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Research On Incentive Effect Of Management Ownership By Stock Subscription In Chinese Listed Central Companies.

Posted on:2008-12-04Degree:MasterType:Thesis
Country:ChinaCandidate:R R ZhuFull Text:PDF
GTID:2189360215984087Subject:National Economics
Abstract/Summary:PDF Full Text Request
As a result of system reason, there are many state-owned enterprises in China. As far as our state-owned enterprises are concerned, an obvious characteristic is that the state-asset only has its representatives, instead of its owners. The representative refers to those people who do not own the state-asset, thus can't complete their power over the asset and can't share the surplus profit-it forms "the lack of state-asset owner", and causes the management strategy implemented superficially, which is the so called "destructive management". This kind of problems also occurred overseas. In order to guarantee the property right reform carried on, a new policy-The Management Ownership by Stock Subscription-was promulgated that is during the reform of an enterprise extra shares are published in addition to original shares of a company and allocated to managers to inspire them of the sense of ownership.Enterprises are a fundamental element of the market. Therefore the key is to define the property right of state-asset, and to formulate the incentive and restraint mechanism of management.In the past several decades, the domestic and foreign scholars had made remarkable progress in the research of incentive and restrain mechanism of stockholder's rights. When considering the effect of practical application, we are still confused by many disputes.Therefore the author analyzes from both the theoretical angle and the pragmatic angle in the paper. Through constructing the theoretical model, the author draws the conclusion that this policy can promote enterprises achievements in theory. By statistics regression analysis, the author proves the above conclusion with data collected.In summary, this policy can not only solves the problem of our state-owned enterprises-"the lack of state-asset owner", but also effectively inspire the management of state-owned enterprises...
Keywords/Search Tags:The Management Ownership by Stock Subscription, Listed Central Company, incentive mechanism, performance
PDF Full Text Request
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