Based on improved Cournot model and Stackelberg model,this paper analyzes the firstmover advantage of China Mobile which is in a dominant position;then,by using complete information dynamic game,this paper analyzes th...Based on improved Cournot model and Stackelberg model,this paper analyzes the firstmover advantage of China Mobile which is in a dominant position;then,by using complete information dynamic game,this paper analyzes the market shares of the oligarchic monopoly market of the mobile communications industry before the restructuring of the telecom industry and tests the analysis conclusion;at the same time,this paper analyzes the market shares in initial stage and mature stage of the mobile communications market after the restructuring.According to the analysis of this paper,China Mobile's market share will drop after the restructuring,the restructuring has a certain effect,but China Mobile is still in a leading position.Whether the duopoly market before the restructuring or the three oligopoly market after the restructuring,every mobile operator has a relatively fixed market share under stable condition.This shows that mobile operators in China should cooperate on the basis of competition when developing the domestic market,and explore the international market to achieve greater development.展开更多
ZTE Corporation, a leading global provider of telecommunications equipment and network solutions revealed on April 12, 2010 that Infonetics, a leading market research firm, has recently released a 2G/3G Mobile Infrast...ZTE Corporation, a leading global provider of telecommunications equipment and network solutions revealed on April 12, 2010 that Infonetics, a leading market research firm, has recently released a 2G/3G Mobile Infrastructure and Subscribers Report on the global wireless communication equipment market in 2009. According to the report, major changes have occurred in the shares of the global wireless communication market.展开更多
The employee shares of Guilin Jiqi became tradable in stock exchanges from June 2000. The firm coincidently made up her profit disclosed in the semi-annual report. After ruling out other explanations, we find that the...The employee shares of Guilin Jiqi became tradable in stock exchanges from June 2000. The firm coincidently made up her profit disclosed in the semi-annual report. After ruling out other explanations, we find that the fraud of Guilin Jiqi seems to be intended to help her employees (not including top managers) to reap profits at the expense of misled investors. Our findings offer a potential insight into relating employee shares to insider selling.展开更多
We study the sample of 311 non-outstanding shares transfers from 2003 to 2004. The object of this study is to determine the extent to which premium can be explained by financial factors of firms. The intrinsic value o...We study the sample of 311 non-outstanding shares transfers from 2003 to 2004. The object of this study is to determine the extent to which premium can be explained by financial factors of firms. The intrinsic value of transferred shares with control right is different from the others. We find that the larger percent of share transferred, the higher premium will be paid. Current liability ratio interpreting the premium of non-outstanding shares transfers is negative related to short term debt. Price ratio can determine the premium level when the ratio of transfer share under 30 percent展开更多
After analyzing 262 corporations when their inner employees' shares (IES) become tradable from 1999 to 2003, we find that under-line items and probability of issuing stock dividend are significantly higher for firm...After analyzing 262 corporations when their inner employees' shares (IES) become tradable from 1999 to 2003, we find that under-line items and probability of issuing stock dividend are significantly higher for firms with IES than firms without IES. In the two years before IES become tradable, corporations with IES tend to manipulate profit through under-line items and are more probable to issue stock dividend.展开更多
With the implementation of China’s reform and opening up policy and China’s successful accession to the World Trade Organization,more and more overseas financial institutions are participating in various Chinese ban...With the implementation of China’s reform and opening up policy and China’s successful accession to the World Trade Organization,more and more overseas financial institutions are participating in various Chinese banks,and the amount of investment is also expanding.Therefore,it is particularly important to study the impact of overseas financial institutions participating in the Chinese Banks on the operating efficiency of the China’s banking industry.Therefore,based on the previous literature research,this paper constructs six models to explore whether foreign financial institutions participate in shares and the impact of shareholding ratio on the operating efficiency of China’s banking industry.展开更多
