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...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.展开更多
Based on the data of 923 Chinese listed companies in 2013 to 2014, we investigated the impact of company equity structure on audit fees from the perspective of cross section and period duration. It is found that there...Based on the data of 923 Chinese listed companies in 2013 to 2014, we investigated the impact of company equity structure on audit fees from the perspective of cross section and period duration. It is found that there is a positive correlation between the proportion of state-owned shares in listed companies and audit fees. To be more specific, there is a U-shaped relation between audit fees and equity concentration which is represented by the proportion of the largest shareholder. And the equity restriction ratio, represented by the sum of the proportion of the second largest shareholder to the tenth, has a positive effect on audit fees.展开更多
This study examines the relationship among independent boards of directors, board size, managerial share ownership （MSO）, and earnings quality. The study of these relationships is controlled by firm size based on a ...This study examines the relationship among independent boards of directors, board size, managerial share ownership （MSO）, and earnings quality. The study of these relationships is controlled by firm size based on a sample of 114 companies listed on the Tehran Stock Exchange （TSE） for the period from 2008 to 2010. The results demonstrate that there was an insignificant positive relationship among independent boards of directors, managerial ownership, and earnings quality. Subsequent analysis shows an insignificant negative relationship between board size and earnings quality. It also provides evidence of the negative relationship between firm size as a control variable and earnings quality. This can be attributed to the fact that large firms are claimed to be politically sensitive and thus have the incentive to lessen variances in changes in their reported earnings.展开更多
In this paper, we present evidence that firms with concentrated ownership manage earnings when their large shareholders have an incentive to do so.The large shareholders of Chinese public firms often pledge their shar...In this paper, we present evidence that firms with concentrated ownership manage earnings when their large shareholders have an incentive to do so.The large shareholders of Chinese public firms often pledge their shares for loans. Before the split share reform in 2006, loan terms were based on the book value of the firm. Since then, the share price has become critical for share pledged loans. We postulate that the reform triggered large shareholders' incentive to influence financial reports. Using a sample of non-state-owned enterprises, we test the effect of share pledges on earnings smoothing and how this effect changes after the reform. Our results suggest that share pledging firms smooth their earnings more than other firms, but these results are only found after the split share reform. Accordingly, our results provide more direct evidence on the effect of ownership concentration on financial reporting.展开更多
According to the Interim Methods Concerning the Management of State Assets in Shareholding Companies costipulated by the National State Assets Administration Bureau and the State Commission for Economic Reconstructuri...According to the Interim Methods Concerning the Management of State Assets in Shareholding Companies costipulated by the National State Assets Administration Bureau and the State Commission for Economic Reconstructuring, the management of State shares in shareholding companies is concurrent with public ownership as the principle for keeping the State’s holding position in sharehoiding展开更多
In the context of the labor market segmentation in China and its reaching the Lewis turning point,this paper interprets the changing trend of the labor share of income in China from the changing perspective of the emp...In the context of the labor market segmentation in China and its reaching the Lewis turning point,this paper interprets the changing trend of the labor share of income in China from the changing perspective of the employment ownership structure.The theoretical analysis reveals that the labor share of income follows a U-shaped curve when the agricultural labor force gradually moves into the private and self-employed sectors.Using the Chinese provincial-level panel dataset between 1990 and 2016,our empirical study finds that there is a critical threshold.When the share of agricultural labor force is above this threshold value,the impact of the increase in the employment share of the urban private sector on the labor share of income is negative.In contrast,the impact becomes positive when the share of the agricultural labor force is less than or equal to this threshold value.Moreover,the impacts of other variables of employment ownership structure don’t show this kind of feature on both sides of this threshold value.The increase in the employment share of the urban private sector accounted for about 29.37%of the growing labor share of income between 2007 and 2016.This paper provides policy implications in the following four areas:institutional guarantee improvement,harmonious labor relations establishment,redistribution policy imposition and economic development pattern transformation.展开更多
The construction and development of the digital economy,digital society and digital government are facing some common basic problems.Among them,the construction of the data governance system and the improvement of dat...The construction and development of the digital economy,digital society and digital government are facing some common basic problems.Among them,the construction of the data governance system and the improvement of data governance capacity are short boards and weak links,which have seriously restricted the construction and development of the digital economy,digital society and digital government.At present,the broad concept of data governance goes beyond the scope of traditional data governance,which“involves at least four aspects:the establishment of data asset status,management system and mechanism,sharing and openness,security and privacy protection”.Traditional information technologies and methods are powerless to comprehensively solve these problems,so it is urgent to improve understanding and find another way to reconstruct the information technology architecture to provide a scientific and reasonable technical system for effectively solving the problems of data governance.This paper redefined the information technology architecture and proposed the data architecture as the connection link and application support system between the traditional hardware architecture and software architecture.The data registration system is the core composition of the data architecture,and the public key encryption and authentication system is the key component of the data architecture.This data governance system based on the data architecture supports complex,comprehensive,collaborative and cross-domain business application scenarios.It provides scientific and feasible basic support for the construction and development of the digital economy,digital society and digital government.展开更多
文摘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.
