On Structure,production,and market of bamboo-based panels in China

Since bamboo has the advantages of straight grain, beautiful color, high strength and toughness, and excellent abrasion resistance, bamboo-based panels have been widely used in the fields of vehicle, construction, ship building, furniture, and decoration to partly take the place of wood, steel, plastic etc in China. This paper briefly described the basic component units, including strip, sliver, and particle, of bamboo-based panel and pointed out that to design the structure of bamboo-based panels should follow the principle of symmetric structure, surface forming method, and structuring principle of equalizing stress. According to the processing methods and formation of component units, the authors classified the bamboo-based panels in China into 13 types and presented the manufacturing technique and uses of the bamboo products, such as plybamboo, bamboo flooring, and bamboo-wood composite products in detail. In the last part of the paper, much information were offered on the output, market, and selling prospect of each type of bamboo-based panels.

PRICING EUROPEAN OPTION IN A DOUBLE EXPONENTIAL JUMP-DIFFUSION MODEL WITH TWO MARKET STRUCTURE RISKS AND ITS COMPARISONS

Using Fourier inversion transform, P.D.E. and Feynman-Kac formula, the closedform solution for price on European call option is given in a double exponential jump-diffusion model with two different market structure risks that there exist CIR stochastic volatility of stock return and Vasicek or CIR stochastic interest rate in the market. In the end, the result of the model in the paper is compared with those in other models, including BS model with numerical experiment. These results show that the double exponential jump-diffusion model with CIR-market structure risks is suitable for modelling the real-market changes and very useful.

Study of the impacts of upstream natural gas market reform in China on infrastructure deployment and social welfare using an SVM-based rolling horizon stochastic game analysis

Natural gas is expected to play a much more important role in China in future decades, and market reform is crucial for its rapid market penetration. At present, the main gas fields, pipelines and liquefied natural gas(LNG) infrastructure are mainly monopolized by large state-owned companies, and one of the important market reform policies is to open up LNG import rights to smaller private companies and traders. Therefore, in the present study, a game theoretical model is proposed to analyze and compare the impacts of different market structures on infrastructure deployment and social welfare. Moreover, a support vector machine-based rolling horizon stochastic method is adopted in the model to simulate real LNG price fluctuations. Four market reform scenarios are proposed considering different policies such as business separation, third-party access(TPA) and their combinations. The results indicate that, with third-party access(TPA)entrance into the LNG market, the construction of LNG infrastructure will be promoted and more gas will be provided at lower prices, and thus the total social welfare will be improved greatly.

Copula-EVT Based Tail Dependence Structure of Financial Markets in China

Tail dependence structure model based on Copula theory and extreme value theory （EVT） is constructed to picture the tail correlation of financial time series more exact. The empirical research results show that the Gumbel Copula can fit the upper and lower tail dependence structures of Shanghai A share index and Shenzhen A share index, and correlation of upper tails of both indices is stronger than that of lower-tails.

The Role of Income Structure Improvement in Helping Broaden the Rural Consumer Market

Too large urban-rural gap and weak rural consumption is the most significant problem in rural areas,and also an insurmountable barrier to the process of China's economic development.At the same time,the modernization of agriculture is proposed as the major policy for China to actively solve issues concerning agriculture,countryside and farmers.Using panel data model and taking into account the regional characteristics and time effects of the sample data,we conduct analysis of the farmers'income structure in the five provinces and one city of East China at the upper reaches of economy,and estimate the effects of farmers'income on farmers'consumer spending,in order to find the main channel for improving farmers'consumption.This paper emphasizes the great significance of farmers'consumption improvement to China's economic restructuring and solving the future economic development in the context of current financial crisis.

Does Market Timing Affect Capital Structure？： Evidence for Chinese Firms

This paper investigates the market timing hypothesis of capital structure using a sample of 1,077 Chinese firms for the period 1992 to 2007. We find that market timing plays a significant role in capital structure decisions. However, market timing effects are not persistent and disappear within three years. The results suggest the prominent role played by the government in timing of security issues.

