published_or_final_version / Public Administration / Master / Master of Public Administration

Thesis (PhD (School of Public Management and Planning ))—University of Stellenbosch, 2006. / Using an investigative approach the study starts by outlining the governance quandary that exists within the public sector, with observations made over the past decade by scholars and active role players in the governance arena both in the private sector and in the public sector. It continues to show a growing need for good governance in the public sector, especially in the developing economies of emerging democracies. It uses South Africa as an example in this regard, although the discussion can just as well be applied to other countries finding themselves in a similar situation. It places the governance debate in perspective and provides the background for the development of the Public Sector Integrated Financial Governance Framework (IFGF). A brief look is taken at the reasons for the growing focus on governance in general, governance in the private and public sector, the need for governance, the basic dynamics of governance, stakeholder relationships, the regulatory framework and the role of the judiciary. It then places this understanding of governance – from a financial perspective – within the South African context. Using the South African context the study discusses the need for an IFGF, the basic requirements for such an IFGF and then as a response proceeds to discuss the role of values and principles, functional application areas and governance-related activities in an IFGF. It develops a financial governance universe, which provides an overview of the various subsections within these aspects. From this basis the study proceeds to develop the IFGF by identifying specific principles and values applicable to South Africa, followed by a description of functional application areas consisting of leadership, management and control practices required as a minimum to ensure healthy public sector financial governance. It continues to develop governance-related activities based on existing frameworks recognised by public sector agencies globally and in some instance, designed for the private sector. The study proceeds to develop these areas to enable employees in the public sector to discharge their duties in a manner that can form the cornerstone in governance excellence. Having used a deductive approach during the first few chapters to develop the IFGF, the study then proceed using an inductive process to construct the conditions and the related activities required by the IFGF. It develops detailed information on specific activities that must be in place for the IFGF to be functional. These activities provide the “how” and are grouped together based on a recognised framework. Governance effectiveness depends on a situation where all areas are considered. Lastly the study focuses on the conclusions regarding the IFGF outcomes and therefore discusses the implementation of the IFGF and the impact on the accounting system, measuring governance and keeping the IFGF updated with developments internally and externally. The study shows the growing importance for developing countries and emerging economies to demonstrate healthy governance processes and practices. However, no consensus yet exists on the approach or methodology, particularly with regard to building national ownership of and political commitment to governance (Landell-Mills, 2003:369). Fortunately similar initiatives have been forthcoming from a number of countries and, although they are each focussed differently, they provide a base for developing a public sector IFGF for South Africa in particular, but can also be used as a guideline for other emerging democracies. Developing the governance universe facilitates the process of keeping track of a multitude of possibilities that are relevant in day-to-day management. The study determined the applicable criteria that an IFGF must satisfy to attract attention when funding is required from the donor community and to provide assurance to stakeholders with limited skills and knowledge that objectives are achieved effectively and efficiently in an ethical environment. The benefit of this framework is that it has passed the first scrutiny in South Africa namely that of the Provincial Treasury of the Provincial Government Western Cape (PGWC) public sector audit committees in the public sector (PGWC) and is currently being subjected to a four-year implementation process, starting with an awareness phase in all Departments of the PGWC. During this process the senior management of all the departments are being exposed to the principles contained in the IFGF and their practical observations and suggestions will be applied towards formulating an updated version of the Governance Framework of PGWC (Draft version 2.20e). This is significant, because it represents a healthy interaction between academic research and practical application, a process that is more often than not balanced, but appears to be in favour of either the one or the other.

National oil companies (NOCs) control over 80 percent of world oil reserves and over 50 percent of gas reserves and hold exclusive rights to exploration and development of oil and gas reserves within their home countries. Because of host government involvement and supervision, NOCs may also act as instruments of state, implementing government foreign and domestic policies such as wealth re-distribution through the provision of subsidised oil products, job creation, and economic development. Such activities can lead to restricted availability of funds for finding and developing reserves for future production and to inefficiencies in current production and distribution. This thesis assesses the geopolitical factors that influence the conduct, strategies and priorities of NOCs and how these may impact on the continuing security of energy supplies to countries which are members of the Organisation for Economic Co-operation and Development (OECD). It will focus on ten NOCs supplying oil to world markets and two which supply gas to the European market. The study will also review the activities and .scope for influence as state instruments of Sovereign Wealth Funds which have been established by states with NOCs, in particular, those which have earned substantial petro-dollar surpluses, during the period of high oil and gas prices of2006-2008. In an age of global interdependence between nations, specific objectives of this thesis are to consider the implications of anticipated growth in world demand for oil and gas supplies over the next 20 years, whether world production capacity is likely to grow to meet increases in world demand, the potential impact on world oil and gas supplies of the policies and practices of NOCs, in particular, the desire of host governments to require NOCs to follow non- commercial objectives, and the responses from OECD countries to threats to their energy security from potential restrictions on supplies.

