State-owned banks in China have been among the last institutions to undergo reform. Over the last ten years, new institutions and regulations have been created and the banks have undergone a process of divesting themselves of bad policy loans in preparation for public listing. Three of the “Big Four” are now exchanged on Chinese stock markets, though majority ownership remains with the state. The recent reforms of China’s financial system have been tested by a financial crisis that has toppled banks around the world; yet China’s banks remain profitable. They have been able to weather the storm because of the unique institutional relationships they have with various state vehicles. In particular, state ownership as manifested through asset-management companies have given the Chinese banks an edge over the international competition. However, this relationship is not without its risks. There still remains a great deal of dependence within China’s financial system on the state and its favorable policies, subjecting the banks to continued interference. / text

The growing global presence of China’s state-owned enterprise (SOEs) has captured much of the world’s attention. Continuous waves of SOEs’ overseas ventures, a result of government-led transnationalization officially dubbed the “Going Out” strategy, have generated great uneasiness in international relations. This dissertation, The Politics of China’s “Going Out” Strategy: Overseas Expansion of Central State-owned Enterprises, seeks to answer the following question: how the Chinese central state and central SOEs interact with one another as the “Going Out” strategy has evolved. This dissertation finds that the transnationalization of SOEs is by no means a coherent policy but rather is fraught with power struggle, with various bureaucratic agencies setting different goals for SOEs on the one hand and with SOEs managers defending corporate interests without incurring political setbacks on the other. The state’s advocacy of the overseas expansion of SOEs was aimed at achieving national economic and security goals, but SOEs, with their expanded autonomy gained from the new state-market relationship, have been able to ignore state directives that were detrimental to firms’ financial performance. This dissertation also finds that negotiation and bargaining between China’s fragmented bureaucracy and SOE managers over the terms of firms’ “going out” grow more intense as corporate autonomy become increasingly institutionalized with the progress of reform. Over time, SOEs’ overseas expansion reflected more the firms’ corporate strategy than the state’s policy objectives. / text

The state-owned enterprise is a type of a legal entity which is used in the Czech Republic as an alternative to founding of state-owned joint-stock companies. While the state-owned enterprise serves as a one of the possible ways of managing the state property, it is used to fulfil not only economical tasks, but also other kinds of state interest, such as social or security ones. The legal regulation of the state-owned enterprise recently undergone significant changes in reaction to the recodification of the civil law and the law of commercial corporations. The goal of this thesis called "State-owned enterprise and its property" is to analyse the legal regulation concerning the state-owned enterprise and the management of the state property performed by this legal entity in the context of other influential acts, to pinpoint the shortcomings and problems of the current legal regulation, to evaluate the nature of the state-owned enterprise as a legal entity, to determine the nature of the legal phenomenon of the right to manage the property of state and to evaluate the usefulness of the state-owned enterprise as a separate type of legal entity. This thesis is divided into seven chapters. The first two chapters deal with the development of the state-owned enterprise as a type of legal entity including...

This study investigates an appropriate accrual-based model in detecting earnings management (EM) of Chinese firms undergoing initial public offering (IPO) process. The mainstream literatures show that state-owned enterprise (SOE) has involved with less earnings management (EM) than non-state-owned enterprise (NSOE) in pre-IPO market from 2003 to 2009. The reason is that SOE could borrow money from bank, compared to NSOE. However, SOE has been proven to conduct stronger EMs in pre-IPO market during 2011 to 2013 by manipulating with property plant and equipment (PPE), the flows of account receivable (AR) and long-term debt (LTD). Besides, I also suggest a new accrual-based model that could better fit into the unique features of Chinese firms in their process of IPO application.

Over the last 20 years the number of state-owned enterprises has been steadily declining. At this point there are only about 40 active state-owned enterprises and even greater number of inactive state-owned enterprises which are currently in phase of liquidation. Despite the slim numbers of active state-owned enterprises their role in economy remains still important especially as way how to participate in business activities with state owned property. State-owned enterprises manage property in value of approximately 170 billion Czech crown and using this property they are able to achieve profit over 7.5 billion Czech crown every year. The most important source of legislation regarding state-owned enterprises is act. No. 77/1997 Coll., state-owned enterprises act, which has been amended eleven times. Very important amendment was act No. 213/2013 Coll. which introduced a mechanism that allows to transfer a part of state-owned enterprise profit to state budget. Nevertheless the most important amendment is act No. 253/2016 Coll. with effect from 01. 01. 2017 which in reaction to recodification of private law in Czech Republic and insufficient regulation of some areas introduces substantial chances. The biggest changes are introduced in the area of disposition with state property. The new amending act...

