MBOs performance of state owned enterprises: the case of China

By reviewing and analyzing the MBO cases of 66 Chinese listed companies in the last ten years, this study draws the MBO map of Chinese enterprises and finds that the main problems in the MBOs of Chinese enterprises are the unreasonable pricing of MBOs and the lack of incentive mechanisms at the management level. In this study, 19 state-owned enterprises that are listed companies were selected as samples and the corresponding industry pairing enterprises were also selected. 2793 sample firm financial data items of 19 firms were obtained by calculating 21 financial performance indicators 7 years before and after acquisition. The financial performance indicators of this study were analyzed through DuPont financial analysis, analysis of cash flow index, analysis of scale index, analysis of investment index and change of financial performance. The financial data was analyzed through regression analysis. The analysis found that the MBOs of Chinese state-owned enterprises were better developed than the industry in terms of profitability, operational ability, debt paying ability, cash flow and asset scale. In terms of cash flow, the growth rate of net cash flow after MBO improved. In terms of asset size, the company’s annual asset growth rate was positive after deducting industry factors before and after MBO. This indicates that the scale of assets of the sample enterprises was increasing when compared with the industry. However, the regression analysis, after controlling the sample selection bias and factors such as the company's asset management, showed that the financial indicators of the company have not significantly improved after the MBO, suggesting that the MBOs of state-owned enterprises in China exhibited a relatively low efficiency.Através da revisão e da análise de casos de aquisição pelos quadros (MBO) de 66 empresas chinesas cotadas na última década, este estudo utiliza o mapa MBO de empresas chinesas, tendo encontrado que os principais problemas destes MBO são os seus preços injustificados e a falta de mecanismos de incentivo ao nível da administração. Neste estudo, 19 empresas públicas e cotadas foram escolhidas para amostra, e emparelhadas com empresas correspondentes do mesmo ramo. 2973 dados financeiros das 19 empresas da amostra foram obtidos através do cálculo de 21 indicadores de desempenho financeiro, a intervalos de 7 anos anteriores e posteriores às respetivas aquisições. Os indicadores de desempenho financeiro deste estudo foram analisados com análise financeira DuPont, análise do índice de fluxo de caixa, análise do índice de escala, análise do índice de investimento e alterações no desempenho financeiro. Os dados financeiros são analisados posteriormente com base numa análise de regressão. Concluiu-se que as MBO de empresas públicas chinesas estão mais desenvolvidas que as suas respetivas indústrias em termos de lucro, capacidade operacional, pagamento de dívidas, fluxos de caixa e escala dos ativos. No que toca ao fluxo de caixa, o índice de crescimento do fluxo de caixa líquido pós-MBO melhorou. Em termos do volume de ativos, o índice de crescimento anual das empresas é positivo após a dedução de fatores da indústria pré- e pós-MBO. Isto indica que a escala dos ativos das empresas-amostra aumenta comparativamente à sua respetiva indústria. No entanto, a análise de regressão indica que, após o controlo da polarização de seleção na amostra, assim como de fatores como a gestão dos ativos da empresa, os indicadores financeiros da empresa não melhoraram de forma significativa após o MBO, sugerindo que os MBO de empresas públicas chinesas tendem a ser pouco eficazes

Comprehensive Benefit Evaluation and Regional Difference Research of State-owned Mixed-ownership Enterprises

Scientific and accurate assessment of the comprehensive benefits and regional differences of state-owned mixed-owned enterprises is an important link in promoting the steady progress of mixed-ownership reform of state-owned enterprises and achieving high-quality development of the state-owned economy. Using factor analysis method and GA-BP neural network model to evaluate the comprehensive benefits of listed state-owned mixed enterprises, the results show that, first, the main factors affecting the comprehensive benefits of state-owned mixed enterprises are profitability factor, sustainability factor and solvency factor, and the effect is as follows: profitability factor\u3esustainability factor\u3esolvency factor; second, factor analysis effectively improves the evaluation performance of the GA-BP neural network model. Further analysis of regional differences, it is found that the average comprehensive benefit of regional state-owned mixed enterprises is: eastern region \u3e central region \u3e western region. Among them, the profitability factor and solvency factor are as follows: eastern region\u3ecentral region\u3ewestern region, and the size of sustainability factor is: eastern region\u3ewestern region\u3ecentral region. Therefore, we can start from deepening the classification reform of state-owned enterprises, increasing investment in innovation, reducing financial leverage, and improving regional linkages, so as to improve the profitability, solvency and sustainability of enterprises, narrow regional differences, and achieve coordinated development between regions

