Shi, Yang. / Thesis submitted in: November 2007. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2008. / Includes bibliographical references (leaves 43-45). / Abstracts in English and Chinese. / Abstract --- p.i / Acknowledgement --- p.iv / Chapter 1 --- Introduction --- p.1 / Chapter 2 --- Background and Literature Review --- p.4 / Chapter 3 --- Data and Methodology --- p.10 / Chapter 3.1 --- Data Description --- p.10 / Chapter 3.2 --- Methodology --- p.13 / Chapter 3.2.1 --- Univariate analysis --- p.14 / Chapter 3.2.2 --- Regression approach --- p.15 / Chapter 4 --- Result --- p.17 / Chapter 4.1 --- Univariate analysis --- p.17 / Chapter 4.1.1 --- Output change --- p.18 / Chapter 4.1.2 --- Profitability change --- p.19 / Chapter 4.1.3 --- Efficiency change --- p.22 / Chapter 4.1.4 --- Leverage change --- p.24 / Chapter 4.2 --- Multivariate analysis --- p.25 / Chapter 5 --- Conclusion --- p.28 / Tables 1-6 --- p.30 / Bibliography --- p.43

本論文研究華人家族企業與華人家族之間的互動關係，並且以南洋兄弟煙草公司和簡氏家族作為本論文的個案研究。在論文中，將討論家族如何與為何影響公司的擁有權、控制權、公司經營和未來發展。同時，也將討論公司如何且為何影響一個家族的成立與擴張，與其他家庭的關係，以及如何從家族變成宗族。 / 在結論中，我將指出簡氏家族是一個成員不多的小家族，因此必須依賴親戚和廣東同鄉來經營。此外，雖然他們可藉著與簡氏家族的關係而進入南洋，但是他們在南洋的升遷與發展，則依賴他們的表現和與簡家的關係變化。因此在華人家族企業中，家族成員、親戚與同鄉可通過他們與家族的關係而進入企業工作，但是他們的未來取決於他們對公司的貢獻與表現，以及他們與家族之間的關係有何變化。 / 大部分的簡家成員是通過他們在海外的工作經驗而接觸並學習現代化技術，而非通過教育。此外，雖然簡氏家族在引入現代化技術以改善南洋的生產和管理，並且看似大膽且現代化，但實際上當他們在公司的權利可能因而受影響時，他們則表現得保守與傳統。因此，華人家族企業的現代化取決與華人家族企業的擁有權和控制權是否遭受威脅。如果擁有權和控制權不受影響，現代化的改革則得以實施，不然將仍然保留傳統的模式。現代化並非單純的零和模式，因此許多華人家族企業是現代與傳統的混合體。 / 由於與政治界缺乏有效的方式與溝通，南洋與簡氏家族都不可避免地受到政府的影響，無力拒絶政府的要求並為他們自己爭取更好的機會。如同民國時期其他商人與企業，當中國出現大一統政府時，他們就無法取得比較好的機會與待遇。 / 本研究也為華人家族企業指出了四個新理論。第一，當華人家族企業為股份公司時，其擁有權將影響其控制權。第二，家族成員、親戚與鄉親可進入公司，但他們的地位取決於其貢獻與表現，以及他們與家族的關係。第三，華人家族企業的現代化，取決於家族是否可保有對公司的擁有權和控制權。第四 ，企業家精神有時對公司不是好處，而是壞處。 / The thesis is a research based on a case study of the inter-relation of a Chinese family firm and a Chinese family: the Nanyang Brothers Tobacco Company and the Jian family. The article will be discussing on the rationale and practices that influence a firm on its ownership, authority, operations and developments; In addition, the ground of these influences towards its family growth, expansion, connection with other families, eventually leading to a lineage evolution. / Throughout the study, I have indicated that the Jian family is a small family. Hence, most of its members have to rely on their paternal and maternal relatives, or the Cantonese fellows to operate Nanyang. In the beginning stage, this group of family members could obtain a position in Nanyang through relationship with the Jian family. However, their career paths in Nanyang are subject to their performances and the changes of relationship with the Jian family at some point in the future. / In spite of ample working experience gained in overseas, most members from the Jian family did not learn about modernization through academic choice. Notwithstanding the evidence that the Jian family has introduced the modern skills and technology into the process of Nanyang’s manufacturing and management, it is unlikely that the authority could forgo the conventional methodology in order to adapt to the advanced formulas. Over and above that, this group of family members regards this phenomenon as a disadvantage towards their position in Nanyang. The threat level of present authority and ownership determines the success rate of the evolution within a Chinese family firm. Modernization could be realized if only the present authority were not affected. However, the evolution within a firm is not a zero-sum game. And therefore, many of the Chinese family firms adapt to the integration of modern and conventional management approach. / The lack of communication efficiency between the local government and Jian family, as well as Nanyang is the fundamental of its political position. Due to its political positioning, Nanyang unavoidably faces difficulties in declining requests from the government and to strive for greater opportunities. Like any other merchants during the Republican Era of China, they could not gain a better treatment under these circumstances. / The research indicated four principles for these Chinese family firms. Firstly, when a Chinese family firm is also a stock corporate at the same time, its ownership of the company’s share will directly impact on its individual authority. Secondly, family members, relatives, and fellows could achieve an easy entry into a Chinese family firm based on its relationship. However, the career paths in the firm are subject to their individual performances and the relationship with the family. Thirdly, the threat level of present authority and ownership determines the success rate of the evolution within a Chinese family firm. Modernization could be realized if only the present authority were not affected. Otherwise, modernization will be denied at the initial stage. Lastly, entrepreneurship is a double-edged sword. It allows a firm to unleash its greatness; or, a significant drawback. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Detailed summary in vernacular field only. / Chong, Henry Ren Jie. / Thesis (Ph.D.) Chinese University of Hong Kong, 2015. / Includes bibliographical references (leaves 277-292). / Abstracts also in Chinese.

