STUDY OF REENGINEERING THE STOCK EQUITY STRUCTURE IN CHINESE STATE-OWNED ENTERPRISE REFORM

In this paper,it is first briefly described the basic situation and current policies of state owned enterprise reform in China.Then the major issues in the reform process are identified,the possible solutions in terms of reengineering stock equity structure and state share circulation are discussed,and finally some suggestions are made for the further state owned enterprise reform.Basing on the theory on the modern corporation system,relevant experiences of market economy nations and the practice of Chinese enterprise system reform.The approaches to determine the proportion of state share in the future corporations are proposed.Since the public ownership is not ideologically appropriate,the establishment of social security fund and mutual fund investment companies are suggested as new and acceptable pattern of public ownership.It is believed that these companies will be the major institutional shareholders in the future corporations.Their stock equity structure would mainly consist of institutional shareholders,which will be both consistent with international norms of modern corporations and with socialist public ownership with Chinese characteristics.

Stable isotopic composition of otoliths in identification of stock structure of small yellow croaker(Larimichthys polyactis) in China

Oxygen and carbon isotope ratios（δ^（18）O and δ^（13）C） in otoliths were used to identify the stock structure of small yellow croaker,Larimichthys polyactis.Otoliths were collected from fish at five locations across the Yellow Sea and the Bohai Sea representing most of their distributional range and fisheries areas.The significant differences in the isotopic signatures showed that the five locations could be chemically distinguished and clearly separated,indicating stock subdivision.Correlation of δ^（18）O and δ^（13）C values suggested that population of L.polyactis could be divided into the Bohai Sea group,the southern Yellow Sea group and the central Yellow Sea group.Discriminant analysis of δ^（18）O and δ^（13）C values demonstrated a high significant difference with 85.7% classification accuracy.The spatial separation of L.polyactis indicated a complex stock structure across the Yellow Sea and the Bohai Sea.These results indicate that optimal fisheries management may require a comprehensive consideration on the current spatial arrangements.This study has provided further evidence that measurement of the stable isotopes ratios in otolith can be a valuable tool in the delineation of fishery management units.

Otolith shape analysis for stock discrimination of two Collichthys genus croaker(Pieces:Sciaenidae,)from the northern Chinese coast

The otolith morphology of two croaker species(C ollichthys lucidus and C ollichthys niveatus) from three areas(Liaodong Bay, LD; Huanghe(Yellow) River estuary, HRE; Jiaozhou Bay, JZ) along the northern Chinese coast were investigated for species identifi cation and stock discrimination. The otolith contour shape described by elliptic Fourier coefficients(EFC) were analysed using principal components analysis(PCA) and stepwise canonical discriminant analysis(CDA) to identify species and stocks. The two species were well dif ferentiated, with an overall classifi cation success rate of 97.8%. And variations in the otolith shapes were significant enough to discriminate among the three geographical samples of C. lucidus(67.7%) or C. niveatus(65.2%). Relatively high mis-assignment occurred between the geographically adjacent LD and HRE samples, which implied that individual mixing may exist between the two samples. This study yielded information complementary to that derived from genetic studies and provided information for assessing the stock structure of C. lucidus and C. niveatus in the Bohai Sea and the Yellow Sea.