• Journal of Digital Convergence
• /
• v.20 no.1
• /
• pp.41-46
• /
• 2022

Chinese stock market often rises and falls sharply. The impact of the stock price crash risk has become a hot research field to maintain financial stability. This study starts from the perspective of the proportion of largest shareholders holding shares, and studies whether largest shareholders have more incentive to supervise management and reduce self-interest behavior of management. We use the data of Chinese listed companies from 2009 to 2019 as a sample, and study the relationship between largest shareholders and share price crash risk. Empirical research shows that the higher the proportion of largest shareholders of state-owned enterprise, the company's stock price crash risk can be significantly reduced. This study suggests that the higher the share of the largest shareholder, the lower the opportunistic behavior of managers and that information asymmetry between the company and the shareholders can be alleviated.

• The Journal of the Korea Contents Association
• /
• v.17 no.5
• /
• pp.8-17
• /
• 2017

Using 1855 observations from 5 years-371 firms panel data during 2010 to 2014 in Chinese stock exchanges, this study examines the impact of managers' ownership on R & D expenditures. The empirical study finds that when firms are state-owned, managers' ownership have negative relation with the level of R & D expenses as well as the likelihood of executing R & D investment, implying that managers are less likely to invest in high risky projects due to managerial ownership's entrenchment effects to pursue private benefits rather than alignment of interest effect as shareholders. The empirical study also finds that when firms are private-owned, managerial ownership are inverse U shaped related to the level of R & D expenses, implying that managers are less likely to invest in high risky projects due to increasing risk aversion resulting from concentration of private wealth at its high level while managers are more likely to invest in high risky projects due to increasing incentives as shareholders at its low level. The results support that the effects of managerial ownership on R & D expenses may be different according to the ownership type of Chinese listed firms.

• The Journal of the Korea Contents Association
• /
• v.6 no.11
• /
• pp.8-14
• /
• 2006

With an analysis of government owned corporations based on Chinese law as a subject and in the light of comparing and assessing intra-company domination called internal management organization with the domination structure of already established advanced nations, the objective of this study is to analyze the reality and possibility of company domination structure of Chinese government owned corporations. Especially, the intra-company domination structure in China from the points of view such as general meeting of stock holders, director and board of directors, and board of auditors, this study examines the direction toward which internal domination organizations in China form. Also, related to chinese corporations, the study proposes the model in which the possession right of general meeting of stock holders, corporation property right of board of directors, corporation representative right of the senior executive and superintendency of board of auditors are mutually restricted and inter-connected.

• International Area Studies Review
• /
• v.22 no.4
• /
• pp.55-75
• /
• 2018

In China, different from the private enterprises or the locally-administered state enterprises, central state-owned enterprises generally spread over cornerstone industry which is greatly influenced by the public policy, which results in the objective existence of government influence in their productive activities. As the strategic resource, listed companies controlled by central state-owned enterprises, mostly distributed in the lifeblood and security of key industries. Therefore, listed companies controlled by central state-owned enterprises' governance efficiency play an important role in optimal allocation of state-owned assets, improve capital operation, improve the return on capital, and maintain state-owned assets safety. As the immune systems of national governance, the government audit strengthen the supervision of listed companies controlled by central state-owned enterprises in case of the loss of state-owned assets and significant risk events occur, to ensure that the value of state-owned assets. As an important component of national governance, government audit produced in entrusted with the economic responsibility of public relationship. Government audit can play an important role in maintaining financial security and corruption, and also improve listed company's accounting stability and transparency. While government audit can improve governance efficiency and maintain state-owned assets safety, present literature is scarce. Under the corporate governance theory and the economical responsibility theory, the thesis select data from 2010-2017 to verify the relationship between government audit and listed companies controlled by central state-owned enterprises' corporate performance. Results show that listed companies controlled by central state-owned enterprises are more likely to be audited by government of poor performance. Results also show that the government audit will have a promoting effect on listed companies controlled by central state-owned enterprises, and through to the improvement of the governance efficiency will enhance its companies' value. The results show that China's government audit has appealing role in accomplishing central state-owned enterprises to realize the business objectives and in promoting the governance efficiency.

• International Area Studies Review
• /
• v.13 no.1
• /
• pp.241-263
• /
• 2009

This paper explores the impacts of ownership structure on performance of listed firms in China using 1994-2002 data. Using a new ownership classification scheme, this paper analyzes the impact of three factors, the ownership identity, equity ownership by the controlling shareholder, and equity ownership by the minority shareholders, on the performance of firms. Panel regression analysis shows that the firms controlled by the government are outperformed by firms controlled by private owners, supporting the hypothesis that the state pursues political objectives such as excess employment rather than profit maximization or the hypothesis that political interference by the Party or government may cause high political costs. Regression results also show that higher equity ownership by the controlling shareholder improves firm performance in private controlled firms and partially in marketized corporate controlled firms. The results also show that higher equity ownership by relatively large shareholders (from top 2 to top 10 shareholders) leads to better performance in marketized corporate controlled firms and partially in private controlled firms.

