Mixed ownership is an important form of realization of China＇s economic system reform and development, and it is also the main direction of state-owned enterprise reform. In order to further promote the deepening of ...Mixed ownership is an important form of realization of China＇s economic system reform and development, and it is also the main direction of state-owned enterprise reform. In order to further promote the deepening of the reform of mixed ownership, this paper randomly selects 200 listed state-owned enterprises as research objects, and studies the trends of the financial performance of these enterprises from the mixed state-owned enterprises and non-mixed-modification enterprises in the five years from 2013 to 2017, and compares their various trends. Financial indicators, a comprehensive evaluation of the problems and causes in the reform of the mixed ownership system, and then propose countermeasures to further deepen the reform of mixed ownership based on the research conclusions.展开更多
The distribution relationship between the profits of state-owned enterprises and the state has been constantly changing with the times. From the state implementing the policy that state-owned enterprises not pay profi...The distribution relationship between the profits of state-owned enterprises and the state has been constantly changing with the times. From the state implementing the policy that state-owned enterprises not pay profits to the state in 1994 to the constant growth of stateowned enterprises in the 21st century,their profits have become more and more abundant. Until 2007,the state issued a document stipulates that the state-owned enterprises should pay part of their profits to the state,but at the initial stage of trial implementation of the policy,the implementation was not effective,and finally in 2010 the state officially announced the collection of profits from state-owned enterprises and increased the proportion of collection. From the perspective of agricultural state-owned enterprises,using the difference-in-difference( DID)model,this paper studied the state policy of increasing the profit delivery proportion of state-owned enterprises in 2020. Through CSMAR database,we selected agricultural state-owned listed companies in the 2008-2013 as samples,tested the impact of the implementation of the new policy in 2010 on the operation performance of agricultural state-owned enterprises,evaluated the implementation effect of the policy through comparing the operation performance before and after the policy,and explored whether the policy has an impact on the bond rating. Through empirical research,it found that increasing the profit delivery proportion of state-owned enterprises is helpful for improving the operation performance of state-owned enterprises and improving the quality of bond ratings,and this policy has more prominent effects on stimulating the performance of monopolistic state-owned enterprises. Therefore,collection of some profits from state-owned enterprises can promote better development of state-owned enterprises and also benefit both the state and the people.展开更多
Taking a balanced panel data consisting of 4365 firm-year observations drawn from the listed state-owned enterprises in Shanghai and Shenzhen Stock Exchange over 2007-2015 as the research sample,the paper examines the...Taking a balanced panel data consisting of 4365 firm-year observations drawn from the listed state-owned enterprises in Shanghai and Shenzhen Stock Exchange over 2007-2015 as the research sample,the paper examines the effect of the employees’pay-performance sensitivity(PPS)on the future firm performance from the two competing perspectives of“incentive effect”and“risk-aversion effect”,adopting the method of multiple regression analysis based on OLS and applying the SPSS23 as the data processing tool.Theoretical analysis and empirical results demonstrate that there is a positive link between the employees’PPS and the future firm performance.To improve the employees’PPS can stimulate the engagement of the employees,improve their working quality,enrich their workplace innovative behavior,and further lead to higher future firm performance.Meanwhile,the positive effect of the employees’PPS on the future firm performance is,on average,lower than that of the top executives’PPS on the future firm performance.Implications of the findings are provided in the end.展开更多
Performance management has become a competitive advantage of enterprises to cultivate core competitiveness of strategic initiatives, but how to act performance management out scientifically has been difficult. An uncl...Performance management has become a competitive advantage of enterprises to cultivate core competitiveness of strategic initiatives, but how to act performance management out scientifically has been difficult. An unclear understanding of the various issues often results in improper handling counterproductive. Thus, we should analyze human resource performance management problems and their causes, and only on this basis can we establish and implement effective hunlan resource management system dynamic performance during the difficulties and the main factors that should be considered to elaborate.展开更多
State-owned enterprises are the basic guarantee of China’s economic and social development,the leading force in the field of strategic competition,but also the main provider of national social wealth accumulation.Alt...State-owned enterprises are the basic guarantee of China’s economic and social development,the leading force in the field of strategic competition,but also the main provider of national social wealth accumulation.Although in many strategic areas,the operating efficiency of state-owned enterprises cannot be simply measured by the input profit margin;state-owned enterprises use state and social resources to operate.Shouldering the responsibility of preserving and increasing the value of state-owned assets also is the responsibility of all state-owned enterprise managers and employees.However,the management efficiency of state-owned enterprises is relatively low,and employees’performance management and incentives have been lack of innovation and improvement.This paper analyzes the current state-owned enterprises in China,the characteristics of performance management,as well as the problems faced,and discusses the measures to encourage the efficiency of state-owned enterprises employees.展开更多
