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 sha...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.展开更多
In search of private equity investment opportunities in China, one would be astonished by the rise of raw private entrepreneurship in this largest emerging market economy in the world. The country is experiencing a tr...In search of private equity investment opportunities in China, one would be astonished by the rise of raw private entrepreneurship in this largest emerging market economy in the world. The country is experiencing a transition from a planned, socialist economy to a market or mixed economy. The emergence of a significant private sector is one of the most important developments of the market-oriented reforms in China over the last quarter of a century. It is true that the transformation of public ownership into private ownership indeed gave a rise to the new private enterprises. Nevertheless, there is also an origination process of genuine private enterprises parallel to this privatization approach. In this paper, the concept of raw entrepreneurship is introduced to distinguish new, green-field private firms from the rest of the private sector that has emerged from older firms that have been converted from SOEs （state-owned enterprises） or COEs （collectively-owned enterprises）. It is also a concept that stresses the highly innovative manner in which private firms have emerged in China. This paper will explore deeply the concept of raw entrepreneurship through three case studies as well as theoretical analysis based on traditional wisdom.展开更多
Over the past 30 years, Chinese society has undergone an enormous social transition. Along with the rise of a private economy, private business owners have emerged as a new social stratum, which attracts academic atte...Over the past 30 years, Chinese society has undergone an enormous social transition. Along with the rise of a private economy, private business owners have emerged as a new social stratum, which attracts academic attention domestically and internationally. As for the social origins of the private business owners, some of the private business owners are former cadres and current members of the Chinese Communist Party（CCP）. A question rarely pursued is what effects these ties have on political participation of＂ private business owners. The paper explores this question on the basis of data gathered in a representative survey of private enterprises in 2006. The study shows that the Chinese private business owners have diverse social origins, and their behavior in terms of political participation is also distinct in some ways. When it comes to the patterns of political participation of the private business owners, CCP members and former officials among private business owners indeed have unique characteristics in their access to political resources, but the patterns of political participation vary between these two groups. Furthermore, there are also considerable differences between members of the CCP and democratic parties in China in these respects. These findings cast doubt on the common use of CCP membership and occupational experience as cadre as interchangeable indicators for the ＂political capital＂ of business owners. A more differentiated understanding of the nature of political capital and mechanisms by which it is put to use by private entrepreneurs in China is called for.展开更多
文摘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.
文摘In search of private equity investment opportunities in China, one would be astonished by the rise of raw private entrepreneurship in this largest emerging market economy in the world. The country is experiencing a transition from a planned, socialist economy to a market or mixed economy. The emergence of a significant private sector is one of the most important developments of the market-oriented reforms in China over the last quarter of a century. It is true that the transformation of public ownership into private ownership indeed gave a rise to the new private enterprises. Nevertheless, there is also an origination process of genuine private enterprises parallel to this privatization approach. In this paper, the concept of raw entrepreneurship is introduced to distinguish new, green-field private firms from the rest of the private sector that has emerged from older firms that have been converted from SOEs （state-owned enterprises） or COEs （collectively-owned enterprises）. It is also a concept that stresses the highly innovative manner in which private firms have emerged in China. This paper will explore deeply the concept of raw entrepreneurship through three case studies as well as theoretical analysis based on traditional wisdom.
文摘Over the past 30 years, Chinese society has undergone an enormous social transition. Along with the rise of a private economy, private business owners have emerged as a new social stratum, which attracts academic attention domestically and internationally. As for the social origins of the private business owners, some of the private business owners are former cadres and current members of the Chinese Communist Party（CCP）. A question rarely pursued is what effects these ties have on political participation of＂ private business owners. The paper explores this question on the basis of data gathered in a representative survey of private enterprises in 2006. The study shows that the Chinese private business owners have diverse social origins, and their behavior in terms of political participation is also distinct in some ways. When it comes to the patterns of political participation of the private business owners, CCP members and former officials among private business owners indeed have unique characteristics in their access to political resources, but the patterns of political participation vary between these two groups. Furthermore, there are also considerable differences between members of the CCP and democratic parties in China in these respects. These findings cast doubt on the common use of CCP membership and occupational experience as cadre as interchangeable indicators for the ＂political capital＂ of business owners. A more differentiated understanding of the nature of political capital and mechanisms by which it is put to use by private entrepreneurs in China is called for.
