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

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

published_or_final_version / Politics and Public Administration / Master / Master of Public Administration

by Leung Chui-wa. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1995. / Includes bibliographical references (leaves 72-75). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF TABLES --- p.v / ACKNOWLEDGEMENT --- p.vii / Chapters / Chapter I. --- introduction --- p.1 / Purpose of the project --- p.2 / Scope of the project --- p.2 / Methodology and literature review --- p.2 / Chapter II. --- BACKGROUND OF OFFSHORE LISTING OF CHINA ENTERPRISES --- p.5 / Reform of China state-owned enterprise --- p.5 / Development of China securities market --- p.8 / Capital needs of China --- p.11 / China's participation in global economy --- p.12 / China's resumption of Hong Kong's sovereignty --- p.13 / Chapter III --- OVERVIEW OF OFFSHORE LISTING OF CHINA ENTERPRISES.…… --- p.15 / China policies over offshore listings of China enterprises --- p.15 / Overall policy --- p.16 / Selection of State-owned enterprises for offshore listings --- p.17 / Selection of listing venue --- p.19 / Competition among stock exchanges worldwide --- p.20 / Australia --- p.21 / Canada --- p.22 / London --- p.22 / Singapore --- p.23 / Tokyo --- p.24 / Chapter IV. --- listings of china enterprises in hong kong and the united states --- p.26 / Current situation in Hong Kong and New York --- p.26 / China enterprises listed in Hong Kong and New York --- p.28 / Hong Kong --- p.28 / New York --- p.30 / Important issues for consideration --- p.32 / Regulatory regime --- p.32 / Offering mechanism --- p.35 / Market characteristics --- p.38 / Advantages and disadvantages of listing in Hong Kong and the US --- p.39 / Chapter V. --- trading performance of h shares and h/n share adrs … --- p.41 / Scope and methodology of the analysis --- p.41 / Findings --- p.42 / Discussion --- p.45 / Chapter VI. --- discussion and conclusion --- p.47 / Implications on SOEs and China economy --- p.47 / Implications on the Hong Kong stock market --- p.50 / appendix --- p.54 / bibliography --- p.72

by Xu Kai. / Thesis submitted in: December 1999. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2000. / Includes bibliographical references (leaves 134-135). / Abstracts in English and Chinese. / ABSTRACT (English) --- p.iii / ABSTRACT (Chinese) --- p.v / ACKNOWLEDEMENT --- p.vi / LIST OF FIGURES --- p.vii / LIST OF TABLES --- p.viii / Chapter Chapter I --- Introduction --- p.1 / Chapter 1. --- Prelude --- p.1 / Chapter 2. --- The Questions of Intra- and Inter-Organizational Dynamics --- p.5 / Chapter 3. --- Hybridization: A Historical Trajectory of Chinese Advertising Industry --- p.8 / Chapter 4. --- Competition and Professionalization: Two Challenges Facing State-Owned Ad Agencies --- p.14 / Chapter 5. --- The Basic Conceptual Framework and A Chapter Outline --- p.19 / Chapter Chapter II --- "Space, Spatial Partition and Situated Practices of A State-owned Ad Agency" --- p.22 / Chapter 1. --- "Strategic Practices, Locale, and Institutional Changes" --- p.22 / Chapter 2. --- Key Concepts and Their Linkages --- p.27 / Chapter Chapter III --- Methodology --- p.40 / Chapter 1. --- Case Study and Case Selection --- p.40 / Chapter 2. --- PrQcedure of Fieldwork --- p.42 / Chapter 3. --- Data and My Identities in Data Collection --- p.46 / Chapter 4. --- Validity of My Interpretation --- p.50 / Chapter Chapter IV --- Spatial Partitioning and Routine Practices at PAC --- p.53 / Chapter 1. --- Seaside Province and Phoenix City --- p.53 / Chapter 2. --- Physical Settings of PAC --- p.57 / Chapter 3. --- Professionalization of PAC in the Front Region --- p.68 / Chapter 4. --- The Transformation of Organizational Structure --- p.71 / Chapter 5. --- Routine and Non-routine Practices in the Back Region --- p.77 / Chapter 6. --- The Mixture of Two Systems in PAC --- p.93 / Chapter Chapter V --- Patrolling the Spatial Partition in Competition --- p.97 / Chapter 1. --- Bidding as A Critical Moment --- p.98 / Chapter 2. --- PAC's Preparation for Submitting A Bid --- p.99 / Chapter 3. --- PAC's Excellent Performances in Bidding --- p.110 / Chapter 4. --- Integration of the Two Paradigms of Organizational Management --- p.112 / Chapter Chapter VI --- Conclusion and Discussion: The Hybridization in A Transitional Society --- p.116 / Chapter 1. --- Organizational Dualism and Spatial Partitioning in PAC --- p.116 / Chapter 2. --- Social Practices in A Transitional Society: A Spatial Perspective --- p.121 / Chapter 3. --- Spatial Partitioning in Local Clients and International Ad Agencies --- p.125 / Chapter 4. --- Organizational Evolution in A Transitional Society --- p.128 / APPENDIX --- p.132 / BIBLIOGRAPHY --- p.134

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

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

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