Research on the efficiency evaluation of the integration of technology and finance in China’s strategic emerging industries

The combination of technology and finance has a great potential impact on regional social and economic development, and strategic emerging industries are the convergence of technological innovation and financial support, the development of which have great significance for industrial structure adjustment and industrial quality improvement. The geographical distribution of emerging strategic industries in China is uneven. We selected 18 provinces with relatively concentrated emerging industries. 206 STI board enterprises in 2020 were collected. A three-stage DEA model was used to measure the input–output efficiency of the integrated development of science and technology finance. Also, we used a regression model to examine the path of integrated development of science and technology innovation and financial support. The research finds that the development of strategic emerging industries has a large demand for financial support and obvious regional differences, and the government plays a strong guiding role in their development as well. At the end of the research, countermeasures and suggestions for the development of strategic emerging industries are given

Brands and Branding: An Analysis of the Evolutionary Development of Baijiu Industry Clusters in China

Research into industry clusters and brands and branding has emerged and developed in the Western world for decades. In China, the Reform and Opening up policy adopted since the late 1970s, has resulted in impressive economic growth around economic clusters, including some manufacturing processing industries, and some industries related to high-technology, and traditional industries (i.e. agricultural and Baijiu products). This thesis aims to contribute to the academic and political understanding of these issues through exploring the emergence, agglomeration and development of Chinese alcoholic beverage/Baijiu industry clusters. Inspired by theories of industry clusters, and brands and branding, this thesis proposes to find out and understand the development of Chinese industry clusters formations and their branding strategies, especially in a traditional industry sector. These ideas are described and analysed through a qualitative-oriented fieldwork investigation in seven industry clusters within three Chinese prefecture-level cities, namely, Luzhou, Yibin and Zunyi.From a theoretical perspective, industry clusters and brands and branding theories/strategies are not separate from, but are associated with, each other. Brands and branding strategies are not only marketing concepts but also have diverse meanings from economic, social, ecological, political and cultural perspectives. With the characteristics of geographical entanglements (Pike, 2009b), dynamic network frames and creative activity, the brands and branding strategies are geographically linked to multi-layer industry clusters. This makes it possible to identify industry clusters from brands and branding insights, especially in this global world. The concepts of brands and branding, and industry clusters, and the relationship between them form one part of the thesis’s contributions. In addition, evolutionary economic geography theory is useful to explore industry clusters, which has been utilised to explain the brands and branding of Chinese Baijiu regional agglomeration and industry clusters.From an empirical perspective, the Chinese Baijiu industry’s clusters, brands and branding strategies can be analysed from four aspects, namely, price and some intangible brand value factors; ecological and environmental elements; the Baijiu organisational structure of the production, circulation, and consumption; and the policies and regulations of regional agglomerations and industry clusters. Price is a tangible brand value factor which differentiates Chinese Baijiu commodity with multi-level prices. Enterprise structures and scales help form the Baijiu industry cluster formations as well; natural-related elements of environment/ecology include water, grains, human activities and cultural and historical backgrounds, which explain the meanings of origins, and influence the regional agglomerations of Chinese Baijiu; societal consumption and investment extend industrial chains of Chinese Baijiu and drive its agglomeration and dispersion; multi-layer governmental policies and regulations force and impede the emergence and development of Chinese Baijiu industry clusters. Regional agglomerations provide spatial backgrounds for Chinese Baijiu industry clusters. Drawing upon this, seven Chinese Baijiu industry clusters are identified and their evolutionary developments are explored: Chinese Baijiu Golden Triangle Baijiu Industry Development Zone, Sichuan Luzhou Baijiu Industry Park, Guojiao 1573 Square, Renhuai Economic Development Zones (including three functional parks: National Baijiu Industrial Park, Renhuai Famous Baijiu Industrial Park, and Tanchang Modern Service Park), Wuliangye Group, Jiudu Yibin · Wuliangye Culture Features Street and Qionglai Basic Baijiu Production Zone. Driven by the branding strategies of both enterprises and government policy guidelines, these seven Chinese Baijiu industry clusters show a development characteristic of enterprises/products branding–industry cluster branding–place/province branding.Furthermore, more detailed brand identification, industry clusters and global value chains, and globalisation and branding strategies all provide future research possibilities for Chinese Baijiu industry. This thesis still has its limitations, which may need more quantitative methods to measure and examine the formation and development of Chinese Baijiu industry. Basically, this thesis also offers potential research connecting to other Chinese agricultural industries, manufacturing industries and tourism industries

