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Risks and Firms' Decision Making on Outward Foreign Direct Investment: An Empirical Analysis of China's State-owned Enterprises

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China & World Economy 2022年第6期30卷 163-182页

作者： Xiaosong Wang Huan Wu Le Li School of Economics Renmin University of ChinaChina Post-doctoral Workstation of China Export and Credit Insurance Corporation China China Bohai Bank China

This study explored how the risks encountered by Chinese state-owned enterprises(soes)affected their decision-making on outward foreign direct investment(OFDI),using data regarding the relationship between the host countries and China.The following conclusions were drawn.Larger soes with fixed capital exhibited a higher probability of conducting OFDI and did so on a larger scale.Various risks in host countries significantly hindered the OFDI of Chinese soes.In pursuit of natural resources,Chinese soes chose to take risks.The amount of OFDI by soes was positively related to the political,economic,and geographical relations between China and the corresponding hostcountry.

关键词： bilateral relations OFDI risks soes

Tracing back to the source: Understanding the corporate governance of boards of directors in Chinese soes

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China Journal of Accounting Research 2020年第2期13卷 129-145页

作者： Zhengfei Lu Jigao Zhu Guanghua School of Management Peking UniversityChina Business School University of International Business and EconomicsChina

Based on the relevant theories of corporate governance and the special institutional background of Chinese state-owned enterprises(soes),this paper systematically reviews the literature on the independence and governance effect of SOE boards.We find that the governance effect of SOE boards is driven by the dual characteristics of soes:state involvement in ownership and market incentives.With the state involved in ownership,soes adhere to the leadership of the Communist Party of China(CPC),which results in an enhanced governance effect.Under market incentives,soes tend to have an optimal board structure that helps mitigate both the shareholder–management agency problem(Type I agency problem)and the controlling shareholder–minority shareholder agency problem(Type II agency problem).In terms of the governance effect of boards,directors appointed by non-controlling shareholders are effective in alleviating Type I and Type II agency problems,and this highlights the importance of mixed-ownership reforms in soes.Independent directors,especially those with a professional background,also play a role in improving corporate governance.However,independent directors in soes have relatively weak incentives to monitor,which limits their governance effect.This paper shows positive implications for promoting mixed-ownership reforms and improving board governance in soes.

关键词： soes Board of directors Independence Governance effect

Multiple large shareholders and corporate environmental protection investment:Evidence from the Chinese listed companies

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China Journal of Accounting Research 2020年第4期13卷 387-404页

作者： Feng Wei Lei Zhou School of Economics and Business Administration Chongqing UniversityChina

Agencies can reduce problems by adopting a governance structure of multiple large shareholders.However,multiple large shareholders may collude,thereby reducing the behavior that can create long-term value for the company.This paper uses a sample of companies listed on the Shenzhen and Shanghai stock exchanges between 2008 and 2017 to investigate the relationship between multiple large shareholders and corporate environmental protection investment(CEPI).We find that multiple large shareholders will significantly reduce CEPI.Specifically,external supervision and a company’s ownership structure affect the relationship between multiple large shareholders and CEPI.In addition,after participating in soes,non-state-owned shareholders will significantly improve CEPI of soes.

关键词： Multiple large shareholders Corporate environmental protection investment soes Ownership structure

Spatial dynamics of industrialization in Jiangsu Province of China

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Journal of Geographical Sciences 2000年第2期10卷 129-140页

作者： HUANG Ye-fang (Department of Geography, The Chinese University of Hong Kong, N.T., Hong Kong, China) 香港中文大学香港

Economic reforms in China since the fare 1970s have led to tremendous economic growth which is most closely related to the industrial development To investigate spatial dynamics of industrialization, this paper will take Jiangsu province as a case study to carry out spatial and dynamics analyses since Jiangsu Province has one of the nation's fastest growl industrial sectors and is a veritable microcosm of China. Since 1978, Jiangsu Province has experienced remarkable economic development especially in industrial sector, however, regional difference still remains very significant at the county level. After examining industrial development at the county level, this paper will analyze the contributions of several components of industrialization. such as state-owned enterprises, collectively-owned enterprises, as well as township and village enterprises. One of the main purposes of this paper is to scrutinize the factors or reasons affecting regional industrialization. The step-wise regression method has been adopted to identify the main reasons influencing development of industrialization. It is found that there are different mechanisms affecting regional industrialization in different time.

