Evolution and Governance of the Structure of Marine Economic Networks in China’s Coastal Areas: Based on Sea-related A-share Listed Companies

Data on discrete,isolated attributes of the marine economy are often used in traditional marine economic research.However,as the focus of urban research shifts from internal static attributes to external dynamic linkages,the importance of marine economic net-work research is beginning to emerge.The construction of the marine economic network in China’s coastal areas is necessary to change the flow of land and sea resources and optimize regional marine economic development.Employing data from headquarters and branches of sea-related A-share listed enterprises to construct the marine economic network in China,we use social network analysis(SNA)to discuss the characteristics of its evolution as of 2010,2015,and 2020 and its governance.The following results were obtained.1)In terms of topological characteristics,the scale of the marine economic network in China’s coastal areas has accelerated and expan-ded,and the connections have become increasingly close;thus,this development has complex network characteristics.2)In terms of spatial structure,the intensity of the connection fluctuates and does not form stable development support;the group structure gradually becomes clear,but the overall pattern is fragmented;there are spatial differences in marine economic agglomeration radiation;the radi-ation effect of the eastern marine economic circle is obvious;and the polarization effect of northern and southern marine economic circles is significant.On this basis,we construct a framework for the governance of a marine economic network with the market,the government,and industry as the three governing bodies.By clarifying the driving factors and building objectives of marine economic network construction,this study aims to foster the high-quality development of China’s marine economy.

Operation Efficiency and Influencing Factors of Listed Companies of Swine Industry:Empirical Analysis Based on Data of 16 Listed Companies in 2010-2014

Listed companies of the swine industry,as an important form of agricultural industrialized operation,are typical representatives of large-scale production and the level of their operation efficiency exerts a direct influence on the healthy development of the swine industry.Using the DEA-based Malmquist method,this paper made a static and dynamic evaluation of the operation efficiency of 16 listed companies in China's swine industry in 2010-2014. It obtained following results:( i) The overall efficiency of listed companies of China's swine industry remained at high level and the development trend was excellent.( ii) Different types of enterprises had difference in the overall efficiency,pure technical efficiency and scale efficiency. In general,pig feed processing companies had the best performance,followed by slaughtering and deep processing companies,and swine breeding companies were the worst.( iii) The total factor productivity characterized by the Malmquist index declined year by year in 2010-2013 and was improved in 2014,mainly due to technological progress.( iv) The total asset turnover ratio,equity concentration,and R & D management level had a significantly positive impact on the operation efficiency of listed companies in the swine industry,while the human capital had a significantly negative impact.

Investment Risks of Agricultural Listed Companies from Visual Angle of Natural Disasters

The essential feature of agriculture is the interweave- ment of natural reproduction and economic reproduction.In recent years,the natural disasters have become more frequent and badly affect the production management and investment benefits.This problem has been an important risk in managing agricultural listed companies and cannot be ignored.It is of great importance to evaluate and prevent the risks of the natural disasters to enhance the competitive ability and increase the profits of those listed companies,thereby keeping the sustainable development of agri- cultural companies.

Study on Influencing Factors of Capital Structure of Energy Listed Companies

Based on the determinative factors school of capital structure theory, this paper uses the data of 35 Chinese energy listed companies from 2000 to 2003, and adopts multi-variable regression method to make an empirical study of the influencing factors of their capital structure. The results indicate that the factors of size, income volatility, and the concentration of owner’s equity have positive relation with the capital structure, while the relation between profit- ability and capital structure is negative. It is also found that the influencing of growth and secured asset on the capital structure are relatively insignificant.

Analysis on the Sustainable Development Capability of New Energy Listed Companies in China

From the aspects of profitability, debt paying ability, operational capacity, cash flow capacity, and innovation capacity, the sustainable development evaluation system of new energy listed companies in China was established, and then an empirical analysis was conducted. Finally, some policy suggestions were put forward. The empirical analysis shows that there are many problems in the sustainable development of new ener- gy listed companies in China.

Coal price fluctuations and the impact on financial risk Evidence from China＇s coal listed companies

With the rise of coal price, the proportion of loss-making enterprises shows an upward trend in China＇s coal industry. This paper uses Altman Z-Score model to measure financial risk of 19 listed companies in the coal industry in A-share market from 1995 to 2007. Empirical results show that Year-Based price index of coal price has a negative correlation with the financial risk but has no significance, and coal chain price has a significant negative correlation with the financial risk. Further research indicates that enterprises increase bad investment, and a lot of debts caused by short-term rise in coal prices. The results also show that the financial risk in the coal industry declines with the rise of GDP growth rate and increases with the rise of inflation rate.

