Theory and practice of full social security funds have been more concerned about the Chinese enterprise reform in particular lack of social security funds are insufficient pension fund problem has been of great concer...Theory and practice of full social security funds have been more concerned about the Chinese enterprise reform in particular lack of social security funds are insufficient pension fund problem has been of great concern. But with the aging of the population has become increasingly prominent, personal accounts empty account, insufficient co-ordination of social security funds and other funds in the account more and more pronounced. By analyzing the necessity and rationality of state-owned shares transfer, we can see that the use of state-owned shares transfer is a good way to supplement pension fund.展开更多
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
We study the sample of 311 non-outstanding shares transfers from 2003 to 2004. The object of this study is to determine the extent to which premium can be explained by financial factors of firms. The intrinsic value o...We study the sample of 311 non-outstanding shares transfers from 2003 to 2004. The object of this study is to determine the extent to which premium can be explained by financial factors of firms. The intrinsic value of transferred shares with control right is different from the others. We find that the larger percent of share transferred, the higher premium will be paid. Current liability ratio interpreting the premium of non-outstanding shares transfers is negative related to short term debt. Price ratio can determine the premium level when the ratio of transfer share under 30 percent展开更多
To analyze the efect of the state-owned capital transfer policy on the sustainability of China's urban employee basic pension insurance fund(CUEBPIF),this study develops an actuarial model for pension insurance.Th...To analyze the efect of the state-owned capital transfer policy on the sustainability of China's urban employee basic pension insurance fund(CUEBPIF),this study develops an actuarial model for pension insurance.The results reveal the following:(i)Without policy intervention,the CUEBPIF would face a deficit in 2027 and a cumulative shortfall of RMB207.44 trillion by 2050,and the proportion of fiscal subsidies for the CUEBPIF in the total fiscal expenditure would increase to 12.86 percent in 2050.(i)Based on a delayed retirement policy,the transfer of 10 percent of state-owned capital can delay the onset of the fund deficit by 6 years,and the accumulated shortfall in 2050 would fall to RMB39.42 trillion,and the proportion of fiscal subsidies would decrease by I1.77 percentage points.(ii)The state-owned capital transfer policy can improve the sustainability of the CUEBPIF and reduce the burden of enterprise social security contributions when the transfer ratio increases to 20 percent.展开更多
SME share transfer system financing has become the main theme of a new three-panel market.The efficiency of the new board of corporate finance and has become the core focus, more controversial aspects.SMEs in SME shar...SME share transfer system financing has become the main theme of a new three-panel market.The efficiency of the new board of corporate finance and has become the core focus, more controversial aspects.SMEs in SME share transfer system market mainly private placement financing, equity financing pledge, and Transfer of Listing and mergers and acquisitions.This paper will be discussed by comparing the SMEs through SME share transfer system market financing, the use of a single sample T-test （One-Sample T Test） to verify the efficiency of the new board of corporate finance assets problem.展开更多
文摘Theory and practice of full social security funds have been more concerned about the Chinese enterprise reform in particular lack of social security funds are insufficient pension fund problem has been of great concern. But with the aging of the population has become increasingly prominent, personal accounts empty account, insufficient co-ordination of social security funds and other funds in the account more and more pronounced. By analyzing the necessity and rationality of state-owned shares transfer, we can see that the use of state-owned shares transfer is a good way to supplement pension fund.
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We study the sample of 311 non-outstanding shares transfers from 2003 to 2004. The object of this study is to determine the extent to which premium can be explained by financial factors of firms. The intrinsic value of transferred shares with control right is different from the others. We find that the larger percent of share transferred, the higher premium will be paid. Current liability ratio interpreting the premium of non-outstanding shares transfers is negative related to short term debt. Price ratio can determine the premium level when the ratio of transfer share under 30 percent
基金supported financially by the National Social ScienceFund of China(No.21CZZ028).
文摘To analyze the efect of the state-owned capital transfer policy on the sustainability of China's urban employee basic pension insurance fund(CUEBPIF),this study develops an actuarial model for pension insurance.The results reveal the following:(i)Without policy intervention,the CUEBPIF would face a deficit in 2027 and a cumulative shortfall of RMB207.44 trillion by 2050,and the proportion of fiscal subsidies for the CUEBPIF in the total fiscal expenditure would increase to 12.86 percent in 2050.(i)Based on a delayed retirement policy,the transfer of 10 percent of state-owned capital can delay the onset of the fund deficit by 6 years,and the accumulated shortfall in 2050 would fall to RMB39.42 trillion,and the proportion of fiscal subsidies would decrease by I1.77 percentage points.(ii)The state-owned capital transfer policy can improve the sustainability of the CUEBPIF and reduce the burden of enterprise social security contributions when the transfer ratio increases to 20 percent.
文摘SME share transfer system financing has become the main theme of a new three-panel market.The efficiency of the new board of corporate finance and has become the core focus, more controversial aspects.SMEs in SME share transfer system market mainly private placement financing, equity financing pledge, and Transfer of Listing and mergers and acquisitions.This paper will be discussed by comparing the SMEs through SME share transfer system market financing, the use of a single sample T-test （One-Sample T Test） to verify the efficiency of the new board of corporate finance assets problem.
