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Research on legal issues of VIE modelWu, Si Chen January 2016 (has links)
University of Macau / Faculty of Law
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Equity finance under asymmetric informationNeumann, Mark W. 05 1900 (has links)
The thesis investigates the link between internal and external funds in financing new investment
when asymmetric information is important. In both chapter, the entrepreneur has private information
about the value of a project and, if the quality of the project is high, she tries to signal
this to outside investors. The first chapter explores the tradeoff between using internal funds and
raising external funds by issuing shares or bonds to finance a project. The entrepreneur can delay
the project to accumulate internal funds over time from existing operations. This allows an
entrepreneur with a high quality project to reduce her reliance on expensive underpriced bond or
share issues. However, accumulating funds is also costly because of discounting and the risk that
the project disappears. The more valuable the good project, the less the entrepreneur will delay
the project, risking its loss, and so the more she relies on external financing.
When external financing is sought, the entrepreneur decides to issue bonds or shares. The
greater the value of the good project, the more underpriced shares are relative to bonds. Thus
an entrepreneur with a highly valuable good project chooses equity and one with a less valuable
project chooses debt. Combining the two results shows that for a highly valuable good project,
debt is used, and for a less valuable project, internal funds are used. External equity gets squeezed
out. Aggregate data for the U.S. confirm that corporate bond issues are a more important source
of funds than new share issued. Furthermore, most small firms rely on internal funds and debt,
rather than external equity to finance their projects.
The second chapter provides a new theory for the underpricing of initial public offerings (IPOs).
As in the first chapter, underpricing is used as a signal of quality. However, the entrepreneur is risk
averse and only underprices when she cannot sell enough primary (new) shares to raise sufficient
proceeds from the IPO to cover the cost of the project without diluting her position below that
needed to signal a high project value. Underpricing allows the entrepreneur to maintain a high
stake in the firm and still make a credible signal of quality. This allows more primary shares to be
sold resulting in a net increase in proceeds.
The model predicts that underpricing should be greatest among firms that don't sell secondary
shares (shares held by insiders) at the IPO and that there should be a positive relationship between
the firm's capital requirement and the initial return among this group of firms only. A switching
regression framework is used. The probit model is first estimated where the probability of no
secondary shares is explained by proxies for a firm's capital requirements. The initial return is then
regressed on the same proxies, conditioning on whether the firm sells secondary shares or not and
accounting for possible correlation between errors in the selection and regression equations. Strong
support is found for the positive relationship between initial return and capital requirements for
only firms without secondary share sales, as predicted.
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Equity finance under asymmetric informationNeumann, Mark W. 05 1900 (has links)
The thesis investigates the link between internal and external funds in financing new investment
when asymmetric information is important. In both chapter, the entrepreneur has private information
about the value of a project and, if the quality of the project is high, she tries to signal
this to outside investors. The first chapter explores the tradeoff between using internal funds and
raising external funds by issuing shares or bonds to finance a project. The entrepreneur can delay
the project to accumulate internal funds over time from existing operations. This allows an
entrepreneur with a high quality project to reduce her reliance on expensive underpriced bond or
share issues. However, accumulating funds is also costly because of discounting and the risk that
the project disappears. The more valuable the good project, the less the entrepreneur will delay
the project, risking its loss, and so the more she relies on external financing.
When external financing is sought, the entrepreneur decides to issue bonds or shares. The
greater the value of the good project, the more underpriced shares are relative to bonds. Thus
an entrepreneur with a highly valuable good project chooses equity and one with a less valuable
project chooses debt. Combining the two results shows that for a highly valuable good project,
debt is used, and for a less valuable project, internal funds are used. External equity gets squeezed
out. Aggregate data for the U.S. confirm that corporate bond issues are a more important source
of funds than new share issued. Furthermore, most small firms rely on internal funds and debt,
rather than external equity to finance their projects.
The second chapter provides a new theory for the underpricing of initial public offerings (IPOs).
As in the first chapter, underpricing is used as a signal of quality. However, the entrepreneur is risk
averse and only underprices when she cannot sell enough primary (new) shares to raise sufficient
proceeds from the IPO to cover the cost of the project without diluting her position below that
needed to signal a high project value. Underpricing allows the entrepreneur to maintain a high
stake in the firm and still make a credible signal of quality. This allows more primary shares to be
sold resulting in a net increase in proceeds.