Executive turnover is important in the governance of state-owned enterprises(SOEs). Herein, we focus on the executive turnover of China's SOEs, and the implementation of related evaluation mechanisms under differe...Executive turnover is important in the governance of state-owned enterprises(SOEs). Herein, we focus on the executive turnover of China's SOEs, and the implementation of related evaluation mechanisms under different levels of government intervention. We collect executive turnover data of listed Chinese SOEs from 1999 to 2012, and find that about half of the SOE executives leave office within two terms, which is in line with government recommendations. Moreover, we find that more than a third of executives leave after less than one term, and nearly 20% after more than two terms, highlighting the uncertainty and unpredictability of executive appointments in SOEs. We also find that the executive evaluation mechanism for SOEs is implemented differently under different levels of government intervention. SOEs under weak intervention, such as those controlled indirectly by governments, controlled with low shareholdings, from non-regulated industries or in the Eastern regions, prefer the market-oriented evaluation method, which places more weight on executives' economic performance. In contrast, those under strong intervention prefer the government-oriented evaluation method, which is characterized by policy burden.展开更多
Information Technology （IT） investments, especially Enterprise Resource Planning （ERP） systems, are critical for the survival and development of companies. Therefore, understanding the impact of ERP in- vestment i...Information Technology （IT） investments, especially Enterprise Resource Planning （ERP） systems, are critical for the survival and development of companies. Therefore, understanding the impact of ERP in- vestment is of great importance to managers and researchers. As a corporate performance indicator, Tobin＇s Q has some inherent advantages compared to other accounting indicators, and it can better reflect the con- tribution of ERP investment to company performance. This study employs multiple regression models to examine the impact of ERP investment on Tobin＇s Q. The sample consists of 126 manufacturing companies listed on the Shanghai and Shenzhen Stock Exchanges from 1999 to 2007. Empirical results show that in the first three years after ERP implementation, there is no significant change in Tobin＇s Q; however, in the fourth year, Tobin＇s Q increases significantly. The results indicate that, as a strategic long-term investment accompanied by large-scale business process reengineering and organizational learning, ERP implementa- tion has time-lagged effects; nonetheless, it eventually produces significant benefits.展开更多
The low efficiency of state-owned enterprises （SOEs） is widely accepted by academics. However, the accounting literature shows that non-SOEs are more likely to engage in earnings management, which artificially boost...The low efficiency of state-owned enterprises （SOEs） is widely accepted by academics. However, the accounting literature shows that non-SOEs are more likely to engage in earnings management, which artificially boosts their financial performance. This suggests that the higher financial performance in non-SOEs may be merely cosmetic. This study compares the real financial performance between SOEs and non-SOEs, while the real performance is obtained by estimating the level of earnings management and removing it from the reported financial performance. The result shows that there is no significant difference in real performance between SOEs and non-SOEs. This study sheds new light on the debate over the efficiency of SOEs and the relationship between ownership structure and financial performance.展开更多
文摘Mixed ownership is an important form of realization of China＇s economic system reform and development, and it is also the main direction of state-owned enterprise reform. In order to further promote the deepening of the reform of mixed ownership, this paper randomly selects 200 listed state-owned enterprises as research objects, and studies the trends of the financial performance of these enterprises from the mixed state-owned enterprises and non-mixed-modification enterprises in the five years from 2013 to 2017, and compares their various trends. Financial indicators, a comprehensive evaluation of the problems and causes in the reform of the mixed ownership system, and then propose countermeasures to further deepen the reform of mixed ownership based on the research conclusions.
文摘The distribution relationship between the profits of state-owned enterprises and the state has been constantly changing with the times. From the state implementing the policy that state-owned enterprises not pay profits to the state in 1994 to the constant growth of stateowned enterprises in the 21st century,their profits have become more and more abundant. Until 2007,the state issued a document stipulates that the state-owned enterprises should pay part of their profits to the state,but at the initial stage of trial implementation of the policy,the implementation was not effective,and finally in 2010 the state officially announced the collection of profits from state-owned enterprises and increased the proportion of collection. From the perspective of agricultural state-owned enterprises,using the difference-in-difference( DID)model,this paper studied the state policy of increasing the profit delivery proportion of state-owned enterprises in 2020. Through CSMAR database,we selected agricultural state-owned listed companies in the 2008-2013 as samples,tested the impact of the implementation of the new policy in 2010 on the operation performance of agricultural state-owned enterprises,evaluated the implementation effect of the policy through comparing the operation performance before and after the policy,and explored whether the policy has an impact on the bond rating. Through empirical research,it found that increasing the profit delivery proportion of state-owned enterprises is helpful for improving the operation performance of state-owned enterprises and improving the quality of bond ratings,and this policy has more prominent effects on stimulating the performance of monopolistic state-owned enterprises. Therefore,collection of some profits from state-owned enterprises can promote better development of state-owned enterprises and also benefit both the state and the people.
