Practices of Shareholding System in Jiangsu Foreign Trade Enterprises

With the ever-deepening process of China’s reform of its economic and foreign trade system, local foreign trade enterprises are all developing according to the needs of the socialist market economy, as and to normal international practices, as management and operation require. In recent years, the reform of foreign trade enterprises has undergone three stages: the stage of contracted management, the stage of the contractor being responsible for profits and losses and the stage of changing the managemental system. The enterprises, which formerly only carried out

Protection of Collective Rights of Rural Members in the Process of Land Transfer under Shareholding Cooperative Systems

According to the legal definitions of land transfer under shareholding cooperative systems,rural groups,collective rights of members,and this paper discloses the necessity of protecting the collective rights of members.In terms of qualification definition of members,rights of fetus,married daughters and sons in law cannot be guaranteed.In terms of rights protection,partial rights cannot be assured,power of personal stake inthe collective members is imperfect which results in inadequate,unbalanced,shaky and unpunctuated benefits.Based on objective and subjectivecauses,the democratic management rights of members in land transfer process have been weakened or even deprived,the protection of the basiclife is hard to realize.The paper proposes that it is necessary to build the social protection mechanisms of rural land shareholding cooperative sys-tems.The first is to treat those members that own land,attending the shareholding cooperation but having not taken part in the land transfer proces-sion as the protection objects.The second is in the procession of land transfer,making it clear the compensation standards of land transfer,estab-lishing the intermediate agencies of land transfer and performing the collective economic organizing functions.The third is that the account capital ofsocial protection is contributed together by personal member,the land users(shareholding cooperative companies) and government.The fourth isto pay more attention to the added value and safety management of capital operation.

Successfully transforming a Tourist Enterprise into a Shareholding System

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State-Owned Capital Participation in Private Enterprises:A Perspective of Debt Financing

This study takes debt financing as the entry point and explores the impact of state-owned capital participation in private enterprises from the perspectives of“unarticulated rules”and“articulated rules”.The study finds that state-owned capital participation significantly reduces the debt financing costs of private enterprises and expands the scale of their debt financing.This conclusion remains valid after a series of endogeneity and robustness tests.Further analysis of the mechanism reveals that state-owned capital participation improves the debt financing of private enterprises through multiple channels:Enhancing their social reputation,mitigating the“statistical bias”they face,optimizing their information quality,and reducing the“shareholder-creditor”agency problems.This paper conceptualizes these benefits as the“complementary advantages of heterogeneous shareholders”.This not only constructs a theoretical framework for“reverse mixed-ownership reform”but also better narrates the Chinese story of“mixed-ownership reform”by adopting a more universally applicable theory of equity structure.Additionally,the paper supplements existing research on the macro-and meso-level relationship between the government and the market by exploring the government’s positive role at the micro-level.

Practice Mode and Value Research of Reform of Rural Collective Economy Property Right System in Beijing Rural-urban Continuum

In the research, reform of rural collective economy property right system in Beijing rural-urban continuum was explored in terms of background, cause, pro- cess and practice modes by surveying and interviewing, and the value of system reform on urbanization in rural areas was illustrated from the perspective of farmers who lose lands. The results showed that since reform and opening-up, disadvan- tages of collective economy property are always the fundamental cause of reform; rural-urban contradiction produced from rapid urbanization makes the reform much more urgent; shareholding co-operative system is the essence of reform of collective economy property right system. Rural collective economy property right system in Beijing includes stock-assets quantification shareholding co-operative system, share- capitalization of contractual land management right, farmers as shareholders by investment, and resource and capital mode, with advantages and disadvantages respectively. The common character should be noticed is that all modes have share on contractual right of land, indicating the core of the reform of property system lies in asset quantification and stock quota. In improving urban-rural integration and modern market system, as well as endowing more rights to farmers, reform of rural collective economy property right system is of great significance, which provides a transition space and buffer mechanism for urbanization in rural areas.

Discussion about Shareholding Cooperative Development Road for Agricultural Cooperatives in China

Using modern economic theories,this paper analyzed drawbacks of Shareholding cooperative development of agricultural cooperatives in institutional design and expounded inevitable difficulties of development of agricultural cooperatives. Shareholding cooperative development provides a pass for many social forces entering and controlling agricultural cooperatives and making numerous non-agricultural cooperative organizations become formal cooperatives. Deep cause for Shareholding cooperative development of agricultural cooperatives involves how to recognize status and function of family producers of agricultural products in the drive of agricultural modernization and the problem of state policies choosing family producers of agricultural products or other participants in the agricultural industry chain. Shareholding cooperative development is only an expedient measure in certain period,and it should not change development laws of things and essential feature of agricultural cooperatives because of stressing national conditions.