The influence of Chinese technological enterprise quality on agreement fulfillment willingness and credit risk

Technological enterprises can create employment opportunities, provide quality services and have broad space for development, but there are also operational problems, capital problems, manpower problems and market problems. Among them, the biggest obstacle is credit. The existing credit evaluation mainly focuses on economic indicators and credit risk focuses on repayment risk. Scholars lack in deep empirical research on influencing factors of credit and credit risk research from the perspective of agreement fulfillment willingness once this is very scarce. Combining the characteristics of previous research object and previous scholars' research, this thesis introduces enterprise quality as an independent variable to explore its impact on credit risk. Enterprise quality refers to the function produced by the collection of various elements within a technology-based enterprise, mainly including enterprise management quality and enterprise innovation quality. The agreement fulfillment willingness is introduced as an antecedent variable of credit risk. In this thesis, agreement fulfillment willingness refers to the subjective aspect of credit awareness of technology-based enterprises' agreement fulfillment, including but not limited to providing quality products, providing real information, fulfilling social responsibilities and repaying debt on time. In addition, the enterprise policy, competitive environment and managerial quality are introduced as regulatory variables to analyze the regulatory role of enterprise policy and competitive environment in the relationship between enterprise quality and agreement fulfillment willingness and the regulatory role of enterprise managerial quality in the relationship between agreement fulfillment willingness and credit risk. Then, we draw on the classic scales studied by previous researchers to design, improve, issue and recall questionnaires, analyze the data collected and draw relevant empirical results. Results show that the enterprise quality positively affects the agreement fulfillment willingness; the agreement fulfillment willingness negatively affects credit risk; the enterprise has a significant positive regulatory effect in the relationship between the enterprise quality and the agreement fulfillment willingness; the competitive environment has a significant negative regulatory effect in the relationship between the enterprise quality and agreement fulfillment willingness, the enterprise manager quality has a positive regulatory effect in the relationship between agreement fulfillment willingness and the credit risk.As empresas tecnológicas podem criar oportunidades de emprego, fornecer serviços de qualidade e ter amplo espaço para o desenvolvimento, mas também podem ter problemas operacionais, de capital, de mão-de-obra e de mercado. Entre estes, o maior obstáculo é o crédito. A avaliação de crédito concentra-se principalmente em indicadores económicos e o risco de crédito concentra-se no risco de reembolso. A comunidade académica necessita de investigação empírica robusta sobre os fatores que influenciam o crédito e o risco de crédito na perspetiva da disposição para o cumprimento de contratos, uma vez que esta é muito rara. Combinando as características da investigação anterior de outros investigadores, esta tese introduz a qualidade da empresa como uma variável independente para explorar o seu impacto no risco de crédito. A qualidade da empresa respeita à função obtida pela recolha de vários elementos de uma empresa de base tecnológica, incluindo principalmente a qualidade da gestão e a qualidade da inovação. A disposição para cumprimento do contrato é introduzida como uma variável antecedente do risco de crédito. Nesta tese, a disposição para cumprimento de contratos refere-se aos aspetos subjetivos da consciência do cumprimento de contratos nas empresas de base tecnológica, incluindo, mas não apenas, o fornecimento de produtos de qualidade, o fornecimento de informações credíveis, o cumprimento de responsabilidades sociais e o pagamento atempado da dívida. Além disso, a política da empresa, o ambiente concorrencial e a qualidade da gestão são introduzidos como variáveis reguladoras para analisar o papel regulador da política da empresa e do ambiente concorrencial na relação entre a qualidade da empresa e a vontade de cumprimento do contrato e o papel regulador da qualidade da gestão na relação entre a disposição para cumprimento de contratos e risco de crédito. Em seguida, com base nas escalas clássicas usadas por investigadores anteriores, projetamos, aprimoramos, emitimos e recolhemos questionários, analisámos os dados recolhidos e obtivemos resultados empíricos relevantes. Os resultados mostram que a qualidade da empresa afeta positivamente a vontade de cumprimento do contrato, que a disposição para cumprir os contratos afeta negativamente o risco de crédito, que a empresa tem um significativo efeito regulador positivo na relação entre a qualidade da empresa e a vontade de cumprir o contrato, que o ambiente concorrencial tem um significativo efeito regulador negativo na relação entre a qualidade da empresa e a vontade de cumprimento do contrato e que a qualidade da gestão tem um efeito regulador positivo na relação entre a disposição de cumprimento do contrato e o risco de crédito

