Analysis of the Relationship between Ultimate Controlling Shareholders and Private Enterprises＇ Business Performance

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.

Product market competition,ultimate controlling structure and related party transactions

Previous studies have shown that product market competition has an important effect on corporate strategies and internal governance mechanisms. Using a sample of China's listed firms from 2004 to 2009, we explore the relationship between product market competition and normal related party transactions and find a significant positive relationship. In addition, we investigate the substitutive effect of product market competition and the cash flow rights owned by ultimate controlling shareholders on the extent of normal related party transactions. In particular, our results suggest a positive relationship between the ultimate controlling shareholders' cash flow rights and normal related party transactions that is strongest in noncompetitive industries and weakens as product market competition increases.

Determinants and features of voluntary disclosure in the Chinese stock market

This paper offers in-depth analysis of the determinants and features of voluntary disclosure based on information in the annual reports of 1066 Chinese firms listed on the Shanghai and Shenzhen Stock Exchanges. This extensive sample represents about 80% of all public companies in China. Our findings suggest that voluntary disclosure in China is positively related to firm size,leverage, assets-in-place, and return on equity and is negatively related to auditor type and the level of maturity or sophistication of the intermediary and legal environments. We also find some evidence to suggest a quadratic convex association between state ownership and voluntary disclosure. However, our analysis provides no evidence that extensive disclosure benefits public companies in China in the form of a lower cost of equity.

Characteristic model-based consensus of networked heterogeneous robotic manipulators with dynamic uncertainties

In this paper, we address the characteristic model-based discrete-time consensus problem of networked robotic manipulators with dynamic uncertainties. The research objective is to achieve joint-position consensus of multiple robotic agents interconnected on directed graphs containing a spanning tree. A novel characteristic model-based distributed adaptive control scenario is proposed with a state-relied projection estimation law and a characteristic model-based distributed controller. The performance analysis is also unfolded where the uniform ultimate boundedness(UUB) of consensus errors is derived by resorting to the discrete-time-domain stability analysis tool and the graph theory. Finally, numerical simulations illustrate the effectiveness of the proposed theoretical strategy.