Investor Protection,Ownership Structure and Corporate Valuation

The purpose of this paper is to investigate the relationship between investor protection, ownership structure and corporate valuation. La Porta showed that there existed a simple linear relationship between corporate valuation and the holding percentage of controlling shareholders. But recent empirical evidence does not support it. A nonlinear relationship is proved between ownership structure and corporate valuaton by relaxing the assumption of La Porta＇s model in this paper. There exists a positive relation between investor protection and corporate valuation. Our empirical research shows that this relation is significantly positive indeed.

Ownership Structure in Electricity Regulation

Electricity is subject to government regulation in every country. Regulation failure and multiple objectives imposed by government run the risk facing by the investor. In order to balance the interests of investors, consumers and governments, there are historically three types of ownership structure： investor-owned, public-owned and mixed system. Ownership reform and structural change are the most exciting development in the electricity. Restructuring and creating market competition make political influence more expensive and could mitigate the hold-up problem and ratchet effect. Finally, the effects of different ownership structure on economic performance in electricity are explored.

The Moderating Role of Ownership Structure on the Relation between Board Independence and Voluntary Financial Disclosure: An Analysis of Italian Listed Company

Voluntary disclosure and corporate governance variables, such as board independence and ownership structure are considered mechanisms useful to reduce information asymmetries between competing parties of the firms. This paper aims at investigating both the relationship between board independence and the quality of voluntary financial disclosure and how previous relationship is moderated by the level of ownership concentration. The analysis has been conducted on a sample of Italian non-financial listed companies. The results show that there is a positive and significant relationship between board independence and the quality of voluntary financial disclosure provided by companies. In addition, the findings reveal that ownership concentration plays a relevant moderating role in previous relationship. The results highlight the necessity to consider the interaction effects of different governance mechanisms, when studying corporate governance effectiveness.

Audit Quality, Legal Systems, Investment Opportunity Set and Ownership Structure： Evidence From United States, France and Germany

This paper investigates the determinants of audit quality of three countries especially the United States, France and Germany belonging to three different legal systems. These determinants concern the legal system of country, investment opportunity set and ownership structure which have influence of audit quality.Empirical results show, initially, that specificities of legal system are positively associated with audit quality appreciated by size of audit firm. Then, the results reveal that investment opportunity set influences partially size of audit firm. Finally, ownership structure influences negatively the search for a high audit quality

Board independence, ownership structure, audit quality and income smoothing activities： A study on Malaysian market

The 1997 economic crisis faced by many East Asian economies has generated a substantial amount of debate largely focused on issues such as the roles and functions of good corporate governance （CG）. Lack of transparency has been singled out as the major culprit of the crisis and it has been alleged to cause management to indulge themselves in unhealthy activities such as income smoothing （IS） act. The paper extends Nasuhiyah, Hian, Sob and WEI （1994） by incorporating contextual variables that proxy for CG, ownership structure and audit quality. The empirical analysis is conducted on a sample of Bursa Malaysia listed companies for a period between 1991 and 2000. The main intention of taking this time span is to observe to what extend has previous business operations inculcated the feature of CG in the running of their companies＇ activities despite not being obligatory for them to uphold. The results showed that the existence of non-executive directors and the presence of brand name auditors to be significant in hindering the management from indulging in IS. The study opens the way for a richer understanding of the links among CG, ownership structure, audit quality and IS in Malaysia.

Does ownership structure matter when CPA deciding types of audit opinions

Ownership structure is one of the most important and basic corporate governance characteristics. Thus, does the ownership structure of a firm have an effect on the type of audit opinion it receives from CPA？ This paper uses a sample including 1246 non-financial listed companies from China A-share market in 2003. Empirical results show： for listed firms, external auditor＇s propensity to qualify is lower with lower proportion of public shares, or with higher concentration of shares at a marginal significant level. However, the proportions of state-owned shares and institutional shares have no significant effects on audit opinions. A possible explanation is that the ownership structure influences risk awareness and negotiation power of audit firms, influences negotiation power of clients, and then ultimately influences auditors＇ reporting decision and audit opinions. The potential policy implication is： a more dispersed ownership structure and/or a higher proportion of public shares are preferable for higher audit reporting conservatism and audit quality in China.

