published_or_final_version / Business Administration / Master / Master of Business Administration

Thesis (M.B.A.)--University of Hong Kong, 1994. / Includes bibliographical references (leaf 139).

Thesis (Ph. D.)--Cornell University, 2003. / Vita. Includes bibliographical references (leaves 141-160).

by Chan Wai Wong, Cheung Che Yan Vivian. / Thesis (M.B.A.)--Chinese University of Hong Kong, 2000. / Includes bibliographical references (leaves 39-40). / ABSTRACT --- p.ii / ACKNOWLEDGEMENTS --- p.iv / TABLE OF CONTENTS / LIST OF TABLES --- p.vi / LIST OF FIGURE --- p.vi / Chapter / Chapter I. --- INTRODUCTION --- p.1 / """Blue Chip"" Companies" --- p.3 / """Red Chip"" Companies" --- p.4 / Chapter II. --- LITERATURE REVIEW --- p.6 / Optimal Capital Structure --- p.6 / Pecking Order Theory --- p.8 / Study on Capital Structure of Hong Kong Companies --- p.11 / Chapter III. --- DATA AND METHODOLOGY --- p.13 / Chapter IV. --- RESULTS AND FINDINGS --- p.17 / Pattern and Trend of Debt / Equity Ratios --- p.17 / Empirical Test of Pecking Order Application in Hong Kong --- p.23 / Blue Chip Companies --- p.23 / Red Chip Companies --- p.28 / Chapter V. --- CONCLUSION --- p.34 / APPENDIX --- p.36 / BIBLIOGRAPHY --- p.39

Sun Qi. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2001. / Includes bibliographical references (leaves [83-85]). / Abstracts in English and Chinese. / Chapter SECTION ONE --- INTRODUCTION --- p.1 / Chapter SECTION TWO --- LITERATURE REVIEW --- p.6 / BENEFIT OF DIVERSIFICATION --- p.6 / COST OF DIVERSIFICATION --- p.9 / EMPIRICAL EVIDENCE --- p.12 / Chapter SECTION THREE --- CLINIC STUDY OF THE BANKRUPTCY OF GITIC --- p.15 / Chapter I. --- BACKGROUND OF GITIC --- p.16 / Chapter II. --- FACTORS BEHIND THE FAILURE --- p.19 / Chapter III. --- NEGATIVE INFLUENCE --- p.34 / Chapter IV. --- OVERVIEW OF THE RED CHIPS --- p.40 / Chapter SECTION FOUR --- GENERAL ANALYSIS ONE: CORPORATE COST OF CAPITAL AND THE RETURN ON CORPORATE INVESTMENT --- p.52 / Chapter I. --- SAMPLE DESCRIPTION --- p.54 / Chapter II. --- RESEARCH METHODOLOGY DESCRIPTION --- p.55 / Chapter III. --- INVESTIGATION OVER THE RESULTS --- p.61 / CAPITAL STRUCTURES --- p.61 / CASHFLOWS AND FINANCING DECISIONS --- p.64 / INTERNAL RATE OF RETURN ON VALUE AND COST --- p.68 / Chapter SECTION FIVE --- GENERAL ANALYSIS TWO: DIVERSIFICATION AND CORPORATE STOCK RETURN --- p.72 / Chapter I. --- MEASURE OF FOCUS --- p.72 / Chapter II. --- REGRESSION DESCRIPTION --- p.73 / Chapter III. --- REGRESSION REPORT --- p.74 / Chapter SECTION SIX --- CONCLUSION --- p.78 / TABLES / Chapter 1. --- NON-FINANCIAL CORPORATE STRUCURES / Chapter 2. --- "AGGREGATE ANNUAL CASH INFLOWS AND OUTFLOWS AS PERCENTS OF AGGEGATE BEGINNING OF YEAR BOOK CAPITAL,1992-1998" / Chapter 3. --- "AGGREGATE INVESTMENT AND FORMS OF FINANCING AS PERCENTS OF AGGREGATE BEGINNING OF YEAR BOOK CAPITAL,1992-1998" / Chapter 4. --- "BASIC DATA OF THE ENTERING FIRMS YEAR BY YEAR,1992-1997" / Chapter 5. --- "RATES OF RETURN ON VALUE AND COST (IN PERCENT) FOR NON-FINANCIAL RED CHIPS,1992-1998" / Chapter 6. --- CORPORATE FOCUS AND STOCK RETURNS / APPENDIX / Chapter 1. --- RED CHIPS BY THE