REGIONAL STRUCTURE OF CAPITAL MARKET OF FOREIGN DIRECT INVESTMENT IN CHINA’S MAINLAND

Since China's reform and open door, the countries and regions of direct investment in China's mainland have been increasing. In 1995, the amount of foreign direct investment (FDI) in China was US$ 37.81 billion that was from more than 170 countries and regions. The regional structure of capital market of FDI in China has three characteristics: (1) The most of FDI was from the near countries or regions, Hong Kong Macao, Taiwan, Japan, South Korea, Thailand and Malaysia provided 80.3% of the amount of FDI in 1995. (2) Only several countries and regions provided most of FDI in China. (3) According to the contributory rate, the main capital market of FDI in China could be divided into four classes, including the guiding market, subsidiary market, new and development market, opportunity market. Most of FDI in China was from the developing countries and regions, which had a negative effect on the size and technical level of foreign capital enterprises. The author puts forward the countermeasures to improve the regional structure of capital market: (1) to keep the guiding market stable, (2) to open up chiefly the subsidiary market, (3) to guide actively the new and developing market, (4) to try hard to start the opportunity market.

Influence of China's Grain Industrial Market Structure over Grain Pricing Power

From the point of view of industrial market structure,we analyze the influence of market structure on grain production,circulation,and processing,and on the grain pricing power of entities along China's grain industrial chain.Through analysis,it is indicated that different features of market structure play a significant role in pricing power of such microeconomic entities as farmers and grain enterprises in grain production and transaction.And the market structure determines welfare distribution model of consumers' surplus and producers' surplus at the market.

Forecasting World Market Structure of Iran＇s Pistachio Exports

Iran is the main pistachio producer and exporter country in the world. Pistachio as a commercial output has a special importance in the agricultural production of Iran and contains large portion of non-oil exportation. The main aim of this study has been to analysis the world market and Iran＇s pistachio exports market using Hirschman-Herfindahl index. For this purpose, Iran＇s exports data over 1992-2009 and world exports statistics in 1992-2007 have been used. The results showed that diversification in target markets of Iran＇s pistachio exports increased in this period. The market structure of pistachio exports for Iran has been predominant firm and monopoly in first and end of this period, respectively. While in world market, Iran has been predominant firm except 1997 and 2007 years. According to findings of this study, it is forecasted that the competition degree of Iran＇s pistachio exports market will increase during the period 2011 to 2015.

Research on the Impact of Market Competition, Ownership Structure, and Corporate Social Responsibility

This article takes companies listed from 2014 to 2016 as research objects,relies on principal–agent theory,stakeholder theories,and reputation theories,and examines the ownership structure,market competition,and corporate social responsibility(CSR)using a multiple regression approach based on a hybrid ownership perspective.At the same time,the relationship between market competition and equity structure was studied.Research shows that product competition degree and CSR are in an inverted“U”relationship;ownership concentration is positively related to CSR;equity balance and CSR are negative.When related to market competition variables,the mixed-owned companies listed degree of ownership concentration are still positively related to CSR,and the linear relationship of negative balance of ownership balance becomes an inverted“U”-shaped curve relationship.The market competition has improved the restraint of CSR by the degree of ownership balance.

A Critical Review of the Effects of Stock Returns and Market Timing on Capital Structure

Capital structure is regarded as the combination of debt and equity firms used to finance operations and investments.The choice of capital structure significantly impacts a company’s cost of capital,profitability,and risk profile.Among a series of factors that affect capital structure,this paper focuses on stock returns and market timing.In this review,an array of papers is analyzed to summarize what current research claims regarding the influence of stock returns and market timing on capital structure.This paper centers on the stock return and market timing theories and also discusses other theories like the trade-off theory,the pecking order theory,and the signaling theory.

