It is important to clarify the historical facts and summarize the characteristics of the communication and cooperation between the CPC and the JCP during the War of Resistance against Japanese Aggression, as it holds ...It is important to clarify the historical facts and summarize the characteristics of the communication and cooperation between the CPC and the JCP during the War of Resistance against Japanese Aggression, as it holds historical and contemporary relevance. The research findings indicate that the Comintern played a crucial role as the key intermediary in facilitating the establishment of connections between the CPC and the JCP and in driving the deepening of their relationship. During their exchanges, both parties adhered to a flexible and multi-layered friendship based on the unified values of patriotism and internationalism. Their efforts played a significant role in the establishment of an international anti-fascist front in the East.展开更多
It is important to clarify the historical facts and summarize the characteristics of the communication and cooperation between the CPC and the JCP during the War of Resistance against Japanese Aggression,as it holds h...It is important to clarify the historical facts and summarize the characteristics of the communication and cooperation between the CPC and the JCP during the War of Resistance against Japanese Aggression,as it holds historical and contemporary relevance.The research findings indicate that the Comintern played a crucial role as the key intermediary in facilitating the establishment of connections between the CPC and the JCP and in driving the deepening of their relationship.During their exchanges,both parties adhered to a flexible and multi-layered friendship based on the unified values of patriotism and internationalism.Their efforts played a significant role in the establishment of an international anti-fascist front in the East.展开更多
This paper proposes to use the related party transactions’(RPT)budget completion ratio(BCR)as indicator of RPT’s execution quality.This paper studies BCR by defining budget ceiling through RPTs announcement and comp...This paper proposes to use the related party transactions’(RPT)budget completion ratio(BCR)as indicator of RPT’s execution quality.This paper studies BCR by defining budget ceiling through RPTs announcement and comparing the amount disclosed in annual report as budget execution result.Through statistical analysis of 285 RPT announcements,we classify RPT’s BCR into four benchmark grades.This paper sums up the BCR of RPT from the samples,and deduces moral obligation and moral judgement curve(OJ curve)in terms of BCR.OJ curve is the real dynamic equilibrium after the struggle agency problems.From our statistical results,we verified that Weitzman’s ratchet effect exists in the budget formulation of RPTs,and it is a solid proof of Weitzman’s ratchet effect applied to real business scenarios.The empirical results show ratchet effect exists in BCR of RPTs before and after the change from GEM board listing to main board listing in Hong Kong(Transfer).This paper also finds that it is significant to find the estimated actual amount in the coming year through the budget completion ratio(BCR)of RPT from last year.This paper is a pioneer to examine the execution quality of RPT by the means of(i)Weitzman’s Truth Inducing Model,(ii)BCR,and(iii)SGR as well as(iv)estimated actual amount.展开更多
Related party transactions （RPTs） can be used by corporate insiders （e.g., managers, controlling shareholders） to expropriate corporate outsiders （e.g., minority shareholders）. We argue that effective disclosure...Related party transactions （RPTs） can be used by corporate insiders （e.g., managers, controlling shareholders） to expropriate corporate outsiders （e.g., minority shareholders）. We argue that effective disclosure of RPTs can eliminate or at least reduce expropriation phenomena by letting corporate outsiders assess the fairness of the transactions and identify the underlying conflicts of interest. We consider a sample of large RPTs carried out by listed corporations in Italy, a country that has been affected by significant corporate scandals in recent years. In particular, we analyse the content of several compulsory informative documents, required by CONSOB （the Italian Securities and Exchange Commission）, concerning large RPTs. The focus of our content analysis is on the ＂warnings＂ sections of these documents that should convey clear and comprehensive information on potential risks and conflicts of interest. Our empirical results show that, while the ＂warnings＂ sections of the studied documents generally contain all the information required by existing rules, the depth of the information provided is often unlikely to be sufficient to communicate the implications of the RPTs. Thus, readers may not find the disclosed information adequate to evaluate the fairness of the transactions. Moreover, visual representations are rarely used in the informative documents. The use of such representations could allow companies to convey the structures and features of complex RPTs in a simpler and more direct way.展开更多
The distortion of corporate financing in China stock markets is not only reflected as the significant increase of leverage after rights offering, but also the large amount of post-issuance related party transactions b...The distortion of corporate financing in China stock markets is not only reflected as the significant increase of leverage after rights offering, but also the large amount of post-issuance related party transactions between the parent SOEs and their subsidiaries. This paper examines the three channels, including accounts receivables, direct loan and loan guarantee. Empirical findings suggest that high frequency of these transactions after rights offering, and the amount of transactions increase as ownership concentration increases, which support the argument of tunneling.展开更多
This paper investigates 218 related party transactions （RPTs） in Israel, an economy characterized by a high percentage of closely-held finns and identifies a non-linear inverted U connection between the value effect...This paper investigates 218 related party transactions （RPTs） in Israel, an economy characterized by a high percentage of closely-held finns and identifies a non-linear inverted U connection between the value effect of RPT and the level of finn ownership concentration. This non-linear connection is similar to the worldwide documented quadratic （inverted U） relation between ownership concentration and a finn＇s Tobin＇s Q. The relation becomes even statistically stronger, when measuring ownership concentration using a strategic power approach, in an attempt to identify the source of this puzzling connection.展开更多
This paper starts from the concept and distribution of Tunneling. The main reason of Tunneling is the concentration of Equity andthe incompletion of legal protection for small and medium-sized investors. Tunneling not...This paper starts from the concept and distribution of Tunneling. The main reason of Tunneling is the concentration of Equity andthe incompletion of legal protection for small and medium-sized investors. Tunneling not only infringes small and medium-sizedshareholders＇ interest, but also violates company＇s benefit, and further damages the interest of creditors. Tunneling proceeds invariety of ways, one of them is Related Party Transaction, which severely erodes company＇s benefit. The suggestedcountermeasure for Tunneling is adjusting the property structure, completing the legislation and improving the independentdirector system.展开更多
基金Youth Fund for Humanities and Social Sciences Research of the Ministry of Education “Research on the Translation, Sharing, and Evolution of Marxist Terminology in the Early Translation of the Communist Manifesto between China and Japan”
文摘It is important to clarify the historical facts and summarize the characteristics of the communication and cooperation between the CPC and the JCP during the War of Resistance against Japanese Aggression, as it holds historical and contemporary relevance. The research findings indicate that the Comintern played a crucial role as the key intermediary in facilitating the establishment of connections between the CPC and the JCP and in driving the deepening of their relationship. During their exchanges, both parties adhered to a flexible and multi-layered friendship based on the unified values of patriotism and internationalism. Their efforts played a significant role in the establishment of an international anti-fascist front in the East.