The Relationship between Government Subsidies and Research & Development Investment of Chinese Agricultural Listed Companies

Based on the background of China's emerging and transitional market,government subsidies to enterprises are regarded as a " helping hand" of promoting economic structural adjustment. In this paper,using China's A-share agricultural listed companies from 2010 to 2015 as research samples,we discuss the influence of government subsidies on research and development( hereinafter referred to as R & D) investment,and the difference in the relationships between the two from the perspective of different nature of property rights. The results show that,on the whole,the increase in government subsidies does not promote the intensity of R & D investment of agricultural listed companies. And after distinguishing the nature of property rights,the results show that state-owned enterprises can get more government subsidies than private enterprises,and the increase in government subsidies boosts the increase in R & D investment in private enterprises,but there is a negative correlation between government subsidies and R & D investment of state-owned enterprises. This conclusion can broaden the research perspective of the influence factors of corporate R & D investment,and it is of practical significance to further clarify the role of government subsidies in R & D investment decisions of enterprises with different nature of property rights.

Study of Efficiency of Agricultural Listed Companies Based on DEA Model

As leading enterprises supporting the agricultural development,agricultural listed companies play a great role,thus the study on their operating efficiency will have a strong demonstration effect. Using the data envelopment analysis( DEA) model,the operating efficiency of 20 agricultural listed companies was compared and analyzed. The results indicated that the overall efficiency of the agricultural listed companies is low. In agricultural listed companies with low or moderate overall efficiency,some agricultural companies are affected by the pure technical efficiency or scale efficiency,while other companies are affected by both factors,and accompanied with the increasing or decreasing efficiency along with the scale. Through in-depth analysis,it concluded that nine companies affected by pure technical efficiency have different degree of input redundancy or output deficiency. On this basis,it came up with pertinent recommendations for improvement.

Annual risk reporting of listed companies in Malaysia

This study examines risk reporting in annual reports of Malaysian listed companies. The mandatory and voluntary disclosures of risk information are analyzed and the authors examine whether a relationship exists between company size, leverage, and industry type and risk disclosure levels. 150 listed companies from five industries are selected as sample. Content analysis and risk disclosure index of dichotomous measurement are used in data collection. Overall the results indicate that level of risk information disclosed in the annual reports is still minimal. OLS （Ordinary least squares） regression analysis indicates that the level of risk information disclosure is positively associated with size and not with leverage. However, a mixed result has been found for industry type; where only property industry shows a significant relationship with level of risk disclosure, and not for the other industries. This study contributes to financial reporting literature in relation to risk reporting, particularly the practice of Malaysian companies. Findings from this study are also useful to regulators and accounting standard setting body to assess the level of compliance to regulations and standards relating to risk reporting by these companies. More studies are required to further understand the importance of risk information disclosure, such as risk disclosure within specific industry, cross-country studies and usefulness of risk information disclosure from the stakeholders＇ perspectives.

Market value management＇s effects on listed companies

The reformation of equity-split on April 29th, 2005, has promoted market value management and created the necessary conditions for market value management. With the purpose of stabilizing and enhancing corporate market value and realizing stockholders＇ wealth maximization, the market value management becomes especially important for all listed companies. This paper begins with the general introduction of market value management including its definition, contents and performance evaluation systems, appraises the best 10 market value management listed companies during 2007-2008. Then analyzes the benefits of the market value management on the Guizhou Maotai which has gained great achievements on market value management, and finally draw conclusions about market value management＇s general effects on listed companies.

An Empirical Analysis on the Prediction of Chinese Financially Distressed Listed Companies

This paper presents an in-depth analysis of financially distressed listed companies in China between 1998 and 2002. We compare the predictive power of multiple discriminant analysis （MDA）, logistic regression, and neural network models. We design and implement 126 different forecasting models using different predictive methods, different sample proportions, and different initial independent variables. The aim is to determine which model（s） and variables are best applicable for the short-term prediction of financial distress in China. We find that logistic regression models are superior to multiple discriminant analysis models in terms of prediction accuracy rate, restriction of sample distribution or prediction cost, but the neural network models show promise in their low Type I and Type II errors. The paper also inherently tests the applicability of variables traditionally used for bankruptcy prediction to the purpose of financial distress prediction in China.

