Board of directors is one of the important parts of the corporate internal governance mechanism. Using panel data from 144 China＇s private listed companies during 2001-2003, this paper empirically studies the relatio...Board of directors is one of the important parts of the corporate internal governance mechanism. Using panel data from 144 China＇s private listed companies during 2001-2003, this paper empirically studies the relationship between board characteristics and capital structure with the methods of pooled OLS, first-order difference model and fixed ,effect model.展开更多
The reform core of state-owned enterprises is to develop mixed-ownership’s economy effectively,therefore there are so many large-and medium-sized state-owned enterprises using a variety of resources,adopting various ...The reform core of state-owned enterprises is to develop mixed-ownership’s economy effectively,therefore there are so many large-and medium-sized state-owned enterprises using a variety of resources,adopting various ways to realize mixed-ownership reforms,enriching the theories of mixed-ownership reform,and creating a large number of practical samples.Wuliangye Company,as a very famous making liquor company in China,has issued a large of new stocks to excellent dealers,administrative staffs,and outstanding employees,so that the company can draw into massive private capital in 2016,so Wuliangye Company have made the first step about mixed-ownership reform among Chinese state-owned enterprises.Through comparing the quantity of monetary capital and asset-liability ratio of Wuliangye Company before and after directional issuing new stocks,the distrust about only adding money and welfare tool for relative benefit people can be eliminated.Moreover,the affection of directional issuing new stocks can promote Wuliangye Company dealers and employees to hold shareholdings,and optimize ownership structure.Wuliangye Company has got the exploration for optimizing equity structure to solid foundation for speeding up stated-owned enterprises reform paces,also providing some useful experiences of other mixed-ownership reform,and the ways and patterns are worthy of learning and studying.展开更多
On January 9,2020,The Hurun Research Institute released the Hurun China 500 Most Valuable Private Companies 2019.Half of the Top 500 companies on this list are in emerging industries,especially in the fields of advanc...On January 9,2020,The Hurun Research Institute released the Hurun China 500 Most Valuable Private Companies 2019.Half of the Top 500 companies on this list are in emerging industries,especially in the fields of advanced manufacturing,healthcare,media&entertainment and e-commerce.展开更多
The Malaysian government launched the Government Linked Companies Transformation （GLCT） Programme in May 2004, with the aim, amongst others, of ensuring continuous improvement of these firms amidst global trade comp...The Malaysian government launched the Government Linked Companies Transformation （GLCT） Programme in May 2004, with the aim, amongst others, of ensuring continuous improvement of these firms amidst global trade competitiveness and economic challenges. This paper examines technical efficiency of government linked companies （GLCs） and benchmarks the result with top foreign owned firms listed in Bursa Malaysia. The study employs an unbalanced panel dataset of 31 existing GLCs over a period of nine years （2000-2008） using the stochastic frontier model. The results provide estimates of mean technical efficiency of these firms for the first time, and highlight the variation between the GLCs and foreign owned firms which represent international standard. The findings show mean technical efficiency of GLCs is moving towards the frontier but it still relatively low compared to the foreign firms. The trend declined drastically at the later period showing a wider gap against the benchmark firms. The findings hope to contribute to the growing literature on firms＇ efficiency focusing on privatized firms in developing countries.展开更多
ON August 8,2014 the AllChina Federation of Industry&Commerce published the list of China’s Top 500 Private Enterprises.Fifty-four private companies from Shandong Province ranked among the top 500,putting Shandon...ON August 8,2014 the AllChina Federation of Industry&Commerce published the list of China’s Top 500 Private Enterprises.Fifty-four private companies from Shandong Province ranked among the top 500,putting Shandong in third place behind Zhejiang and Jiangsu.Fifteen Shandong companies ranked in the top 100.This achievement is attributed to the province’s economic reforms and an improving business environment.展开更多
Female directors have become common in private companies. Using data from private listed companies in China＇s A-share stock market from 2000 to 2009, this paper analyzes whether the existence of female directors can ...Female directors have become common in private companies. Using data from private listed companies in China＇s A-share stock market from 2000 to 2009, this paper analyzes whether the existence of female directors can enhance firm value. Results show that female directors have a significantly positive impact on firm value. Moreover, female directors promote enterprise value less significantly in regions with better institutional environment, which implies that there is a substitution relationship between female directors and institutional environment. Furthermore, we use 2SLS （two-stage least squares） and LEVOP （lag the explanatory variables one period） to control endogeneity, and the research conclusion remains robust. Our study provides additional empirical evidence for economic consequence of female directors, and expands research on the relationship between board structure and firm value.展开更多
China has accomplished an economic miracle during the three-decade implementation of its reform and opening-up policies with remarkable contributions from the private sector. How did private companies develop during t...China has accomplished an economic miracle during the three-decade implementation of its reform and opening-up policies with remarkable contributions from the private sector. How did private companies develop during this time? What obstacles did they confront? How can they better developin the future? For the answers to these questions, Beijing Review reporter Lan Xinzhen interviewed Quan Zhezhu, Vice Chairman of the All-China Federation of Industry and Commerce (ACFIC).展开更多
基金This paper is sponsored by Guangdong Soft Science Foundation Project （No. 2003C70129）.
