Enterprise Value Valuation-BYD as an Example Based on SWOT Model and Multiple Regression Model

BYD is one of the largest new energy vehicle companies in China.Analyzing its scenario and the factors that affect its value helps to understand and identify development opportunities and potential problems.On one hand,this paper makes a qualitative analysis of BYD,using SWOT model to study the internal capability and external environment of BYD.On the other hand,the multiple regression model is used for quantitative analysis of BYD’s enterprise value,and the model is established based on three factors:enterprise fundamentals,investor behavior and psychology,and macroeconomic policy uncertainty,and the stepwise regression is carried out.The results show that the increase of institutional investors’shareholding ratio,the increase of investor sentiment index,and the increase of M2 growth rate will increase the overall enterprise value,while the increase of economic policy uncertainty will decrease the enterprise value.

Profit Allocation Scheme among Partners in Virtual Enterprises Based on Fuzzy Shapley Values

Fuzzy Shapley values are developed based on classical Shapley values and used to allocate profit among partners in virtual enterprises （VE）. Axioms of the classical Shapley value are extended to Shapley values with fuzzy payoffs by using fuzzy sets theory. Fuzzy Shapley function is defined based on these extended axioms. From the viewpoint the allocation for each partner should be a crisp value rather a fuzzy membership function at the end of cooperation, a crisp allocation scheme based on fuzzy Shapley values is proposed.

Strategic Deviance,Customer Concentration and Enterprise Value——A Case Study of Agricultural Listed Enterprises

From the perspective of strategy,this paper uses A-share agricultural listed companies( 2011-2016) as samples to study the impact of strategic deviance on enterprise value,to explore whether customer concentration plays a mediating effect. The results show that customer concentration plays a mediating effect in the relationship between strategic deviance and enterprise value. The strategic deviance is positively correlated with customer concentration and negatively correlated with enterprise value. The management of agricultural enterprises must pay attention to the customer relationship problems caused by strategic deviance,reduce the risk of enterprises,and gradually enhance the value of enterprises.

Jiangsu's Top Enterprises with Import and Export Value of More Than US$ 200 Million in 1995

Name of the Enterprise1. Jiangsu Overseas Enterprises (Group) Co. Ltd2. Yizheng Chemical Fibers Co. Ltd3. Jiangsu Silk Products Imp. & Exp. (Group) Co. Ltd4. Jiangsu Garments Imp. & Exp. (Group) Co. Ltd5. Zhangjiagang Foreign Trading Company6. Jiangsu Textiles Imp. & Exp. (Group) Co.

Evaluation System for High-tech Enterprises'Value Based on Empirical Analysis in China

High-tech industry has become the strategic and leading industry of the national economic and social development, and it is also the main driving force for economic growth and social progress in China. It is necessary to redefine the composition of high-tech enterprises'value and thus find the ways to maximize their value. This paper attempted to address the following set of questions: 1. What are the value drivers and how do they affect high-tech enterprises'value? 2. How to establish the value appraisal measure system of high-tech enterprise?

Internal and External Circulation to Build A Global Value Chain Led by Chinese Enterprises

As we all know,one of the basic achievements of the last round of economic global ization is the formation of a global value chain,which has become the basic feature of the world economy.In the 1980s,economists found that the way for an enterprise to enter the international market can be based on its own comparative advantages,that is,the heterogeneity of enterprises,wherein enterprises can either choose export trade to realize“selling in the place of origin”or realize“selling in real estate”through foreign direct investment,thus subverting the conclusion of traditional economics that trade and foreign direct investment are mutually exclusive.

Type of Garment Value Chain Governance and Capacity of China Textile & Garment Enterprises

The textile and garment value chain is typical buyer-driven and captive governance. Based on the results of 153 questionnaires survey of textile and garment companies around China in 2008 as well as case studies, the roles of China textile and garment enterprises in value chain were showed in this paper. The survey covers several different sectors, in which companies have different decision power, strategies and performance, to f＇md how to take advantage of companies strengths, and gain long-term benefit enhancing its competence in global production network.

