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Privatization in China: a case study of state-owned enterprise.

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

Identiferoai:union.ndltd.org:cuhk.edu.hk/oai:cuhk-dr:cuhk_322935
Date January 2000
ContributorsChak, Hoi Kee Clara., Lee, Chi Chung Jonathan., Chinese University of Hong Kong Graduate School. Division of Business Administration.
Source SetsThe Chinese University of Hong Kong
LanguageEnglish
Detected LanguageEnglish
TypeText, bibliography
Formatprint, iv, 72 leaves : ill. ; 30 cm.
CoverageChina, China, China, China, 1976-2000
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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