The State-Owned Capital Gains Handover System and managerial agency cost: Evidence from central state-owned listed companies in China

2020 ◽  
Vol 36 ◽  
pp. 101325 ◽  
Author(s):  
Huiting Lin ◽  
Yurun He ◽  
Maolin Wang ◽  
Yehua Huang
Land ◽  
2020 ◽  
Vol 10 (1) ◽  
pp. 15
Author(s):  
Renhao Yang ◽  
Qingyuan Yang

Encountering the articulation of the strongness of local authorities and market forces in China’s development, attention has been paid to the changing central state which recentralised the regulation capability of localities which has more discretional power on resources utilisation, land for example, in the post-reform era. Yet it is still not clear-cut what drives the state rescaling in terms of land governance and by what ways. After dissecting the evolving policies and practices of construction land supply in China with the focus on the roles of state, we draw two main conclusions. First, the policy trajectory of construction land supply entails a complicated reconfiguration of state functions, which is driven by three interwoven relations: land–capital relation, peasant–state relation and rural–urban relation. Second, state rescaling in terms of the governance of construction land provision works via four important approaches: limited decentralism, horizontal integralism, local experimentalism and political mobilisationism. By reviewing the institutional arrangements of construction land provision and the state rescaling process behind them, this article offers a nuanced perspective to the state (re)building that goes beyond the simplified (vertical or horizontal) transition of state functions.


2020 ◽  
Vol 1 (2) ◽  
pp. 95-102
Author(s):  
V. A. Aleksandrova ◽  

The article is devoted to the history of an unrealized performance of M. P. Mussorgsky’s opera "Khovanshchina" orchestrated by B. V. Asafyev. On the basis of archival documents, stored in the Russian State Archive of Literature and Arts, the Russian National Museum of Music, Central State Archive of Literature and Art of Saint Petersburg, the Bolshoi Theatre Museum, most of which are introduced into scientific circulation for the first time, studied the circumstances under which the opera was planned to be staged in the State Academic Theatre of Opera and Ballet (nowadays — the Mariinsky Theatre). Fragments from the reports of the Artistic Council of Opera at the State Academic Theatre of Opera and Ballet meetings, the correspondence between B. V. Asafyev and P. A. Lamm, the manuscript "P. A. Lamm. A Biography" by O. P. Lamm and other unpublished archival documents are cited. The author comes to the conclusion that most attempts to perform "Khovanshchina" were hindered by the difficult socio-political circumstances of the 1930s, while the existing assumptions about the creative failure of the Asafyev’s orchestration don’t find clear affirmation, neither in historical documents, nor in the existing manuscript of the orchestral score.


Author(s):  
D. V. Repnikov

The article is devoted to such an important aspect of the activities of the plenipotentiaries of the State Defensive Committee during the Great Patriotic War, as conflicts of authority. Contradictions between the plenipotentiaries of the State Defensive Committee and the leaders of party, state, economic bodies at various levels, as well as between the plenipotentiaries themselves, that were expressed in the emergence of various disputes and often resulted in conflicts of authority, became commonplace in the functioning of the state power system of the USSR in the war period. Based on documents from federal (State Archive of the Russian Federation, Russian State Archive of Socio-Political History, Russian State Archive of Economics) and regional (Central State Archive of the Udmurt Republic, Center for Documentation of the Recent History of the Udmurt Republic) archives, the author considers a conflict of authority situation that developed during the Great Patriotic War in the Udmurt Autonomous Soviet Socialist Republic, which shows that historical reality is more complicated than the stereotypical manifestations of it.


Check List ◽  
2015 ◽  
Vol 11 (5) ◽  
pp. 1744
Author(s):  
Rony Peterson Santos Almeida ◽  
Hugo Andrade ◽  
Ulisses Caramaschi ◽  
Eduardo José dos Reis Dias

The genus Xenohyla is currently composed of two species, X. truncata (Izecksohn, 1959) and Xenohyla eugenioi Caramaschi, 1998. Both species are usually found inside bromeliads; X. truncata inhabits the restingas of the state of Rio de Janeiro, southeastern Brazil, and X. eugenioi transitional areas between the Atlantic Forest and the Caatinga biomes in northeastern Brazil. We report the first record of X. eugenioi in the state of Sergipe, expanding the species geographic distribution by 423.4 km in a straight line in relation to its type locality, in the municipality of Maracás, south-central state of Bahia, Brazil.