No description available.

published_or_final_version / Public Administration / Master / Master of Public Administration

published_or_final_version / Public Administration / Master / Master of Public Administration

published_or_final_version / abstract / Public Administration / Master / Master of Public Administration

published_or_final_version / abstract / toc / Public Administration / Master / Master of Public Administration

by Cheung, Wing Hang, Sakaguchi, Hitoshi. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1998. / Includes bibliographical references (leaves 86-87). / ABSTRACT --- p.ii / TABLE OF CONTENT --- p.iii / LIST OF FIGURES --- p.vi / LIST OF TABLES --- p.vii / CHAPTER / Chapter I. --- INTRODUCTION --- p.1 / Chapter I.I. --- Why do we study H-share companies? --- p.1 / Chapter I.II. --- Why do PRC state-owned enterprises need to raise capital overseas? --- p.3 / Chapter I.II.I. --- Capacity of PRC equity market --- p.3 / Chapter I.II.II. --- Foreign Currency --- p.3 / Chapter I.II.III. --- Accumulate experience for future SOEs reform --- p.4 / Chapter I.II.IV. --- Promotion --- p.4 / Chapter I.III. --- Why do most SOEs prefer listing in Hong Kong to listing in other places? --- p.5 / Chapter I.III.I --- IPO P/E ratio in overseas market --- p.5 / Chapter I.III.II. --- Cost of listing: IPO & annual operation cost --- p.6 / Chapter I.III.III. --- Understanding of the overseas market by SOEs management --- p.6 / Chapter I.IV. --- Background of SOEs reform --- p.6 / Chapter I.IV.I. --- First stage (1979 to 1983) --- p.6 / Chapter I.IV.II. --- Second stage (1984 to 1988) --- p.7 / Chapter I.IV.III. --- Third stage (1989 to before 15th Communist Party Congress) --- p.7 / Chapter I.V. --- Profile and Development of H-share companies --- p.8 / Chapter I.VI. --- PRC SOES equity shareholding structure --- p.10 / Chapter II. --- METHODOLOGIES --- p.11 / Chapter II.I. --- Agency cost problems --- p.13 / Chapter II.II. --- Government control --- p.15 / Chapter II.III. --- Asymmetric Information --- p.15 / Chapter II.IV. --- Industry --- p.16 / Chapter II.V. --- Strategy --- p.17 / Chapter III. --- CASE STUDY: YIZHENG CHEMICAL FIBRE COMPANY LTD --- p.18 / Chapter III.I. --- Background --- p.18 / Chapter III.II. --- Agency Cost --- p.21 / Chapter III.II.I. --- Management Structure --- p.21 / Chapter III.II.II. --- Remuneration --- p.24 / Chapter III.II.III. --- Management Ownership --- p.26 / Chapter III.III. --- Government Control --- p.27 / Chapter III.III.I --- Product and raw material prices --- p.27 / Chapter III.III.II. --- Taxation --- p.27 / Chapter III.III.III. --- Import custom --- p.27 / Chapter III.III.IV. --- Product mix --- p.28 / Chapter III.III.V. --- Mergers & Acquisition under Government Policies --- p.28 / Chapter III.III.VI. --- Government intervention on capital raising decisions --- p.29 / Chapter III.IV. --- Asymmetric Information --- p.31 / Chapter III.IV.I. --- Analyst coverage --- p.37 / Chapter III.IV.II. --- Investment of Institutional Investors --- p.31 / Chapter III.IV.III. --- Incorrect forecast on product prices and profit margin --- p.31 / Chapter III.IV.IV. --- Acquisition of Foshan Chemical Fibre Complex --- p.31 / Chapter III.V. --- Industry Analysis --- p.31 / Chapter III.V.I. --- Background of the industry: 21 --- p.31 / Chapter III.V.II. --- Porter Five's Forces Analysis - Polyester industry in the PRC --- p.31 / Chapter III.VI. --- Strategy --- p.31 / Chapter IV. --- CASE STUDY: HARBIN POWER EQUIPMENT COMPANY LIMITED --- p.31 / Chapter IV.I. --- Background --- p.31 / Chapter IV.II. --- Agency Cost --- p.31 / Chapter IV.II.I --- Management Structure --- p.3] / Chapter IV.II.II. --- Remuneration --- p.31 / Chapter IV.II.III. --- Management Ownership --- p.53 / Chapter IV.III. --- Government Regulation --- p.53 / Chapter IV.III.I. --- Product and Raw Material Price --- p.53 / Chapter IV.III.II. --- Taxation --- p.54 / Chapter IV.III.III. --- Monetary Policy --- p.54 / Chapter IV.IV. --- Asymmetric Information --- p.56 / Chapter IV.IV.I. --- Analyst Coverage --- p.56 / Chapter IV.IV.II. --- Investment of Institutional Investors --- p.56 / Chapter IV.IV.III. --- Information disclosure --- p.57 / Chapter IV.V. --- Industry --- p.57 / Chapter IV.V.I. --- Industry Growth --- p.57 / Chapter IV.V.II. --- Porter Five's Forces Analysis ´ؤ Power Equipment Industry in the PRC --- p.58 / Chapter IV.VI. --- Strategy --- p.63 / Chapter V. --- DISCUSSION AND CONCLUSION --- p.66 / Chapter V.I. --- Agency Cost --- p.66 / Chapter V.II. --- Government Control --- p.66 / Chapter V.III. --- Asymmetric Information --- p.67 / Chapter V.IV. --- Industry --- p.68 / Chapter V.V. --- Strategy --- p.68 / Chapter V.VI. --- Explanations for the first year price performance of Yizheng and HPEC --- p.68 / Chapter V.VII. --- Conclusion --- p.72 / Appendix I - List of Capital Raising of H-shares companies (up to 3 1st December 1997) --- p.74 / Appendix II ´ؤ Results of companies selection methodology --- p.82 / Appendix III - History of Yizheng Chemical --- p.85 / BIBLIOGRAPHY --- p.86