Characteristics of the Ownership Structure of Chinese Listed Companies and Its Effect on Financial Reports Quality

Ownership structure is brand-new to the reform of Chinese state-owned enterprises, and also a problem that urgently need to study. Because the reform wasn＇t entire, the ownership structure of Chinese listed companies looks freakish. That is to say, the ownership is highly concentrated in the state, who has just no tangible rights to control the business, which results in ＂insider control＂, ＂owner absence＂, ＂duality of manager and chairman＂, and so on. At the same time, such an ownership structure is unavoidable to supply inducement to the people who has relative benefits in it, and it eventually affects the quality of their financial reports. This paper empirically studies the ownership structure of Chinese listed companies and their characteristics in the actual situation, and finally puts forward some suggestions on how to improve the quality of the financial reports from the ownership structure approach.

Available Agricultural Area by Utilization Categories and Ownership Structure of Holdings in the Republic of Serbia

The subject of research in this paper is the analysis and presentation of data on agricultural holdings, the structure of available and utilized area. The data and calculated indicators represent a comprehensive overview of the structural characteristics of national agriculture, but they are also an internationally comparable database, based on key features of agriculture. The main goal of this paper is to determine and explain more comprehensively and in detail by using appropriate methods, and based on available data, the condition of utilized agricultural area (hereinafter: UAA) and its quantitative and qualitative characteristics by utilization categories and manner of its use;types of agricultural holdings and statistical regions and lower statistical units of data grouping. Implementation of such a defined basic research goal indicates necessity of more detailed and continuous study of the causes that led to the reduction of available agricultural area and especially its better and more important production categories of utilization and measures and activities to be taken to eliminate or reduce the causes of inadequate management of agricultural area in the coming period. The importance of this research arises from the fact that the results on utilized agricultural area can be used to adopt appropriate measures and undertake certain activities in land and overall agricultural and rural policy related to sustainable utilization, arrangement and protection of agricultural land and more balanced integrated development of rural areas, as well as to find better solutions in the field of utilization, ownership sector and conditions of agricultural area management.

Effect of Issuing Convertible Bonds from the Perspective of Ownership Structure:Evidence from Listed Companies in Shanghai and Shenzhen

Due to the rapid expansion of enterprise scale,traditional financing methods can no longer meet the needs of enterprises.As a financing method with both equity and debt,convertible bonds,with its flexibility,is favored by enterprises.Especially in 2017,China’s supervision on the financing method of private placement of shares has become stricter,and some companies have chosen convertible bonds for financing.This paper takes the ownership structure as the starting point and the listed companies in Shanghai and Shenzhen as the research subjects,as well as uses regression analysis to determine the relationship between convertible bonds,ownership structure,and enterprise performance.It is found that convertible bonds reduce the performance of enterprises,while ownership concentration strengthens the negative relationship.

海域使用权与海上构(建)筑物所有权一体登记的探索与实践

长期以来海上建设项目只对海域使用权进行登记,未对海上构(建)筑物所有权实施登记。本文在梳理分析青岛西海岸新区现有用海历史档案的基础上,结合海岸新区登记现状,深入研究海岸新区用海项目的用海类型、用海方式以及海上项目工程建设情况,并通过工程实践总结一体登记难点问题,然后提出相应的对策和建议,为涉海地区推进海域使用权与海上构(建)筑物所有权一体登记工作提供思路。

Civil Society in Traditional China: Governance and Ownership System——Evidence from Construction and Management of Public Facilities in the Qing Dynasty

This paper focuses on the bridge council and free ferry services as the private organizers of public infrastructure construction in the Qing Dynasty, uncovers the legal entity ownership system and governance model with China's native origin, and reveals the attributes and characteristics of ownership by legal entities in China's traditional era. Bridge councils and free ferry services are non-profit and non-government public-interest institutions, whose members were elected by local communities. These councils were responsible for the fundraising, construction, and long-term maintenance and operation of public facilities and infrastructure at the grassroots level. They adopted open and transparent management procedures and could coordinate cross-jurisdictional affairs and mediate disputes. They possessed independent assets such as lands and fund reserves, and such exclusive legal-entity ownership received protection from the government and under the laws. Such form of legal-entity ownership provided the institutional foundation for the development of clans, temples, charitable groups, academies of classical learning, and various associations and societies. These self-organizing groups demonstrate remarkable mobilization and organizational capabilities and institutional creativity of civil society in traditional China. They served as a link between the government and communities and played a unique and active role in maintaining social order at the grassroots level.

