Separation of Control and Cash-Flow Rights of State Owned Listed Enterprises: Channels of Expropriation after the Discriminated Share Reform in China

Literature on agency problems arising between controlling and minority owners claim that separation of cash flow and control rights allows controllers to expropriate listed firms, and further that separation emerges when dual class shares or pyramiding corporate structures exist. Dual class share and pyramiding coexisted in listed companies of China until discriminated share reform was implemented in 2005. This paper presents a model of controller to expropriate behavior as well as empirical tests of expropriation via particular accounting items and pyramiding generated expropriation. Results show that expropriation is apparent for state controlled listed companies. While reforms have weakened the power to expropriate, separation remains and still generates expropriation. Size of expropriation is estimated to be 7 to 8 per cent of total asset at mean. If the "one share, one vote" principle were to be realized, asset inflation could be reduced by 13 percent.

The guide to the U.S. department of Commerce for women business owners

Mode of access: Internet.

New economic realities [microform] : the role of women entrepreneurs : hearings before the Committee on Small Business, House of Representatives, One Hundredth Congress, second session, Washington, DC, April 26 and 27; May 10, 11, 17, and 19, 1988.

"Serial no. 100-53."

Problems of American small business. Hearings before the Special Committee to Study and Survey problems of Small Business Enterprises,

Mode of access: Internet.

Women-owned businesses.

Vol. for 1977 issued in two parts; part 2 entitled: Selected characteristics of women-owned businesses.

National directory of women-owned manufacturing firms /

Shipping list no.: 92-056-P.

Resource directory for minorities, women, veterans and disabled persons starting or owning a business.

"This publication has been made available through a partnership of the Illinois Department of Commerce and Economic Opportunity's Illinois Entrepreneurship Network Business Information Center, the Small Business Development Center Network and the U.S. Small Business Administration."--p. [4] of cover.

Surviving business crises : workshop materials /

"84WBO4ow."

Women-owned businesses.

"WB92-1."

Small business : evaluation of a study on access to capital : report to the Chairman, Committee on Small Business, House of Representatives /

"May 6, 1987."

Handbook of the law of corporations and other business enterprises /

On spine: Henn on corporarions.

A Status report to Congress : statistical information on women in business /

Shipping list no.: 91-0371-P.

Revolving funds and business enterprises of the Government,

On cover: Task force report on revolving funds and business enterprises of the Government, Appendix J. An appendix to a report by the Commission on Organization of the Executive Branch of the Government with title: Reorganization of Federal business enterprises; a report to the Congress, March 1949.

Capabilities and competitiveness of Chinese state owned manufacturing enterprises:what has been learned over 20 years and what remains to be learned

Technological capabilities in Chinese manufacturing have been transformed in the last three decades. However, the extent to which and how domestic market oriented state owned enterprises (SOEs) have developed their capabilities remain important questions. The East Asian latecomer model has been adapted to study six Chinese SOEs in the automotive, steel and machine tools sectors to assess capability levels attained and the role of external sources and internal efforts in developing them. All six enterprises demonstrate high competence in operating established technology, managing investment and making product and process improvements but differ in innovative capability. While the East Asian latecomer model in which linking, leveraging and learning explain technological capability development is relevant for the companies studied, it needs to be adapted for Chinese SOEs to take account of types of external links and leverage of enterprises, the role of government, enterprise level management motives and means of financing development.

International technology transfer and development of capabilities in Chinese state-owned manufacturing enterprises:lessons from 20 years of case research

Technological capabilities in Chinese manufacturing have been transformed in the last three decades. However, the extent to which domestic market oriented state owned enterprises (SOEs) have developed their capabilities is not clear. Six SOEs in the automotive, steel and machine tools sectors in Beijing and Tianjin have been studied since the mid-1990s to assess the capability levels attained and the role of external sources and internal efforts in developing them. Aided by government policies, acquisition of technology and their own efforts, the case study companies appear to be broadly following the East Asian late industrialisation model. All six enterprises demonstrate competences in operating established technology, managing investment and making product and process improvements. The evidence suggests that companies without foreign joint venture (JV) collaborations have made more progress in this respect.