The model predicts that underpricing should be greatest among firms that don't sell secondary
shares (shares held by insiders) at the IPO and that there should be a positive relationship between
the firm's capital requirement and the initial return among this group of firms only. A switching
regression framework is used. The probit model is first estimated where the probability of no
secondary shares is explained by proxies for a firm's capital requirements. The initial return is then
regressed on the same proxies, conditioning on whether the firm sells secondary shares or not and
accounting for possible correlation between errors in the selection and regression equations. Strong
support is found for the positive relationship between initial return and capital requirements for
only firms without secondary share sales, as predicted. / Arts, Faculty of / Vancouver School of Economics / Graduate
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The listing of Chinese enterprises in overseas stock market.January 1995 (has links)
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
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A study on the listing of state owned enterprises as H share companies on the Hong Kong Stock Exchange with a case study on Shanghai Petrochemical.January 1998 (has links)
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
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Corporate social investment : communication challenges facing selected Johannesburg Securities Exchange listed organisationsNgobeni, Uzothile 29 November 2012 (has links)
Dissertation submitted in fulfillment of the requirements for the Master of Technology Degree: Public Relations Management, Durban University of Technology, 2012. / Corporate Social Responsibility (CSI) is an issue with a growing business value in
South Africa. The increasing emphasis on CSI is affecting the relationship between
organisations and their various stakeholders, such as investors, customers, vendors,
suppliers, employees, communities and government. The stakeholders of an
organisation play a vital role in the process of CSI planning and execution. There is a
need to communicate CSI activities to stakeholders, as well as to monitor the flow
and role of communication within the CSI context. While it is generally agreed that
companies need to manage their relationships and communication with their
stakeholders, the way in which they choose to do so varies considerably. Challenges
in communicating corporate social responsibility do exist – for example,
communication channels that are used in CSI, scepticism towards company
messages and potentially hostile reactions from the media, complex community
engagement processes, diversity of the audience, misunderstanding with special
interest groups such as employees and government regulations. The diverse
information requirements of different stakeholder groups also present special
communication challenges, and these requirements are examined in turn.
Given this background, the purpose of this study is to investigate communication in
CSI practice. This study seeks to understand communication challenges facing CSI
and communication channels that are used in CSI. Lastly, this study offers
recommended best practices that can be applied in CSR communication.
Although CSI is gaining a role as a strategic business function, however the literature
review presented in this paper shows that CSI communication is still an area to be
explored. One of the arguments presented in the literature review originate from
Maignan & Ferrell (2004:17)
that “Businesses cannot hope to enjoy concrete
benefits from CSR unless they intelligently communicate about their initiatives to
relevant stakeholders”.
Communication challenges in CSI exist mainly in the process of transmission and
receiving of messages from sender to receiver. The selection of the proper channels
to disseminate information is also a challenge. These challenges arise mainly in rural
and underdeveloped areas. In most instances, these communities lack infrastructure
such as electricity and telecommunication which facilitate the dissemination of
information. Commonly the communicator has to first do the necessary research in
order to establish the most suitable medium for disseminating information to these
communities. Illiteracy is also a major hurdle to communication in underdeveloped
areas. This poses a challenge in that often messages have to be disseminated face
to face, which can take time and requires expertise in communicating.
The research method that was used to conduct this study is random sampling. A
sample of thirteen organizations was drawn from
the
Johannesburg Securities
Exchange (JSE) database of medium to large businesses that are actively involved
in CSR programmes in South Africa.
The findings in this study reveal that South African organisations are engaged in
serious efforts to communicate and pro-actively integrate CSI as a strategic business
phenomenon. These findings are significant to communications and CSI practitioners
who wish to communicate with their stakeholders in CSI implementation. These
findings will also benefit corporate executives who wish to engage in CSI
communication. Non-Government Organisations (NGOs), Non-Profit Organisations
(NPOs) and community organisations that wish to engage in CSI activities with
corporate organizations, can also benefit from this study.
In summary, CSI has grown from an ideology to a business reality and is now
acknowledged as an important dimension of modern business practice. It is
important that organisation examine their CSI communication in the context of the
ever-changing business environment.