by Kan Yat Cho Joe. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1998. / Includes bibliographical references (leaf 82). / abstracts --- p.ii / table of contents --- p.iii / LIST OF ILLUSTRATIONS --- p.v / LIST OF TABLES --- p.vi / ACKNOWLEDGEMENTS --- p.viii / Chapter / Chapter 1 --- introduction --- p.1 / Objective of Financial Statements --- p.1 / Users of Financial Statements --- p.2 / Chapter 2 --- METHODOLOGY OF STUDY --- p.5 / Selection Criteria --- p.5 / Analysis Approach --- p.7 / Results of Search for Target Company --- p.8 / Chapter 3 --- COMPANY BACKGROUND --- p.10 / Company History --- p.10 / Production Process --- p.12 / Company Structure --- p.14 / Operational Structure --- p.15 / Principal Products --- p.16 / Market Geography --- p.18 / Chapter 4 --- MARCO-ANALYSIS / The PRC Economy --- p.20 / The Steel Industry --- p.23 / Chapter 5 --- MICHAEL PORTER'S FIVE FORCES --- p.26 / Present Competition --- p.26 / Threat of New Entrants --- p.27 / Substitute Products --- p.28 / Bargaining Power of Suppliers --- p.28 / Bargaining Power of Customers --- p.29 / Chapter 6 --- RISK FACTORS / Risk Associated with the PRC --- p.30 / Risk Associated with the Steel Industry --- p.31 / Risk Associated with Magang --- p.32 / Chapter 7 --- FINANCIAL ANALYSIS / Evaluation of Accounting Policies --- p.34 / Adjustments to Financial Statements --- p.35 / Financial Ratio Analysis --- p.44 / Chapter 8 --- VALUATION / Calculation of Discount Rate --- p.58 / Asset and Liability Based Value --- p.61 / Price Earning Multiple --- p.64 / Dividend Growth Model --- p.66 / Discount Cashflow Model --- p.68 / Summary --- p.68 / Chapter 9 --- LIMITATION TO STUDY --- p.70 / Lack of Comprehensive and Accurate Data --- p.70 / Lack of Peer Data --- p.71 / Limited Listing Period --- p.71 / APPENDIX --- p.73 / BIBLIOGRAPHY --- p.82