published_or_final_version / Education / Master / Master of Education

by Chak Hoi Kee, Clara, Lee Chi Chung, Jonathan. / Thesis (M.B.A.)--Chinese University of Hong Kong, 2000. / Includes bibliographical references (leaves 69-72). / ABSTRACT --- p.II / TABLE OF CONTENTS --- p.III / INTRODUCTION --- p.1 / METHODOLOGY --- p.3 / LITERATURE REVIEW --- p.4 / PRIVATIZATION --- p.7 / Chapter 4.1 --- Definition --- p.7 / Chapter 4.2 --- Privatization and Economic Theory --- p.8 / Chapter 4.2.1 --- Principal Agent Problem --- p.8 / Chapter 4.2.2 --- Non-Profit Maximizing Objectives --- p.9 / Chapter 4.2.3 --- Access to Information --- p.9 / Chapter 4.2.4 --- Alternate Suggestions --- p.9 / Chapter 4.3 --- Motivations for Privatization --- p.10 / SOE REFORMS IN CHINA --- p.11 / Chapter 5.1 --- Inadequacy of Previous SOE Reforms --- p.11 / Chapter 5.2 --- Development of the Shareholding System Reform - Early Attempts --- p.12 / Chapter 5.3 --- Setback (1989-1991) --- p.12 / Chapter 5.4 --- Rapid Expansion and Standardization --- p.13 / Chapter 5.5 --- A Step Closer to Privatization --- p.14 / Chapter 5.6 --- Shrinking State Ownership --- p.15 / Chapter 5.7 --- """Let Go of the Small""" --- p.17 / Chapter 5.8 --- Take a Firm Grip on the Large --- p.18 / Chapter 5.9 --- Current Situation --- p.18 / DEVEOPMENT OF THE CHINESE CAPITAL MARKET --- p.20 / Chapter 6.1 --- The Chinese Stock Market --- p.20 / Chapter 6.2 --- Types of Shares --- p.21 / "TSINGTAO BREWERY COMPANY LIMITED (""TSINGTAO"")" --- p.23 / Chapter 7.1 --- Background --- p.23 / Chapter 7.2 --- Ownership --- p.24 / Chapter 7.3 --- Group Structure --- p.25 / LEGAL PERSONS --- p.25 / PRC INVESTORS --- p.25 / THE COMPANY --- p.25 / Chapter 7.4 --- Board of Directors (as of 1998) --- p.26 / Chapter 7.5 --- The Brewery Industry --- p.27 / Chapter 7.6 --- Initial Public Offering --- p.28 / Chapter 7.6.1 --- Business Performance Prior to IPO --- p.28 / Chapter 7.6.2 --- Restructuring of the Group --- p.29 / BOARD OF DIRECTORS --- p.30 / GENERAL MANAGER --- p.30 / Chapter 7.7 --- IPO in Hong Kong and Shanghai --- p.30 / Chapter 7.8 --- Business Downturn 1993-1996 --- p.32 / Chapter 7.8.1 --- Deny Reporting the First Interim Result --- p.32 / Chapter 7.8.2 --- Misuse of the IPO Proceeds --- p.33 / Chapter 7.8.3 --- Disappointing 1994 Results --- p.33 / Chapter 7.8.4 --- Unsuccessful Acquisition Attempts --- p.34 / Chapter 7.8.5 --- Loss of the Leading Position --- p.35 / Chapter 7.8.6 --- Change in Management --- p.36 / Chapter 7.9 --- Turnaround 1996-Present --- p.37 / Chapter 7.9.1 --- Second Restructuring in 1997 --- p.37 / Chapter 7.9.2 --- Refocus Efforts in Marketing Activities --- p.38 / Chapter 7.9.3 --- Expansion to the Low-Middle Market --- p.39 / Chapter 7.9.4 --- Further Acquisition Via Low Cost Expansion --- p.39 / Chapter 7.9.5 --- Enhancing Shareholders Value --- p.40 / Chapter 7.9.6 --- Outstanding First Half 1999 Results --- p.40 / Chapter 7.10 --- Financial Performance --- p.41 / CHINA TELECOM (HONG KONG) LIMITED --- p.43 / Chapter 8.1 --- Introduction --- p.43 / Chapter 8.2 --- Privatization --- p.43 / Chapter 8.3 --- Board of Directors --- p.45 / Chapter 8.3.1 --- Executive Directors --- p.46 / Chapter 8.3.2 --- Non-Executive Directors --- p.47 / Chapter 8.3.3 --- Independent Non-Executive Directors --- p.47 / Chapter 8.4 --- Government Regulations --- p.48 / Chapter 8.5 --- Telecommunication Industry in China --- p.48 / Chapter 8.6 --- Acquisition (1997-1999) --- p.49 / Chapter 8.7 --- Sales Analysis --- p.50 / Chapter 8.8 --- Profitability Analysis --- p.52 / Chapter 8.9 --- Financial Positions --- p.53 / Chapter 8.10 --- Overall Performance --- p.54 / Chapter 8.11 --- Future Prospects --- p.55 / IMPLICATIONS --- p.56 / Chapter 9.1 --- Agency Problem Remained --- p.56 / Chapter 9.2 --- Corporate Governance Weakened --- p.58 / Chapter 9.3 --- Corporate Disclosure --- p.58 / Chapter 9.4 --- Disappointing Results --- p.58 / Chapter 9.5 --- Turnaround --- p.59 / Chapter 9.6 --- Competition --- p.59 / Chapter 9.7 --- Scrutiny from the Capital Market --- p.60 / Chapter 9.8 --- "Is Privatization Necessary or is it a ""Red Herring""?" --- p.61 / RECOMMENDATIONS --- p.62 / Chapter 10.1 --- Corporate Governance Incentives --- p.62 / Chapter 10.2 --- Diversified Representation of Board Members --- p.63 / Chapter 10.3 --- Create a market for corporate control --- p.63 / Chapter 10.4 --- Modernize financial accounting and auditing practices --- p.64 / Chapter 10.5 --- Establishing the Rule of Law --- p.65 / SUMMARY AND CONCLUSION --- p.66 / BIBLIOGRAPHY --- p.69

published_or_final_version / Asian Studies / Master / Master of Arts