Comparative Analysis of Managerial Ownership and Its Effect on Corporate Performance in Selected Asian and European Transition Economies

This paper analyzes determinants and consequences of managerial ownership within ownership structures of the selected European and Asian transition countries. Focus of the analysis is the influence of the specific unification of ownership and control on corporate performance. Findings in the paper are based on research that produced empirical data for Croatia which is subsequently compared with evidence from other Asian and European transition countries facing the same issues. Consequently, transitional ownership structures, influenced by actual privatization process, like emergent corporate governance mechanisms, highly concentrated ownership and undeveloped markets for corporate control are also described. Research findings show that direct or indirect managerial ownership are important phenomena in transition countries, research has also shown that stable and concentrated managerial ownership have positive effects on firms＇ profitability in the observed transitional environments.

Game analysis of control right of state-owned shares under the background of the mixed ownership

Since the Third Plenary Session of the 18 th Central Committee of the Communist Party of China, the concept of the mixed ownership economy has received extensive attention from all sectors of society, which has effect on a coming new round of reformation on enterprise property. However, in order to take control of the state-owned shares in the end making the state ownership economy become the principal position and to enlarge the scale of state-owned shares, which guides the common development with the non-public sectors of the economy, how to determine the proportion of state-owned shares? Under the background of the mixed ownership reformation, the article explains the mixed ownership by explaining how to enlarge the state-owned assets controlling scale and how to improve the stateowned company 'economic effi ciency and how to protect the interests of small shareholders. The final conclusion is that the SASAC should use the thinking of relative holdings, instead of the absolute control thinking, and should make use of the games among the large shareholders and the pyramidal ownership structure to make the pattern of ownership diversify.

The CPC’s Century-Long Exploration of a Socialist Ownership System

Throughout its century-long history,the Communist Party of China(CPC)has been striving to explore and implement an ownership system of the means of production.Upon its founding in 1921,the Party envisioned to create a sole ownership system after the victory of the National Revolution.In war times,land issues dominated the agenda of the Party’s work on the ownership structure since most of its bases and liberated areas were in the countryside.After the founding of the People’s Republic of China in 1949,China established a basic socialist economic system through“one industrialization and three transformations,”i.e.socialist industrialization and the transformations of agriculture,artisanal production,and capitalist industry and commerce.This nascent socialist economic system was characterized by the sole public ownership of the means of production and a highly centralized planned economy.Since the reform and opening up in 1978,the Party took bold steps to explore and reform the socialist ownership system under the principle to keep public ownership as the mainstay and allow diverse forms of ownership to develop side by side.In the new era,the Party has redefined China’s basic socialist economic system by creating a mixed ownership structure at two levels with public ownership as the mainstay.China’s increasing economic vitality and dynamism have witnessed the exploration and growth of this mixed ownership system.

A Comparative Study of Land Economy under Different Ownerships in China

This paper creates a land economy model under the framework of the consistent growth theory to investigate the impacts of different forms of ownership on longterm economic equilibrium.As demonstrated under the model,in an economy of private ownership that allows the free transfer of land,land gradually becomes concentrated in the hands of a few;income growth deriving from technological progress merely contributes to the wealth and consumption of landowners;landless workers will struggle at the level of subsistence.An economy of public or collective ownership that forbids the transfer of land can ensure basic social equity.However,in a collective economy without a contract system,population is likely to grow excessively and thus requires external restraint.The conclusions of our model suggest that the long-term welfare and growth effect under collective ownership with a contract system is superior to those under private ownership and pure public ownership.