• The Journal of the Korea Contents Association
• /
• v.16 no.7
• /
• pp.42-49
• /
• 2016

Chinese state-owned companies play an important role in national economy. Since training ensure gaining capabilities of human resources, the companies emphasize the importance of training human resources, also invest a lot of resources on training. The aim of this study is to find out the effect of training on job satisfaction and the mediating effect of self-efficacy. A total of 299 questionnaires is collected from Chinese state-owned companies to collect data and for hypothesis testing. The results show that training has a positive influence on internal and external job satisfaction. It is also found that a mediating effect of self-efficacy between training and job satisfaction.

• Journal of Arbitration Studies
• /
• v.19 no.2
• /
• pp.127-153
• /
• 2009

• Journal of Korea Water Resources Association
• /
• v.55 no.3
• /
• pp.217-227
• /
• 2022

Since China adopted Public-Private Partnerships (PPPs) in the water sector in the early 1990s, PPPs have played a key role in improving infrastructure development in China. As the Chinese water market became one of the most enormous and potential existing in the world, once a water player settles down in the market, the company tends to be the world-leading water player on the basis of the number of people served from water infrastructure. Unlike the early PPP period overwhelmed by several water transnational corporations, local water players began to dominate the domestic market and have recently expanded their influence overseas. The Chinese government has continuously intervened to promote private sector participation of local water players in the PPP development process in legal and institutional aspects. Thus this article examined the development of water PPPs in China and analyzed the successful elements of local water players' growth related to the government policy.

• Korea Trade Review
• /
• v.44 no.6
• /
• pp.345-361
• /
• 2019

In recent years, Chinese firms have explosively increased outward foreign direct investment (oFDI). While state-owned enterprises (SOEs) are still dominant in Chinese oFDI, privately-owned enterprises (POEs) are also accelerating their internationalization. These two types of Chinese firms differ in their behavior regarding oFDI. The objective of this paper is to analyze the differences in the choice of oFDI locations between Chinese SOEs and POEs by considering host country factors. By integrating the literature on Chinese firms' oFDI and on FDI locations, we developed six hypotheses concerning how host country factors affect their choice of location. We tested our hypotheses by conducting multiple regression analysis with recent secondary data on 413 Chinese MNEs in 88 countries between 2005 and 2016. The results of the test show that in selecting oFDI locations, Chinese SOEs invest relatively more in countries with richer natural resources, more abundant strategic assets, less production efficiency, higher political risk, and lower institutional quality compared with Chinese POEs. It is our hope that the empirical results of this paper will contribute to research on Chinese oFDI.

• The Inventors News
• /
• no.56
• /
• pp.1-16
• /
• 2007

쉼없는 '혁신'으로 여성발명 만개하리라/발행인 칼럼/산업재산진흥팀장에 박주익 서기관 부임/강원도 등 9개 지자체 특허컨설팅 시행/'여성기업지원에 관한 법률' 개정안 발의/특허청, 2007년 발명평가사업 시행/여성은 성장동력이자 미래 주역/"여성특허기업 안정적 성장 할 수 있도록 지원책 마련"/가계제언/여성경제인 배출 및 지원 위한 기본 틀 확립/정부지원책 철저 검토한 수 정면돌파/자금지원 세세하게 살피면 가능성 생긴다/"황금돼지해 유아 브랜드 상표 봇물"/국내기업 특허유지비용 70% 출연료로 사용/습윤 드레싱재 관련 특허출원 증가/"특허권 유지.관리 쉬워진다"/특허청, 국유특허권수입으로 6억4천 벌어/새해 금연결심, 휴대폰이 지켜드립니다/역사 속의 발명품/하루 10분 발명교실/특허Q&A/이봉화 서울시 여성가족정책관/특허심판, '6개월'이내 종결/아이디어 착상 및 발명 기법/21 세기 특허경영 기업의 미래를 바꾼다/벤딩과 베스트의 인슐린/헬리콥터 특허 국산화율 높아져/'특허관리어드바이저' 대학 지식재산 활성화/UCC 특허출원 최근 2년간 대폭 증가/웰빙시대 여파 진공포장 출원도 '웰빙'/지식재산 교육시스템 동유럽까지 전파/승강기 안전사고 방지 특허 인기/한국여성발명협회 회원사 발명품 가이드/