This is the second of two articles that provide an overview of the money and bond markets in New Zealand. The first article was published in the September 1995 Bulletin and focused on the Crown debt market. This second article describes the non-Crown debt market, covering in some detail debt issued by financial intermediaries, large corporations, State Owned Enterprises (SOEs) and local authori...

We investigate whether inward FDI, either at the firm or industry level, has any impact on product innovation by Chinese State owned enterprises (SOEs). We use a comprehensive firm level panel data set of some 20,000 SOEs covering the period 1999 to 2005. Our results show that foreign capital participation is associated with higher innovative activity. Inward FDI in the sector has a negative ef...

China has experimented with two strategies of reform of its state-owned enterprises (SOE). One is diversification of SOEs’ ownership through introducing non-state sources of investment. Another is to improve the management of SOEs by granting SOEs’ managers autonomy and their employees profit incentives. Utilising a data set on 680 SOEs over 1980-94, we tested the relative effectiveness of two ...

We investigate whether inward FDI, either at the firm or industry level, has any impact on product innovation by Chinese State owned enterprises (SOEs). We use a comprehensive firm level panel data set of some 30,000 SOEs covering the period 1999 to 2003. Our results show that foreign capital participation is associated with higher innovative activity. Inward FDI in the sector has a negative ef...

China’s state-owned enterprises (SOEs) overseen by the central government’s StateOwned Assets Supervision and Administration Commission (SASAC) made net profits of RMB 299 billion during the first half of 2005 and RMB 400 billion in 2004. All nonfinancial SOEs, including those administered by provincial and municipal authorities, earned total profits of RMB 759 billion in 2003, representing 6.5...

We examine the contrast in the experience of ownership reforms between urban SOEs and rural TVEs using a panel of industrial enterprises in Nanjing municipality for the period from 1994 to 2001. Our objectives are twofold. First, we study how the reform program of “grasp the large and let go of the small” has been carried out in practice by comparing the patterns of enterprise restructuring in ...

Background: This study investigates whether state-owned enterprises (SOEs) in Indonesia implement stronger corporate governance than do non-SOEs. It can be argued that as a large dedicated institutional investor, the Indonesian government has an incentive to strengthen corporate governance in SOEs and possesses the ability to bear the cost of implementing stronger governance. Research Methods: ...

The reform of state-owned enterprises (SOEs) has become an integral part of most macroeconomic stabilisation programmes implemented worldwide in recent years. The main instruments used to reform these enterprises have been divestiture and workforce downsizing. In Latin America, in particular, the pursuit of fiscal consolidation has added another important dimension to public enterprise reform. ...

Because of the booming economy, interest in China has soared in recent years. The government has decided to privatize many state-owned enterprises (SOEs), so foreigners can much more easily invest in existing firms than ever before. Is it wise to consider investing in these SOEs? Certainly, many have major problems. How sophisticated are Chinese manufacturing firms? Do they understand modern pr...

During transition, maintaining employment and providing a social safety net to the unemployed are important to social stability, which in turn is crucial for the productivity of the whole economy. Because independent institutions for social safety are lacking and firms with strong profit incentives have little incentives to promote social stability due to its public good nature, state-owned ent...