股權結構及關聯交易與公司業績的關係 : 針對中國電力行業公司治理之研究

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股權結構及關聯交易與公司業績的關係 : 針對中國電力行業公司治理之研究

 

Author: 郭秀峰
Guo, Xiufeng
Title: 股權結構及關聯交易與公司業績的關係 : 針對中國電力行業公司治理之研究
Gu quan jie gou ji guan lian jiao yi yu gong si ye ji de guan xi : zhen dui Zhongguo dian li hang ye gong si zhi li zhi yan jiu
The impact of ownership structure and related-party transactions on firm performance : an investigation of corporate governance for power companies in China
Degree: M.B.A.
Year: 2004
Subject: Hong Kong Polytechnic University -- Dissertations
Corporate governance -- China
Electric utilities -- China
Department: Graduate School of Business
Pages: 98 leaves ; 30 cm
Language: Chinese
InnoPac Record: http://library.polyu.edu.hk/record=b2069360
URI: http://theses.lib.polyu.edu.hk/handle/200/820
Abstract: This project investigates whether ownership structure and related-party transactions are associated with firm performance. With a five-year sample of power companies in China, we find that (1) the positive effect for state ownership suggests that state-owned companies are supported by governments, so that their performance reflects high entry barriers; (2) the negative effect for tradable shares suggests that controlling shareholders might rely on issuing tradable shares for their own private benefits, at the expense of minority shareholders. The evidence suggests that appropriate ownership structure would improve the effectiveness of a firm's corporate governance. We qualitatively investigate related-party transactions in the listed power companies and show their impact on the corporate governance system. Results show that related-party transactions have different impacts on firm performance through transparency and fairness, and if excessive, would have a negative impact. In particular, we use Huaneng International as a case study, pointing out the strengths and weaknesses in its corporate governance system and providing recommendations for changes.

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