基金supported by Youth Fund for Humanities and Social Sciences Research of the Ministry of Education“Research on the Translation,Sharing,and Evolution of Marxist Terminology in the Early Translation of the Communist Manifesto between China and Japan”(《共产党宣言》在中日两国早期译介过程中马克思主义术语的译出、共享与演变研究,20YJC740035).
文摘It is important to clarify the historical facts and summarize the characteristics of the communication and cooperation between the CPC and the JCP during the War of Resistance against Japanese Aggression,as it holds historical and contemporary relevance.The research findings indicate that the Comintern played a crucial role as the key intermediary in facilitating the establishment of connections between the CPC and the JCP and in driving the deepening of their relationship.During their exchanges,both parties adhered to a flexible and multi-layered friendship based on the unified values of patriotism and internationalism.Their efforts played a significant role in the establishment of an international anti-fascist front in the East.
文摘This paper proposes to use the related party transactions’(RPT)budget completion ratio(BCR)as indicator of RPT’s execution quality.This paper studies BCR by defining budget ceiling through RPTs announcement and comparing the amount disclosed in annual report as budget execution result.Through statistical analysis of 285 RPT announcements,we classify RPT’s BCR into four benchmark grades.This paper sums up the BCR of RPT from the samples,and deduces moral obligation and moral judgement curve(OJ curve)in terms of BCR.OJ curve is the real dynamic equilibrium after the struggle agency problems.From our statistical results,we verified that Weitzman’s ratchet effect exists in the budget formulation of RPTs,and it is a solid proof of Weitzman’s ratchet effect applied to real business scenarios.The empirical results show ratchet effect exists in BCR of RPTs before and after the change from GEM board listing to main board listing in Hong Kong(Transfer).This paper also finds that it is significant to find the estimated actual amount in the coming year through the budget completion ratio(BCR)of RPT from last year.This paper is a pioneer to examine the execution quality of RPT by the means of(i)Weitzman’s Truth Inducing Model,(ii)BCR,and(iii)SGR as well as(iv)estimated actual amount.
文摘Related party transactions （RPTs） can be used by corporate insiders （e.g., managers, controlling shareholders） to expropriate corporate outsiders （e.g., minority shareholders）. We argue that effective disclosure of RPTs can eliminate or at least reduce expropriation phenomena by letting corporate outsiders assess the fairness of the transactions and identify the underlying conflicts of interest. We consider a sample of large RPTs carried out by listed corporations in Italy, a country that has been affected by significant corporate scandals in recent years. In particular, we analyse the content of several compulsory informative documents, required by CONSOB （the Italian Securities and Exchange Commission）, concerning large RPTs. The focus of our content analysis is on the ＂warnings＂ sections of these documents that should convey clear and comprehensive information on potential risks and conflicts of interest. Our empirical results show that, while the ＂warnings＂ sections of the studied documents generally contain all the information required by existing rules, the depth of the information provided is often unlikely to be sufficient to communicate the implications of the RPTs. Thus, readers may not find the disclosed information adequate to evaluate the fairness of the transactions. Moreover, visual representations are rarely used in the informative documents. The use of such representations could allow companies to convey the structures and features of complex RPTs in a simpler and more direct way.
文摘The distortion of corporate financing in China stock markets is not only reflected as the significant increase of leverage after rights offering, but also the large amount of post-issuance related party transactions between the parent SOEs and their subsidiaries. This paper examines the three channels, including accounts receivables, direct loan and loan guarantee. Empirical findings suggest that high frequency of these transactions after rights offering, and the amount of transactions increase as ownership concentration increases, which support the argument of tunneling.
文摘This paper investigates 218 related party transactions （RPTs） in Israel, an economy characterized by a high percentage of closely-held finns and identifies a non-linear inverted U connection between the value effect of RPT and the level of finn ownership concentration. This non-linear connection is similar to the worldwide documented quadratic （inverted U） relation between ownership concentration and a finn＇s Tobin＇s Q. The relation becomes even statistically stronger, when measuring ownership concentration using a strategic power approach, in an attempt to identify the source of this puzzling connection.
文摘This paper starts from the concept and distribution of Tunneling. The main reason of Tunneling is the concentration of Equity andthe incompletion of legal protection for small and medium-sized investors. Tunneling not only infringes small and medium-sizedshareholders＇ interest, but also violates company＇s benefit, and further damages the interest of creditors. Tunneling proceeds invariety of ways, one of them is Related Party Transaction, which severely erodes company＇s benefit. The suggestedcountermeasure for Tunneling is adjusting the property structure, completing the legislation and improving the independentdirector system.