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The primary focus of this thesis is a state-owned enterprise, its basic characteristics, the State-Owned Enterprise Act as its principal source of legislation and its status given by some other laws. The state-owned enterprise is a state organization and a specific organizational legal form of business through which the state carries out management of its property, carries on a business and thereby fulfills the purpose for which state-owned enterprise was founded. Specificity is manifested mainly by its property itself, the relationship to that property, the way of establishment and by performance of quasi-shareholders' rights. The main attribute of state-owned enterprises and state organizations in general is incapacity of possession of property rights. Inability of ownership does not only contrast with the ability to bind, but also raises questions concerning the legal personality. The relationship to the property has been expressed by rather vague "right to manage", which has not been used yet. The state-owned enterprise is regulated mainly by the State-Owned Enterprise Act. This regulation, though very brief in scope, has the ambition to be comprehensive legislation for state-owned enterprises. Nevertheless it is not sufficient for the treatment of all possible legal relations arising from the...

La Chine vit, depuis une vingtaine d’années, une mutation politico-économique sans précédent où les entreprises d’État chinoises (EEC) jouent un rôle de premier plan. L’objet de la recherche s’est fixé sur la proposition d’un modèle capable d’améliorer l’appréhension de la performance des EEC. La problématique consiste donc à cerner les caractéristiques des EEC et leurs besoins afin de proposer un modèle adapté.Pour cela, nous avons étudié en détail les mutations politiques, économiques et juridiques affectant les EEC ainsi que l’introduction des concepts et modèles de management occidentaux à travers la littérature chinoise. Ensuite, nous avons fait ressortir les facteurs de performance à travers la littérature, les rapports officiels du gouvernement à partir d’une étude de contenu et d’une enquête quantitative par questionnaires utilisant l’analyse factorielle.Cela a abouti à un cahier des charges, fondement de notre proposition d’un tableau de bord stratégique durable, fondé sur le modèle des parties prenantes et capable d’intégrer les notions de développement durable, de RSE et d’aménagement du territoire. / China has experienced over the last twenty years unprecedented political and economic changes in which state-owned enterprises (SOEs) have played a major role.The purpose of the research focusses on proposing a model capable of improving the understanding of the performance of SOEs. The issue is then to identify the characteristics and the needs of SOEs in order to proposed a model adapted to them.For that purpose we have studied the political, economic and legal changes which have affected SOEs as well as the introduction of Western management concepts and models through the Chinese literature. Then we have outlined the factors of performance through the literature, governmental official reports thanks to a study of content and a quantitative survey thanks to questionnaires using factorial analysis.This has led to specifications, the basis of our proposal of a sustainable strategic dashboard founded on the stakeholder model and capable of integrating the notions of sustainable development, corporate social responsibility and territorial planning.

During the past planned economy in China, the local government established too many and too small-scale state-owned enterprises, and disregarded market faculty in order to be self-sufficiency. After carried out the market economy in China, those medium, small-scale state-owned enterprises would have faced harsh competition and test, and the scale economy in the market would be leading the industrial structure transforming of China in the future. The main purpose of this research is probing into the problems of the foreign-invested enterprises merger with the Chinese state-owned enterprises, because this research would like to know how the government of China to regulate those activities of the foreign-invested enterprises merger with the state-owned enterprises of China, and will help the foreign-invested enterprises to choose the most potential state-owned enterprises to merger with under the laws and decrees of China. After reformed and opened of China, and during joining the WTO, the main developed goal is how to attract more foreign investments, innovate state-owned enterprises, and fuse with the international market. Under insisting opening to the outside world, attracting more foreign investments tactics, China must adapt to the world tide, and encourage the state-owned enterprises and the multi-national corporations to work together, lead in advanced technologies, funds, managing and selling modes, and build R & D center to increase the international competitiveness of the state-owned enterprises by cross-border modes. However, the foreign-invested enterprises in order to contend for the Chinese market, will get the market share quickly by M & A mode, and this will cause the activities continuing expanding of the foreign-invested enterprises merger with the state-owned enterprises of China.

This paper analyzes the opportunities and challenges Chinese state-owned enterprises (SOEs) confronted during the economic transition from planned economy to market economy in China. In a string of SOEs reform events, Chinese government is in strong hopes of improving Chinese economic system and SOEs management efficiency by attracting foreign capital inflow. Merger and acquisition are the present global phenomenon. With current successful foreign direct investment (FDI) trends and strategies in China, more and more FDI entered the Chinese market by merging Chinese enterprises and achieved corporate goals. However, it is apparent that the motives of FDI differ from those of Chinese enterprise being merged, therefore the following potential consequences arise with China¡¦s open policy for FDI: what impacts do FDI bring to China? Does FDI in fact reform SOEs? Are SOEs¡¦ efficiency improved, in terms of financial and management, after merged by FDI? Is FDI¡¦s entry to Chinese market without difficulties? The paper intends to answer the above questions.