Teses / dissertações sobre o tema "Corporate reorganizations – cases"

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Bachelors
Business Administration
Management

Thesis (MBA)--Stellenbosch University, 2008.
This paper is focused on corporate restructuring, particularly organisational restructuring, with emphasis on Swaziland Post & Telecommunications Corporation, during the period from 2001 to 2006. Its main concern is the implication of such restructuring especially on the employees and how this change impacted on the set goals of the corporation. It is clearly stated that this restructuring was viewed differently by all employees concerned and interviewed, as issues of discontent and mistrust on the previous leadership were sighted. There was a clear indication therefore that, issues of lack of communication from previous management, to all employees played a major role in encouraging low staff morale. There was also significant evidence that much of the restructuring took place mainly to increase the corporate financial performance. However this perpetuated a more disgruntled workforce, which was strained, stressed and in constant limbo of whether the company would continue as a going concern. Issues of job security also were a resultant of the disgruntled and stressed workforce. The researcher then discussed what happened at Swaziland Post & Telecommunication, with reference to past research studies of similar or related nature. Leadership and change management are thoroughly discussed, in order to give light to what the role of leadership and change management strategies play when an organisation undergoes restructuring.

The present article addresses the labor obligations Companies face while in the process of reorganization. In addition, it deals with the fundamental labor provisions related to the continuity principle under a conceptual and normative point of view, as a result of the transfer of employees. Finally, it explains the essential content of the agreements with relation to the transfer of personnel, as hereby previously explained.
En el presente artículo se desarrollan las obligaciones laborales que surgen para las empresas que atraviesan procesos de reorganización. Adicionalmente, se precisan las principales disposiciones laborales relacionadas con el principio de continuidad, desde el punto de vista conceptual y normativo, producto del traspaso de trabajadores. Finalmente, se explica el contenido esencial de los convenios de transferencia de personal, en función a lo expuesto en forma precedente.

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This study analyzes how bank creditors vote on corporate reorganization filings. Brazil offers an excellent scenario for bankruptcy research: on the 10th anniversary of the Brazilian Bankruptcy Code, the number of reorganization filings skyrocketed, increasing from 110 in 2005 to 1863 in 2016. Our work is both theoretical and empirical; we suggest a cooperative game setting to explain creditor behavior, and we apply pooled cross-sectional data from 125 reorganization filings in Brazil from 2006 to 2016. We find evidence that the haircut proposed by debtors is the main factor driving bank creditors’ decisions, rather than firm size or age, as the traditional literature proposes. In accordance with our theoretical model, the proportion of senior debt is not relevant in explaining bank responses to reorganizations. By employing a unique dataset, we contribute to the bankruptcy literature by showing that the unified creditors’ framework does not apply. By looking at bank conflict at the interest level, we verify that the approval rate for reorganization filings decreases sharply, which indicates that coordination failures result from negotiation problems and often lead to liquidation. Due to legal and process similarities with countries such as the United States and Canada, the study also offers important insights regarding bankruptcy cases in general.
Este estudo explora como bancos credores votam em processos de recuperação judicial. O Brasil oferece um excelente cenário para este tipo de pesquisa: no décimo aniversário da Lei de Falências, o número de pedidos de reorganização aumentou de 110 em 2005 para 1863 em 2016. Este trabalho é teórico e empírico: Sugerimos um cenário de jogo cooperativo para explicar o comportamento dos credores e utilizamos dados agrupados de corte transversal de 125 registros de recuperação no Brasil de 2006 a 2016. Encontramos evidências de que a margem de redução proposta pelos devedores é o principal fator que pesa na decisão dos credores bancários, ao invés do tamanho da empresa ou seu tempo de mercado, como sugere a literatura tradicional em falências. De acordo com o modelo teórico proposto, demonstra-se que a proporção da dívida sênior não é relevante para explicar as respostas dos bancos credores às recuperações. Ao empregar um conjunto de dados exclusivo, este estudo contribui para a literatura de falências mostrando que a ideia de credores unificados não se aplica. Ao analisar o conflito entre bancos credores no nível da empresa, verifica-se que a taxa de aprovação de pedidos de recuperação diminui acentuadamente em casos de conflito, o que indica que as falhas de coordenação resultam de problemas de negociação e muitas vezes levam à liquidação. Devido a semelhanças legais e processuais a países como os Estados Unidos e Canadá, o estudo também oferece novas percepções sobre casos de falência em geral.

