that privatization will lead to serious loss of state assets without resolving the problem. This paper examined how performance evaluation system contributed to the innovation and profitability of central SOEs after the implementation of the revised Interim Measures for Assessment of the Operational Performance of Persons in Charge of Central Enterprises in 2009. Using this revision as a natural experiment, this paper conducted a difference-indifference analysis and discovered a significant improvement in the innovation of central SOEs after the implementation of the new policy as compared with private firms not affected by this system. Moreover, the revised performance evaluation system significantly improved the marginal contribution of innovation to corporate value. The above test result indicates that SOEs may become more efficient solely by altering executive incentives without privatization. In this sense, privatization may not be the only solution to SOE inefficiency. This paper offers theoretical insights on the controversies regarding SOE privatization and helps enrich relevant literature on corporate incentives and innovation.
基金"A Study on the Rent-seeking,Political Capital Burst and Economic Consequences of Private Enterprises,Based on the Perspective of Officials Arrest"(Grant No.71702178),National Natural Sciences Foundation"Anti-Corruption,Reconstruction of the Relationship Between Government and Enterprises Social Capital Investment:An Integrated Research Based on Social Relation Network Theory"(Grant No.17YJC790005),MOE Project of Humanities and Social Sciences Foundation
文摘With the implementation of the CPC's eight-point regulation as a natural experiment platform, this paper seeks to unravel the causality between rent-seeking and firm performance for SOEs and private firms respectively. Our empirical research has found that after the release of the "eight-point regulation ", investors responded negatively to private frms and positively to SOEs. Such market response is more significant for firms with a high degree of rent-seeking. Further research has found that rent-seeking helps both SOEs and private firms receive more subsidies from the government. While government subsidy from rent-seeking is conducive to the performance of private firms, it is not the case for SOEs. This implies that rent-seeking activities serve as a "lubricant'for private firms but have a "stumbling block" effect for SOEs.
文摘The reforms in oil and gas sector have been accelerated in 2015. The reform of mineral rights has begun and 6 oil and gas exploration zones in Xinjiang Autonomous Region have served as the tender pilots, breaking through the requirements on the resources varieties, exploration phase and enterprise qual!fication. The right of importing and using of the crude oil has been gradually relaxed and 13 local refineries have obtained the right to use imported crude oil of 55.1888 million tons per year. The natural gas price for non-residential use was unified and a universal price was set ~r the incremental supply and existing supply. Tire Shanghai Petroleum and Gas Exchange (SHPGX) was established and laid foundation for the market mechanism to detervnine the price. The government governance has undergone continuous adjustments such as regulating the tax instead of charging the fees, streamlining administration and delegating power to tire lower levels.The Guidelines on Deepening tire Reform of State-owned Enterprises was released, symbolizing the accomplishment of the overall planning ~ the SOE reform.
基金National Accounting Research Key Project of the Ministry of Finance"A study on the Supervision and Governance Functions,Implementing Pathway and Promotion Mechanism of Audits(Grant No.2015KJA017)"General Project of Hunan Provincial Foundation for Philosophical,Social and Scientific Research"Study on the Supervision and Governance Functions of Audits in the New Normal"(Grant No.l5YBA079)Social Sciences Foundation of China(SSFC)"A study on the Supervision of Asset Mispricing,the Mitigation of Systematic Financial Risks and Dynamic Supervision"(Grant No.l6BGL050)
文摘Using the data of China's listed companies during 2010-2014 as samples, this paper employs the PSM and DID methods to respectively investigate the effects of BTto-VAT reform on the turnover tax burden for companies in pilot regions(Shanghai and eight other provinces and municipalities) and the rest of China. Our study arrived at the following findings: Compared with pilot sectors in non-pilot regions, BT-to-VAT reform has no significant effect on the turnover tax burden of pilot companies in pilot regions; compared with non-pilot companies, BT-to-VAT reform slightly increased the turnover tax burden in the short run and somewhat reduced the turnover tax burden for pilot companies in the long run. Further differentiation of ownership nature led to the discovery that BT-toVAT reform somewhat reduced the turnover tax burden of SOEs and central SOEs, slightly increased the turnover tax burden for non-SOEs and local SOEs in pilot regions, slightly increased the turnover tax burden in the short run and somewhat reduced the turnover tax burden in the long run after nationwide pilot programs were introduced; BT-to-VAT reform has more significant effects on non-SOEs and local SOEs. In general, BT-to-VAT reform has no significant effects on the turnover tax burden of companies and after differentiating pilot regions, pilot sectors and ownership nature, we did not discover any significant effect, which is generally consistent with policy expectations.
文摘In this paper, we analyzed the status of human resource management practices in western China state-owned and state holding enterprises azld private enterprises, and found that there are differences in the nature of the business combination of different patterns of human resource management practices.
文摘Corporate governance takes an important role in affecting the quality of accounting information. Since the ownership structure determines the method and the level of the corporate governance and the right of control, supervision, and the benefit, it can decide the quality of information and affect the earning quality. This paper examines if the ownership concentration affects the earning quality in family-owned companies in China. Using the data of 298 publicly-traded corporations in China, this paper finds that the controlling shareholders are associated with low earning quality and that the separation of control rights and cash flow rights is negatively associated with the earning quality of family ownership.