STUDY OF REENGINEERING THE STOCK EQUITY STRUCTURE IN CHINESE STATE-OWNED ENTERPRISE REFORM

In this paper,it is first briefly described the basic situation and current policies of state owned enterprise reform in China.Then the major issues in the reform process are identified,the possible solutions in terms of reengineering stock equity structure and state share circulation are discussed,and finally some suggestions are made for the further state owned enterprise reform.Basing on the theory on the modern corporation system,relevant experiences of market economy nations and the practice of Chinese enterprise system reform.The approaches to determine the proportion of state share in the future corporations are proposed.Since the public ownership is not ideologically appropriate,the establishment of social security fund and mutual fund investment companies are suggested as new and acceptable pattern of public ownership.It is believed that these companies will be the major institutional shareholders in the future corporations.Their stock equity structure would mainly consist of institutional shareholders,which will be both consistent with international norms of modern corporations and with socialist public ownership with Chinese characteristics.

Impact of State Equity Participation on Family Enterprises’ Innovation Input

Whether the mixed-ownership reform whereby the state invests in nonstate enterprises will be effective is a question that has attracted widespread attention and discussion.This paper uses sample data from family-owned enterprises listed from 2009 to 2016 and empirically tests the impact of equity participation by the state in the family enterprises on their innovation input and the underlying mechanisms.Our results show that state investment has positive impacts on innovation input in the family enterprises.This effect is even more significant for high-tech family enterprises and/or those family enterprises confronting high policy uncertainty.Our results also reveal that when state investment is accompanied by a greater degree of state participation in enterprise operations or when the investment originates locally,there is a greater increase in innovation input.Further analysis of the underlying mechanisms reveals that state investment increases innovation input by increasing both willingness to innovate and the resources available for innovation.This paper provides new theoretical support and empirical evidence for pushing the mixed-ownership reform and stepping up the sustainable development of non-state enterprises including family ones.

Vehicle Fleet Management Practices and Service Delivery in State Owned Enterprises in Zimbabwe

The main objective of the study was to examine the influence of vehicle fleet management practices on service delivery in State-Owned Enterprises (SOEs) in Zimbabwe. The study adopted a pragmatism research philosophy together with a mixed method research paradigm. In addition, structured questionnaires were distributed to 344 respondents drawn from 86 SOEs. Stratified and purposive sampling was used. Descriptive statistics were calculated using Statistical Package for the Social Science (SPSS) version 20. Exploratory factor analysis (EFA) was done on all items of the study while research hypotheses were tested using Structural Equation Modelling (SEM) in AMOS version 21. The study concluded that vehicle maintenance, fuel management, driver management and vehicle replacement positively influence service delivery. In addition, the study also established that Information and Communication Technologies (ICTs) moderate the influence of vehicle fleet management practices on service delivery. The study recommended that there is need for regular driver training and vehicle programs encompassing electronic spares tracking.

Relevant State Agencies Will Conduct a Joint Annual Inspection on Foreign Invested Enterprises

The Ministry of Foreign Trade and Economic Coop-eration (MOFTEC),the State Administration forIndustry and Commerce (SAIC),the State Economicand Trade Commission (SETC),the Ministry of Finance(MOF),the State Administration for Exchange Control(SAEC),the State Taxation Bureau (STB) and the GeneralCustoms Administration (GCA) (hereinafter referred to asCompetent Joint Annual Inspection Agencies) have jointlyissued a circular a few days before which stipulates that,from the year 1997 onwards,a joint annual inspection willbe conducted on FIEs in order to further improve and stan-dardize China’s investment environment,lessen the burdenson the shoulders of enterprises and enhance the level of ad-ministration over FIEs.

The Comparative Discussion of State Owned Enterprise in Competition Law

Reflect on the benefits and costs of the current approaches in the European Union and the People’s Republic of China.To the conclusion that State Owned Enterprises(SOE)’s and more generally state conduct should be fully covered by competition law.

THE WAY FOR STATE FOREIGN TRADE ENTERPRISES TO ADOPT STRUCTURAL REFORM

The Sichuan Provincial ChangjiangEnterprise Company, the former ofSichuan Provincial ChangjiangEnterprise (Group) Holdings Co.(SPCEGHC), is a comprehensive foreigntrade enterprise under the direct leadershipof the provincial government, mainly engagedin various kinds of foreign trade businessand as an agent for clients, involving deliveryof goods to foreign countries, the exchangeof technology, and the repair and leasing ofdomestic equipment. It was restructured tobecome an enterprise group in 1988, a"window" corporation on the province.