Firms compete based on their relative ability to renew as much as they do on their ability to extract profits from product-markets. Drawing from literature and case studies the research explores how renewal is affected in organisations. The main dynamics of the renewal process, and the issues and skills involved in its management, therefore, receive detailed treatment. Relevant data is gathered from a variety of primary and secondary sources. The research begins with an effort to understand the forces that trigger and processes that act to sustain decline in organisations. These findings are contrasted with a number of case studies that serve the identification of underlying characteristics and dynamics common to successful organizations. This comparison serves to uncover principles of successful organisation and that hold the key to renewal and sustained growth. The main objective of this research is to increase the understanding and awareness of the processes, problems and successful means of organisational renewal. Underlying is the concern to develop more formalised models and translate these findings into a useful conceptual framework as a basis and stimulus for further research and as a helpful guideline for management practitioners to handle successfully the problems of entropy and organisational ossification of their business.

碩士
國立成功大學
高階管理碩士在職專班
96
This study selects a case to closely examine the issues of corporate re-organization. The idea of corporate re-organization comes from stopping payment of debta, including interest and principal; thus, the company filing for re-organization has a chance to survive. If the bankruptcy firm survives, the creditors could be better off. Perhaps, a firm may face environmental change or some other reasons, it cannot pay for due debt occasionally. The corporate re-organization law provides legal framework for the firm to re-organize; however, from practical view and results, many bankruptcy frims use and abuse the re-organization laws and regulations as a strategic instrument to negotiate with creditors unlike situations in USA. This study selects a practical case and examines issues regarding corporate re-organization laws and regulation. The research results of this study provide many constructive suggestions to bankruptcy firms and related laws.

碩士
中華大學
企業管理學系碩士班
98
The purpose of Corporate Reorganization in Taiwan is to give the corporation a second chance to rebuild the company. The main targets are those companies who issue of shares or issue corporate bonds in public. Suffering the financial difficulties, these companies may suspend their business or shut down the whole companies. However, some companies have the chance to reorganization and profits again. They deserve the chance to issue the bankruptcy protection. If through sanction, the court then selects and appoints to regroup a reorganizer. But some responsible persons of the companies misuse the protection and try to be disengaged from their duties dur-ing reorganization. Some even use the protection against the company debtor. The misuses of the protection ruins the reorganization system. Till now, it is so rare that companies make the successful reorganization in Tai-wan. This research focus on the successful cases of corporate reorganization and tries to find out more critical success factors, which are valuable reference for other com-panies in crisis. Except for case study, there are also some practical opinions for this subject in this dissertation to make the system more feasible and might offer some data for those who are also interested in same topic.

Submitted in partial fulfillment of the requirements of Master of Business Administration, Business Studies Unit, Durban University of Technology, 2008.
South Africa is fast becoming the powerhouse of the African continent, due to its great technological advances in manufacturing, its rich diverse culture, sound business developments and stable economic policies that have seen the country shed the chains of apartheid that had plagued it for more than half a century. The need has become even greater in current economic times, for businesses to find new and innovative ways to improve production and their bottom line. Major corporations are investing heavily in upgrading the skills of their workforce in order to have a more productive workforce. Government legislation has now made it necessary, that all companies acknowledge the previously disadvantaged race groups and make sure that their workforce is fully represented as per the demographics of the country. The term affirmative action is being used more regularly in South African businesses and employees who do not comply with current legislation that seek to redress past disparities, are slapped with hefty fines. This study investigated the preferred as well as the existing culture and employee commitment levels at a South African company. The research reviewed the various types of culture, how culture is created and ways in which culture can be sustained or changed. Ways to cultivate employee commitment and retain skilled employees are also closely explored in this research study. The key results of the research findings revealed that there is a strong achievement culture prevalent at the company, with a good mix of the other culture types like, role culture, power culture and support culture. The employees at Riverview Paper Mill also strongly prefer an achievement and support type, culture. Employee commitment is very low and employees stay with the company out of necessity. Recommendations to improving the culture and commitment levels are also presented in this study.