基于Valued ERGMs模型的核心技术网络成长机制研究——以量子计算领域为例

对核心技术网络及其成长机制的研究有助于梳理核心技术之间的依赖和促进关系,为研究核心技术演化提供新的理论视角和方法。以技术演化相关理论为基础,归纳核心技术网络成长的影响因素,基于量子计算领域专利数据,识别以技术概念和技术关系为基础的量子计算领域核心技术网络,并基于Valued ERGMs模型构建核心技术网络成长机制模型。结果表明,技术要素中心性、专利技术研发能力、与TRIZ进化法则匹配程度以及技术要素同配性对核心技术网络成长具有正向促进作用;在技术路径方面,核心技术网络成长受到技术要素路径依赖性和技术突破的双重影响。最后,根据量子计算领域核心技术网络成长机制的实证研究结果,从技术研发层面、企业层面、政府层面为相关领域技术发展提出策略建议。

The value-added of industrial enterprises above designated size increases by 3.9%in April 2020

In April,the actual value added of the industrial enterprises above designated size increased by 3.9%yearon-year(the growth rate of the following value added is the actual growth rate after deducting price factors),and it decreased by 1.1%last month.

Developing Statistical Modellings to Investigate the Internal Drivers for the Trend of Output Values in the Manufacturing Industry:Evidence from Chinese Enterprises

The manufacturing industry is an important pillar of the national economy.It is of vital importance to develop statistical modellings in order to quantify the relationship between potential internal drivers and the trend of output values in the manufacturing industry.However,only a few statistical modellings have been established to investigate such associations.This study developed the correlation coefficient model and generalized linear model(GLM)to measure the single and interactive effects of the internal drivers on the changes of the output values.For the GLM,different predictive variables were developed to fit into the dataset,and the performance of the models were compared using fitness parameters.Furthermore,an industry survey dataset for 1,180 manufacturing enterprises in 2020 was used to validate the models.The use of the GLM combining land area,number of employees,scientific research input,and labor productivity may have a great potential to bolster capacity in monitoring and predicting the trend of output values in the manufacture industry.

Audit Opinion: Model Value of the Firm State-Owned Business Enterprises Indonesia

This study aimed to assess and analyzed the influence of micro and macro fundamental, ownership structure, financial performance, and auditor’s opinion on the value of the company in State Owned Enterprises considering that 51% of shareholding is fully owned and controlled by the government so management has some rights in decision making. The interest of researchers in observing State Owned Enterprises on interest ownership interest in investors and potential investors compared to private companies that fluctuate in accordance with state economic conditions and government decisions that provide sentiment for stocks. Research population at 20 State Owned Enterprises listed on Indonesia Stock Exchange. This research method used purposive sampling with 12 companies in 2010-2015. Data analysis techniques in this study used Partial Least Square consists of Inner model, Outers model, and Weight relation. The result of analysis of hypothesis test of research showing all test accepted with significant level 5% influence equal to 1.960 except macro fund influence 0.0031421 and not significant equal to 1.914374 so rejected (H5) and macro fundamentals have effect 0.040271 and not significant equal 1.674420 thus rejected (H7).

Study on the Cooperative E-commerce Model between Enterprises based on the Value Chain

The real e-commerce between enterprises is based on the internal departments of enterprises and the cooperative interaction between enterprise and its partners. In this paper, on the basis of the theory of value chain, 11 cooperative e-commerce models between enterprises have been classified according to the activities of the cooperation between enterprises, and then every cooperative e-commerce model between enterprises is discussed. In practice, cooperative e-commerce between enterprises can be a combination of one or more e-commerce models between enterprises.

弹性退休制度下谁更愿意延迟退休?——基于Option Value模型的微观模拟

人口老龄化背景下延迟退休年龄、建立弹性退休制度是大势所趋。养老金激励是弹性退休制度的重要内容。建立期权价值模型和养老金给付及奖惩因子模型,基于中国家庭收入调查项目(CHIP2018)的数据,对不同特征人群的养老金峰值、期权价值、内部报酬率进行模拟。研究发现:养老金总财富随退休年龄“先增后减”,男性的峰值年龄早于女性;引入养老金“奖惩”机制有助于提高最优退休年龄,激励劳动者延迟退休;考虑闲暇偏好的异质性,男性参保者更倾向于早退休,而女性参保者特别是女性较高收入群体更愿意延迟退休;厌恶风险的参保者更有可能选择早退休。建议尽早建立弹性退休年龄政策体系,增加劳动者的选择权和制度灵活性;引入精算调节因子构建养老金奖惩机制,完善养老保险待遇计发办法。

Business Model Innovation of Small and Medium-sized Enterprises on the Basis of Value Creation Logic of Balanced Score Card

Small and medium-sized enterprises have developed rapidly under the guidance and support of the national industrial policy.Because of the influence of the post financial crisis,the rate of the global economy development decreased and the market competition increased,the profit of small and medium-sized enterprises is on the decline or even in a loss.The paper,based on the value creation logic of Balanced Score Card,put forward that we should,with the Differentiation Strategy as the basis,using Strategy Map and Cascade Strategy,integrate the key internal procedures to increase the strategic preparation of intangible assets to guide the business model innovation of small and medium-sized enterprises and promote the rapid development of small and medium-sized enterprises.

