By the end of the century, the reform and development of China’s state-owned enterprises will create new prospects. The reform of state-owned foreign economic and trade enterprises should also see further breakthroug...By the end of the century, the reform and development of China’s state-owned enterprises will create new prospects. The reform of state-owned foreign economic and trade enterprises should also see further breakthroughs. At present, the following aspects are important: 1. Implement a Holdings System in the Reform of State-owned Foreign Economic and Trade Enterprises. The holdings system plays a major role in transferring the management mechanism of state-owned foreign economic and展开更多
The top-level design of national governance plays a leading role in reforming the corporate governance of state-owned enterprises(SOEs)at the micro level.Following the overall objectives of comprehensively deepening r...The top-level design of national governance plays a leading role in reforming the corporate governance of state-owned enterprises(SOEs)at the micro level.Following the overall objectives of comprehensively deepening reforms,this paper argues that the objective of SOEs corporate governance reform at this stage should be to improve and develop the SOEs corporate governance system with Chinese characteristics and modernize SOEs corporate governance system and governance capacity.To achieve this ambitious objective,this paper considers the theory of SOEs corporate governance with Chinese characteristics,and then explores the concrete manifestation and implementation pathway to the modernization of SOEs corporate governance system and governance capacity.This paper thus enriches the theory of corporate governance and provides insights into the newera SOEs corporate governance reform.展开更多
China’s state-owned enterprises(SOEs)are facing an embedded integration of new functional mission,new classification reform and new digital development.These new tasks require SOEs to embrace digital strategic transf...China’s state-owned enterprises(SOEs)are facing an embedded integration of new functional mission,new classification reform and new digital development.These new tasks require SOEs to embrace digital strategic transformation and innovation for high-quality fulfillment of their national mission.Studying their digital transformation practices,this paper systematically explores the mechanism and path of embedding national mission into SOE digital transformation,and the mode selection of SOE digital transformation under different mission guidance.The findings are:(1)The SOE functional mission focusing on economic development,strategic support and public services in the new era is undertaken by for-profit,strategic and public functional SOEs;(2)the foreign circulation path based on the positioning mechanism-mapping mechanism and the internal consumption connection path for the state capital strategic positioning constitute a double twoway mechanism of embedding the national mission to the SOE digital strategic transformation,leading SOEs to build market-oriented,capacity-oriented and public-oriented digital transformation modes;(3)the three types of reform modes have respectively produced the action mechanism featuring agile strengthening,toughness strengthening and adaptability strengthening,which support the SOE classification performance.This paper attempts to make up for the research gap such as the lack of integration of the SOE digital strategic transformation mode by constructing the theoretical mode of SOE digital strategic transformation under the guidance of national mission,and reveals the intermediary mechanism of digital strategic transformation to support SOEs for fulfilling their functional missions.展开更多
Since China＇s accession to the WTO in 2001, China has been on a steep learning curve in terms of engaging in outward direct investment, and state-owned enterprises （SOEs） have played a predominant role in this driv...Since China＇s accession to the WTO in 2001, China has been on a steep learning curve in terms of engaging in outward direct investment, and state-owned enterprises （SOEs） have played a predominant role in this drive. We argue that investment overseas by SOEs is a double-edged sword as far as its impact on domestic reform is concerned. Investing overseas offers opportunities to deepen structural reform in China, but such investment could also strengthen the monopoly position of some SOEs, which is inconsistent with the objective of domestic reform. Therefore, it is important for China to deepen domestic reform with respect to competition, ownership and regulations, to maximize the benefits from investing overseas＇. The present paper also discusses how building market-compatible institutions will resuh in increased innovation. This provides opportunities for Chinese firms to effectively catch up with the advanced technologies to remain competitive in overseas markets.展开更多