碩士
國立雲林科技大學
會計系
103
This research trial through integrate several companies success and failure case for regrouping analysis, tidy up the main influence to make publish the factor that the companies regroup the success or failure public to. To those have will conduct the value in the future, but cause because of the sudden factor in the short run it can not public issue company according to obligation request, regroup the system to provide a mechanism that turns, match by help conditional of short-term finance difficult company can rebirth, and can gradually compensate the obligation in the follow-up period, pass through the obligation crisis, create shareholder, creditor, employee and other affiliates to win more of result. 　　Through choose four cases that Be announced companies to regroup the procedure completion by court or terminate as analytical objects, incorporate: CHOU-CHIN INDUSTRIAL CO., LTD, ALLIED MATERIAL TECHNOLOGY CORP., OPTODISC TECHNOLOGE CORPORATION, FIRST INTERNATIONAL TELECOM CORP, last two regroup the completion, but next two regroup the failure and announce the bankruptcy. In the whole result of comparison that regroup the case analysis, the enterprise regroups the key factor of success or failure to mainly lie in the ability of industry competence and legal right the human life consultation communication. Hoping the analysis result of this research can provide to more effectively make use of to regroup the system this for our country good help meet an urgent need the reference of measure.

碩士
國立臺灣大學
會計學研究所
92
During the past decade in America, we have witnessed that not only small and medium but also big enterprises might file bankruptcy. Among those famous cases are WorldCom, Enron, United Airlines and K-marts. Once big enterprises with enormous assets, liabilities and employees fall, the impact on the stability of society is immense: thousands of employees or investors losing their jobs or investments. Moreover, other related businesses may suffer great loss and then fall too. Therefore, corporate reorganization system was created for alleviating these consequences. The company facing financial crisis could file bankruptcy and choose chapter 11 for protection. Under supervision of bankruptcy court, the company could adjust the relationship among its employees, stockholders and creditors, and then revitalize business. This study takes Enron corp. as an example to introduce and analyze its reorganization process. The purpose of reorganization is maximizing the value of assets. By following this principle, Enron sold most of its valuable assets, including natural gas and electric trading business, pipelines business and overseas asset. As for other remaining valuable assets will be transferred to two new holding companies (i.e., CrossCountry Energy Corp. and Prisma Energy Inc.). CrossCountry Energy will hold Enron’s assets located in United States, and Prisma Energy will hold Enron’s international assets. According to Enron''s plan of reorganization, Enron will sell all of its remaining assets and their creditors will receive cash mixing with stock. The recovery rates of every general unsecured creditor’s claims are around twenty percent on average. Since Enron filing bankruptcy, it has been taking more than two years to negotiate with its creditors for persuading them to accept the reorganization plan. Up to now, 107 classes of creditors agree to accept the plan, and only 7 classes of creditors reject the plan. After bankruptcy court confirming the reorganization plan, Enron can start to repay creditors’ claims, and emerge from bankruptcy.

The aim of this research study was to identify and highlight the challenges experienced during the different phases of the shutdown or turnaround management processes in the petrochemical refineries. The data for the research, mainly through qualitative interview sessions and some quantitative comparison data, was obtained from PetroSA GTL Refinery as a case study. The research was subdivided into three areas: the planning, budgeting and shut execution processes. The qualitative interview sessions were conducted with managers and engineers who are directly involved with the shutdown management processes at PetroSA. The research identified the critical departments involved in the process, i.e. the shutdown team, operations, mechanical maintenance, inspection, projects, services etc., and selected respondents from these departments. Two senior managers from one of the large shutdown and turnaround contractors in South Africa were also included in the sample. The findings from the research highlighted interesting responses from the interview respondents. The challenges experienced in the various phases were discussed, with emphasis being placed on the planning, budgeting and shut execution phases of the process. The findings indicated that in order to be competitive in the petrochemical industry, a refinery must strive to achieve higher productivity from the field execution teams, as well as to incorporate proper cost control structures in the process. The research findings and recommendations are shown in chapters 4 and 5 of this report.
Thesis (MBA)-University of KwaZulu-Natal, Westville, 2007.