Study on the Interior Market Network Structure and Its Efficiency in a Knowledge Based Company

A knowledge based company is the microcosmic foundation of the knowledge economy, the design of its organization structure should amplify the company competence to be agile to the knowledge elements. This paper expounds an interior market network structure which is fit for the company intellectual capital operation, and analyses this organization pattern about the reasons of existence, the effectiveness of growing up in scale, the economies of knowledge distribution and the efficiency of operation, and it will provide some beneficial theoretical guidance about how can a company improve its competition competence in the knowledge environment through organization innovation.

An Empirical Research on the Relationship of Market Structure,Efficiency and Performance of Chinese Traditional Patent Medicine Industry

Objective To explore the relationship of market structure,efficiency and performance of Chinese traditional patent medicine(CTPM)industry,and to provide suggestions for the government and related enterprises to take the corresponding strategies.Methods Econometric model were empirically analyzed about 44 ongoing sample enterprises from 2007 to 2017,based on market power hypothesis and efficiency structure hypothesis of the industrial organization theory.Results and Conclusion The CTPM industry and the unlisted enterprises only conform to the relative market power hypothesis,and there is a significant positive correlation between performance and market share.The listed enterprises do not conform to the market power hypothesis and efficiency structure hypothesis:There is no significant correlation between performance and efficiency,market structure.There is no significant correlation between market share and efficiencies,while the industrial concentration has a significant correlation with efficiencies.The CTPM industry is relatively immature,so it’s necessary for the government to establish the elimination mechanism of CTPM industry in line with market rules,to enhance the industrial concentration and resource utilization efficiency by encouraging enterprises to improve management and scale production level.The government should improve the innovation policy of CTPM industry to encourage the enterprises to pursue product innovation.The CTPM enterprises,especially the unlisted enterprises should increase the market shares and enterprise performance through production differentiation.

Market Structure and Competitive Strategy in Market Square

Market Square shopping center contains several restaurants and cafés providing a diverse range of Asian foods and delicacies and this area is known by locals and Griffith University students as a great location for‘eating out'.Then,what is the market structure in this shopping mall and what kind of competitive strategies should be used to maximize profits according to the characteristics in this shopping center?

Structure and Performance of the Retail Outlets of Honey in the Kingdom of Saudi Arabia

The study aimed at analyzing the most important factors affecting the retail marketing of honey in Saudi Arabia. Cross sectional survey was employed using field interview (direct contact) with a random sample of 343 retail outlets represented all its forms and patterns in seven major cities in Saudi Arabia. Measurements like market share, Gini coefficient and Herfindahl Hirschman Index (HHI) were used to estimate the indicators of market structure and its performance. The result showed that the structure of honey retail market is generally closer to pure competition with a small concentration in some areas. Gini coefficients of concentration, as well as the values of the Herfindahl Hirschman Index (HHI) were relatively low for retailers. The average marketing margin was about SAR 6.4/Kg for local honey while the marketing margin of imported honey was about SAR 113/Kg. The high profit margin variation between local and imported honey is due to the high marketing costs, lower supplied quantity and higher demand for local honey. The estimated cost of marketing of onekilogram of honey was about 8 SAR at the retail level. From retailers’ point of view, low quality, lack of marketing services, improper display, high rental property, lack of knowledge and experience of the consumer about properties and quality characteristics honey, high prices and shortage of some varieties of honey in some specific season are the most important problems of honey marketing in the Saudi market. Setting priorities between different brands of honey plays a noticeable role in marketing. Some honey producers and traders were very concerned about unfair competition of honey market through high promotion as a brand based on their long history in the production and supply of high-quality varieties of honey from specific and well-known varieties. Hence, intensive awareness creation effort through training, exhibition, media and advertisement are required to improve the perception of consumers towards the local honey.

Empirical Estimation of Term Structure of Interbank Rates in China

Nelson-Siegel model （ NS model） and 2 extended NS models were compared by using daily interbank government bond data Based on the grouping of bonds according to the residual term to maturity, the empirical research proceeded with in-sample and outof-sample tests. The results show that the 3 models are almost equivalent in estimating interbank term structure of interest rates. Within the term to maturities between 0 and 7 years, the gap of the absolute errors of the 3 models between in-sample and out-of-sample is smRller than 0.2 Yuan, and the absolute values of the in-sample and out-of-sample errors are smaller than 0. 1 Yuan, so the estimation is credible. Within the term to maturities between 7 and 20 years, the gap of the absolute errors of the 3 models between in-sample and out-of-sample is larger than 0.4 Yuan, and the absolute values of the in-sample and out-of-sample errors are larger than 1.0 Yuan, so the estimation is incredible.