Value,Characteristics and Innovation Direction of Poverty Alleviation by Enterprises in the Era of Mass Entrepreneurship and Innovation

It is a new field to arouse the motive force of poverty alleviation and improve the poverty alleviation performance research by actively mobilizing enterprises to participate in poverty alleviation and development. In the context of mass entrepreneurship and innovation,the innovation research has already formed the perfect union with the theories related to management science and the economics,but its combination with the sociology,especially with the enterprise-led poverty alleviation research is also very scarce. Under the premise of affirming the mode of enterprise participation in poverty alleviation,this paper explores and analyzes the practical value of this model in three aspects: innovating poverty alleviation model,enhancing the poor people's self-restoration ability,weakening the dual structure of urban and rural areas. This paper clarifies the internal relations among the subjects under the model. This paper also puts forward the innovation direction of poverty alleviation by enterprises in the future in big data focusing,innovative thinking embedding,model innovation,information feedback of the main body,which provides a theoretical basis and direction guidance for the follow-up related research.

Evaluation of the value of combined detection of tumor markers CA724,carcinoembryonic antigen,CA242,and CA19-9 in gastric cancer

BACKGROUND Gastric cancer is a global health concern that poses a significant threat to human well-being.AIM To detecting serum changes in carcinoembryonic antigen(CEA),carbohydrate antigens(CA)724,CA242,and CA19-9 expression among patients with gastric cancer.METHODS Eighty patients diagnosed with gastric cancer between January 2020 and January 2023 were included in the observation group,while 80 patients with benign gastric diseases were included in the control group.Both groups were tested for tumor markers(CA724,CEA,CA242,and CA19-9].Tumor marker indicators(CA724,CEA,CA242,and CA19-9)were compared between the two groups,assessing positive rates of tumor markers across various stages in the observation group.Additionally,single and combined detection of various tumor markers were examined.RESULTS The sensitivity,specificity,accuracy,positive predictive value,and negative predictive value observed for the combined detection of CA724,CEA,CA242,and CA19-9 were higher than those of CA724,CEA,CA242,and CA19-9 individually.Therefore,the combined detection of CA724,CEA,CA242,and CA19-9 has a high diagnostic accuracy and could reduce the occurrence of missed or misdiagnosed cases,facilitating the early diagnosis and treatment of patients.CONCLUSION CA724,CEA,CA242,and CA19-9 serum levels in gastric cancer patients significantly surpassed those in non-gastric cancer patients(P<0.05).Their combined detection can improve the diagnostic accuracy for gastric cancer,warranting clinical promotion.

Improving the nutritional values of yellow mealworm Tenebrio molitor(Coleoptera: Tenebrionidae) larvae as an animal feed ingredient: a review

Yellow mealworm larvae(YML;Tenebrio molitor) are considered as a valuable insect species for animal feed due to their high nutritional values and ability to grow under different substrates and rearing conditions. Advances in the understanding of entomophagy and animal nutrition over the past decades have propelled research areas toward testing multiple aspects of YML to exploit them better as animal feed sources. This review aims to summarize various approaches that could be exploited to maximize the nutritional values of YML as an animal feed ingredient. In addition, YML has the potential to be used as an antimicrobial or bioactive agent to improve animal health and immune function in production animals. The dynamics of the nutritional profile of YML can be influenced by multiple factors and should be taken into account when attempting to optimize the nutrient contents of YML as an animal feed ingredient. Specifically, the use of novel land-based and aquatic feeding resources, probiotics, and the exploitation of larval gut microbiomes as novel strategies can assist to maximize the nutritional potential of YML. Selection of relevant feed supplies, optimization of ambient conditions, the introduction of novel genetic selection procedures, and implementation of effective post-harvest processing may be required in the future to commercialize mealworm production. Furthermore, the use of appropriate agricultural practices and technological improvements within the mealworm production sector should be aimed at achieving both economic and environmental sustainability. The issues highlighted in this review could pave the way for future approaches to improve the nutritional value of YML.