碩士
國立臺灣大學
資訊管理學研究所
95
There are many successful companies in Taiwan. However, not allof them could grow and survive forever.Accordingly, the appealing cases for corporate reorganization or bankruptcy due to insolvency are increasing tremendously. As a result, these companies create economic problems. According to Corparate Law, these decline companies can apply reorganization. There were many firms applied reorganization in Taiwan. However, only few of them could pass the reorganization process let along those which can have positive turnaround outcome. This research was motivated by the concern and attempts to unravel the critical successful factors of turnaround case after reorganization appeals by undertaking a qualitative research approach. To achieve this research goal, we choose a seceeful turnaround company –Tong Lung Corparate.Through the reorganization research and turnaround process, we hope to find the key successful factors. This study found that the sharegholders’s commitement to restoring the financial viability of the financial disreessed company, not simply avoiding the creditor’s claiming is essential its reorganization result. The main stages of the company include changing in management team, evaluation stage, rescue stage, stemming stage and recovery stage. Besides, the main successful factors are many accessible assets, the company’s competitive, and the future of the industry, etc.

碩士
國立交通大學
高階主管管理碩士學程
100
Strategy of diversification is commonly employed by corporations for risk management. The globalization of the economy and the liberalization of the trade markets have formulated with a new market place with instability and intensive competition. Corporation ought to adapt to these changes and maintain its competitive and advantages through its business transformation strategies. However, finding an optimal strategy with consideration of various management factors are the grandest challenge of CEOs. This paper is based on the experience of the author worked in Company N and employed the case study method prevailed in Harvard business school. The paper first describes the advantages and dilemma of Company N at different stages of its enterprise life cycle. Further, the author raises several business transformation factors and questions which have been discussing in Company N`s Board meetings and Executive management meetings. Finally, it analyzes the overall values and benefits generated under each business transformation model proposal (ex. merge, spin off). As the author of this paper sincerely intends to provide a template – a case of Company N along with Q & A for further study of business managers and business school students.

碩士
國立臺灣大學
國家發展研究所
101
Abstract Corporate Reorganization in Taiwan is in the areas of the Company Act. Reorganization system is summarized as the "Reconstruction type" procedures of the Bill of Debt Liquidation Act Draft. There are three approaches for financially troubled enterprises. First is negotiation with banks (workout); second is to apply to the court for reorganization; third is bankruptcy and liquidation. Company reorganization system is more important because of which can avoid bankruptcy and liquidation leading to economical unrest of the society. Look at the reorganization procedure within court, it began to apply to the court for reorganization, and it takes long time because it has been through the adjudged by court, relevant authorities’ substantial opinions as to whether the reorganization shall be effected or not, inspector evaluation, especially in the negotiations between creditors. The most important core for the settlement program is the feasibility of the company''s financial position. Compare to the workout, reorganization in the court will cost a lot. It is indeed an important topic to design and reform the perfect corporation reorganization so that can achieve the balance and righteousness of both creditor and debtor rights. The case study is Yamay International Development Co., Ltd (Yamay Resort) in the central of Taiwan, and it is claimed by Taiwan Sugar Corporation as shareholders on November 10, 2005. It totally took 38 months to complete reorganization procedure and convened a meeting of shareholders for election of directors and supervisors who on board on January 6, 2009. I had been participating in this case and found some defects of the law through the reorganization procedure. It is the main motivation for this study. One of the research methods of the study is comparative jurisprudence. The study introduces the reorganization within the court of Britain, the United States, Japan and the "London Approach"(workout) of Britain. In the beginning is to organize and depth analysis the data of the case study. In the medium-term is to use the semi-structured questionnaire and develop depth expert interview. In the last-term is to organize experts’ interview data into the same or different views just like the debate in the court. In this study, not only select four experts(judge, lawyer, reorganizer, reorganization supervisors,) who participated Yamay Resort’s reorganization procedure at the same time and use semi-structured questionnaire to develop depth expert interview, but also organize the interview data to obtain the same or different views in order to find the related problem of the reorganization procedure within court. 　　Through the case study of Yamay Resort and expert interviews data, this study has been obtaining the relevant precious revelation, and hoping to be able to provide the reference for revise or policy in the future reorganization system. Besides, the study also found a number of defects of Company Act, Bill of Debt Liquidation Act Draft, The Financial Institutions Merger Act, and the study also provides the direction of the proposed amendment. Looking forward to the legal profession of Taiwan could change a conservative attitude and encourage opening the gate of reorganization, as a result to solve the financial and social problems caused by the financial difficulties of enterprises.