Incentive and Entrenchment Effects of Large Shareholdings： Evidence from Chinese Public Corporation

This paper studies incentive effect and entrenchment effect of the largest shareholder. Author investigates 763 listed companies in SHSE, explores the statistical relationship between the largest shareholding and corporate performance. Author observes that the largest shareholder has the incentive effect and entrenchment effect on corporate valuation. Empirical relationship between the largest shareholding and corporate valuation shows that the firm value decreases with the equity ownership of the largest shareholders, consistent with a negative entrenchment effect, when the largest equity ownership is below 40.28% of the whole share. Then firm value rises when the proportion of the largest shareholder＇s rights was increased to 69.29%, being consistent with a positive incentive effect. But with the increase of the share of the largest shareholding, firm value falls again.

Older People’s Lived Experiences with Participation in Shareholding Networks for the Care of Older People in Rural Areas of Thailand: A Phenomenological Hermeneutic Study

Background: Older people participating in shareholding networks are exposed to diverse situations, which may be associated with dignity. Aims: This study aimed to illuminate the meaning of lived experiences when participating in shareholding networks for the care of older people in rural areas. Methods: This qualitative study is based on individual interviews. Ten older Thai persons with at least 12 months of lived experiences participating in shareholding networks for older people in rural areas were interviewed. A phenomenological-hermeneutic approach, inspired by Ricoeur, was used to understand the meaning of the narrated text. Findings: The structural analysis resulted in four themes: 1) being satisfied with activities, 2) being valued as important, 3) being frustrated and feeling sad, and 4) being bored and feeling disinterest. The meaning of participation in a shareholding network for the elderly can be understood as a pathway to feelings of confidence and presence of others. Confidence and allowing the presence of others mean facing humanity and sensing vulnerability, because in a trusting relationship the person who gives confidence is susceptible to the other’s betrayal. Conclusion: An individual’s dignity should be a high priority in health and social care strategies. Therefore, it is important for healthcare professionals to initiate a dialogue with the shareholding participants for support and information. The narrations in this study can be used as a basis for developing cooperating care with older people in shareholding network focusing on their needs and dignity.

New Ways to Deepen Reform in Foreign Trade Enterprises An interview with Yan Junxiu, General Manager of the Beijing Garment I/E shareholding Corp.

The Beijing Garment Import and Export Shareholding Corporation, Ltd. was the first shareholding corporation in Beijing which was set up in February 18, 1994. Its predecessor, the Beijing Garment Import and Export Corporation, had registered annual import and export earnings of US$300 million, ranking first among the foreign trade corporations in Beijing. Its change into a shareholding corporation has aroused keen interest in garment

CNPC Launches Shareholding FirmPetroChina Company Limited

ChinaNationalPetroleumCorporation(CNPC)madeanimportantstepfororganizationalrestructuringinearlyNovember1999-launchingofPetroChinaCompanyLimited.ThisnewfirmoccupiesfourfifthsofthetotalassetsofCNPC.CNPCstarteditsreorganizationworkfromFebruarythisyear.C...

Analysis and outlook of applications of blockchain technology to equity crowdfunding in China

Equity crowdfunding via the Internet is a new channel of raising money for startups.It features low barriers to entry,low cost,and high speed,and thus encourages innovation.In recent years,equity crowdfunding in China has experienced some developments.However,some problems remain unsolved in practice.Blockchain is a decentralized and distributed ledger technology to ensure data security,transparency,and integrity.Because it cannot be tampered with or forged,the technology is deemed to have great potential in the finance industry.This study examines current problems in the practice of equity crowdfunding in China.Based on the analysis of the characteristics of blockchain technology,this study further explores its practical applications in equity crowdfunding.1)Blockchain technology may be a secure,efficient,low-cost solution for the registration of stocks and shares of a firm financed by crowdfunding;2)Blockchain technology simplifies the transaction and transfer of crowdfunding equities,and thus facilitates their circulation;3)Blockchain technology enables peer to peer transactions between investors and entrepreneurs,and solves the problems of regulatory compliance and security of fund management;Blockchain technology can be used to develop a voting system for crowdfunders,which enables them to be involved in corporate governance.This helps protect the rights and interests of small investors;5)Blockchain technology helps regulators know about market conditions,and supports regulatory activities such as managing investors and fighting money laundering.