Since the Third Plenary Session of the 18 th Central Committee of the Communist Party of China, the concept of the mixed ownership economy has received extensive attention from all sectors of society, which has effect...Since the Third Plenary Session of the 18 th Central Committee of the Communist Party of China, the concept of the mixed ownership economy has received extensive attention from all sectors of society, which has effect on a coming new round of reformation on enterprise property. However, in order to take control of the state-owned shares in the end making the state ownership economy become the principal position and to enlarge the scale of state-owned shares, which guides the common development with the non-public sectors of the economy, how to determine the proportion of state-owned shares? Under the background of the mixed ownership reformation, the article explains the mixed ownership by explaining how to enlarge the state-owned assets controlling scale and how to improve the stateowned company 'economic effi ciency and how to protect the interests of small shareholders. The final conclusion is that the SASAC should use the thinking of relative holdings, instead of the absolute control thinking, and should make use of the games among the large shareholders and the pyramidal ownership structure to make the pattern of ownership diversify.展开更多
Theory and practice of full social security funds have been more concerned about the Chinese enterprise reform in particular lack of social security funds are insufficient pension fund problem has been of great concer...Theory and practice of full social security funds have been more concerned about the Chinese enterprise reform in particular lack of social security funds are insufficient pension fund problem has been of great concern. But with the aging of the population has become increasingly prominent, personal accounts empty account, insufficient co-ordination of social security funds and other funds in the account more and more pronounced. By analyzing the necessity and rationality of state-owned shares transfer, we can see that the use of state-owned shares transfer is a good way to supplement pension fund.展开更多
With a view to standardizing the business operationsrelating to foreign investment of domestic and overseas secu-rities organizations and protecting the legitimate rights andinterests of investors,the China Security R...With a view to standardizing the business operationsrelating to foreign investment of domestic and overseas secu-rities organizations and protecting the legitimate rights andinterests of investors,the China Security Regulatory Commis-sion has promulgated the Provisional Regulations on theManagement of the Qualification of Domestic and OverseasSecurities Organizations to Engage in the Business Opera-tions concerning Shares Owned by Foreign Investors.TheseRegulations enter into force on December 1.1996.The wholetext is as follows:Chapter 1 General PrinciplesArticle 1 With a view to standardizing the businessoperations of domestic and overseas securities organizationswhich relate to shares owned by foreign investors and pro-展开更多
This paper studies the web third-person effect (WTPE) hypothesis in the context of news websites and social media. Specifically, the study examines the role of social media metrics (i.e., shares and likes of news a...This paper studies the web third-person effect (WTPE) hypothesis in the context of news websites and social media. Specifically, the study examines the role of social media metrics (i.e., shares and likes of news articles) in shaping users' opinion about the websites. Users' news sharing intention in social media is also investigated. Based on a structured online questionnaire (N = 7,404), the results confirm that WTPE can be found in social media metrics without the presence of specific message content. It should be noted that the effect was found at three perceptual levels, self, friends, and other users. Regarding intention for news sharing, text was indicated as the most important reason among Internet users. Finally, the work demonstrates significant correlations between WTPE and article characteristics that influence people's attitudes to share news online.展开更多
