180
Views
2
CrossRef citations to date
0
Altmetric
Original Articles

Equity-For-Debt Swaps in Chinese Big Business: A Case Study of Restructuring in One Large State-Owned Enterprise

Pages 382-401 | Published online: 24 Jan 2007

References

  • Alchian , A and Demsetz , H . 1972 . ‘Production, Information Costs and Economic Organization’ . American Economic Review , 62 ( 5 ) : 777 – 95 .
  • AMC Regulations 2000 ‘Regulations Governing Asset Management Companies’ People's Republic of China State Council Document No.297, 10 Nov. (http://www.jscq.com.cn/next/zcfg/zhongjin/007.htm)(in Chinese).
  • Armitage C 2003 ‘China's ‘Iron Rice Bowl’ Gets the Chop’ The Australian 13 Jan 12
  • Bonin , JP and Huang , Y . 2001 . ‘Dealing with the Bad Loans of the Chinese Banks’ . Journal of Asian Economics , 12 ( 1 ) : 197 – 214 .
  • Boycko M Shleifer A Vishny R 1995 Privatizing Russia Cambridge, MA MIT Press
  • British Embassy 2002 ‘China's Shipping: Update 2002’ British Embassy, Beijing, 31 July.
  • Chandler C 2002 ‘Trying to Make Sense of Bad Debt Reform: China Selling Bank Assets to Solve the Problem’ Washington Post 15 Jan E01
  • Comerford Cooper M 2001 Implementing the ‘Modern Enterprise System’ Chinese SOEs Case Studies from Shanghai Mimeo Yale University
  • Comisso , E . 1991 . ‘Property Rights, Liberalism and the Transition from ‘Actually Existing’ Socialism’ . East European Politics and Society , 5 ( 1 ) : 162 – 88 .
  • Demsetz , H . 1967 . ‘Toward a Theory of Property Rights’ . American Economic Review , 57 ( 2 ) : 347 – 59 .
  • Eggertsson , T . 1990 . ‘The Role of Transaction Costs and Property Rights in Economic Analysis’ . European Economic Review , 34 : 450 – 7 .
  • Eggertsson T 1990a Economic Behavior and Institutions Cambridge Cambridge University Press
  • Grossman , S and Hart , O . 1986 . ‘The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration’ . Journal of Political Economy , 94 : 691 – 719 .
  • Hart , O and Moore , B . 1990 . ‘Property Rights and the Nature of the Firm’ . Journal of Political Economy , 98 : 1119 – 58 .
  • Huang G 2001 ‘Do a Good Job on the Debt–Equity Swap’, Speech to the Third Session of the Ninth Political Consultancy Bureau of China. (http://www.beinet.net. cn/macro-econ/qg313.html)(in Chinese).
  • Jefferson , G . 1998 . ‘China's State Enterprises: Public Goods, Externalities and Coase’ . American Economic Review , 88 ( 2 ) : 428 – 32 .
  • Klingebiel D 2001 ‘The Role of Asset Management Companies in the Resolution of Banking Crises’S.Claessens,S.Djankov and A.Mody Resolution of Financial Distress: An International Perspective on the Design of Bankruptcy Laws Washington DC World Bank
  • Kynge J 2002 ‘China Mulls New Transfer of Bank's Bad Loans’ Financial Times 19 Nov. 14
  • Kynge J 2002a ‘Consortium Given Go-ahead on China's NPLs’ Financial Times 3 Dec. 28
  • McGregor R 2002 ‘China Moves on Debt Sales’ Financial Times 16 Sept. 15
  • Morris , J , Sheehan , J and Hassard , J . 2001 . ‘From Dependency to Defiance? Work-unit Relationships in China's State Enterprise Reforms’ . Journal of Management Studies , 38 ( 5 ) : 697 – 717 .
  • Production Bureau of National Reform Committee 1999 One Hundred Questions and Answers on the Modern Enterprise System Beijing Reform Press (in Chinese)
  • Schleifer , A and Vishny , R . 1986 . ‘Large Shareholders and Corporate Control’ . Journal of Political Economy , 94 : 461 – 88 .
  • Smyth , R . 1998 . ‘Property Rights in China's Economic Reforms’ . Communist and Post-Communist Studies , 31 ( 3 ) : 235 – 48 .
  • Smyth , R , Deng , X and Wang , J . 2004 . ‘Restructuring State-Owned Big Business in Former Planned Economies: The Case of China's Shipbuilding Industry’ . New Zealand Journal of Asian Studies , 6 ( 1 ) : 100 – 29 .
  • Smyth , R and Zhai , Q . 2002 . ‘Equity-for-Debt Swaps in China's State-owned Enterprises: A Property Rights Perspective’ . China Information , 16 ( 1 ) : 1 – 24 .
  • State Statistical Bureau (various) Chinese Large and Medium-Sized Enterprises Yearbook., Beijing: China Statistical Press (in Chinese).
  • Steinfeld E 1998 Forging Reform in China: The Fate of State-owned Industry Cambridge Cambridge University Press
  • Steinfeld E 2001 ‘China's Programme of Debt–Equity Swaps: Government Failure or Market Failure?’ Paper Presented at a Conference on Financial Sector Reform in China, 11–13 September, John F. Kennedy School of Government Harvard University.
  • Steinfeld E Hulme V 2000 ‘Free Lunch or Last Supper? China's Debt–Equity Swaps in Context’ China Business Review July/Aug 22 7
  • Stewart R Chan C 2003 ‘Beijing Authorities May Bail Out Lenders Again’ International Herald Tribune 28 Nov. Business Asia Section 1
  • Sundararajan V Seeling S 2001 ‘Corporate Restructuring’. Paper presented at the IMF Asian Regional Seminar on Financial Reform and Stability Systemic Issues Hyderabad India March.
  • Tam J 2002 ‘Region Hit by 33 per cent Surge in Problem Loans’ The Standard 13 July 3
  • Thelen K Steinmo S 1992 ‘Historical Institutionalism in Comparative Politics’in S.Steinmo,K.Thelen and F.Longstreth Restructuring Politics: Historical Institutionalism in Comparative Analysis Cambridge Cambridge University Press 1 7
  • Winiecki , J . 1986 . ‘Why Economic Reforms Failed in the Soviet System: A Property Rights Based Approach’ . Economic Inquiry , 28 : 195 – 211 .
  • Wood , A . 1993 . ‘Joint Stock Companies with Rearranged Public Ownership: What Can we Learn from Recent Chinese and East European Experience with State Enterprises?’ . China Economic Review , 4 ( 2 ) : 181 – 93 .
  • World Bank 1997 China's Management of Enterprise Assets: The State as Shareholder Washington, DC World Bank
  • Xinhua News Agency 2002 ‘Banks, Auctioneers Team Up for Non-performing Assets’ Xinhua News Agency, 23 Aug.
  • Xinhua News Agency 2002a ‘Foreign Capital Allowed to Handle Non-performing Assets in China’ Xinhua News Agency, 2 Dec.
  • Yang , X . 1993 . ‘Theories of Property Rights and China's Economic Reforms’ . China Economic Review , 4 ( No. 2 ) : 195 – 212 .
  • Zhang W 1998 ‘China's SOE Reform: A Corporate Governance Perspective’ Institute of Business Research, Beijing University, Working Paper No. 19998E04.
  • Zhou T 2000 ‘Process Mechanism and Operation Risks of Debt to Equity Swap’ Economic Research No. 1 27 (in Chinese)

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.