Effect of family control on corporate dividend policy of firms in Pakistan

This study examines the impact of family control on the dividend policy of firms in Pakistan,covering the period from 2009 to 2016.It also investigates whether family control moderates the impact of firm-specific factors on the dividend policy.The GMM model for panel data estimation is used.The mean difference univariate analysis shows that family firms differ from nonfamily firms based on financial characteristics.The multivariate analysis shows that family firms pay lower dividends than nonfamily firms.Besides,firm size inversely affects the dividend policy,whereas tangibility positively affects it.Moreover,family control does not moderate the impact of all firm-specific factors on the dividend policy.Overall,family control,size,and tangibility are found to be the main determinants of the dividend policy in Pakistan.

Corporate Governance, Sustainable Development and Value Creation Some Evidences From Italian Listed Companies

Modern corporate situations, characterized by the globalisation of the markets and of the information, highlight the need to link the potential of a not transient growth to the adequate reconciliation of all the expectations converging around the entrepreneurial formula and not only of those attributable to shareholders. In such a defined context, corporate governance tends to evolve from a situation of primary care for the expectations of shareholders （shareholder＇s view） and for the correlated financial responsibility, to a wide consideration of all the stakeholders （stakeholder＇s view） and related responsibilities （financial, environmental, social, administrative）. The correct carrying out of governance processes requires, therefore, a clear focus on sustainable development and on the related assumption of a concept of global responsibility. The decisions made by the governing bodies must be driven by the purpose to create value in the long term according to conditions of fairness and sustainable development. To sum up, this research aims to deepen the existing connections between corporate governance, sustainable development and value creation on the basis of the empirical analysis of a limited number of listed Italian companies afferent to the public utilities sector. The paper, based on a deductive approach, is composed of two distinct but strictly connected parts： the first theoretical and the second empirical. The empirical research consists of a content analysis of the most recent documents （sustainability reports and annual reports） worked out by the selected companies. The results obtained about the degree respect of sustainable development conditions by each company are linked to the related value dimension （social, economic, competitive and environmental performance） aimed at verifying if the assumption of a corporate governance approach inspired by sustainability is susceptible of favouring the company development in a medium long term. From the delivered research it emerges how public utilities that promote behaviours in line with the sustainability conditions are marked out by stable growth paths. Conversely, the companies that assume a vision mainly addressed to the economic dimension, neglecting the other areas are generally compromised in the performance realized.

Minority Protection in Proceedings for the Settlement of Disputes Between Shareholders

“A limited company is more than a mere judicial entity, with a personality in law of its own： Behind it, or amongst it, there are individuals, with rights, expectations and obligations inter se”. The competitive attitude of the member states of the EU （European Union）, to become the most attractive for companies results in law reforms aiming at more flexible conflict between shareholders. Besides, the economic objective of avoiding a company＇s dissolution, the English, Dutch, and Belgian exit proceedings for the settlement of disputes between shareholders set up a social objective： protecting the interests of the minority shareholder of a private limited company. The paper consists of four chapters. The introduction lays out the necessity of buy-outs for shareholders of a private limited company. The first chapter describes the different facts justifying the buy-out of a shareholder on the basis of serious grounds. The second chapter presents the findings of a comparative research of the valuation of the shares transferred in an English, Dutch, and Belgian procedure. Finally, the conclusion summarises in which way the English, Dutch, and Belgian legal system protect the interests of the minority shareholder of a private limited company.

New Restructuring Model for Chinese M&S SOEs:A Case of Executive Holding Major Capital Stock

The reform for Chinese state-owned enterprises (SOEs)during the past twenty years selected several ways which couldn't solve essential problems and improve the performance of the SOEs in China. The reason is that traditional ownership instituton wasn't changed at all,the institution reach an impasse in market system which resulted in the fact that SOEs couldn't get used to keen competition. This paper analyses an ownership restructuring case in which an executive holds major capital stock in a state textile institute restructured and therefore the state ownership was withdrawn from it completely, it expounds the rationality of the model selected and points out that the model is currently a very effective way by which M & S SOEs would withdraw from competitive business field successfully.

