Climate resources are not scarce resources, nor do they conform to basic characteristics of the legal conception of ＂objects＂ which is used in the legal context. It is a violation of jurisprudence to assign ownershi...Climate resources are not scarce resources, nor do they conform to basic characteristics of the legal conception of ＂objects＂ which is used in the legal context. It is a violation of jurisprudence to assign ownership of climate resources. The provisions of local regulation which stipulate that climate resources belong to the state and government therefore has the jurisdiction over the climate probe activities, which is not only counter to higher laws, but also goes against the Constitution. That makes the provisions invalid. Besides, state ownership of climate resources also creates the possibility for the state to take on liabilities for damage caused by climate disasters. The motivation for the above provisions in local regulation is to acquire the administrative approval rights and economic benefits hiding behind those rights. So the basic principles for exercising state power should be in line with basic jurisprudence and conform with provisions of the Constitution and higher laws.展开更多
While the relationship between state ownership and firm performance has been widely researched, the empirical evidence has provided mixed results. This study applies panel data regression techniques to 10,639 firm-yea...While the relationship between state ownership and firm performance has been widely researched, the empirical evidence has provided mixed results. This study applies panel data regression techniques to 10,639 firm-year observations of nonfinancial Chinese listed firms during 2003–2010 to examine the relationship between state ownership and firm performance. The results show that state ownership has a U-shaped relationship with firm performance. The Split Share Structure Reform in2005–2006 played a positive role in enhancing the relationship between state ownership and firm profitability ratios. Although state ownership decreased significantly after 2006, it remains high in strategically important industry sectors such as the oil, natural gas and mining sector and the publishing, broadcasting and media sector. The findings reveal that a higher level of state ownership is superior to a dispersed ownership structure due to the benefits of government support and political connections. The Split Share Structure Reform made previously nontradable shares legally tradable, improving corporate governance and reducing the negative effect of non-tradable state shares.展开更多
This study examines the effect of corporate ownership on information asymmetry as measured by bid-ask spread in the emerging markets of China. Government ownership has significant and positive impacts on bid-ask sprea...This study examines the effect of corporate ownership on information asymmetry as measured by bid-ask spread in the emerging markets of China. Government ownership has significant and positive impacts on bid-ask spread during the period 1995-2000, but disappears afterward during 2001-2003. The finding that state ownership raised bid-ask spread in the early period is consistent with recent studies on emerging markets including China, which indicate that firms with higher state ownership tend to have a greater deviation between cash flow rights and control rights(eg, Wei et al., 2005). This implies that lower state ownership is associated with lower information asymmetry in the market, an economic consequence of significant economic reform and privatization regarding the market microstructure. However, with more active control transfers andemergence of private controlling shareholders, regulatory changes in ownership structure and corporate governance mechanisms, and thus an improved legal and institutional environment, the link between the government ownership and information asymmetry turns to be insignificant in the later period. These results have important implications for transparency and information disclosure policies as well as privatization in emerging markets.展开更多
After issuing the 1998 Accounting Standards, Chinese regulators implemented additional regulations in 2001 governing write-downs of impaired assets and required assessment of recoverable amounts for four additional as...After issuing the 1998 Accounting Standards, Chinese regulators implemented additional regulations in 2001 governing write-downs of impaired assets and required assessment of recoverable amounts for four additional asset categories. As the recoverable value cannot be obtained objectively, management can discretionally assess the magnitude of write-downs to affect bottom-line profit. This study used 7258 firm-year observations in China from 1998 to2005 to examine whether the percentage of asset write-downs by statecontrolled firms differs from non-state-controlled firms, conditional upon more conservative financial reporting rules, and investigate whether local auditors support managerial decisions on asset write-downs. The empirical findings support the tendency of state-controlled ownerships to have lower asset write-downs. Local auditors also support managerial decisions on asset write-downs, especially when the companies are controlled by local governments.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
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
Whether the mixed-ownership reform whereby the state invests in nonstate enterprises will be effective is a question that has attracted widespread attention and discussion.This paper uses sample data from family-owned...Whether the mixed-ownership reform whereby the state invests in nonstate enterprises will be effective is a question that has attracted widespread attention and discussion.This paper uses sample data from family-owned enterprises listed from 2009 to 2016 and empirically tests the impact of equity participation by the state in the family enterprises on their innovation input and the underlying mechanisms.Our results show that state investment has positive impacts on innovation input in the family enterprises.This effect is even more significant for high-tech family enterprises and/or those family enterprises confronting high policy uncertainty.Our results also reveal that when state investment is accompanied by a greater degree of state participation in enterprise operations or when the investment originates locally,there is a greater increase in innovation input.Further analysis of the underlying mechanisms reveals that state investment increases innovation input by increasing both willingness to innovate and the resources available for innovation.This paper provides new theoretical support and empirical evidence for pushing the mixed-ownership reform and stepping up the sustainable development of non-state enterprises including family ones.展开更多
基金Supported by Youth Fund Item of Independent Science Research Plan in Jiangnan Univeristy,China(JUSRP1064)
文摘Climate resources are not scarce resources, nor do they conform to basic characteristics of the legal conception of ＂objects＂ which is used in the legal context. It is a violation of jurisprudence to assign ownership of climate resources. The provisions of local regulation which stipulate that climate resources belong to the state and government therefore has the jurisdiction over the climate probe activities, which is not only counter to higher laws, but also goes against the Constitution. That makes the provisions invalid. Besides, state ownership of climate resources also creates the possibility for the state to take on liabilities for damage caused by climate disasters. The motivation for the above provisions in local regulation is to acquire the administrative approval rights and economic benefits hiding behind those rights. So the basic principles for exercising state power should be in line with basic jurisprudence and conform with provisions of the Constitution and higher laws.