Food sharing is a prosocial behavior consisting of the unresisted transfer of monopolizable food from a possessor to another individual(Feistner and McGrew 1989;Stevens and Gilby 2004).Despite the cost for donors(i.e....Food sharing is a prosocial behavior consisting of the unresisted transfer of monopolizable food from a possessor to another individual(Feistner and McGrew 1989;Stevens and Gilby 2004).Despite the cost for donors(i.e.,loss of the food),intraspecifc food sharing occurs in various insects,fsh,birds,and aquatic,terrestrial,and arboreal mammals(Liévin‐Bazin et al.2019;Carter et al.2020).By far,most food sharing is intraspecifc,and takes place while possessors are in the process of eating.Here,we describe the remarkable case of a captive chimpanzee,Pan troglodytes,regularly dispensing food to another primate species(baboons,Papio hamadryas)in a neighboring enclosure.We discuss likely causes and functions of this interspecifc altruistic act.Observations were made in Xi’an Qinling Wildlife Park,Shaanxi Province,China(34°02ʹ56.22″N,108°51ʹ48.60″E),where two adult chimpanzees and a group of around 40-50 baboons lived in adjacent enclosures.The female chimpanzee(AiAi)was the elderly mother of the male(DuoDuo,or DD).At feeding times,AiAi usually ate near the door to the chimpanzees’indoor area,and she almost never interacted with the baboon group.The baboon group consisted of two one-male units.We recorded behaviors using focal-animal sampling(for information about subjects and methods,see Supplementary Materials).展开更多
China Ocean Shipping(Group)Co.(COSCO) employs an experimental strategy of making acquisitions through the purchase of B shares COSCO Pacific Ltd.and its affili- ated companies held 4.5 million shares of China Internat...China Ocean Shipping(Group)Co.(COSCO) employs an experimental strategy of making acquisitions through the purchase of B shares COSCO Pacific Ltd.and its affili- ated companies held 4.5 million shares of China International Marine Containers(Grouo)Co.Ltd.(CIMC) as of March 6. Four months ago,the board of direc- tors of COSCO Container Industries Ltd. (COSCO Container)decided to buy more B shares of CIMC through the securities mar- ket.COSCO Container is a shell company registered in the British Virgin Islands with展开更多
Volkswagen in China is confronted with a serious of tough problems: its OEM parts are being used by one of the subsidiaries of SAIC without permission; FAW announced suddenly a close cooperation plan with Toyota; VW’...Volkswagen in China is confronted with a serious of tough problems: its OEM parts are being used by one of the subsidiaries of SAIC without permission; FAW announced suddenly a close cooperation plan with Toyota; VW’s market share as a whole in China is declining; because Chinese partners insist on more local procurement, the production cost has all along been high; VW’s two partners in China have split the VW brands and done whatever展开更多
To investigate the effects of lift and propulsive force shares on flight performance,a compound helicopter model is derived.The model consists of a helicopter model,a wing model and a propeller model.At a low speed of...To investigate the effects of lift and propulsive force shares on flight performance,a compound helicopter model is derived.The model consists of a helicopter model,a wing model and a propeller model.At a low speed of 100 km/h,the Lift-to-Drag ratio(L/D)of the compound helicopter is improved when the wing provides 20.2%of the take-off weight.At high speeds,the L/D can be improved when the propeller provides the total propulsive force.Lowering the main rotor speed increases the wing lift share,however,the maximum L/D increases first and then decreases.The maximum L/D increases with decreasing the blade twist of the main rotor.Decreasing the blade twist from-16°to-8°increases the maximum L/D by 2.3%,and the wing lift share is increased from 65.0%to 74.7%.When the main rotor torque is balanced by the rudder,the maximum L/D is increased by 2.2%without changing the wing lift share.The wing should provide more lift as increasing the take-off weight,which reduces the induced power of the main rotor and increases the L/D.When increasing the take-off weight from 9500 kg to 11000 kg,the maximum L/D is increased by 6.5%,and the wing lift share is increased from 74.7%to 80.2%.展开更多
Empirical study of sectoral-level change in LIS in China reveals that change in industry structure is synchronous and positively correlated with LIS in different sectors of the economy, intensifying overall LIS fluctu...Empirical study of sectoral-level change in LIS in China reveals that change in industry structure is synchronous and positively correlated with LIS in different sectors of the economy, intensifying overall LIS fluctuations. Our analysis of LIS based on data from the major sectors of China's economy show that, relative to 1993, the increase in LIS in 1996 was largely due to the increased proportion of LIS in secondary industry. Relative to 1996, the fall in LIS in 2003 was closely related to the fall in the proportion of primary industry in the overall economy. The year 2004 was unusual in that it witnessed a dramatic fall in overall LIS level. The primary reason for the fall was a change in statistical definition that led to a significant reduction in LIS in the secondary and tertiary sectors. There were huge variations in LIS level among different regions. However, with the passage of time, the regional disparities are gradually being reduced. This is also closely connected to changes in industry structure and within-sector LIS fluctuations.展开更多