THE STATE COUNCIL DECIDES TO EXTEND THEIMPORT-DUTY EXEMPTION PERIOD FOR IMPORTS OF EQUIPMENT AND RAW MATERIALS BY ENTERPRISES WITH FOREIGN INVESTMENT

Recently the State Council decided to extend the period ofduty exemption for imports of equipment and raw materials by foreign-invested enterprises below US$30 million.In order to administrate import and export activities in light ofinternational practice and apply a unified, fair and standardizedpolicy toward import duties, the State Council, on December28,1995, decided to reform and adjust the policies of import duties by fairly significant reduction of the overall import tariff leveland elimination of preferences of import-duty exemption for mostimport items, which was also applicable to imports of equipmentand raw materials by foreign-invested enterprises set up since April1st, 1996. At the same time, with a view to maintaining the policycontinuity and relative stability, those enterprises established before March 31, 1996 were allowed an extended duty-exemptionperiod of one to two years for importation of equipment and rawmaterials(referring to construction materials, etc.) if such importswere below the value of their total investments, and for

The State Council Notified to Rectify and Reorganize Non-Experimental Commercial Enterprises with Foreign Investment

The State Council Office has recently issued"Notification of relevant issues on rectifying andreorganizing non-experimental commercial enter-prises with foreign investment", making it clearthat non-experimental commercial enterprises withforeign investment would be rectified.The notification emphasizes that all the non-experimental commerical enterprises with foreigninvestment which have been presumptuously ap-proved for establishment by localities or depart-ments prior to the issuance by the State CouncilOffice of the Urgent notification of prompt stop oflocal presumptuous approval of establishment ofcommercial enterprises with foreign

Fundamental issues and solutions in the design of China's ETS pilots:Allowance allocation,price mechanism and state-owned key enterprises

This paper analyzes the three main fundamental issues in the design of China's ETS pilots,including allowance allocation,price mechanism and state-owned key enterprises,and proposed suggested solutions.For the issue of allowance allocation,we suggest that the gradual hybrid mode could be applied at the beginning,which starts with mainly free allocation and then increases auction ratio gradually.And grandfathering is a suitable method of free allocation.For the issue of price mechanism,we suggest a price floating zone with open market operation to reduce the uncertainty of prices.For the issue of state-owned key enterprises,we suggest a good coordination with SASAC,defining the state-owned property right and supervision right when state-owned key enterprises are involved into the carbon market,and the local government can set rules of allocation and transaction to limit their potential market power.

Profit Delivery Proportion,Operation Performance and Bond Rating of Agricultural State-owned Enterprises

The distribution relationship between the profits of state-owned enterprises and the state has been constantly changing with the times. From the state implementing the policy that state-owned enterprises not pay profits to the state in 1994 to the constant growth of stateowned enterprises in the 21st century,their profits have become more and more abundant. Until 2007,the state issued a document stipulates that the state-owned enterprises should pay part of their profits to the state,but at the initial stage of trial implementation of the policy,the implementation was not effective,and finally in 2010 the state officially announced the collection of profits from state-owned enterprises and increased the proportion of collection. From the perspective of agricultural state-owned enterprises,using the difference-in-difference( DID)model,this paper studied the state policy of increasing the profit delivery proportion of state-owned enterprises in 2020. Through CSMAR database,we selected agricultural state-owned listed companies in the 2008-2013 as samples,tested the impact of the implementation of the new policy in 2010 on the operation performance of agricultural state-owned enterprises,evaluated the implementation effect of the policy through comparing the operation performance before and after the policy,and explored whether the policy has an impact on the bond rating. Through empirical research,it found that increasing the profit delivery proportion of state-owned enterprises is helpful for improving the operation performance of state-owned enterprises and improving the quality of bond ratings,and this policy has more prominent effects on stimulating the performance of monopolistic state-owned enterprises. Therefore,collection of some profits from state-owned enterprises can promote better development of state-owned enterprises and also benefit both the state and the people.

Research on evaluation model of technology innovation ability of state-owned enterprises in northeast industry base

The paper viewed the current problem that state-owned enterprises in northeast industry base hadn＇t technologies of their own intellectual property right, whose sources mainly depended on imitation and introduction from abroad. Operational evaluation method and index criteria system of enterprises technology innovation ability were put forward in this paper, different enterprises may revise the model according to their actual situations to evaluate the enterprise technological innovation ability scientifically and quickly. The findings will be helpful to correlative departments to formulate the related policies and also has important theoretical and practical value in technological innovation project of enterprise.