文摘While the relationship between state ownership and firm performance has been widely researched, the empirical evidence has provided mixed results. This study applies panel data regression techniques to 10,639 firm-year observations of nonfinancial Chinese listed firms during 2003–2010 to examine the relationship between state ownership and firm performance. The results show that state ownership has a U-shaped relationship with firm performance. The Split Share Structure Reform in2005–2006 played a positive role in enhancing the relationship between state ownership and firm profitability ratios. Although state ownership decreased significantly after 2006, it remains high in strategically important industry sectors such as the oil, natural gas and mining sector and the publishing, broadcasting and media sector. The findings reveal that a higher level of state ownership is superior to a dispersed ownership structure due to the benefits of government support and political connections. The Split Share Structure Reform made previously nontradable shares legally tradable, improving corporate governance and reducing the negative effect of non-tradable state shares.
文摘This study examines the effect of corporate ownership on information asymmetry as measured by bid-ask spread in the emerging markets of China. Government ownership has significant and positive impacts on bid-ask spread during the period 1995-2000, but disappears afterward during 2001-2003. The finding that state ownership raised bid-ask spread in the early period is consistent with recent studies on emerging markets including China, which indicate that firms with higher state ownership tend to have a greater deviation between cash flow rights and control rights(eg, Wei et al., 2005). This implies that lower state ownership is associated with lower information asymmetry in the market, an economic consequence of significant economic reform and privatization regarding the market microstructure. However, with more active control transfers andemergence of private controlling shareholders, regulatory changes in ownership structure and corporate governance mechanisms, and thus an improved legal and institutional environment, the link between the government ownership and information asymmetry turns to be insignificant in the later period. These results have important implications for transparency and information disclosure policies as well as privatization in emerging markets.
基金funded by grants from the Hong Kong Polytechnic University,Lingnan University,Hang Seng Management College and the Research Grants Council of the Hong Kong Special Administrative Region,China(Project No.UGC/IDS14/15)
文摘After issuing the 1998 Accounting Standards, Chinese regulators implemented additional regulations in 2001 governing write-downs of impaired assets and required assessment of recoverable amounts for four additional asset categories. As the recoverable value cannot be obtained objectively, management can discretionally assess the magnitude of write-downs to affect bottom-line profit. This study used 7258 firm-year observations in China from 1998 to2005 to examine whether the percentage of asset write-downs by statecontrolled firms differs from non-state-controlled firms, conditional upon more conservative financial reporting rules, and investigate whether local auditors support managerial decisions on asset write-downs. The empirical findings support the tendency of state-controlled ownerships to have lower asset write-downs. Local auditors also support managerial decisions on asset write-downs, especially when the companies are controlled by local governments.
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.
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.
文摘Whether the mixed-ownership reform whereby the state invests in nonstate enterprises will be effective is a question that has attracted widespread attention and discussion.This paper uses sample data from family-owned enterprises listed from 2009 to 2016 and empirically tests the impact of equity participation by the state in the family enterprises on their innovation input and the underlying mechanisms.Our results show that state investment has positive impacts on innovation input in the family enterprises.This effect is even more significant for high-tech family enterprises and/or those family enterprises confronting high policy uncertainty.Our results also reveal that when state investment is accompanied by a greater degree of state participation in enterprise operations or when the investment originates locally,there is a greater increase in innovation input.Further analysis of the underlying mechanisms reveals that state investment increases innovation input by increasing both willingness to innovate and the resources available for innovation.This paper provides new theoretical support and empirical evidence for pushing the mixed-ownership reform and stepping up the sustainable development of non-state enterprises including family ones.