碩士
義守大學
管理研究所碩士班
97
The purpose of this research is to discuss Tong Lung Metal Industry Co., LTD., whose running team was notorious for the abuse of debt for more than eight billion dollars. Tong Lung was even forced to apply for the reorganization by the court, and after many years, it was done successfully by the year 2001. Tong Lung entered the market again in 2006, paid off all its debt, and became the reviving miracle of the domestic listed companies. As a result, the importance of this research is to discover the effect of organizational change and the key success factors of the reorganization. In addition to the interview with the people concerned and the comments on the magazines and newspapers, many scholars’ theses are also analyzed. This research managed to offer some references for the business management staff to improve the inner organization, the efficiency, and the competing advantage. The research outcome shows that the organizational change and the key success factors of reorganization of Tong Lung are as follows: 1.To hold the subordinate staff’s morale, and to innovate the organizational culture. 2.To be totally controlled by the new team, and to make the operational authority to be held. 3.To introduce the professional manager system, and to get rid of the doubt of being ruled by people from family business. 4.To reorganize and to plan well, and to introduce healthy flow of currency. 5.To revive the spare estate, and to focus on its own profession and skills. 6.To change the strategy without hesitation, and to develop the way to making profit. 7.To research the innovation continuously, and to create the core value.

The purpose of the study was to identify and describe the approach and strategies used to downsize a mental health organization. This ethnographic study was conducted at a psychiatric hospital that is beginning the 4th year of a 10 year downsizing plan. Data were gathered through interviews, informal observations, and field documents. This research design facilitated an understanding of the phenomenon in the context of the practices and beliefs of the executive management team. Semistructured interviews were conducted with six executive and four middle managers who were involved in the downsizing decision making process. Freeman and Cameron's (1993) definition of downsizing was broadened to encompass not-for-profit reasons for downsizing. Cameron's (1994) downsizing model was supported and an additional best practice called alignment of purpose was proposed in which the leadership of an organization attempts to align the stakeholders with similar goals and objectives for downsizing. The emotional process of downsizing emerged as a key area to address concurrently with job security and other more pragmatic consequences of downsizing. Empathy was suggested as one method of dealing with the emotional process of downsizing.

碩士
國立中央大學
法律與政府研究所
100
This thesis discusses two main issues related to the confirmation and realization of claims in reorganization procedure. In the hope of that the reorganization process and its treatment of claim will be better understood, this thesis will present an overview of the bankruptcy regime and the elements of corporate reorganization. Chapter 2 defines Principal characteristics of bankruptcy procedure used in the reorganization bargaining process. These principal characteristics will assist in gaining a better and efficient regulations. Could we readily apply these principles to corporate reorganization in Insolvency law？ Or the reorganization statutes attempts to structure a framework for multiparty bargaining, in which we are here concerned with (The purposes of business reorganization can be seen fall in to two large bin): One bin looks at creditor wealth maximization, and in another large bin are the other social interests. While these two camps might seem to be at war. In order to eliminate the interest conflict, modulated autonomy regulations of the creditors and a system of collective debt-collection serve two efficiency purposes. A well-functioning reorganization process should have accuracy and predictability, diminish the uncertainty of the results of bankruptcy reorganization. Reorganization relief can thus be both fair and efficient. Especially, In this sense, filing proofs of claim and the mechanism for accomplishing it are fundamental to the bargaining dynamics of every reorganization. On this premise, we should first determine the definition of confirmation of the claims, Court also plays a vital role in determining whether a creditor's claim is adequately deemed allowed. This thesis will discusses the range of court’s statutory authorities and explore the possibility of court have potentially significant influence over the allowance procedure. Chapter 4 and 5 introduces many of the features of reorganization provisions under the U.S. bankruptcy laws, and discusses provisions on Issues concerning the claim confirmation trial of U.S. Enterprise Bankruptcy Cases. The Bankruptcy Code and Rules of Procedure provide mechanisms for reference , and we can analyse the confirmation and realization of claims in cases under chapter 11 of the Bankruptcy Code of experience. Chapter 6 gives a summary of the comparison of the US and the Taiwanese law in Chapters 3, 4 and 5 of this thesis.Some studies shows that some Taiwanese reorganization courts have failed to apply a strict standard to determine whether a claim should be allow. Moreover, courts have used different standards for unequitable solution to the disputes. Bankruptcy reorganization is an equal alternative to liquidation. We should also consider the standard for the reorganization courts to manage the arguments and conduct of parties to ensure judicial efficiency and to do justice. Courts can’t be biased, incompetent, or in any event powerless to protect the priority of senior investors. And conclude by combined with the creditor’s influence against the judicial power, the legal qualification requirement that allow a claim to be ensure they can participate in the bargaining process, this thesis raising a suggestion about contingent claim-allowed model .