关键词： industrialization regional development Jiangsu soes TVEs

Profit Constraint, Ownership Structure and Indigenous Innovation

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China Economist 2019年第2期14卷 114-129页

作者：李勇 School of Economics and Management Northwest University Xi’an China Research Center of West China’s Economic Development

Under a logical self-consistent theoretical framework, this paper discusses soes' innovation efficiency and innovation conundrum facing Chinese local firms. By creating a theoretical model of endogenous technology level, this paper finds that credit discrimination and soft budget constraint have both a crowding out effect and compensatory effect on corporate innovation. When firms engage in less profitable innovation, the compensatory effect outweighs crowding out effect, and a higher share of soes will promote the overall level of innovation. On the contrary, when firms engage in more profitable innovation, the compensatory effect is smaller than crowding out effect, and a higher share of soes will diminish overall innovation. In this sense, SOE innovation exhibits a threshold characteristic. Then, this paper carries out an empirical test using the inter-provincial panel data of 1997-2013, which proves our assumption. Finally, this paper arrives at conclusions and policy implications.

关键词： soes compensatory effect crowding out effect threshold characteristic

On the Nature and Direction of State-owned Enterprises Reform in a New Era

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Contemporary Social Sciences 2018年第6期3卷 14-26页

作者： Fan Yuxian Zhang Yuesheng Yuan Xiaoling Ge Hongquan School of Marxism Xi’an Jiaotong University School of Management Xin Xiang University School of Economics and Finance Xi’an Jiaotong University

State-owned enterprises(soes) serve as an important material and political basis for socialism with Chinese characteristics. soes must be reformed in accordance with Xi Jinping Thought on Socialist Economy with Chinese characteristics for a new era, which is the fundamental basis for maintaining the nature and direction of reform for soes. Reforms must be built on the fundamental standpoint with people at the center, and aimed at emancipating, developing and protecting productive forces based on the principles of justice and fairness, which is also the direction for Chinese soes reform in the new era. Adherence to the public ownership of state-owned assets in the form of value and its market-oriented management in the form of use-value is not only the objective requirement of a production mode adapting to the growth of productive forces, but also the logic of soes reform in the new era. Meanwhile, soes need to highlight the top-level designs of governmental systems in the reform process, giving e ective play to the leading and guiding roles of Xi Jinping Thought on Socialist Economy with Chinese characteristics for a new era.

关键词： soes reform people-centered productive forces production mode

谁的所得税信息质量更高：国有企业还是非国有企业？

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财务与会计导刊（理论版）

财务与会计导刊（理论版） 2022年第8期

作者：刘行赵晓阳

在所得税对企业利润有着重要影响，以及所得税会计准则实施难度较大的现实背景下，理解所得税信息质量的影响因素对提升企业整体的会计信息质量尤为关键。本文采用中国上市公司数据，首次考察了国有股权对企业所得税信息质量的影响。理... 详细信息

在所得税对企业利润有着重要影响，以及所得税会计准则实施难度较大的现实背景下，理解所得税信息质量的影响因素对提升企业整体的会计信息质量尤为关键。本文采用中国上市公司数据，首次考察了国有股权对企业所得税信息质量的影响。理论上，一方面，国有企业的所得税信息质量可能更好，这源于：（1）与政府的密切关系使国有企业更有可能拥有税收方面的信息优势，从而管理层在估计经营活动税收后果时的误差更小；（2）国有企业的多重经营目标会使国有企业面临较小的财务业绩考核压力，从而管理层操纵所得税信息的可能性更低。另一方面，国有企业的所得税信息质量也可能更差，这源于国有企业的税收决策往往受到政府干预的影响，从而所得税信息容易被扭曲。本文的实证结果支持第一种预期，即国有企业有更高的所得税信息质量。进一步结果显示，国有企业在所得税方面的信息优势是国有企业具有更高所得税信息质量的原因。本文结论从所得税信息质量的视角加深了我们对国有股权如何影响会计信息质量的理解，也拓展了国有股权与企业税收决策的学术文献。

关键词：国有股权国有企业所得税信息质量盈余质量　　state ownership soes income tax information quality earnings quality

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现代企业制度的实现障碍及其消除

社会主义经济理论与实践 2000年第9期 4-10页

作者：陈文科龚益鸣

当改革不能从上层建筑的层面、从权力利益结构的层面对经济关系作出根本性调整时，单纯企业制度的改革只能催生出某种特殊的“双轨制”。渐进式改革就全局而言，可以减少社会震荡，其社会成本比一揽子计划要低廉得多。但单从企业制度来... 详细信息

当改革不能从上层建筑的层面、从权力利益结构的层面对经济关系作出根本性调整时，单纯企业制度的改革只能催生出某种特殊的“双轨制”。渐进式改革就全局而言，可以减少社会震荡，其社会成本比一揽子计划要低廉得多。但单从企业制度来看，希望不伤筋动骨，只采取一定的修补措施而收获企业改革的全功，不但不现实，而且会造成企业功能的紊乱，出现病态运行。整个经济社会的利益调整，目的是为现代企业制度的出台提供必不可少的客观环境。只有这种调整成功后，以公司法人治理结构为标准的企业制度改革才能顺利展开。

关键词：国有企业双轨制现代企业制度公司法人治理结构 soes double track system modern enterprise institution corpor-ation legal body management structure

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聚集经济与国有企业规模结构优化