文摘Board of directors is one of the important parts of the corporate internal governance mechanism. Using panel data from 144 China＇s private listed companies during 2001-2003, this paper empirically studies the relationship between board characteristics and capital structure with the methods of pooled OLS, first-order difference model and fixed ,effect model.
基金the SWUPL foundation(2015XZZD-04)Chongqing Social Science Foundation(2016YBGL118).
文摘The reform core of state-owned enterprises is to develop mixed-ownership’s economy effectively,therefore there are so many large-and medium-sized state-owned enterprises using a variety of resources,adopting various ways to realize mixed-ownership reforms,enriching the theories of mixed-ownership reform,and creating a large number of practical samples.Wuliangye Company,as a very famous making liquor company in China,has issued a large of new stocks to excellent dealers,administrative staffs,and outstanding employees,so that the company can draw into massive private capital in 2016,so Wuliangye Company have made the first step about mixed-ownership reform among Chinese state-owned enterprises.Through comparing the quantity of monetary capital and asset-liability ratio of Wuliangye Company before and after directional issuing new stocks,the distrust about only adding money and welfare tool for relative benefit people can be eliminated.Moreover,the affection of directional issuing new stocks can promote Wuliangye Company dealers and employees to hold shareholdings,and optimize ownership structure.Wuliangye Company has got the exploration for optimizing equity structure to solid foundation for speeding up stated-owned enterprises reform paces,also providing some useful experiences of other mixed-ownership reform,and the ways and patterns are worthy of learning and studying.
文摘On January 9,2020,The Hurun Research Institute released the Hurun China 500 Most Valuable Private Companies 2019.Half of the Top 500 companies on this list are in emerging industries,especially in the fields of advanced manufacturing,healthcare,media&entertainment and e-commerce.
文摘The Malaysian government launched the Government Linked Companies Transformation （GLCT） Programme in May 2004, with the aim, amongst others, of ensuring continuous improvement of these firms amidst global trade competitiveness and economic challenges. This paper examines technical efficiency of government linked companies （GLCs） and benchmarks the result with top foreign owned firms listed in Bursa Malaysia. The study employs an unbalanced panel dataset of 31 existing GLCs over a period of nine years （2000-2008） using the stochastic frontier model. The results provide estimates of mean technical efficiency of these firms for the first time, and highlight the variation between the GLCs and foreign owned firms which represent international standard. The findings show mean technical efficiency of GLCs is moving towards the frontier but it still relatively low compared to the foreign firms. The trend declined drastically at the later period showing a wider gap against the benchmark firms. The findings hope to contribute to the growing literature on firms＇ efficiency focusing on privatized firms in developing countries.
文摘ON August 8,2014 the AllChina Federation of Industry&Commerce published the list of China’s Top 500 Private Enterprises.Fifty-four private companies from Shandong Province ranked among the top 500,putting Shandong in third place behind Zhejiang and Jiangsu.Fifteen Shandong companies ranked in the top 100.This achievement is attributed to the province’s economic reforms and an improving business environment.
文摘Female directors have become common in private companies. Using data from private listed companies in China＇s A-share stock market from 2000 to 2009, this paper analyzes whether the existence of female directors can enhance firm value. Results show that female directors have a significantly positive impact on firm value. Moreover, female directors promote enterprise value less significantly in regions with better institutional environment, which implies that there is a substitution relationship between female directors and institutional environment. Furthermore, we use 2SLS （two-stage least squares） and LEVOP （lag the explanatory variables one period） to control endogeneity, and the research conclusion remains robust. Our study provides additional empirical evidence for economic consequence of female directors, and expands research on the relationship between board structure and firm value.
文摘China has accomplished an economic miracle during the three-decade implementation of its reform and opening-up policies with remarkable contributions from the private sector. How did private companies develop during this time? What obstacles did they confront? How can they better developin the future? For the answers to these questions, Beijing Review reporter Lan Xinzhen interviewed Quan Zhezhu, Vice Chairman of the All-China Federation of Industry and Commerce (ACFIC).
