PetroChina has recently separated the lubricants assets of the two oil refining enterprises at Liaohe Oil Field and Yumen Oil Field and transferred them to PetroChina Lubricating Oil Company. As a result,the lubricati...PetroChina has recently separated the lubricants assets of the two oil refining enterprises at Liaohe Oil Field and Yumen Oil Field and transferred them to PetroChina Lubricating Oil Company. As a result,the lubricating oil company has currently nine regional lubricants production plants nationwide with six regional sales centers and two research centers,forming a large-scale lubricants complex with integration of production, marketing and technical development.展开更多
With the rapid development of social economy,the sense of urgency among enterprises is increasing.The primary reason for this is the fierce competition among enterprises.As an important strategy for establishing a mod...With the rapid development of social economy,the sense of urgency among enterprises is increasing.The primary reason for this is the fierce competition among enterprises.As an important strategy for establishing a modern enterprise system,asset restructuring plays a pivotal role in improving the economic efficiency of enterprises,optimizing the allocation of social resources,and promoting both,social and economic development.Therefore,based on the existing problems of enterprise asset restructuring accounting,this paper discusses the causes of the accounting deficiencies in enterprise asset restructuring from various perspectives,including asset restructuring concept,financial authority and responsibility authority,as well as commercial credit,and subsequently proposes corresponding optimization strategies,which include strengthening asset valuation,enhancing information disclosure of connected transactions,improving relevant accounting standards,as well as strengthening information audit and improving related systems.展开更多
In combination with socio-economic development of China＇s current status, this article analyzes the characteristics of several typical financial behavior of loss listed companies in China. Among them, the debt financ...In combination with socio-economic development of China＇s current status, this article analyzes the characteristics of several typical financial behavior of loss listed companies in China. Among them, the debt financing behavior have a high level, a single means, a short-term structured and other characteristics, the corporate governance behavior have a goal of collaborative, several forms, and a complex environment, the earnings management behavior have diverse motives, many types of means, bigger range and other features, the asset restructuring behavior have a passive subject, methods of differentiation, performance-oriented features such as myopia.展开更多
By utilizing the mean adjusted return model of the event study, this paper examines the announcement-period abnormal returns of a sample of 44 divestitures of China＇s listing companies completed during 1998-2002. The...By utilizing the mean adjusted return model of the event study, this paper examines the announcement-period abnormal returns of a sample of 44 divestitures of China＇s listing companies completed during 1998-2002. The findings are that sample firms have positive cumulative average abnormal returns in the event windows of [-1, ＋1] and [0, ＋7], and that, as for any individual firm, almost half of the sample firms get positive cumulative abnormal returns in a narrow event window. Those results show that the corporate divestitures of China are able to increase shareholders＇ wealth in a short period around the announcement date.展开更多
文摘PetroChina has recently separated the lubricants assets of the two oil refining enterprises at Liaohe Oil Field and Yumen Oil Field and transferred them to PetroChina Lubricating Oil Company. As a result,the lubricating oil company has currently nine regional lubricants production plants nationwide with six regional sales centers and two research centers,forming a large-scale lubricants complex with integration of production, marketing and technical development.
文摘With the rapid development of social economy,the sense of urgency among enterprises is increasing.The primary reason for this is the fierce competition among enterprises.As an important strategy for establishing a modern enterprise system,asset restructuring plays a pivotal role in improving the economic efficiency of enterprises,optimizing the allocation of social resources,and promoting both,social and economic development.Therefore,based on the existing problems of enterprise asset restructuring accounting,this paper discusses the causes of the accounting deficiencies in enterprise asset restructuring from various perspectives,including asset restructuring concept,financial authority and responsibility authority,as well as commercial credit,and subsequently proposes corresponding optimization strategies,which include strengthening asset valuation,enhancing information disclosure of connected transactions,improving relevant accounting standards,as well as strengthening information audit and improving related systems.
基金The authors are grateful for financial support from the fund of the China National Social Science Fund Project （09CJY085）, China Postdoctoral Science Foundation （20100470109）, and the authors would like to thank to the funding by the Ministry of education of Humanities and social sciences research Youth Project （11YJC630243, 12YJC630010, and ＂Investors＇ expectancy, loss reversibility and the value of negative equity firms＂） Central University basic research funds （SWU1309116, SWU1309202）.
文摘In combination with socio-economic development of China＇s current status, this article analyzes the characteristics of several typical financial behavior of loss listed companies in China. Among them, the debt financing behavior have a high level, a single means, a short-term structured and other characteristics, the corporate governance behavior have a goal of collaborative, several forms, and a complex environment, the earnings management behavior have diverse motives, many types of means, bigger range and other features, the asset restructuring behavior have a passive subject, methods of differentiation, performance-oriented features such as myopia.
文摘By utilizing the mean adjusted return model of the event study, this paper examines the announcement-period abnormal returns of a sample of 44 divestitures of China＇s listing companies completed during 1998-2002. The findings are that sample firms have positive cumulative average abnormal returns in the event windows of [-1, ＋1] and [0, ＋7], and that, as for any individual firm, almost half of the sample firms get positive cumulative abnormal returns in a narrow event window. Those results show that the corporate divestitures of China are able to increase shareholders＇ wealth in a short period around the announcement date.