On January 12th,2007 CangzhouMingzhu Plastic Co.,Ltd.(CangzhouMingzhu)announces that it issues ini-tially up to 18 million local shares,ata pace of RMB10.16,with an approvalby China Securities RegulatoryCommission.Loc...On January 12th,2007 CangzhouMingzhu Plastic Co.,Ltd.(CangzhouMingzhu)announces that it issues ini-tially up to 18 million local shares,ata pace of RMB10.16,with an approvalby China Securities RegulatoryCommission.Located in Cangzhou,Bohai Eco-nomic Zone,Hebei province,展开更多
文摘Based on improved Cournot model and Stackelberg model,this paper analyzes the firstmover advantage of China Mobile which is in a dominant position;then,by using complete information dynamic game,this paper analyzes the market shares of the oligarchic monopoly market of the mobile communications industry before the restructuring of the telecom industry and tests the analysis conclusion;at the same time,this paper analyzes the market shares in initial stage and mature stage of the mobile communications market after the restructuring.According to the analysis of this paper,China Mobile's market share will drop after the restructuring,the restructuring has a certain effect,but China Mobile is still in a leading position.Whether the duopoly market before the restructuring or the three oligopoly market after the restructuring,every mobile operator has a relatively fixed market share under stable condition.This shows that mobile operators in China should cooperate on the basis of competition when developing the domestic market,and explore the international market to achieve greater development.
文摘ZTE Corporation, a leading global provider of telecommunications equipment and network solutions revealed on April 12, 2010 that Infonetics, a leading market research firm, has recently released a 2G/3G Mobile Infrastructure and Subscribers Report on the global wireless communication equipment market in 2009. According to the report, major changes have occurred in the shares of the global wireless communication market.
文摘The employee shares of Guilin Jiqi became tradable in stock exchanges from June 2000. The firm coincidently made up her profit disclosed in the semi-annual report. After ruling out other explanations, we find that the fraud of Guilin Jiqi seems to be intended to help her employees (not including top managers) to reap profits at the expense of misled investors. Our findings offer a potential insight into relating employee shares to insider selling.
文摘We study the sample of 311 non-outstanding shares transfers from 2003 to 2004. The object of this study is to determine the extent to which premium can be explained by financial factors of firms. The intrinsic value of transferred shares with control right is different from the others. We find that the larger percent of share transferred, the higher premium will be paid. Current liability ratio interpreting the premium of non-outstanding shares transfers is negative related to short term debt. Price ratio can determine the premium level when the ratio of transfer share under 30 percent
文摘After analyzing 262 corporations when their inner employees' shares (IES) become tradable from 1999 to 2003, we find that under-line items and probability of issuing stock dividend are significantly higher for firms with IES than firms without IES. In the two years before IES become tradable, corporations with IES tend to manipulate profit through under-line items and are more probable to issue stock dividend.
文摘With the implementation of China’s reform and opening up policy and China’s successful accession to the World Trade Organization,more and more overseas financial institutions are participating in various Chinese banks,and the amount of investment is also expanding.Therefore,it is particularly important to study the impact of overseas financial institutions participating in the Chinese Banks on the operating efficiency of the China’s banking industry.Therefore,based on the previous literature research,this paper constructs six models to explore whether foreign financial institutions participate in shares and the impact of shareholding ratio on the operating efficiency of China’s banking industry.