Effects of Pilot Programs for China's Central SOE Board of Directors

Since June 2004, the State-Owned Assets Supervision & Administration Commission(SASAC) has launched pilot programs for a board of directors(BoD) for central SOEs to establish and improve their governance structure and standardize their exercise of shareholder rights over state-owned listed companies. Based on this quasinatural experiment, this paper examines the BoD's effects on the agency cost of state-owned listed companies and their economic consequences. Using data of central SOE-controlled companies listed at Shanghai and Shenzhen stock exchanges during 2002-2015, this paper finds that the pilot programs significantly reduced the two types of agency costs for the companies, and such effects primarily existed for listed companies with smaller central SOE shareholding ratios. Further test uncovers that, compared with central SOEs that did not carry out the pilot programs, those that did reported higher economic value-added and stock returns. Our conclusions offer a new interpretation of the BoD's governance effects from a controlling shareholder's perspective, and provide empirical evidence for the positive effects of the pilot programs for central SOE boards of directors. These findings have important policy implications for deepening SOE governance reforms.

Have the Private Benefits in Italian Firms Decreased？

The topic of the paper is the estimate of the benefit of control, according to the Barclay and Holderness method. The reference system of this research is Italy, given that the empirical evidence of the past which had underlined private benefits particularly high among Italian companies and the reference period is 1999-2007. The idea of this research is to demonstrate that, since the Legislative Decree No. 58 of February 24, 1998 （Consolidated Law on Finance, henceforth Consolidated Law）, which has significantly changed the protection of minority shareholders, in Italian, the intensity of private benefits has on average declined sharply. To this end, considering the results of the empirical researches on periods pre-1998 and at the turn of the Consolidated Law, the paper provides evidence that the improvement of minority shareholder protection already shown by these researches is further accentuated over the years, because of the effects that the new regulatory framework has produced. In fact, the basic assumption is that the important laws, as Consolidate Law, require several years to produce the desired results in full. This idea is supported by the findings of research that show an average percentage of private benefits dropped to five percent of the capital. Hence, the investigation is extended to the demonstration of comparability of this estimation with other estimations quoted in literature, verifying the statistical significance of the correlations between the measures estimated and the variables considered as determinants in much of the literature.

An Application of Heterogeneous Bayesian Regression Models with Time Varying Coefficients to Explore the Relationship between Customer Satisfaction and Shareholder Value

The authors propose new Bayesian models to obtain individual-level and time-varying regression coefficients in longitudinal data involving a single observation per response unit at each time period. An application to explore the association between customer satisfaction and shareholder value is included in the paper. The Bayesian models allow the flexibility of incorporating industry and firm factors in the context of the application to help explain variations of the regression coefficients. Results from the analysis indicate that the effect of customer satisfaction on shareholder value is not homogeneous over time. The proposed methodology provides a powerful tool to explore the relationship between two important business concepts.

Ownership Structure,Agency Relationship and Dividend Policy in unlisted Cameroonian Companies

Financial decisions in general and dividend policy in particular are based on the relationship between the stakeholders.Also,analyzing the dividend policy in companies that are not listed on the stock market remains important.The object of our study is to analyze the agency relationship in the link between the ownership structure and the distribution of the dividend at the level of Cameroonian companies.We opted for a qualitative and quantitative study.The statistical tests carried out(with 67 companies)are the comparison test of means and the analysis of variance with one factor(using Statistic Package for Social Science[SPSS]software).The results of this research show that regular and irregular dividend payments lead to a low level of conflict between majority-minority shareholders and shareholder-managers.This leads to a negative relationship between the concentration,the ownership identity,and the dividend policy.

Shareholder Structure and Discretionary Regulation of Accounting Results in Enterprises: The Case of Cameroon

Debates on shareholder structure and discretionary management of accounting results have carried forward controversial results. This study is intended to analyze within the Cameroonian context the impact of shareholder structure on the management of accounting results in enterprises. More specifically, its objective is to analyze the impact of shareholder structure on the adjustment of regulating discretionary accounting variables. A panel of enterprises is constituted over the periods 2013, 2014, and 2015 in Cameroon. The modeling of regulating discretionary accounting variables has been carried out according to the model of Jones (1991). The different results obtained show that the degree of concentration of the capital seems not to dissuade the management of result per long-term positions. Foreign ownership and state property stimulate management by regulating discretionary accounting variables.