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Cross-listing corporate governance and financial center cooperation between Hong Kong and Mainland ChinaWang, Huangji., 王煌基. January 2009 (has links)
published_or_final_version / Geography / Master / Master of Philosophy
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American depository receipt and impact of foreign listings of the risk and return for Hong Kong listed companies.January 1994 (has links)
by Cheuk Kam-wa. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1994. / Includes bibliographical references (leaves 43-45). / ABSTRACT --- p.iii / TABLE OF CONTENTS --- p.iv / LIST OF TABLES --- p.vi / ACKNOWLEDGEMENT --- p.vii / INTRODUCTION --- p.1 / WHAT IS ADR? --- p.5 / The Trading Mechanism --- p.6 / Issuance --- p.6 / Transfer - intra-market trading --- p.7 / Cancellation --- p.7 / Trading - pricing --- p.8 / Equity offerings --- p.8 / OVERVIEW OF US SECURITIES REGULATIONS --- p.10 / The Securities Act of 1933 --- p.10 / The Securities Exchange Act of 1934 --- p.11 / TYPES OF ADR --- p.13 / Unsponsored ADR --- p.13 / Sponsored ADR --- p.14 / Level-I --- p.14 / Level- II --- p.15 / Level- III --- p.16 / Rule 144A --- p.16 / ADVANTAGES AND BARRIERS OF ADR ISSUANCE TO HONG KONG LISTED COMPANIES --- p.19 / Advantages --- p.19 / Barriers --- p.20 / Deferred taxation --- p.21 / Proposed final dividend --- p.21 / Retirement scheme costs --- p.21 / Property revaluation --- p.22 / OVERVIEW OF THE ADR MARKETS --- p.25 / Comparison Between The Regional Stock Markets In The US --- p.26 / Outlook --- p.28 / THE IMPACT OF ADR LISTINGS ON RISK AND RETURN FOR HONG KONG LISTED COMPANIES --- p.32 / Methodology --- p.32 / The effect of the listing of ADRs on underlying stock price --- p.34 / Interpretation of results on the effect on underlying stock price --- p.36 / The effect of the listing of ADRs on underlying stock volatility --- p.37 / Interpretation of results on the effect on underlying stock volatility --- p.38 / Conclusions --- p.40 / APPENDIX 1 : LIST OF HONG KONG LISTED COMPANIES WITH ADR PROGRAMMES --- p.41 / REFERENCES --- p.43
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Overseas capital raising of PRC state-owned enterprises--: case studies and strategic recommendations.January 1998 (has links)
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
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Disclosure standards of Chinese companies: a comparative study of companies with both A and H shares Listings.January 1997 (has links)
by Lee Pui-Wah, Josephine. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1997. / Includes bibliographical references (leaves 41-42). / ABSTRACT --- p.ii / ACKNOWLEDGEMENTS --- p.iii / TABLE OF CONTENTS --- p.iv / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Purpose of Study --- p.3 / Chapter II. --- METHODOLOG --- p.4 / Approach --- p.4 / Time Horizon Covered in the Paper --- p.5 / Assumption --- p.5 / General Problems of Studies in China --- p.5 / Chapter III. --- CHINESE SHAREHOLDING REFORM AND OPERATING ENVIRONMENT --- p.6 / Chinese Legal System --- p.6 / Hong Kong Stock Market - H Shares Profile --- p.7 / Chinese Stock Market - A Shares Profile --- p.8 / Chapter IV. --- THEORIES RELATED TO STOCK MARKET REGULATION --- p.12 / Market Failure Theory --- p.14 / Public Choice Theory --- p.15 / COMPARATIVE ANALYSIS --- p.17 / Information Disclosure Related to Important Transactions --- p.18 / Information Disclosure Related to Takeover and Merger --- p.20 / Financial Information --- p.23 / Disclosure of Directors' and Substantial Shareholders' Interests --- p.24 / Chapter V. --- EVALUATION --- p.25 / Depth and Breadth of Information --- p.25 / The Quality of Information --- p.26 / Difficulties that Issuers Confront --- p.27 / Cultural Influence --- p.27 / Lack of Motivation --- p.28 / Lack of Education and standards --- p.28 / The Importance of Information in a Speculative Market --- p.29 / Nature of Reform --- p.30 / Chapter VI. --- CONCLUSION --- p.31 / APPENDIX --- p.34 / BIBLIORGRAPHY --- p.41
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