The Chinese government set up the State Development Bank against the background of the Chinese economic system being transformed from planned to market. In May 1995, the State Development Investment Corporation was es...The Chinese government set up the State Development Bank against the background of the Chinese economic system being transformed from planned to market. In May 1995, the State Development Investment Corporation was established. Does this mean that China’s investment system reform is advancing at a much展开更多
(1) The Pearl Revolving Tower on theTaihu LakeContents: The tower is located on top ofYuyang Hill in the Pearl Garden, with aheight of 100 metres. It is the buildingsymbolic of the area, consisting of a towerbase, vie...(1) The Pearl Revolving Tower on theTaihu LakeContents: The tower is located on top ofYuyang Hill in the Pearl Garden, with aheight of 100 metres. It is the buildingsymbolic of the area, consisting of a towerbase, viewing room, tubular structure andpower room. its surrounding展开更多
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 Administra...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.展开更多
This paper explores the influence of the State Capital Investing and Operating Company(SCIOC)pilot reform on SOE bailout using a staggered differencein-differences model.Based on a sample of listed SOEs during 2011-20...This paper explores the influence of the State Capital Investing and Operating Company(SCIOC)pilot reform on SOE bailout using a staggered differencein-differences model.Based on a sample of listed SOEs during 2011-2018,we find that when the real controllers of listed SOEs enter the list of SCIOCs,soft budget constraints are alleviated and listed subsidiaries are less likely to become distressed.Mechanism tests indicate that SCIOCs help distressed firms through exiting the market,reducing bank loans,enhancing corporate governance,and improving operating efficiency.Heterogeneity tests show that the effect of SCIOC establishment is more significant in central and western regions,in public welfare and special function industries,for central SCIOCs,for state capital investing companies,when firms are organized in more layers,and for firms that engage in M&As.The empirical results show that the implementation of SCIOCs benefits both micro-enterprise development and state capital layout optimization.展开更多
文摘The Chinese government set up the State Development Bank against the background of the Chinese economic system being transformed from planned to market. In May 1995, the State Development Investment Corporation was established. Does this mean that China’s investment system reform is advancing at a much
文摘(1) The Pearl Revolving Tower on theTaihu LakeContents: The tower is located on top ofYuyang Hill in the Pearl Garden, with aheight of 100 metres. It is the buildingsymbolic of the area, consisting of a towerbase, viewing room, tubular structure andpower room. its surrounding
文摘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.
基金supported by the Project of the Institute for State-Owned Enterprises,Tsinghua University(Research on the Improvement of State-Owned Capital Distribution based on the perspective of the State Capital Investing and Operating Company,No.iSOEYB202212)the Key Project of the National Natural Science Foundation of China(No.71790603)
文摘This paper explores the influence of the State Capital Investing and Operating Company(SCIOC)pilot reform on SOE bailout using a staggered differencein-differences model.Based on a sample of listed SOEs during 2011-2018,we find that when the real controllers of listed SOEs enter the list of SCIOCs,soft budget constraints are alleviated and listed subsidiaries are less likely to become distressed.Mechanism tests indicate that SCIOCs help distressed firms through exiting the market,reducing bank loans,enhancing corporate governance,and improving operating efficiency.Heterogeneity tests show that the effect of SCIOC establishment is more significant in central and western regions,in public welfare and special function industries,for central SCIOCs,for state capital investing companies,when firms are organized in more layers,and for firms that engage in M&As.The empirical results show that the implementation of SCIOCs benefits both micro-enterprise development and state capital layout optimization.