国有企业的低碳双元战略发展路径——基于上海申通地铁集团的案例研究

在中国特色社会主义经济制度下,国有企业始终肩负着发展经济和服务社会的双重使命。根据企业所处的行业特点与所承担的业务特征,国有企业很可能面临高耗能的挑战。选取上海申通地铁集团有限公司作为典型案例,基于双元理论探究国有企业低碳双元战略的动态发展路径。研究发现,国有企业的低碳发展首先是将低碳理念融入其“经济—社会”双元目标,形成具有经济属性的成本性和效益性低碳导向,以及具有社会属性的政策性和公益性低碳导向。基于此,国有企业开发低碳双元战略实践,包括具有经济属性的低碳成本管理和低碳业务投资,以及具有社会属性的低碳政策落实和产业低碳引领。此外,知识和资源开发促进了低碳双元战略实践的相互转化,实现了低碳双元战略的协调统一。研究结论既为国有企业低碳发展中的协同辩证关系提供了新的理解,又拓展了双元理论在企业低碳管理领域的应用。

人口年龄结构变动会影响创新吗?

为了研究人口年龄结构变动对创新的影响,使用1990年和2000年全国人口普查微观数据、中国专利数据库、国泰安数据库以及城市统计年鉴相关数据,用历史出生年份预测的年轻劳动力比重构建人口结构变动指标,探讨人口年龄结构变动,特别是20~34岁人口占劳动力人口的比重的变动对地区创新绩效的影响。研究表明,年轻劳动力人口比重的提高对专利数量和质量都有显著的促进作用。年龄结构变动对非国有企业创新的影响相对于国有企业更明显,并且年轻劳动力更有可能是通过劳动力供给渠道促进创新。

数字金融能否抑制国有企业过度投资?——基于A股国有上市公司的实证研究

选取2012—2020年沪深A股国有企业作为样本,实证分析数字金融与国有企业过度投资的关系。研究发现,数字金融对国有企业的过度投资具有显著的抑制作用,且数字金融可以通过减少国有企业的代理成本来抑制其过度投资。此外,市场竞争和高管背景特征在数字金融对国有企业过度投资的影响中具有调节作用,市场竞争能够强化数字金融对国有企业过度投资的抑制作用。高管任期越久更有利于数字金融抑制国有企业过度投资,但高管年龄、性别对于数字金融抑制国有企业过度投资无显著关系。进一步,数字金融的覆盖广度和使用深度对国有企业过度投资现象的改善效果更加明显。相比央企,数字金融对地方国企过度投资的影响更加显著,相比特定功能性国企,数字金融对一般竞争性国企过度投资的影响更加显著。

内部控制、国家审计与国企避税

选取2007-2017年上市中央企业集团为研究对象,实证检验内部控制对国企避税的影响作用以及国家审计监督对两者关系的调节效应。研究结果表明,内部控制具有抑制国企避税的治理功能,国家审计监督会显著增强内部控制对国企避税的抑制作用,说明内部控制和国家审计是深入理解国有企业税负水平及其变化的重要因素。进一步研究发现,内部控制对避税的治理效应在地区税收征管强度小、社会审计质量低和避税激进的国企中更为显著;通过分解内部控制五要素后研究发现,内部控制对避税的抑制效应集中体现在控制活动和信息与沟通两大要素上。机制分析结果表明,内部控制可以通过缓解企业融资约束来达到抑制企业避税的治理目的。

数字互联是否提升了国有企业的创新水平?——影响识别和机制检验

促进国有企业创新对国民经济高质量发展至关重要。利用2011~2021年国有企业的微观数据,采用微观计量分析方法,检验数字互联是否对国有企业创新能力和创新效率的提升具有显著影响。实证结果表明,数字互联显著提高了国有企业的创新能力,但是对国有企业创新效率的影响不显著。数字互联对不同技术类别国有企业创新能力和创新效率的影响存在着明显的异质性特征。进一步从企业成本、人力资本、公司治理三个方面检验了数字互联对国有企业创新影响的机制,结果表明,数字互联对企业创新能力的影响并不存在明显的所有制差异。在今后的国有企业改革中,应该广泛借助新一代信息数字化技术提升国有企业的创新能力。

逆向混改助力民企创新——国有资本参股对民营企业双元创新投入的影响研究

逆向混改有利于提高民营企业创新投入吗?以A股民营控股上市公司为样本考察国有资本参股的逆向混改对民营企业双元创新投入的影响后发现:首先,国有资本参股对于民营企业双元创新投入存在异质性影响,即能够显著提高民营企业开发式创新投入,而对探索式创新投入无明显作用(国企“两利一率”考核压力影响了国有资本参股对民营企业探索式创新投入的作用);其次,缓解融资约束与提高风险承担能力是上述关系的作用机制;再次,制度环境、行业竞争和技术董事数量等情境因素会影响国有资本参股对民营企业开发式创新投入的治理效果;最后,国有资本参股能够通过提高开发式创新投入的方式提高民营企业价值。通过揭示国有资本参股对民营企业双元创新投入的影响及其作用机理,回应了国有产权对民营企业创新作用的研究分歧,也拓宽了混合所有制改革思路。