‘Partly'globalized networks and driving mechanism in resource-based state-owned enterprises:A case study of J Group

In the context of economic globalization,while multinational enterprises from developed countries occupy a high-end position in the global value chain,enterprises from developing countries are often marginalized in the world market.In China,resource-based state-owned enterprises(SOEs)are tasked with the mission of safeguarding resource security,and their internationalization development ideas and strategic deployment are significantly and fundamentally different from those of other non-state-owned enterprises and large multinational corporations.This study provides ideas for the globalization policies of enterprises in developing countries.We consider J Group in western China as a case and discuss its productive investment and global production network development from 2010 to 2019.We found that J Group was‘Partly'globalized,and there are multiple core nodes with the characteristics of centralized and decentralized coexistence in the production network;in addition,the overall layout centre shifted to Southeast Asia and China;however,its global production was restricted by the enterprise's investment security considerations,support and restrictions of the home country,political security risk of the host country,and sanctions from the West.These findings provide insights for future research:under the wave of anti-globalization and'internal circulation as the main body',resource SOEs should consider the potential risk of investment,especially keeping the middle and downstream industrial chain in China as much as possible.

Diagnostic value of serum vascular endothelial growth factor and interleukin-17 in primary hepatocellular carcinoma

BACKGROUND Despite significant advancements in the medical treatment of primary hepato-cellular carcinoma(PHC)in recent years,enhancing therapeutic effects and im-proving prognosis remain substantial challenges worldwide.AIM To investigate the expression levels of serum vascular endothelial growth factor(VEGF)and interleukin(IL)-17 in patients with PHC and evaluate their diagnostic value while exploring their relationship with patients’clinical characteristics.METHODS The study included 50 patients with confirmed PHC who visited Wuhan Han-yang Hospital from January 2021 to January 2022,and 50 healthy individuals from the same period served as the control group.Serum VEGF and IL-17 levels in both groups were measured by Enzyme-Linked Immunosorbent Assay,and their diagnostic value was assessed using receiver operating characteristic(ROC)curves.Pearson correlation analysis was performed to examine the relationship between serum VEGF and IL-17 levels.Pathological data of the PHC patients were analyzed to determine the relationship between serum VEGF and IL-17 levels and pathological characteristics.RESULTS Serum VEGF and IL-17 levels were significantly higher in the study group com-pared to the control group(P<0.05).No significant association was observed between serum VEGF and IL-17 levels and gender,age,combined cirrhosis,tumor diameter,or degree of differentiation(P>0.05).However,there was a significant relationship between clinical TNM stage,tumor metastasis,and serum VEGF and IL-17 levels(P<0.05).Correlation analysis revealed a positive correlation between serum VEGF and IL-17(P<0.05).ROC analysis demonstrated that both serum VEGF and IL-17 had good diagnostic efficacy for PHC.CONCLUSION Serum VEGF and IL-17 levels were significantly higher in PHC patients compared to healthy individuals.Their levels were closely related to pathological features such as tumor metastasis and clinical TNM stage,and there was a significant positive correlation between VEGF and IL-17.These biomarkers may serve as valuable reference in-dicators for the early diagnosis and treatment guidance of PHC.

Comprehensive Evaluation of Flower Border Application Value of New and Superior Plants in Hefei Area

An analytic hierarchy process(AHP)was employed to assess the applicability of 18 new and superior varieties of flowers in Hefei City flower border applications.A total of 12 indicators were selected from three distinct aspects of adaptability,ornamental characteristics and use traits,in order to establish a comprehensive evaluation model.The results demonstrate that grade I(J≥2.685)exhibits excellent application value,encompassing six species of plants,such asHydrangeamacrophylla‘Endless Summer’;grade II(2.684≤J≤2.420)is also of notable application value,encompassing five species of plants,such asCallistemonrigidus;grade III(2.419≤J≤2.615)is of average application value,including five species of plants,such asCrocosmiacrocosmiflora;grade IV(J≤2.16)is of relatively poor application value.The evaluation results may be utilized as a theoretical reference for the promotion of new and superior varieties in the flower border of Hefei.