State-owned enterprises(SOEs)are important components of the Chinese economy.Although SOEs are generally considered inefficient in operations,China’s economy,which relies heavily on SOEs,has been highly successful ov...State-owned enterprises(SOEs)are important components of the Chinese economy.Although SOEs are generally considered inefficient in operations,China’s economy,which relies heavily on SOEs,has been highly successful over the last four decades.This indicates the importance of SOEs in China’s past and future economic success.Therefore,in this study,we review the literature on economic theories and 40 years of practice of Chinese SOEs and discuss implications for future research.Our review consists of four parts:the theories of SOEs and their reform,the performance and financing strategies of SOEs,corporate governance in SOEs,and corporate social responsibility in SOEs.展开更多
Based on firm level data for the period of 1998-2007,this paper attempts to explain the growth differences between private enterprises and state-owned enterprises(SOEs)in China,in the context of liquidity shocks,and i...Based on firm level data for the period of 1998-2007,this paper attempts to explain the growth differences between private enterprises and state-owned enterprises(SOEs)in China,in the context of liquidity shocks,and institutional and financial environments.It is found that(1)when liquidity tightens,the private enterprises face stricter credit constraints than SOEs,which restricts the development of private enterprise;(2)when liquidity becomes abundant,private enterprises face fewer financial limitations and grow much faster than SOEs;(3)the effect of liquidity shocks on the growth rate gap between private enterprises and SOEs has weakened during the period 2002-2007.These findings reveal that the credit discrimination against private enterprises can be mitigated by improving institutional and financial environments,which weaken the effects of liquidity shocks on firm growth.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
This paper studies the trend in which industrial enterprises’benefits allocation pattern changed,and the reasons for those rapid changes in China from 1997 to 2007.The results reveal that the benefits allocation patt...This paper studies the trend in which industrial enterprises’benefits allocation pattern changed,and the reasons for those rapid changes in China from 1997 to 2007.The results reveal that the benefits allocation pattern of industrial enterprises in China changed rapidly during the periods of 1998-2000 and 2003-2007.This paper discovers that the ramifications of state-owned enterprises’three-year reform plan,aimed at getting themselves out of a dire economic predicament,are the main reasons for the rapid changes in industrial enterprises’benefits allocation pattern from 1998 to 2000.The structural changes in ex-factory price of industrial products from 2003 were the main reason benefits allocation patterns of industrial enterprises changed in favor of capital during 2003-2007.展开更多
文摘By the end of the century, the reform and development of China’s state-owned enterprises will create new prospects. The reform of state-owned foreign economic and trade enterprises should also see further breakthroughs. At present, the following aspects are important: 1. Implement a Holdings System in the Reform of State-owned Foreign Economic and Trade Enterprises. The holdings system plays a major role in transferring the management mechanism of state-owned foreign economic and
基金This paper is supported by the Key Project of the National Natural Science Foundation of China(No.71432008).The authors thank Prof.LI Shanmin,Prof.YI Zhihong,Prof.JIANG Dongsheng,Prof.LIU Zhibiao,Prof.LU Zhengfei,Prof.WANG Huacheng,Prof.LÜChangjiang,Prof.TANG Guliang,Prof.WANG Changyun,Prof.ZHENG Hongliang,Prof.WANG Dehua,Prof.XU Feng,Prof.ZHANG Mubin,and friends from central enterprises and financial institutions,such as Mr.YOU Hua,Dr.WANG Yuntong,Dr.QIAN Zhonghua,Dr.QIN Yihu,for their constructive comments and suggestions on this paper.Opinions expressed in this paper are the authors’sole responsibility。
文摘The top-level design of national governance plays a leading role in reforming the corporate governance of state-owned enterprises(SOEs)at the micro level.Following the overall objectives of comprehensively deepening reforms,this paper argues that the objective of SOEs corporate governance reform at this stage should be to improve and develop the SOEs corporate governance system with Chinese characteristics and modernize SOEs corporate governance system and governance capacity.To achieve this ambitious objective,this paper considers the theory of SOEs corporate governance with Chinese characteristics,and then explores the concrete manifestation and implementation pathway to the modernization of SOEs corporate governance system and governance capacity.This paper thus enriches the theory of corporate governance and provides insights into the newera SOEs corporate governance reform.
基金This paper is supported by the Major Project of the National Social Science Fund of China“Research on the Mechanism and Path of Promoting Digital Industry Innovation by Technical Standards and Knowledge of Property Rights”(No.19ZDA077).
