In China, major shareholders of private listed enterprise could control its production and operation by virtue of few resources which makes it possible for ultimate controlling shareholders to expropriate minority sha...In China, major shareholders of private listed enterprise could control its production and operation by virtue of few resources which makes it possible for ultimate controlling shareholders to expropriate minority shareholders＇ rights and interests.In this paper, we studied the relationship between ultimate controlling shareholders and business performance of private enterprises based on the theory of ultimate controlling shareholders and made relevant conclusions and recommendations.展开更多
Previous studies have shown that product market competition has an important effect on corporate strategies and internal governance mechanisms. Using a sample of China's listed firms from 2004 to 2009, we explore ...Previous studies have shown that product market competition has an important effect on corporate strategies and internal governance mechanisms. Using a sample of China's listed firms from 2004 to 2009, we explore the relationship between product market competition and normal related party transactions and find a significant positive relationship. In addition, we investigate the substitutive effect of product market competition and the cash flow rights owned by ultimate controlling shareholders on the extent of normal related party transactions. In particular, our results suggest a positive relationship between the ultimate controlling shareholders' cash flow rights and normal related party transactions that is strongest in noncompetitive industries and weakens as product market competition increases.展开更多
This paper addresses the ultimate boundedness control problem for a class of networked nonlinear systems with the round-robin(RR)protocol and uniform quantisation.The communication between sensor nodes and the control...This paper addresses the ultimate boundedness control problem for a class of networked nonlinear systems with the round-robin(RR)protocol and uniform quantisation.The communication between sensor nodes and the controller is implemented via a constrained communication channel.The quantised output of the system is transmitted to the remote controller through a communication channel subject to a transmission delay.For the purpose of alleviating possible data collision,the well-known RR communication protocol is deployed to schedule the data transmissions.On the other hand,the uniform quantisation effects of the network are characterised by a round function(i.e.the nearest integer function).The purpose of the addressed problem is to design an observer-based controller for the networked nonlinear systems such that,in the presence of RR protocol and uniform quantisation effects,the closed-loop system is ultimately bounded.The controller is designed based on mean square stability analysis and Lyapunov-like method.A set of sufficient conditions for the ultimate boundedness of the closed-loop system are established and,on the basis of which,the desired controller gains are obtained by solving a set of linear matrix inequalities.The effectiveness of the proposed method is verified by numerical examples.展开更多
This paper offers in-depth analysis of the determinants and features of voluntary disclosure based on information in the annual reports of 1066 Chinese firms listed on the Shanghai and Shenzhen Stock Exchanges. This e...This paper offers in-depth analysis of the determinants and features of voluntary disclosure based on information in the annual reports of 1066 Chinese firms listed on the Shanghai and Shenzhen Stock Exchanges. This extensive sample represents about 80% of all public companies in China. Our findings suggest that voluntary disclosure in China is positively related to firm size,leverage, assets-in-place, and return on equity and is negatively related to auditor type and the level of maturity or sophistication of the intermediary and legal environments. We also find some evidence to suggest a quadratic convex association between state ownership and voluntary disclosure. However, our analysis provides no evidence that extensive disclosure benefits public companies in China in the form of a lower cost of equity.展开更多
In this paper, we address the characteristic model-based discrete-time consensus problem of networked robotic manipulators with dynamic uncertainties. The research objective is to achieve joint-position consensus of m...In this paper, we address the characteristic model-based discrete-time consensus problem of networked robotic manipulators with dynamic uncertainties. The research objective is to achieve joint-position consensus of multiple robotic agents interconnected on directed graphs containing a spanning tree. A novel characteristic model-based distributed adaptive control scenario is proposed with a state-relied projection estimation law and a characteristic model-based distributed controller. The performance analysis is also unfolded where the uniform ultimate boundedness(UUB) of consensus errors is derived by resorting to the discrete-time-domain stability analysis tool and the graph theory. Finally, numerical simulations illustrate the effectiveness of the proposed theoretical strategy.展开更多
文摘In China, major shareholders of private listed enterprise could control its production and operation by virtue of few resources which makes it possible for ultimate controlling shareholders to expropriate minority shareholders＇ rights and interests.In this paper, we studied the relationship between ultimate controlling shareholders and business performance of private enterprises based on the theory of ultimate controlling shareholders and made relevant conclusions and recommendations.