END OF1998 / Chapter 2. --- THE COLLAPS OF GITIC (SUMMARY) / Chapter 3. --- SOME SYDICATED LOANS OF RED CHIPS MATURING IN1999 / Chapter 4. --- GROWTH RATE OF ASSETS (GRA) AND RETURN ON ASSETS (ROA) / Chapter 5. --- RETURN ON ASSETS FOR NON-FINANCIAL RED CHIPS (PERCENT) / Chapter 6. --- RETURN ON COMMON EQUITY FOR NON-FINANCIAL RED CHIPS (PERCENT) / Chapter 7. --- DEBT TO EQUITY RATIOS OF RED CHIPS (PERCENTAGE) / Chapter 8. --- CROSS-SECTIONAL REGRESSION REPORT / Chapter 9. --- CROSS-SECTIONAL REGRESSION OUTPUTS (CONTROLLING THE CORRELATION BETWEEN EXPLANATORY VARIABLES)

Yuan Shuo. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2005. / Includes bibliographical references (leaves 49-53). / Abstracts in English and Chinese. / Chapter CHAPTER 1 --- Introduction --- p.1 / Chapter CHAPTER 2 --- Literature Review --- p.4 / Chapter 2.1 --- Worldwide IPO Underpricing --- p.4 / Chapter 2.2 --- IPO Underpricing in China --- p.10 / Chapter CHAPTER 3 --- New Explanations for IPO Underpricing --- p.12 / Chapter CHAPTER 4 --- "Data, Methodology and Empirical Results" --- p.15 / Chapter 4.1 --- Data --- p.15 / Chapter 4.2 --- Methodology --- p.19 / Chapter 4.3 --- Models and Empirical Results --- p.27 / Chapter 4.31 --- Underpricing Level Is Measured by the Percentage Difference Between the First Day's Closing Price and the Offer Price --- p.27 / Chapter 4.32 --- Underpricing Level Is Measured by the Percentage Difference Between the Average Price of the First Fifteen Trading Days' Closing Prices and the Offer Price --- p.34 / Chapter 4.33 --- Underpricing Level Is Measured by the Percentage Difference Between the Average Price of the First Seven Trading Days' Closing Prices and the Offer Price --- p.38 / Chapter 4.34 --- Underpricing Level Is Measured by the Percentage Difference Between the Average Price of the First Three Months' Closing Prices and the Offer Price. --- p.42 / Chapter CHAPTER 5 --- Conclusion --- p.47 / REFERENCE --- p.49 / APPENDIX 1 Detailed Regression Results --- p.54 / APPENDIX 2 The Issue Price and Stock Price Movement after IPO for Each Sample Firm --- p.70

by Sun Wai-Lee. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1998. / Includes bibliographical references (leaves [74-76]). / APPROVAL --- p.II / ACKNOWLEDGMENTS --- p.III / ABSTRACT --- p.IV / TABLE OF CONTENT --- p.VI / LIST OF FIGURES --- p.IX / LIST OF TABLES --- p.X / Chapter CHAPTER I --- Introduction --- p.1 / Background --- p.1 / Organization of the paper --- p.2 / Relevance of the study to Hong Kong --- p.3 / Scope --- p.4 / Chapter CHAPTER II --- Red Chips and H Shares --- p.5 / Chapter Section 2.1: --- The characteristics of Red Chips and H Shares --- p.5 / Background --- p.5 / Sector Distribution --- p.9 / Price Earning (P/E) Ratio --- p.11 / Different Aspects of Red Chips and H Shares --- p.13 / Chapter Section 2.2: --- Red Chips --- p.15 / Background --- p.15 / The Hang Seng China-Affiliated Corporations Index (HSCCI) --- p.15 / Market Capitalization --- p.17 / Listing Methods --- p.19 / Main Features of Red Chips --- p.22 / Chapter Section 2.3: --- H Shares --- p.25 / Background --- p.25 / The Hang Seng China