政府規制對中國的電信運營企業市場價值的影響

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政府規制對中國的電信運營企業市場價值的影響

 

Author: 張繼平
Zhang, Jiping
Title: 政府規制對中國的電信運營企業市場價值的影響
Zheng fu gui zhi dui Zhongguo de dian xin yun ying qi ye shi chang jia zhi de ying xiang
The effect of government regulations on China's telecom operators' market value
Year: 2004
Subject: Hong Kong Polytechnic University -- Dissertations
Telecommunication -- China
Department: Graduate School of Business
Pages: 145 leaves : ill., charts (some col.) ; 30 cm
Language: Chinese
InnoPac Record: http://library.polyu.edu.hk/record=b1793863
URI: http://theses.lib.polyu.edu.hk/handle/200/1011
Abstract: Telecom industry in China mainland has undergone rapid growth, achieving outstanding accomplishment in the recent decade. China now boasts the largest fixed telecom network and mobile communication network with the market scale of near 0.6 billion subscribers. Reform in the industry, including market access, separation of governmental functions from enterprise management, has also made significant progress, which has established China Telecom, China Mobile, China Unicom and China Netcom and introduced competition. Telecom industry is under government's regulation due to its natural monopoly. The state has basically established telecom regulation system and uses administrative measures to regulate telecom carriers. Therefore, it is theoretical and practical significance to study the impact of government's regulation policies on market value of China's telecom carriers. The research focuses on telecom regulation policies' influence on China's telecom carriers since 1997, especially on listed telecom carriers. We mainly adopt event study in the research to address whether policies' change has resulted in salient change of telecom carriers' market value. After classifying different policies, we conducted analysis based on daily transaction data and econometric methods, thus determining influences of regulation policies on enterprise values. The conclusion from 32 events in 4 classes is as following: NO. event description distinction of influence 01 Notice on transferring Guoxin Paging Co., Ltd into China Unicom distinct, mobile company 02 Reply to some problems on establishing China Mobile Corporation No 03 Reply to some problems on establishing China Telecom Corporation No 04 Reply to some problems on establishing China Satcom Corporation No 05 Notice on printing and distributing scheme of telecom system reform, No 06 Notice on prohibiting illegal operation of IP telephone short-term, mobile company 07 Notice on checking and beating crime of illegal operation of international telecom business No 08 Notice on organizing technical test of 3G mobile network technology No 09 Notice on dealing with operation of CDMA450 syustem and PHS of Liaoning Telec company distinct, all 10 News on admittance of PHS operation all over China by MII Distinct, all 11 Officals from MII announced on Beijing TV Station that CPP is not involved of problem whether it is reasonable or not but solution of different interests distinct, China Mobile and China Unicom 12 Officals from MII released that CPP was harmonized after primary consolidation and would be put into act after the approval of the State Council -- 13 CCTV reported that CPP advice was handed in related departments for approval -- 14 Insiders said that "charging alteration project is under consideration" -- 15 MII reiterated that CPP would not enacted in 2 years in mainland -- 16 Notice on plan of releasing mobile charging package in March distinct, China mobile 17 Held conference call to explain mobile charging package plan to investors -- 18 China Mobile began to release gradually Gotone charging package -- 19 Enact People's Republic of China Telecom Byelaw No 20 Temporary provision on prohibiting price monopoly by SDPC distinct, China Unicom 21 Management provision of public telecom network interconnection by MII No 22 Temporary management provision of Internet backbone interconnection by MII No 23 Dispoal measures of interconnection disputation between telecom networks by MII No 24 Provision of reporting major telecom operation accidents by MIL (for trial) No 25 Notice on legally checking and beating the behaviors of interrupting intra-net communication by MII No 26 Approval of Unicom trying fixed long-distance direct calling by MII No 27 Approval of China Mobile and Unicom operating mobile (fixed terminal) public telephone by MII No 28 Decision of opening the call transfer service between mobile networks by MII No 29 Approval of China Telecom operating SMS of fixed network by MII No 30 Approval of China Telecom experimenting with digital trunking by MII No 31 Approval of China Telecom experimenting with "YOUZHI's coming home" by MII No 32 Approval of China Telecom experimenting with "free listening" between three regions by MII No The research reveals that some regulations, such as business regulations, have little or no influences on enterprises, while those regulations affecting corporate profit and subscriber interest, such as market access and pricing, have substantial impact on enterprise value. The research further points out that regulations with little influence shall be made and executed exclusively by enterprises or industry, and those regulations concerned with pricing policy shall be given enough carefulness after serious study. We hold the view that incentive regulations are suitable at present. Policies of market structure and access with great impact on the industry and carriers' future shall not be changed frequently. The article provides evidences for telecom regulation theory and practices in China, and also it puts forward empirical results for studying factors affecting telecom carriers' market value.

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