Ownership Concentration, Insider Shareholding and Firm Performance in Chinese Privately-run Enterprises

A typical privately-run enterprise has a mixed ownership structure with. four predominant groups of shareholders the state, legal persons, domestic individuals, and foreign investors. This paper gives an empirical analysis on the relationship among ownership concentration, insider shareholding and firm performance in nearly one thousand Chinese privately-run enterprises. The results show： the ownership concentration ratio and the percentage of insider shareholding are ＇inverse U--shaped＇ related to finn performance, respectively, the debt-to-asset ratio is negative related to finn performance, the firm size is positive related to firm performance.

现代产业学院混合所有制办学的现实意义、机制架构与路径选择

现代产业学院混合所有制办学有助于优化产业资源市场化配置、推动人才培养理实一体化、促进产业经济高质量发展和强化校企合作共同体构建。基本机制包括组织管理的健全机制、优质教学资源的共建机制、教师教学创新团队的共管机制、教育教学模式的改进机制和发展成果的共享机制。应探索混合制管理体制、协同建设系列优质教学资源、协同管理高素质教师教学创新团队、协同改进教育教学模式和共同分享发展成果,规范与促进现代产业学院混合所有制办学。

数据产权法律构造论

在数字经济环境中,数据已成为一种新型生产要素,需要更好地挖掘和开发其经济价值。数据不同于传统有体物以及知识产权客体的特征和属性使其在法律制度构建和运行上也具有特殊性。数据产权制度是数据基础制度的核心内容,其应涵盖保护数据主体合法权益、协调和平衡数据利益关系、促进数据有序流动和分享、促进数据要素利益公平分配等内容。数据产权的法律构造旨在建立数据资源持有权、数据加工使用权和数据产品经营权的数据动态流转和价值实现机制,最终服务于数字经济发展目标。

非国有董事治理积极性与国有企业审计意见决策

如何发挥非国有董事治理积极性以提高国有企业审计意见质量,实现国有资产保值增值,是深化国有企业改革亟需研究的问题。以2013—2022年A股国有企业上市公司为样本,构建离散选择模型,以投非赞成票代理非国有董事治理积极性。研究发现,非国有董事治理积极性越高,越能够提示应计盈余管理风险,审计师越倾向出具非标准审计意见;第一大非国有股东持股比例越高,混改国有企业股权集中度越低,非国有董事治理积极性与审计意见谨慎性的关系越显著。经过稳健性检验,研究结论不变。进一步研究发现,非国有董事积极履行治理职能导致审计意见质量提高有利于混改国有企业资产保值增值,实现国有企业混改主要目标。研究结论对于国有企业审计师正确决策审计意见、非国有董事有效维权、政府监管部门和混改国有企业充分尊重非国有董事治理的积极性、实现国有企业改革目标,均具有启示意义。

论生态环境损害赔偿制度的法理基础与规范构造

理解生态环境损害赔偿制度,须从环境治理体系和治理能力现代化的整体视域展开,同时,还要厘清生态环境与自然资源、生态环境损害与损害赔偿、赔偿请求权与赔偿诉权等核心概念。既有理论将自然资源国家所有权作为生态环境损害赔偿中的实体权利基础,然而,不论是公权说、私权说,还是二阶结构说、三层结构说,都不周延。因为生态环境损害赔偿制度存在二元构造,即赔偿请求权区别于赔偿诉权,赔偿请求权中基于自然资源所有权的物上请求权区别于侵害生态环境的侵权之债请求权,赔偿诉权中程序意义上的提起生态环境损害赔偿诉讼区别于实体意义上的救济自然资源所有权。这种二元构造客观上源于生态环境中单体自然资源的结构面向与整体生态功能的功能面向存在区分,其学理基础在于承继和发展了传统所有权的解释范式,其核心内容是对生态环境类的损害进行类型化。为此,该制度可从两个方面予以展开。长期而言,须仰仗制定中的生态环境法典规定生态环境损害赔偿的系列内容;当务之急,则是借助司法解释促进这些内容的适度法制化。