The Politics of Financing the Highway Boom in China: For Whom the Road Tolls Rise

Fiscal federalism has provided the institutional basis for the rapid highway boom in China for three decades, creating a close linkage between subnational investment and revenue claims on tolled roads. This model of capitalization is financially unsustainable and undermines the standardization of taxation and contracting of public–private partnership projects.British Academy, Contemporary China Studies Programme (Oxford), Chinese Academy of Social Sciences, and National University of Singapor

中国における再生可能資源産業の産業成果に関する研究

広島大学(Hiroshima University)博士(経済学)Doctor of Economicsdoctora

The choice of technological innovation modes: a multiple case study in the green lighting industry in China

JEL: M1，O3Since the beginning of the 21st century, the human living environment has been increasingly facing serious challenges. Energy-saving and environmental protection has become the theme of the era. Worldwide governments and enterprises work on the effective policies and measures that are jointly committed to the use and development of clean energy. In the 12th “Five-Year Plan” (i.e. The National Economic and Social Development Plan between 2011 and 2015) the Chinese government makes it clear that the energy saving and environmental protection industries will be the priority for its development. The green lighting industry is the new wave of energy saving and environmental protection industry. Due to its long industrial chain and comparatively less capital investment, the industry has attracted a large number of start-ups. According to statistics, the majority of enterprises in the industry were established less than ten years. The emerging entrepreneurial enterprises play an important role in the green lighting industry. However, the technology of green lighting is not mature yet. The competition of the industry is highly strong due to the fast changing market and demanding performance of the products. Against this backdrop, it is an inevitable requirement to strengthen and emphasize technological innovation. Based on the reality of green lighting industry, this thesis aims to develop models of technological innovation for entrepreneurial enterprises facing resource and capability constraints. Taking Grand Technology Co. Ltd, Kingsun Optoelectronic Co. Ltd and Sanan Photoelectrical Co. Ltd as the cases for the study, we focus our research on the competition environment of green lighting industry and identify the characteristics of entrepreneurial enterprises and technological innovation models. We then construct a theoretical framework for the selection of technological innovation of entrepreneurial enterprises with resource and capability constraints. The research adopts a multiple case study method to study representative companies of green lighting industry and finds the differences in the innovative selection under different resource and capability constraints.Desde o início do século XXI que o meio ambiente tem vindo a enfrentar desafios cada vez mais difíceis e que a necessidade de proteção ambiental se tornou no tema da época designadamente através da poupança de energia. Os governos e as empresas de todo o mundo trabalham no sentido da promoção de políticas e medidas destinadas à utilização e desenvolvimento de energias limpas e, no seu 12º Plano Quinquenal (i.e. o Plano Nacional de Desenvolvimento Económico e Social para o quinquénio 2011 - 2015), o governo chinês torna bem claro que será dada prioridade ao desenvolvimento de indústrias no ramo da poupança de energia e proteção ambiental. Neste âmbito insere-se a indústria da iluminação verde pelo seu impacto na poupança de energia. Nos últimos dez anos esta indústria tem atraído um número elevado de empresas nascentes devido à extensão da sua cadeia industrial e às necessidades de investimento relativamente reduzidas pelo que são empresas no seu estádio empreendedor que desempenham um papel importante na indústria da iluminação verde. Contudo, a tecnologia não está ainda suficientemente madura e a concorrência é muito intensa devido à elevada dinâmica do mercado e às crescentes exigências quanto ao desempenho dos produtos sendo inevitável reforçar e enfatizar a necessidade de inovação tecnológica. Baseando-se na realidade que a indústria da iluminação verde apresenta, esta tese pretende analisar e propor modelos de inovação tecnológica para empresas empreendedoras que se confrontam com escassez de recursos e de competências. Para tal foram estudados os casos das empresas Grand Technology Co. Ltd, Kingsun Optoelectronic Co. Ltd e Sanan Photoelectrical Co. Ltd procurando-se identificar e analisar as características destas empresas e os seus modelos de inovação. Através desse estudo procurou-se depois apresentar um modelo teórico para a seleção de inovação tecnológica por parte de empresas que se debatem com restrições de recursos e competências. Esta tese adopta o método do estudo de caso múltiplo e, focalizando-se em empresas representativas do fenómeno a analisar, foi possível encontrar diferenças no modo de seleção da inovação tecnológica em função das restrições de recursos e competências de cada empresa