by Chu Chui Kuen, Leung Chi Ming Ludwig.
Thesis (M.B.A.)--Chinese University of Hong Kong, 1998.
Includes bibliographical references (leaves 138-141).
ABSTRACT --- p.ii
TABLE OF CONTENTS --- p.iii
LIST OF FIGURES --- p.viii
LIST OF TABLES --- p.ix
INTRODUCTION --- p.1
Background --- p.1
Objectives --- p.2
Methodology --- p.3
Chapter I --- THE PROBLEM OF STATE OWNED ENTERPRISES (SOES) --- p.4
THE SOE REFORM --- p.6
"First Stage, 1983" --- p.6
"Second Stage, 1988" --- p.6
Contract Responsibility System --- p.6
Shareholding System --- p.7
Relationship between Contract Responsibility System and Shareholding System --- p.9
"Third Stage, 1989" --- p.10
Mr. Deng visited the Southern part of China --- p.10
The 15th Party Congress --- p.12
Chapter II --- STOCK MARKET BACKGROUND --- p.14
Chapter III --- LISTING CONSIDERATIONS --- p.16
Advantages of the Listing Status --- p.16
Benefits to the PRC Government- A strong support for the SOE Reform in PRC --- p.16
Sources of Capital for State Development --- p.16
Reduce the dependence of the SOEs on Government subsidies --- p.16
Reduce the risk of bankruptcy of the SOEs --- p.17
Better preservation of the state-owned assets --- p.17
A means to cash in the share-holding of the state --- p.17
The Benefits to the SOEs --- p.17
Capital for initial business development --- p.18
Channel for continuous fund-raising --- p.18
Pressure for profitability --- p.18
A channel for merger and acquisition --- p.18
Publicity and credibility --- p.18
The Choice of Stock Market --- p.19
Domestic Markets- SHSE and SZSE --- p.19
The Problems of Domestic Market --- p.20
Problems with A-shares listing --- p.20
Problems with B-shares listing --- p.27
Low market capitalization --- p.27
Low liquidity --- p.27
Quota system --- p.27
Inconvenient and time-consuming transactions --- p.28
Poor information access --- p.28
Poor market infrastructure --- p.28
Overseas Market - N-shares and H-shares --- p.28
Large market capitalization and High liquidity --- p.29
Multiple channels for investors --- p.29
High degree of internationalization --- p.29
Strict listing requirement and highly regulated Environment --- p.29
Widen sources of financing --- p.30
Tax and other benefit --- p.30
Hong Kong Market (H-shares) --- p.31
International funds --- p.31
"High liquidity, high trading volume and efficiency" --- p.32
An efficient and well-regulated Market --- p.32
Common cultural background --- p.32
Chapter IV --- THE PROCEDURE FOR H-SHARE LISTING --- p.33
Chapter V --- RESTRUCTURING --- p.36
Formation of Company Limited for Listing --- p.36
Restructuring --- p.36
The Objectives --- p.36
Clarify ownership structure --- p.36
Organize related business --- p.37
Improve management structure --- p.37
Improve financial management --- p.37
International alignment --- p.37
The Process --- p.38
Forms of Restructuring --- p.38
Type I. The Single Enterprise Structure --- p.39
Case Example: Chengdu Telecommunications Cable Co. Ltd --- p.40
Type II. The Transformation Structure --- p.41
Type III. The Group Holding Structure --- p.42
Case Example: Beijing North Star --- p.44
Type IV. The Spin Off Structure --- p.46
Case Example: Guangzhou Shipyard International --- p.47
The Structure After Listing --- p.48
Employee share --- p.49
The Central Issues in Restructuring --- p.51
The Role of Supervisory Government Department /the Parent Holding Company --- p.52
Under Central Economic in planning --- p.52
After the Restructuring --- p.52
The Role of SOEs as the Social Welfare Agents --- p.53
Roles of the Communist Party and Employee Organizations --- p.54
in the listed company --- p.54