基金This research was supported by the National Natural Science Foundation of PRC under Grant"71872149".
文摘Taking a balanced panel data consisting of 4365 firm-year observations drawn from the listed state-owned enterprises in Shanghai and Shenzhen Stock Exchange over 2007-2015 as the research sample,the paper examines the effect of the employees’pay-performance sensitivity(PPS)on the future firm performance from the two competing perspectives of“incentive effect”and“risk-aversion effect”,adopting the method of multiple regression analysis based on OLS and applying the SPSS23 as the data processing tool.Theoretical analysis and empirical results demonstrate that there is a positive link between the employees’PPS and the future firm performance.To improve the employees’PPS can stimulate the engagement of the employees,improve their working quality,enrich their workplace innovative behavior,and further lead to higher future firm performance.Meanwhile,the positive effect of the employees’PPS on the future firm performance is,on average,lower than that of the top executives’PPS on the future firm performance.Implications of the findings are provided in the end.
文摘Performance management has become a competitive advantage of enterprises to cultivate core competitiveness of strategic initiatives, but how to act performance management out scientifically has been difficult. An unclear understanding of the various issues often results in improper handling counterproductive. Thus, we should analyze human resource performance management problems and their causes, and only on this basis can we establish and implement effective hunlan resource management system dynamic performance during the difficulties and the main factors that should be considered to elaborate.
文摘State-owned enterprises are the basic guarantee of China’s economic and social development,the leading force in the field of strategic competition,but also the main provider of national social wealth accumulation.Although in many strategic areas,the operating efficiency of state-owned enterprises cannot be simply measured by the input profit margin;state-owned enterprises use state and social resources to operate.Shouldering the responsibility of preserving and increasing the value of state-owned assets also is the responsibility of all state-owned enterprise managers and employees.However,the management efficiency of state-owned enterprises is relatively low,and employees’performance management and incentives have been lack of innovation and improvement.This paper analyzes the current state-owned enterprises in China,the characteristics of performance management,as well as the problems faced,and discusses the measures to encourage the efficiency of state-owned enterprises employees.
文摘Executive turnover is important in the governance of state-owned enterprises(SOEs). Herein, we focus on the executive turnover of China's SOEs, and the implementation of related evaluation mechanisms under different levels of government intervention. We collect executive turnover data of listed Chinese SOEs from 1999 to 2012, and find that about half of the SOE executives leave office within two terms, which is in line with government recommendations. Moreover, we find that more than a third of executives leave after less than one term, and nearly 20% after more than two terms, highlighting the uncertainty and unpredictability of executive appointments in SOEs. We also find that the executive evaluation mechanism for SOEs is implemented differently under different levels of government intervention. SOEs under weak intervention, such as those controlled indirectly by governments, controlled with low shareholdings, from non-regulated industries or in the Eastern regions, prefer the market-oriented evaluation method, which places more weight on executives' economic performance. In contrast, those under strong intervention prefer the government-oriented evaluation method, which is characterized by policy burden.
基金Supported by the National Natural Science Foundation of China (No. 70831003)
文摘Information Technology （IT） investments, especially Enterprise Resource Planning （ERP） systems, are critical for the survival and development of companies. Therefore, understanding the impact of ERP in- vestment is of great importance to managers and researchers. As a corporate performance indicator, Tobin＇s Q has some inherent advantages compared to other accounting indicators, and it can better reflect the con- tribution of ERP investment to company performance. This study employs multiple regression models to examine the impact of ERP investment on Tobin＇s Q. The sample consists of 126 manufacturing companies listed on the Shanghai and Shenzhen Stock Exchanges from 1999 to 2007. Empirical results show that in the first three years after ERP implementation, there is no significant change in Tobin＇s Q; however, in the fourth year, Tobin＇s Q increases significantly. The results indicate that, as a strategic long-term investment accompanied by large-scale business process reengineering and organizational learning, ERP implementa- tion has time-lagged effects; nonetheless, it eventually produces significant benefits.
基金This work is sponsored by the National Natural Science Foundation of China （No. 71072145 and 71132004）.
文摘The low efficiency of state-owned enterprises （SOEs） is widely accepted by academics. However, the accounting literature shows that non-SOEs are more likely to engage in earnings management, which artificially boosts their financial performance. This suggests that the higher financial performance in non-SOEs may be merely cosmetic. This study compares the real financial performance between SOEs and non-SOEs, while the real performance is obtained by estimating the level of earnings management and removing it from the reported financial performance. The result shows that there is no significant difference in real performance between SOEs and non-SOEs. This study sheds new light on the debate over the efficiency of SOEs and the relationship between ownership structure and financial performance.