Enterprises Index (HSCEI) --- p.25 / Market Capitalization --- p.26 / Listing Aspects --- p.28 / Main Features of H Shares --- p.30 / Chapter CHAPTER III --- Risk and Return Characteristics --- p.31 / Chapter Section 3.1: --- Literature Review --- p.31 / Measurement of Risk --- p.31 / Chapter Section 3.2 --- Methodology --- p.37 / All Ordinaries Index --- p.38 / Data Collection and Empirical Work --- p.40 / Constraints --- p.40 / Chapter CHAPTER IV --- The Results --- p.41 / Chapter Section 4.1 --- Index Performance --- p.41 / Chapter Section 4.2 --- Findings on systematic risks --- p.43 / Comparison between Red Chips and H Shares --- p.43 / Individual Red Chips --- p.47 / Individual H Shares --- p.48 / Sectoral portfolios of Red Chips --- p.50 / Sectoral portfolios of H Shares --- p.53 / Chapter "Section 4,3 " --- Risk and Return Relationship --- p.54 / Chapter CHAPTER V --- Conclusions --- p.59 / RECOMMENDATIONS FOR FURTHER RESEARCH --- p.61 / APPENDICES / BIBLIOGRAPHY

published_or_final_version / Business Administration / Master / Master of Business Administration

by Cheng Yin Ling, Carrol, Hung Bing Bing. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1996. / Includes bibliographical references (leaf [25] (2nd gp.)). / ACKNOWLEDGEMENTS --- p.ii / ABSTRACT --- p.iii / TABLE OF CONTENTS --- p.v / Chapter CHAPTER 1 --- INTRODUCTION --- p.7 / Chapter 1.1 --- Structure of the Project --- p.7 / Chapter 1.2 --- The Evolution of Department Stores in Hong Kong --- p.8 / Chapter 1.3 --- The Birth of CRC Department Store --- p.11 / Chapter 1.4 --- Research Objectives --- p.13 / Chapter 1.5 --- Scope of Study --- p.13 / Chapter 1.6 --- Research Methodology --- p.14 / Chapter 1.6.1 --- Exploratory Research --- p.14 / Chapter 1.6.2 --- Descriptive Research --- p.15 / Chapter 1.7 --- Summary of the Chapter --- p.15 / Chapter CHAPTER II --- COMPANY BACKGROUND --- p.17 / Chapter 2.1 --- history of CRC department store --- p.17 / Chapter 2.2 --- Store Operation --- p.17 / Chapter 2.3 --- Target Customers --- p.18 / Chapter 2.4 --- Merchandise Mix and Scope of Service --- p.18 / Chapter 2.5 --- Perceived Competitors --- p.19 / Chapter 2.6 --- Merchandising System --- p.20 / Chapter 2.7 --- Summary of the Chapter --- p.20 / Chapter CHAPTER III --- THE MARKET REPOSITIONING PROGRAM --- p.22 / Chapter 3.1 --- The Market Repositioning Program of CRC --- p.22 / Chapter 3.1.1 --- Signs and Logo --- p.23 / Chapter 3.1.2 --- Merchandise Selection --- p.23 / Chapter 3.1.3 --- Merchandise Buying --- p.24 / Chapter 3.1.4 --- Store Layout --- p.24 / Chapter 3.1.5 --- Sales Personnel --- p.25 / Chapter 3.1.6 --- Promotional Tactics --- p.26 / Chapter 3.2 --- Evaluation Criteria for the Market Repositioning Program --- p.27 / Chapter 3.3 --- Factors Affecting the Effectiveness of the Market Repositioning Program --- p.28 / Chapter 3.4 --- Summary of the Chapter --- p.29 / Chapter CHAPTER IV --- CUSTOMER SURVEY OBJECTIVES AND METHODOLOGY --- p.31 / Chapter 4.1 --- Customer Survey Objectives --- p.31 / Chapter 4.1.1 --- Definitions of Specific Terms --- p.32 / Chapter 4.2 --- Customer Survey Methodology --- p.32 / Chapter 4.2.1 --- Questionnaire Design --- p.33 / Chapter 4.2.2 --- Field Work --- p.34 / Chapter 4.2.3 --- Sampling Design --- p.35 / Chapter 4.3 --- Limitations --- p.36 / Chapter 4.4 --- Summary of the Chapter --- p.38 / Chapter CHAPTER V --- CUSTOMER SURVEY FINDINGS --- p.39 / Chapter 5.1 --- findings from survey on existing customers --- p.39 / Chapter 5.1.1 --- Demographic Profile of Respondents --- p.39 / Chapter 5.1.2 --- Identify Customer Status --- p.40 / Chapter 5.1.3 --- Impression Difference on CPC/CME and CRC among Old Customers --- p.40 / Chapter 5.1.4 --- Reasons for Buying from CRC from New Customers --- p.41 / Chapter 5.2 --- findings from survey on potential customers --- p.42 / Chapter 5.2.1 --- Current Awareness Towards CRC --- p.43 / Chapter 5.2.2 --- Intention to Buy from CRC --- p.43 / Chapter 5.3 --- Summary of the Chapter --- p.45 / Chapter CHAPTER VI --- ISSUES & DISCUSSIONS --- p.46 / Chapter 6.1 --- Merchandise --- p.46 / Chapter 6.1.1 --- Price and Quality --- p.46 / Chapter 6.1.2 --- Assortment and Fashion --- p.47 / Chapter 6.2 --- Store Layout and Atmosphere --- p.48 / Chapter 6.2.1 --- Layout and Floor Plan of Store --- p.48 / Chapter 6.2.2 --- External and Internal Decor of Store --- p.49 / Chapter 6.2.3 --- Merchandise Display --- p.50 / Chapter 6.3 --- Sales Personnel --- p.51 / Chapter 6.4 --- Summary of the Chapter --- p.51 / Chapter CHAPTER VII --- RECOMMENDATIONS AND CONCLUSIONS --- p.52 / Chapter 7.1 --- Recommendations --- p.52 / Chapter 7.1.1 --- Merchandise --- p.52 / Chapter 7.1.2 --- Store Layout and Atmosphere --- p.54 / Chapter 7.1.3 --- Sales Personnel --- p.56 / Chapter 7.1.4 --- Ways of Communication --- p.58 / Chapter 7.2 --- Conclusions --- p.60 / Chapter 7.3 --- Summary of the Chapter --- p.61 / APPENDIX / BIBLIOGRAPHY

by Chu Chui Kuen, Leung Chi Ming Ludwig. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1998. / Includes bibliographical references (leaves 138-141). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF FIGURES --- p.viii / LIST OF TABLES --- p.ix / INTRODUCTION --- p.1 / Background --- p.1 / Objectives --- p.2 / Methodology --- p.3 / Chapter I --- THE PROBLEM OF STATE OWNED ENTERPRISES (SOES) --- p.4 / THE SOE REFORM --- p.6 / "First Stage, 1983" --- p.6 / "Second Stage, 1988" --- p.6 / Contract Responsibility System --- p.6 / Shareholding System --- p.7 / Relationship between Contract Responsibility System and Shareholding System --- p.9 / "Third Stage, 1989" --- p.10 / Mr. Deng visited the Southern part of China --- p.10 / The 15th Party Congress --- p.12 / Chapter II --- STOCK MARKET BACKGROUND --- p.14 / Chapter III --- LISTING CONSIDERATIONS --- p.16 / Advantages of the Listing Status --- p.16 / Benefits to the PRC Government- A strong support for the SOE Reform in PRC --- p.16 / Sources of Capital for State Development --- p.16 / Reduce the dependence of the SOEs on Government subsidies --- p.16 / Reduce the risk of bankruptcy of the SOEs --- p.17 / Better preservation of the state-owned assets --- p.17 / A means to cash in the share-holding of the state --- p.17 / The Benefits to the SOEs --- p.17 / Capital for initial business