Entangled relationship with potential conflicts of interest (power) --- p.54
Chapter VI --- ISSUES AND DIFFICULTIS IN LISTING --- p.57
Quota System --- p.57
Answering the Questions of HKSE --- p.58
Restructuring --- p.58
Unclear Company Structure and Ownership --- p.58
Dependence on Parent Company --- p.58
Selection of Business To Avoid Competition with the Parent Company --- p.59
Social Burden --- p.59
Handling of Debt --- p.59
Accounting System --- p.60
Fixed Asset --- p.60
Cost of Inventory --- p.60
Bad Debt Allowances --- p.60
Triangle Debt --- p.61
Legal Matters --- p.62
Pricing of IPO --- p.62
Setting the IPO Price --- p.62
Business Nature of the Enterprise --- p.63
Chapter VII --- AGENCY COST --- p.64
The Presence of Agency Cost --- p.64
Traditional Agency Cost before listing as H share --- p.65
The improvement of H share in supervisory --- p.68
"Representative of the shareholders, the board of directors" --- p.68
and the supervisors committee --- p.68
Responsibility of the board of directors to monitor the enterprise --- p.72
Incentive system --- p.72
"The ""A"" - shares" --- p.73
The non-monetary benefit --- p.74
Monitoring the management --- p.75
The Independent non-executive directors --- p.76
The supervisory committee --- p.77
Social burden --- p.77
Other benefit --- p.77
Connected transaction --- p.78
Further control on the agent --- p.79
Chapter VIII --- TRANSACTION COST --- p.83
Financing Means --- p.83
Bank Loan --- p.83
Listing as H share --- p.86
Cost of listing --- p.86
Other Cost for Listing --- p.89
First time listing fee and Listing maintenance fee --- p.89
"Auditing fee, printing charge and distribution of annual report " --- p.90
Public Relation --- p.90
Other charges --- p.91
Chapter IX --- UNCERTAINTY --- p.92
Uncertainty reduced --- p.92
Source of Financing - Equity Financing --- p.92
More Efficient and Effective Management --- p.92
Preservation and Growth of State Assets --- p.93
Reputation --- p.93
Liquidity of Stock --- p.94
Interest of Investors --- p.94
Higher Autonomy --- p.94
Uncertainty Not Reduced --- p.95
Reliance on Parent Company --- p.95
Foreign Currency --- p.95
Separation of Government from the Enterprise --- p.95
Appointment of Managers --- p.96
Political and Economic Risk --- p.96
New Uncertainty Introduced --- p.96
Greater Exposure to Speculations of the Market --- p.96
The Social Burden's Return --- p.97
Chapter X --- CASE : SHANGHAI PETROCHEMICAL COMPANY LIMITED --- p.98
Introduction --- p.98
Background --- p.99
The Ownership --- p.99
State Control and Subsidies --- p.99
Raw Materials Supplies --- p.100
Sales and Marketing --- p.101
Import and Foreign Exchange Restriction --- p.101
"The ""Little Society´ح " --- p.102
Financing History --- p.102
Indebtedness --- p.104
The Economic Reform --- p.105
The Fundamental Changes --- p.105
Restructuring --- p.105
Solutions to Traditional Burdens --- p.108
Financing --- p.112
Share-issuing --- p.112
Capital Structure --- p.113
Corporate Management --- p.114
Financial Performances --- p.114
Tax Benefit --- p.115
Corporate Strategy --- p.115
Market-orientation - away from the planned economy --- p.115
Management --- p.116
Market Sensitivity --- p.116
Cost Control --- p.118
Debt Management --- p.118
Business Development --- p.120
The People --- p.121
The Management --- p.121
Employees --- p.124
Issues Open to Questions --- p.126
The Government as the Majority Shareholder --- p.126
Complications in Ownership Relationship-The Majority Shareholder --- p.126
Jinshan and the Company --- p.126
The Role Conflicts --- p.128
CONCLUSIONS --- p.131
APPENDIXI THE BACKGROUND OF THE BEIJING NORTH STAR COMPANY LIMITED --- p.136
BIBLIOGRAPHY --- p.138