文摘China’s state-owned enterprises(SOEs)are facing an embedded integration of new functional mission,new classification reform and new digital development.These new tasks require SOEs to embrace digital strategic transformation and innovation for high-quality fulfillment of their national mission.Studying their digital transformation practices,this paper systematically explores the mechanism and path of embedding national mission into SOE digital transformation,and the mode selection of SOE digital transformation under different mission guidance.The findings are:(1)The SOE functional mission focusing on economic development,strategic support and public services in the new era is undertaken by for-profit,strategic and public functional SOEs;(2)the foreign circulation path based on the positioning mechanism-mapping mechanism and the internal consumption connection path for the state capital strategic positioning constitute a double twoway mechanism of embedding the national mission to the SOE digital strategic transformation,leading SOEs to build market-oriented,capacity-oriented and public-oriented digital transformation modes;(3)the three types of reform modes have respectively produced the action mechanism featuring agile strengthening,toughness strengthening and adaptability strengthening,which support the SOE classification performance.This paper attempts to make up for the research gap such as the lack of integration of the SOE digital strategic transformation mode by constructing the theoretical mode of SOE digital strategic transformation under the guidance of national mission,and reveals the intermediary mechanism of digital strategic transformation to support SOEs for fulfilling their functional missions.
文摘Since China＇s accession to the WTO in 2001, China has been on a steep learning curve in terms of engaging in outward direct investment, and state-owned enterprises （SOEs） have played a predominant role in this drive. We argue that investment overseas by SOEs is a double-edged sword as far as its impact on domestic reform is concerned. Investing overseas offers opportunities to deepen structural reform in China, but such investment could also strengthen the monopoly position of some SOEs, which is inconsistent with the objective of domestic reform. Therefore, it is important for China to deepen domestic reform with respect to competition, ownership and regulations, to maximize the benefits from investing overseas＇. The present paper also discusses how building market-compatible institutions will resuh in increased innovation. This provides opportunities for Chinese firms to effectively catch up with the advanced technologies to remain competitive in overseas markets.
基金financial support of the National Social Science Fund of China Key Research Project(No.17ZDA086):Research on Reforms and Innovations of Monitoring System in State-Owned Enterprises.
文摘State-owned enterprises(SOEs)are important components of the Chinese economy.Although SOEs are generally considered inefficient in operations,China’s economy,which relies heavily on SOEs,has been highly successful over the last four decades.This indicates the importance of SOEs in China’s past and future economic success.Therefore,in this study,we review the literature on economic theories and 40 years of practice of Chinese SOEs and discuss implications for future research.Our review consists of four parts:the theories of SOEs and their reform,the performance and financing strategies of SOEs,corporate governance in SOEs,and corporate social responsibility in SOEs.
基金support from the National Social Science Foundation of China(Project Number:17ZDA049,18VSJ070)the Natural Science Foundation of China(Project Number:71773071,71703066,71703088)Shanghai Pujiang Program(Project Number:16PJC034,17PJC045).The editors'and referees'constructive comments and kind work for the paper is also gratefully acknowledged.The authors accept responsibility for remaining errors.
文摘Based on firm level data for the period of 1998-2007,this paper attempts to explain the growth differences between private enterprises and state-owned enterprises(SOEs)in China,in the context of liquidity shocks,and institutional and financial environments.It is found that(1)when liquidity tightens,the private enterprises face stricter credit constraints than SOEs,which restricts the development of private enterprise;(2)when liquidity becomes abundant,private enterprises face fewer financial limitations and grow much faster than SOEs;(3)the effect of liquidity shocks on the growth rate gap between private enterprises and SOEs has weakened during the period 2002-2007.These findings reveal that the credit discrimination against private enterprises can be mitigated by improving institutional and financial environments,which weaken the effects of liquidity shocks on firm growth.
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This paper studies the trend in which industrial enterprises’benefits allocation pattern changed,and the reasons for those rapid changes in China from 1997 to 2007.The results reveal that the benefits allocation pattern of industrial enterprises in China changed rapidly during the periods of 1998-2000 and 2003-2007.This paper discovers that the ramifications of state-owned enterprises’three-year reform plan,aimed at getting themselves out of a dire economic predicament,are the main reasons for the rapid changes in industrial enterprises’benefits allocation pattern from 1998 to 2000.The structural changes in ex-factory price of industrial products from 2003 were the main reason benefits allocation patterns of industrial enterprises changed in favor of capital during 2003-2007.
