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Article
Publication date: 7 September 2012

Zongming Tang, Ian (Yi) Liu, Yong Lu and Dan Yang

In 2005, China carried out a major reform that allows the previously untradeable shares controlled by large shareholders to become tradable in the secondary market. This reform…

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Abstract

Purpose

In 2005, China carried out a major reform that allows the previously untradeable shares controlled by large shareholders to become tradable in the secondary market. This reform and subsequent dramatic change of behavior of controlling shareholders, offer researchers a unique opportunity to study the behavior of controlling shareholders and its implication for corporate governance. Asset injection, by which controlling shareholders sell their high quality assets to the listed companies they controlled, became instantly popular after the reform. The purpose of this paper is to provide strong evidence that such asset injection improves both the Tobin's Q and the composite financial performance score of the injected firm.

Design/methodology/approach

Due to the availability of sample data, this paper focuses on two major types of assets injection: the listed companies purchase the large shareholders' physical assets or equity assets (their shares of other companies) in cash; and the listed companies purchase the large shareholders' physical assets or equity assets through private stock offering, often increasing the share proportion of large shareholders.

Findings

The research findings suggest that this full listing reform aligned the interest of controlling shareholders with the company and that controlling shareholders change their behavior from tunneling to propping.

Originality/value

The contributions of this paper are threefold: First, the paper provides strong evidence of large shareholders' propping behavior. Second, the authors use long‐term corporate financial performance measures to study the impact of asset injection. Third, the authors investigate what types of injections will have a bigger impact on financial performance of the injected firms.

Details

Journal of Chinese Entrepreneurship, vol. 4 no. 3
Type: Research Article
ISSN: 1756-1396

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Article
Publication date: 4 September 2009

Jianjun Yang and Zongming Fei

Wireless mesh networks (WMNs) have evolved quickly during the last several years. They are widely used in a lot of fields. Channel allocation provides basic means to guarantee…

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Abstract

Purpose

Wireless mesh networks (WMNs) have evolved quickly during the last several years. They are widely used in a lot of fields. Channel allocation provides basic means to guarantee mesh networks’ good performance such as efficient routing. The purpose of this paper is to study channel allocation in mesh networks.

Design/methodology/approach

First, the papers in channel allocation fields are surveyed, and then the limitations in existing methods noted. Graph theory is used to find a better model to represent the problem and algorithms are proposed based on this model. Simulation proved that algorithms are better than the previous conflict graph‐based approaches.

Findings

The paper analyzes the conflict graph‐based model and finds its limitations, then proposes a bipartite graph‐based model. Algorithms were devised based on this model. Simulation results illustrate that the algorithms can reduce the starvation ratio and improve the bandwidth utilization, compared with previous conflict graph‐based algorithms.

Research limitations/implications

The research of this paper is based on an ideal network environment without interference or noises. It will be better if the noises are considered in future work.

Practical implications

To study the routing strategies of WMNs, it is not sufficient to only consider path length as routing metric since the nodes are heterogeneous. The routing metrics should include the channel bandwidths which are the results of channel allocation.

Originality/value

This paper presents a new bipartite graph‐based model to represent the channel allocation problem in mesh networks. This model is more efficient and includes more information compared with conflict graph model, and it also proposes channel allocation algorithms based on bipartite graph‐based model. The algorithms can reduce starvation ratio and improve the bandwidth utilization.

Details

International Journal of Pervasive Computing and Communications, vol. 5 no. 3
Type: Research Article
ISSN: 1742-7371

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