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Overseas capital raising of PRC state-owned enterprises--: case studies and strategic recommendations.

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

Identiferoai:union.ndltd.org:cuhk.edu.hk/oai:cuhk-dr:cuhk_322121
Date January 1998
ContributorsCheung, Wing Hang., Sakaguchi, Hitoshi., Chinese University of Hong Kong Graduate School. Division of Business Administration.
Source SetsThe Chinese University of Hong Kong
LanguageEnglish
Detected LanguageEnglish
TypeText, bibliography
Formatprint, vii, 87 leaves : ill. ; 30 cm.
CoverageChina, China, China, Hong Kong
RightsUse of this resource is governed by the terms and conditions of the Creative Commons “Attribution-NonCommercial-NoDerivatives 4.0 International” License (http://creativecommons.org/licenses/by-nc-nd/4.0/)

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