文摘Based on the data of 923 Chinese listed companies in 2013 to 2014, we investigated the impact of company equity structure on audit fees from the perspective of cross section and period duration. It is found that there is a positive correlation between the proportion of state-owned shares in listed companies and audit fees. To be more specific, there is a U-shaped relation between audit fees and equity concentration which is represented by the proportion of the largest shareholder. And the equity restriction ratio, represented by the sum of the proportion of the second largest shareholder to the tenth, has a positive effect on audit fees.
文摘This study examines the relationship among independent boards of directors, board size, managerial share ownership （MSO）, and earnings quality. The study of these relationships is controlled by firm size based on a sample of 114 companies listed on the Tehran Stock Exchange （TSE） for the period from 2008 to 2010. The results demonstrate that there was an insignificant positive relationship among independent boards of directors, managerial ownership, and earnings quality. Subsequent analysis shows an insignificant negative relationship between board size and earnings quality. It also provides evidence of the negative relationship between firm size as a control variable and earnings quality. This can be attributed to the fact that large firms are claimed to be politically sensitive and thus have the incentive to lessen variances in changes in their reported earnings.
基金supported by the National Natural Science Foundation (Project Nos. 70902007 and 71372029)
文摘In this paper, we present evidence that firms with concentrated ownership manage earnings when their large shareholders have an incentive to do so.The large shareholders of Chinese public firms often pledge their shares for loans. Before the split share reform in 2006, loan terms were based on the book value of the firm. Since then, the share price has become critical for share pledged loans. We postulate that the reform triggered large shareholders' incentive to influence financial reports. Using a sample of non-state-owned enterprises, we test the effect of share pledges on earnings smoothing and how this effect changes after the reform. Our results suggest that share pledging firms smooth their earnings more than other firms, but these results are only found after the split share reform. Accordingly, our results provide more direct evidence on the effect of ownership concentration on financial reporting.
文摘According to the Interim Methods Concerning the Management of State Assets in Shareholding Companies costipulated by the National State Assets Administration Bureau and the State Commission for Economic Reconstructuring, the management of State shares in shareholding companies is concurrent with public ownership as the principle for keeping the State’s holding position in sharehoiding
基金The authors acknowledge the sponsorship of National Science Fund for Distinguished Young Scholars(71625001)Key Program of National Natural Science Foundation of China(71631004)China Scholarship Council(CSC)Scholarships(201806310057).
文摘In the context of the labor market segmentation in China and its reaching the Lewis turning point,this paper interprets the changing trend of the labor share of income in China from the changing perspective of the employment ownership structure.The theoretical analysis reveals that the labor share of income follows a U-shaped curve when the agricultural labor force gradually moves into the private and self-employed sectors.Using the Chinese provincial-level panel dataset between 1990 and 2016,our empirical study finds that there is a critical threshold.When the share of agricultural labor force is above this threshold value,the impact of the increase in the employment share of the urban private sector on the labor share of income is negative.In contrast,the impact becomes positive when the share of the agricultural labor force is less than or equal to this threshold value.Moreover,the impacts of other variables of employment ownership structure don’t show this kind of feature on both sides of this threshold value.The increase in the employment share of the urban private sector accounted for about 29.37%of the growing labor share of income between 2007 and 2016.This paper provides policy implications in the following four areas:institutional guarantee improvement,harmonious labor relations establishment,redistribution policy imposition and economic development pattern transformation.
文摘The construction and development of the digital economy,digital society and digital government are facing some common basic problems.Among them,the construction of the data governance system and the improvement of data governance capacity are short boards and weak links,which have seriously restricted the construction and development of the digital economy,digital society and digital government.At present,the broad concept of data governance goes beyond the scope of traditional data governance,which“involves at least four aspects:the establishment of data asset status,management system and mechanism,sharing and openness,security and privacy protection”.Traditional information technologies and methods are powerless to comprehensively solve these problems,so it is urgent to improve understanding and find another way to reconstruct the information technology architecture to provide a scientific and reasonable technical system for effectively solving the problems of data governance.This paper redefined the information technology architecture and proposed the data architecture as the connection link and application support system between the traditional hardware architecture and software architecture.The data registration system is the core composition of the data architecture,and the public key encryption and authentication system is the key component of the data architecture.This data governance system based on the data architecture supports complex,comprehensive,collaborative and cross-domain business application scenarios.It provides scientific and feasible basic support for the construction and development of the digital economy,digital society and digital government.