基金supported by the National Nature Science Foundation of China(71263034,70902004)Humanities and Social Science Project of the Ministry of Education of China(10XJC630003)Program of Higher-level Talents at Inner Mongolia University,China(Z20100103)
文摘Previous studies have shown that product market competition has an important effect on corporate strategies and internal governance mechanisms. Using a sample of China's listed firms from 2004 to 2009, we explore the relationship between product market competition and normal related party transactions and find a significant positive relationship. In addition, we investigate the substitutive effect of product market competition and the cash flow rights owned by ultimate controlling shareholders on the extent of normal related party transactions. In particular, our results suggest a positive relationship between the ultimate controlling shareholders' cash flow rights and normal related party transactions that is strongest in noncompetitive industries and weakens as product market competition increases.
基金supported in part by the National Natural Science Foundation of China under Grants 62173079 and U1808205the Science and Technology Program of Gansu Province under Grant 21ZD4GA028.
文摘This paper addresses the ultimate boundedness control problem for a class of networked nonlinear systems with the round-robin(RR)protocol and uniform quantisation.The communication between sensor nodes and the controller is implemented via a constrained communication channel.The quantised output of the system is transmitted to the remote controller through a communication channel subject to a transmission delay.For the purpose of alleviating possible data collision,the well-known RR communication protocol is deployed to schedule the data transmissions.On the other hand,the uniform quantisation effects of the network are characterised by a round function(i.e.the nearest integer function).The purpose of the addressed problem is to design an observer-based controller for the networked nonlinear systems such that,in the presence of RR protocol and uniform quantisation effects,the closed-loop system is ultimately bounded.The controller is designed based on mean square stability analysis and Lyapunov-like method.A set of sufficient conditions for the ultimate boundedness of the closed-loop system are established and,on the basis of which,the desired controller gains are obtained by solving a set of linear matrix inequalities.The effectiveness of the proposed method is verified by numerical examples.
基金the support of a China National Natural Science Grant (71003113)China’s Ministry of Education Program for New Century Excellent Talents in University (2011)the CUFE Young Scholar Innovation Fund
文摘This paper offers in-depth analysis of the determinants and features of voluntary disclosure based on information in the annual reports of 1066 Chinese firms listed on the Shanghai and Shenzhen Stock Exchanges. This extensive sample represents about 80% of all public companies in China. Our findings suggest that voluntary disclosure in China is positively related to firm size,leverage, assets-in-place, and return on equity and is negatively related to auditor type and the level of maturity or sophistication of the intermediary and legal environments. We also find some evidence to suggest a quadratic convex association between state ownership and voluntary disclosure. However, our analysis provides no evidence that extensive disclosure benefits public companies in China in the form of a lower cost of equity.
基金supported by the National Natural Science Foundation of China(Grant Nos.6133300861273153&61304027)
文摘In this paper, we address the characteristic model-based discrete-time consensus problem of networked robotic manipulators with dynamic uncertainties. The research objective is to achieve joint-position consensus of multiple robotic agents interconnected on directed graphs containing a spanning tree. A novel characteristic model-based distributed adaptive control scenario is proposed with a state-relied projection estimation law and a characteristic model-based distributed controller. The performance analysis is also unfolded where the uniform ultimate boundedness(UUB) of consensus errors is derived by resorting to the discrete-time-domain stability analysis tool and the graph theory. Finally, numerical simulations illustrate the effectiveness of the proposed theoretical strategy.