University of Macau / Faculty of Business Administration / Department of Management and Marketing

University of Macau / Faculty of Business Administration / Department of Management and Marketing

University of Macau / Faculty of Social Sciences and Humanities / Department of Government and Public Administration

University of Macau / Faculty of Social Sciences and Humanities / Department of Government and Public Administration

No description available.

by Wan Kai Hong. / Thesis (M.Phil.)--Chinese University of Hong Kong, 1997. / Includes bibliographical references (leaves 95-102). / Chapter Chapter 1 --- Introduction --- p.1 / Chapter Chapter 2 --- Method --- p.11 / Chapter Chapter 3 --- An Evaluation of Economic Efficiency of State-owned and Collective Enterprises in Hubei --- p.23 / Chapter Chapter 4 --- An Evaluation of Economic Efficiency of International Joint Ventures in Shanghai --- p.44 / Chapter Chapter 5 --- Conclusion --- p.90 / References --- p.95 / Tables --- p.103 / Figure --- p.241

Thesis (MA)--Stellenbosch University, 2003. / ENGLISH ABSTRACT: The study addresses the topic of foreign direct investment in the People's Republic of China (P.Re.) by South African companies, focusing on opportunities and risks in the context of 'South-South Co-operation' between the P.RC. and South Africa. Relations between the two developing countries have only been forged since January 1998 when South Africa recognised the P.RC. government as the dejure representative of China. With the Chinese market of 1.3 billion potential consumers proving to be a lucrative opportunity for all international, multinational and transnational companies, it is imperative for South African companies to gain a foothold in the Chinese market. Therefore, entry requirements as well as impediments that could emerge have to be scrutinised. Analysis of governmental relations currently being forged between the two states is assessed as well as the wider context of 'Sino-Africa' co-operation. China's recent entry into the World Trade Organisation (WTO) has and will continue to have a substantial effect on the international trading system. The implications of this for South African companies is given considerable attention in order to highlight resulting opportunities. Apart from assessmg the current state of relations and identifying investment and business opportunities, the study also focuses on the method of conducting business in China which has highly complex rules and regulations for companies entering the P.RC. An analysis of the different modes of entry is conducted, coupled with a focus on the cultural sensitivities and norms that are associated with building relationships when negotiating possible business partnerships. The study finally identifies potential risks that foreign direct investors need to continually assess, namely, the transfer of political power to a new generation of relatively young leaders, corruption that is spreading within China and the restructuring of State Owned Enterprises (SOE's) and the inevitable consequence of job losses. / AFRIKAANSE OPSOMMING: Hierdie studie spreek die onderwerp van buitelandse direkte investering in die Volksrepubliek van Sjina (VRS) deur Suid-Afrikaanse maatskappye aan, en fokus op geleenthede en risikos in die konteks van 'Suid-Suid samewerking' tussen die VRS en Suid-Afrika. Betrekkings tussen die twee ontwikkelende lande is eers onlangs gesmee nadat Suid-Afrika in Januarie 1998 die VRS as die dejure verteenwoordiger van Sjina erken het. Met In Sjinese mark van meer as 1.3 miljard potensiële verbruikers wat In winsgewende geleentheid vir alle internasionale, multinasionale en transnasionale maatskappye skep, is dit imperatief vir Suid-Afrikaanse maatskappye om hulself in die Sjinese mark te vestig. Dus moet toegangsvereistes asook moontlike hindernisse noukeurig ondersoek word. Die studie doen 'n analise van betrekkings wat huidiglik tussen die twee state se regerings gesmee word, en die breër konteks van samewerking tussen Sjina en Afrika word ook geëvalueer. Die VRS se onlangse toetrede tot die Wêreldhandelsorganisasie (WHO) het en sal aanhou om 'n wesenlike impak op die internasionale handelsstelsel te hê. Daar word ook aansienlike aandag geskenk aan die implikasies hiervan vir Suid-Afrikaanse maatskappye om sodoende geleenthede uit te lig. Bo en behalwe 'n evaluering van die huidige stand van betrekkings en 'n identifisering van beleggings- en besigheidsgeleenthede, fokus hierdie studie ook op die manier waarop besigheid in Sjina onderneem word, wat uiters gekompliseerde reëls en regulasies insluit vir maatskappye wat die land betree. 'n Analise van die verskillende wyses van toegang is onderneem, tesame met 'n fokus op die kulturele sensitiwiteite en norme wat 'n invloed op die bou van verhoudings tydens die onderhandeling van moontlike besigheidsvennootskappe kan hê. Laastens identifiseer die studie potensiële risikos wat buitelandse direkte beleggers voortdurend in ag moet neem, naamlik die oordrag van mag na 'n nuwe generasie van relatief jong leiers, die verspreiding van korrupsie, die herstrukturering van staatskorporasies en die onvermydelike gevolge van werksverliese.

