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Purpose -- The purpose of this paper is to investigate the degree of corporate financial distress (DOFD) and relationship between ownership structure and the DOFD in China. Design/methodology/approach -- The authors estimate the DOFD across a sample of 378 Chinese-listed companies that got into financial distress between 2000 and 2008. The DOFD reflects long-term solvency capability, short-term liquidity capability, development capability, risk level, profitability capability, operating capacity, and cash flow capability. The authors analyze the relationship between ownership structure and the DOFD in these companies, using the panel data analysis method. Findings - The authors find that a concentrated ownership structure is negatively related to the DOFD. Further, the results indicate that a state-owned status helps firms in decreasing their DOFD and that the separation of cash-flow rights and control rights is positively related to the DOFD. The authors also found that the Chinese special treatment (ST) system needs further improvement. The reason is that ST firms can be classified into "value" ST firms and "garbage" ST firms. They have different DOFD and change trend, so they should not be treated equally. Originality/value - This paper find that Chinese ST system and previous research are not helpful for risk-seeking investor to distinguish and evaluate "value" ST firms and "garbage" ST firms. It is unfair to warn and punish this two kinds of firms equally, so ST system should be improved. The authors also suggest that risk-seeking investor can choose ST firms that have a concentrated ownership structure and are controlled by the state or local government. These findings are not observed in previous studies. [ABSTRACT FROM AUTHOR]

The author discusses the matter of urban sprawl across the world. Topics discussed include expansion of human population from urban to rural areas in the U.S., France and China, smart growth that deals with urban planning for promotion of pedestrian friendly communities, tax policies and payment of impact fees by developers as reasons for the sprawl and its impact in Las Vegas, Nevada.

The article examines the problems facing private enterprises in China and the impact of government policies on private business development. Particular attention is paid to the problem of fee extraction by local governments and how these fees differ from user-charges by functioning like quasi-taxes that tend to be negotiable. A major obstacle that arbitrary fee extraction poses for private sector development is a potential decreased incentive for investment. However, it is argued that the side effects of a lightly regulated fee system has been mitigated by the fostering of unique ties between local political leaders and entrepreneurs, especially businessmen with positions in formal political organizations.