文摘Since the Third Plenary Session of the 18 th Central Committee of the Communist Party of China, the concept of the mixed ownership economy has received extensive attention from all sectors of society, which has effect on a coming new round of reformation on enterprise property. However, in order to take control of the state-owned shares in the end making the state ownership economy become the principal position and to enlarge the scale of state-owned shares, which guides the common development with the non-public sectors of the economy, how to determine the proportion of state-owned shares? Under the background of the mixed ownership reformation, the article explains the mixed ownership by explaining how to enlarge the state-owned assets controlling scale and how to improve the stateowned company 'economic effi ciency and how to protect the interests of small shareholders. The final conclusion is that the SASAC should use the thinking of relative holdings, instead of the absolute control thinking, and should make use of the games among the large shareholders and the pyramidal ownership structure to make the pattern of ownership diversify.
文摘Theory and practice of full social security funds have been more concerned about the Chinese enterprise reform in particular lack of social security funds are insufficient pension fund problem has been of great concern. But with the aging of the population has become increasingly prominent, personal accounts empty account, insufficient co-ordination of social security funds and other funds in the account more and more pronounced. By analyzing the necessity and rationality of state-owned shares transfer, we can see that the use of state-owned shares transfer is a good way to supplement pension fund.
文摘With a view to standardizing the business operationsrelating to foreign investment of domestic and overseas secu-rities organizations and protecting the legitimate rights andinterests of investors,the China Security Regulatory Commis-sion has promulgated the Provisional Regulations on theManagement of the Qualification of Domestic and OverseasSecurities Organizations to Engage in the Business Opera-tions concerning Shares Owned by Foreign Investors.TheseRegulations enter into force on December 1.1996.The wholetext is as follows:Chapter 1 General PrinciplesArticle 1 With a view to standardizing the businessoperations of domestic and overseas securities organizationswhich relate to shares owned by foreign investors and pro-
文摘This paper studies the web third-person effect (WTPE) hypothesis in the context of news websites and social media. Specifically, the study examines the role of social media metrics (i.e., shares and likes of news articles) in shaping users' opinion about the websites. Users' news sharing intention in social media is also investigated. Based on a structured online questionnaire (N = 7,404), the results confirm that WTPE can be found in social media metrics without the presence of specific message content. It should be noted that the effect was found at three perceptual levels, self, friends, and other users. Regarding intention for news sharing, text was indicated as the most important reason among Internet users. Finally, the work demonstrates significant correlations between WTPE and article characteristics that influence people's attitudes to share news online.
基金supported by the Strategic Priority Research Program of the Chinese Academy of Sciences(XDB31020302)the Natural Science Foundation of China(32271564,31730104)“Western Young Scholars”Project of the Chinese Academy of Sciences(XAB2020YW02).
文摘Food sharing is a prosocial behavior consisting of the unresisted transfer of monopolizable food from a possessor to another individual(Feistner and McGrew 1989;Stevens and Gilby 2004).Despite the cost for donors(i.e.,loss of the food),intraspecifc food sharing occurs in various insects,fsh,birds,and aquatic,terrestrial,and arboreal mammals(Liévin‐Bazin et al.2019;Carter et al.2020).By far,most food sharing is intraspecifc,and takes place while possessors are in the process of eating.Here,we describe the remarkable case of a captive chimpanzee,Pan troglodytes,regularly dispensing food to another primate species(baboons,Papio hamadryas)in a neighboring enclosure.We discuss likely causes and functions of this interspecifc altruistic act.Observations were made in Xi’an Qinling Wildlife Park,Shaanxi Province,China(34°02ʹ56.22″N,108°51ʹ48.60″E),where two adult chimpanzees and a group of around 40-50 baboons lived in adjacent enclosures.The female chimpanzee(AiAi)was the elderly mother of the male(DuoDuo,or DD).At feeding times,AiAi usually ate near the door to the chimpanzees’indoor area,and she almost never interacted with the baboon group.The baboon group consisted of two one-male units.We recorded behaviors using focal-animal sampling(for information about subjects and methods,see Supplementary Materials).