This thesis studies the trading of the Chinese American Depositories Receipts (ADRs) and their respective underlying H shares issued in Hong Kong. The primary intention of this work is to investigate the arbitrage opportunity between the Chinese ADRs and their underlying H shares. This intention is motivated by the market observation that hedge funds are often in the top 10 shareholders of these Chinese ADRs. We start our study from the origin place of the Chinese ADRs, China’s stock market. We pay particular attention to the ownership structure of the Chinese listed firms, because part of the Chinese ADRs also listed A shares (exclusively owned by the Chinese citizens) in Shanghai. We also pay attention to the market microstructures and trading costs of the three China-related stock exchanges. We then proceed to empirical study on the Chinese ADRs arbitrage possibility by comparing the return distribution of two securities; we find these two securities are different in their return distributions, and which is due to the inequality in the higher moments, such as skewness, and kurtosis. Based on the law of one price and the weak-form efficient markets, the prices of identical securities that are traded in different markets should be similar, as any deviation in their prices will be arbitraged away. Given the intrinsic property of the ADRs that a convenient transferable mechanism exists between the ADRs and their underlying shares which makes arbitrage easy; the different return distributions of the ADRs and the underlying shares address the question that if arbitrage is costly that the equilibrium price of the security achieved in each market is affected mainly by its local market where the Chinese ADRs/the underlying Hong Kong shares are traded, such as the demand for and the supply of the stock in each market, the different market microstructures and market mechanisms which produce different trading costs in each market, and different noise trading arose from asymmetric information across multi-markets. And because of these trading costs, noise trading risk, and liquidity risk, the arbitrage opportunity between the two markets would not be exploited promptly. This concern then leads to the second intention of this work that how noise trading and trading cost comes into playing the role of determining asset prices, which makes us to empirically investigate the comovement effect, as well as liquidity risk. With regards to these issues, we progress into two strands, firstly, we test the relationship between the price differentials of the Chinese ADRs and the market return of the US and Hong Kong market. This test is to examine the comovement effect which is caused by asynchronous noise trading. We find the US market impact dominant over Hong Kong market impact, though both markets display significant impact on the ADRs’ price differentials. Secondly, we analyze the liquidity effect on the Chinese ADRs and their underlying Hong Kong shares by using two proxies to measure illiquidity cost and liquidity risk. We find significant positive relation between return and trading volume which is used to capture liquidity risk. This finding leads to a deeper study on the relationship between trading volume and return volatility from market microstructure perspective. In order to verify a proper model to describe return volatility, we carry out test to examine the heteroscedasticity condition, and proceed to use two asymmetric GARCH models to capture leverage effect. We find the Chinese ADRs and their underlying Hong Kong shares have different patterns in the leverage effect as modeled by these two asymmetric GARCH models, and this finding from another angle explains why these two securities are unequal in the higher moments of their return distribution. We then test two opposite hypotheses about volume-volatility relation. The Mixture of Distributions Hypothesis suggests a positive relation between contemporaneous volume and volatility, while the Sequential Information Arrival Hypothesis indicates a causality relationship between lead-lag volume and volatility. We find supportive evidence for the Sequential Information Arrival Hypothesis but not for the Mixture of Distributions Hypothesis.