Determinants of Capital Structure:Evidence from the UK

This study investigates the determinants of capital structure of UK firms by using the ordinary least squares(OLS)estimation with six independent variables including company size,profitability,tangibility,growth opportunities,tax,and volatility,as well as four industry classification dummy variables and with financial leverage as the dependent variable.The data set for the research includes all FTSE 100 companies in 2016.The findings reveal(i)a positive but insignificant relationship between company size and leverage;(ii)a negative but insignificant association between profitability and leverage;(iii)level of tangible assets and leverage are negatively related but such negative relationship is not significant;(iv)growth opportunities and leverage are negatively correlated and the negative relationship is highly statistically significant;(v)tax and leverage are positively related but the relationship is not statistically significant;and(vi)volatility and leverage are negatively related but the relationship is not statistically significant.The significant negative relationship between industry dummies and leverage is related to companies in the mining industry that did not use much debt to finance their business compared to those in other industries.Among five different capital structures,the pecking order theory indicates that companies prefer employing internal fund such as retained earnings or excess liquid assets to external finance investment opportunities,which seems to be suitable for UK companies.Static trade off theory which addresses the existence of optimal capital structures of firms affected by the trade-off between costs and benefits when using debt and equity is only applicable in particular cases in the UK.Dynamic trade off theory that argues that the appropriate financing choice typically relies on the financing margin that is estimated in the coming period,and market timing theory which demonstrates that stock price fluctuations in the market influence companies’capital structure,are not supported by the findings of this study.

Microfinance Structure of Thailand

This paper was devoted to analyzing the structure of microfinance in Thailand. The theory of industrial organization （IO） was applied as a guideline to measure the degree of monopoly power in microfinance structure. The objective-of the study was investigation on Thai microfinance institution marketing structure by using Concentration Ratio （CR） and Herfindahl Hirschman Index （HHI）. The data of the study focus on the outstanding loans market share of microfinance institutions （MFIs）. The market share of the outstanding loans of MFIs from the largest to the smallest is as follows： Bank for Agriculture and Agricultural Cooperatives （BAAC）, Village Fund Cooperatives, Government Saving Bank （GSB）, Pawnshop, Self Help group： Saving Group, Commercial Bank, Self Help Group： Sudja Group and Isalamic Bank （IB）, respectively. It stated that CR by outstanding loans is as follows： Cr 1, 59.35%; Cr 3, 81.11%; Cr 6, 92.14%; and Cr 9, 94.37%. At the same time HHI is 0.38. Additionally, BAAC remains the majority MFIs even though there are the other MFIs available in the microfinance system. The main role of providing the microfinance services mostly derived from BAAC.

How Horizontal Mergers Improve Industrial Structure？

By reviewing the research on the effect of corporate merger, we find that knowledge is still limited to the effect of corporate merger on industrial structure. In this article, firstly we study the effect of horizontal merger on market structure, then explore the effect of market performance on industrial structure. Finally we present a new model that can explain how horizontal merger improves the adjustment of industrial structure.

Research on the Shaping and Structuring of the Chinese Labor Market

The shaping of the Chinese labor market is the core of the structural transformation of the Chinese economy and society since 1978.Based on the labor market segmentation theory,this paper tries to analyze the transformational process of changing from the employment structure under the planned economy system to the labor market,the result of which shows that the Chinese labor market presents obvious structuralization(or segmentation),forming a three-part labor market—peasant-worker labor market,talent labor market and the labor market inside the state-owned enterprise,each owning a respective function.The development of the present Chinese labor market faces serious problems of employment and re-structuring.