development --- p.18 / Channel for continuous fund-raising --- p.18 / Pressure for profitability --- p.18 / A channel for merger and acquisition --- p.18 / Publicity and credibility --- p.18 / The Choice of Stock Market --- p.19 / Domestic Markets- SHSE and SZSE --- p.19 / The Problems of Domestic Market --- p.20 / Problems with A-shares listing --- p.20 / Problems with B-shares listing --- p.27 / Low market capitalization --- p.27 / Low liquidity --- p.27 / Quota system --- p.27 / Inconvenient and time-consuming transactions --- p.28 / Poor information access --- p.28 / Poor market infrastructure --- p.28 / Overseas Market - N-shares and H-shares --- p.28 / Large market capitalization and High liquidity --- p.29 / Multiple channels for investors --- p.29 / High degree of internationalization --- p.29 / Strict listing requirement and highly regulated Environment --- p.29 / Widen sources of financing --- p.30 / Tax and other benefit --- p.30 / Hong Kong Market (H-shares) --- p.31 / International funds --- p.31 / "High liquidity, high trading volume and efficiency" --- p.32 / An efficient and well-regulated Market --- p.32 / Common cultural background --- p.32 / Chapter IV --- THE PROCEDURE FOR H-SHARE LISTING --- p.33 / Chapter V --- RESTRUCTURING --- p.36 / Formation of Company Limited for Listing --- p.36 / Restructuring --- p.36 / The Objectives --- p.36 / Clarify ownership structure --- p.36 / Organize related business --- p.37 / Improve management structure --- p.37 / Improve financial management --- p.37 / International alignment --- p.37 / The Process --- p.38 / Forms of Restructuring --- p.38 / Type I. The Single Enterprise Structure --- p.39 / Case Example: Chengdu Telecommunications Cable Co. Ltd --- p.40 / Type II. The Transformation Structure --- p.41 / Type III. The Group Holding Structure --- p.42 / Case Example: Beijing North Star --- p.44 / Type IV. The Spin Off Structure --- p.46 / Case Example: Guangzhou Shipyard International --- p.47 / The Structure After Listing --- p.48 / Employee share --- p.49 / The Central Issues in Restructuring --- p.51 / The Role of Supervisory Government Department /the Parent Holding Company --- p.52 / Under Central Economic in planning --- p.52 / After the Restructuring --- p.52 / The Role of SOEs as the Social Welfare Agents --- p.53 / Roles of the Communist Party and Employee Organizations --- p.54 / in the listed company --- p.54 / Entangled relationship with potential conflicts of interest (power) --- p.54 / Chapter VI --- ISSUES AND DIFFICULTIS IN LISTING --- p.57 / Quota System --- p.57 / Answering the Questions of HKSE --- p.58 / Restructuring --- p.58 / Unclear Company Structure and Ownership --- p.58 / Dependence on Parent Company --- p.58 / Selection of Business To Avoid Competition with the Parent Company --- p.59 / Social Burden --- p.59 / Handling of Debt --- p.59 / Accounting System --- p.60 / Fixed Asset --- p.60 / Cost of Inventory --- p.60 / Bad Debt Allowances --- p.60 / Triangle Debt --- p.61 / Legal Matters --- p.62 / Pricing of IPO --- p.62 / Setting the IPO Price --- p.62 / Business Nature of the Enterprise --- p.63 / Chapter VII --- AGENCY COST --- p.64 / The Presence of Agency Cost --- p.64 / Traditional Agency Cost before listing as H share --- p.65 / The improvement of H share in supervisory --- p.68 / "Representative of the shareholders, the board of directors" --- p.68 / and the supervisors committee --- p.68 / Responsibility of the board of directors to monitor the enterprise --- p.72 / Incentive system --- p.72 / "The ""A"" - shares" --- p.73 / The non-monetary benefit --- p.74 / Monitoring the management --- p.75 / The Independent non-executive directors --- p.76 / The supervisory committee --- p.77 / Social burden --- p.77 / Other benefit --- p.77 / Connected transaction --- p.78 / Further control on the agent --- p.79 / Chapter VIII --- TRANSACTION COST --- p.83 / Financing Means --- p.83 / Bank Loan --- p.83 / Listing as H share --- p.86 / Cost of listing --- p.86 / Other Cost for Listing --- p.89 / First time listing fee and Listing maintenance fee --- p.89 / "Auditing fee, printing charge and distribution of annual report " --- p.90 / Public Relation --- p.90 / Other charges --- p.91 / Chapter IX --- UNCERTAINTY --- p.92 / Uncertainty reduced --- p.92 / Source of Financing - Equity Financing --- p.92 / More Efficient and Effective Management --- p.92 / Preservation and Growth of State Assets --- p.93 / Reputation --- p.93 / Liquidity of Stock --- p.94 / Interest of Investors --- p.94 / Higher Autonomy --- p.94 / Uncertainty Not Reduced --- p.95 / Reliance on Parent Company --- p.95 / Foreign Currency --- p.95 / Separation of Government from the Enterprise --- p.95 / Appointment of Managers --- p.96 / Political and Economic Risk --- p.96 / New Uncertainty Introduced --- p.96 / Greater Exposure to Speculations of the Market --- p.96 / The Social Burden's Return --- p.97 / Chapter X --- CASE : SHANGHAI PETROCHEMICAL COMPANY LIMITED --- p.98 / Introduction --- p.98 / Background --- p.99 / The Ownership --- p.99 / State Control and Subsidies --- p.99 / Raw Materials Supplies --- p.100 / Sales and Marketing --- p.101 / Import and Foreign Exchange Restriction --- p.101 / "The ""Little Society´ح " --- p.102 / Financing History --- p.102 / Indebtedness --- p.104 / The Economic Reform --- p.105 / The Fundamental Changes --- p.105 / Restructuring --- p.105 / Solutions to Traditional Burdens --- p.108 / Financing --- p.112 / Share-issuing --- p.112 / Capital Structure --- p.113 / Corporate Management --- p.114 / Financial Performances --- p.114 / Tax Benefit --- p.115 / Corporate Strategy --- p.115 / Market-orientation - away from the planned economy --- p.115 / Management --- p.116 / Market Sensitivity --- p.116 / Cost Control --- p.118 / Debt Management --- p.118 / Business Development --- p.120 / The People --- p.121 / The Management --- p.121 / Employees --- p.124 / Issues Open to Questions --- p.126 / The Government as the Majority Shareholder --- p.126 / Complications in Ownership Relationship-The Majority Shareholder --- p.126 / Jinshan and the Company --- p.126 / The Role Conflicts --- p.128 / CONCLUSIONS --- p.131 / APPENDIXI THE BACKGROUND OF THE BEIJING NORTH STAR COMPANY LIMITED --- p.136 / BIBLIOGRAPHY --- p.138