2003 ◽  
Vol 62 (2) ◽  
pp. 497-529 ◽  
Author(s):  
Freek Colombijn

The communis opinio of historians is that early modern, or precolonial, states in Southeast Asia tended to lead precarious existences. The states were volatile in the sense that the size of individual states changed quickly, a ruler forced by circumstances moved his state capital, the death of a ruler was followed by a dynastic struggle, or a local subordinate head either ignored or took over the central state power; in short, states went through short cycles of rise and decline. Perhaps nobody has helped establish this opinion more than Clifford Geertz (1980) with his powerful metaphor of the “theatre state.” Many scholars have preceded and followed him in their assessment of the shakiness of the state (see, for example, Andaya 1992, 419; Bentley 1986, 292; Bronson 1977, 51; Hagesteijn 1986, 106; Milner 1982, 7; Nagtegaal 1996, 35, 51; Reid 1993, 202; Ricklefs 1991, 17; Schulte Nordholt 1996, 143–48). The instability itself was an enduring phenomenon. Most polities existed in a state of flux, oscillating between integration and disintegration, a phenomenon which was first analyzed for mainland Southeast Asia by Edmund Leach (1954) in his seminal work on the Kachin chiefdoms. This alternation of state formation and the breaking up of kingdoms has been called the “ebb and flow of power” and the “rhythm” of Malay history (Andaya and Andaya 1982, 35). In this article, I will probe into the causes of the volatility of the Southeast Asian states, using material from Sumatra to make my case.


2002 ◽  
Vol 34 (9) ◽  
pp. 1571-1589 ◽  
Author(s):  
Clifton W Pannell

Urban growth in China has proceeded in step with the growth and transition of the socialist economy. Year 2000 Census data indicate an urban population of 456 million; this is 36% of the total population and is increasing much more rapidly than the overall population. Several factors drive this rapid urbanization and growth of cities and towns: continuing, although diminishing, population growth; migration of rural people, as regulations on rural and urban household registration change; rapid structural shift in employment activities and the decline of farm employment; foreign trade and foreign investment, especially in coastal areas; restructuring of state-owned enterprises and growth of private enterprises and activities; and allocation of domestic funds in fixed assets for urban infrastructure, also concentrated in coastal areas. Key issues for continuing urbanization focus on the capacity of the emerging private sector in parallel with the state and collective sectors to generate new jobs, and the willingness of the central state to reconcile the subsidies and privileges of state-sector urban employees with other recent migrants in cities and towns who do not enjoy the state-sector subsidies.


2017 ◽  
Vol 13 (1) ◽  
pp. 79-86
Author(s):  
Jinxin Zhao ◽  
Yong Wang ◽  
Pengjian Jin ◽  
Chongsheng Yang

By studying listed companies, this paper investigates the effects of financial incentives and administrative incentives on the performance of managers in China’s local state-owned enterprises and central state-owned enterprises (SOEs) respectively. We find that administrative incentives are more effective on managers of central SOEs, while financial incentives are more effective on those of local SOEs. We conclude that against the current background of mixed-ownership reform, we should realise the limitations of administrative incentives and broaden the role of financial ones. Moreover, we should find, for SOEs, the optimal incentive combination that is custom-made based on ownership type. In this way, incentive compatibility can be achieved and SOE performance will be enhanced.


2021 ◽  
Vol 12 ◽  
Author(s):  
Jin Wang ◽  
Jie Deng

Executive incentive has long been a hot topic among academics and practitioners. With the continuous development of China's manager market, the spirit of innovation and entrepreneurship among executives has exerted a greater influence on corporate performance. Enterprise innovation is an important part of the entrepreneurial spirit. Moreover, China's supply-side reforms and compensation system of the state-owned enterprises (SOEs) have been advanced and innovative. Therefore, based on the manager human capital theory and the organizational innovation theory, and using 15,492 firm-year observations from China's Shanghai and Shenzhen A-share listed companies for the period 2005–2018, we constructed various models, including the Gorden model, the Growth Rate of Price–Earnings Ratio model (PEG), the Ohlson and Juettner-Nauroth model (OJ), and the Capital Asset Pricing model (CAPM), to measure the cost of equity. We investigated the effect of the institutional innovation of executive incentives on the cost of equity, and the heterogeneous influence of China's special property rights system on the relationship between the two. We found that the innovations of the executive incentive system have a positive governance effect on the cost of equity. In particular, executive compensation incentives significantly reduce a company's equity costs. We also find that the state-owned property rights may weaken the positive effect of institutional innovation of executive incentives. Furthermore, China's executive incentives system and corporate governance mechanism are imperfect; and therefore, institutional innovation is a matter of great urgency and more innovative ideas for the manager market need to be introduced. China's listed companies should give full play to the spirit of innovation and entrepreneurship, constantly innovating incentive-based compensation systems of companies, and establishing a scientific and innovative concept of the cost of equity. The findings are robust after controlling for potential endogeneity concerns.


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