文摘China Ocean Shipping(Group)Co.(COSCO) employs an experimental strategy of making acquisitions through the purchase of B shares COSCO Pacific Ltd.and its affili- ated companies held 4.5 million shares of China International Marine Containers(Grouo)Co.Ltd.(CIMC) as of March 6. Four months ago,the board of direc- tors of COSCO Container Industries Ltd. (COSCO Container)decided to buy more B shares of CIMC through the securities mar- ket.COSCO Container is a shell company registered in the British Virgin Islands with
文摘Volkswagen in China is confronted with a serious of tough problems: its OEM parts are being used by one of the subsidiaries of SAIC without permission; FAW announced suddenly a close cooperation plan with Toyota; VW’s market share as a whole in China is declining; because Chinese partners insist on more local procurement, the production cost has all along been high; VW’s two partners in China have split the VW brands and done whatever
基金supported by the National Natural Science Foundation of China(No.11972181)the Six Talent Peaks Project in Jiangsu Province,China(No.GDZB-013)a project funded by the Priority Academic Program Development of Jiangsu Larger Educational Institution of China.
文摘To investigate the effects of lift and propulsive force shares on flight performance,a compound helicopter model is derived.The model consists of a helicopter model,a wing model and a propeller model.At a low speed of 100 km/h,the Lift-to-Drag ratio(L/D)of the compound helicopter is improved when the wing provides 20.2%of the take-off weight.At high speeds,the L/D can be improved when the propeller provides the total propulsive force.Lowering the main rotor speed increases the wing lift share,however,the maximum L/D increases first and then decreases.The maximum L/D increases with decreasing the blade twist of the main rotor.Decreasing the blade twist from-16°to-8°increases the maximum L/D by 2.3%,and the wing lift share is increased from 65.0%to 74.7%.When the main rotor torque is balanced by the rudder,the maximum L/D is increased by 2.2%without changing the wing lift share.The wing should provide more lift as increasing the take-off weight,which reduces the induced power of the main rotor and increases the L/D.When increasing the take-off weight from 9500 kg to 11000 kg,the maximum L/D is increased by 6.5%,and the wing lift share is increased from 74.7%to 80.2%.
基金The authors express their appreciation for the funding support provided by the National Natural Science Foundation program, "Research on the Improvement of Chinese Employees' Wage and SaIary Formation Mechanisms" (project number: 70873022), the Key Project of the Shanghai Scientific and Technological Innovation Committee (project number: 09ZS 11), the Young Scholars Program in Social Science Research of the Ministry of Education (project number: 06JC790012), and the Shanghai Key Project Research Program (project number: B101). The original draft was presented at the 188th lecture in the Modern Economics Series hosted by the Research Center for the Chinese Socialist Market Economy at Fudan University. We hereby extend our sincere thanks to all the participants and our anonymous reviewers for their constructive comments. Needless to say, we are responsible for any errors or omissions in this study.
文摘Empirical study of sectoral-level change in LIS in China reveals that change in industry structure is synchronous and positively correlated with LIS in different sectors of the economy, intensifying overall LIS fluctuations. Our analysis of LIS based on data from the major sectors of China's economy show that, relative to 1993, the increase in LIS in 1996 was largely due to the increased proportion of LIS in secondary industry. Relative to 1996, the fall in LIS in 2003 was closely related to the fall in the proportion of primary industry in the overall economy. The year 2004 was unusual in that it witnessed a dramatic fall in overall LIS level. The primary reason for the fall was a change in statistical definition that led to a significant reduction in LIS in the secondary and tertiary sectors. There were huge variations in LIS level among different regions. However, with the passage of time, the regional disparities are gradually being reduced. This is also closely connected to changes in industry structure and within-sector LIS fluctuations.
文摘On January 12th,2007 CangzhouMingzhu Plastic Co.,Ltd.(CangzhouMingzhu)announces that it issues ini-tially up to 18 million local shares,ata pace of RMB10.16,with an approvalby China Securities RegulatoryCommission.Located in Cangzhou,Bohai Eco-nomic Zone,Hebei province,