Factors Influencing the Voluntary Disclosure of Vietnamese Listed Companies

This paper aims to investigate the factors affecting the extent of voluntary disclosure by examining the annual reports of 205 industrial and manufacturing companies listing on Ho Chi Minh Stock Exchange （HSX） and Hanoi Stock Exchange （HNX） for the year of 2012. Those factors include company size, profitability, leverage, state ownership, managerial ownership, and foreign ownership, board independence, role duality, and type of external auditors. Evidence from this study suggests two main findings： （1） Companies with high foreign ownership have a high level of voluntary disclosure; （2） The company size is an important factor related to the increased level of voluntary disclosure in annual reports of Vietnamese listed companies. However, no significant associations are found between profitability, leverage, state ownership, managerial ownership, board independence, role duality, and type of external auditors as hypothesized in this study.

Board Characterstics and Capital Structure： An Empirical Study on China＇s Private Listed Companies

Board of directors is one of the important parts of the corporate internal governance mechanism. Using panel data from 144 China＇s private listed companies during 2001-2003, this paper empirically studies the relationship between board characteristics and capital structure with the methods of pooled OLS, first-order difference model and fixed ,effect model.

Effective Budgetary Control System:A Regression Model for Indian Listed Companies

Budgetary control system is a sin quo non for every business irrespective of whether it is small,medium or large.It is used for forecasting,fixing the responsibility of the departments,and the effective utilization of resources.It in turn leads to increase in the productivity,profitability and return on investment.Budgetary control system helps the senior managers to ensure that spending limits are adequate.Budgetary control system becomes one of the most vital and critical area of business management.Presently,much attention has been given to improving of budgetary control and planning and their interrelationship in developing countries including India.Two-way analysis is made in this paper:One is developing predictor model for an effective budgetary control system for listed companies in India and the other is the analysis on the quality reporting system for financial statements especially budgetary control system.The method of research is empirical which tests the feasibility of solution using empirical evidences based on the statistical applications.The result of the current study shows that effective budgetary control factors are prominent in determining the budgetary control system in Indian listed companies and have significant correlation between dependent and independent variables.The study suggested initiating steps for using budget as a tool for optimum use of available resources,for avoiding conflicts among departments while allocation of resources and for increasing the inspirational quality of the budget for budgetary control.

Construction of Evaluation Index System of Accounting Earnings Quality of Listed Companies

Based on the principle of cost-benefit and comprehensibility of the design of accounting earnings quality, this paper establishes a single evaluation index from four aspects： persistence, cash security, growth and safety, and sets out the comprehensive evaluation of accounting earnings quality The index evaluates the quality of accounting earnings.

The Research about Earnings Management Incentives of Listed Companies in China

This paper overviews earnings management incentive of listed companies and finds the incentives of cost in transactions with stockholders, a comparative performance advantage and a rational response to that market behavior which is anticipated. This paper tells us that even if there were no agency problems, earnings management should exist all the time.

The analysis of capital structure of Chinese real estate listed companies

Capital structure is the basis for assessing the efficiency of enterprise financing activity. The rational capital structure could reduce the cost of capital and plays an important role in managing a company. Thus this paper, based on the real estate listed companies on Shenzhen and Shanghai stock markets, analyzes the factors which influence capital structure, such as profitability, size, collateral value of assets, growth, stockholder’s equity, concentration degree of control power, ownership attribute, and applied statistics tools used to help the real estate listed companies optimize the structure of capital.

Effect Study of Management Buyouts of Chinese Listed Companies ——On the Basis of the Company Financial Indexes

This paper selects 11 Chinese listed companies as the sample and compares the effect of premanagement buyouts and post-management buyouts （hereafter MBO）. The authors evaluate the effects of MBO according to the change of earnings capacity, management ability, debt paying ability, development ability and capital structure. The result shows that the obvious change does not take place in earnings capacity of the company and management ability, but the development ability of the company improves notably, and most of companies have taken advantage of financial leverage withir two years of post-MBO.

Pressure of Competition to Listed Companies in Commodity Market and Selection of Financial Leverage

As revealed by some competition of commodities supplied foreign experts, the financial leverage has an impact on the market by different listed companies, and low financial leverage implies a competitive edge but high financial leverage is liable to fail in business operation. Viewing from such an angle, the low financial leverage is in fact a conservative financial behavior, which means a reasonable selection. Generally, Chinese listed companies prefer financing from offering equity shares, which is regarded as a reasonable selection weighing both gains and risks. However, based on an analysis of the pressure of market competition to the listed companies of various industries and how they select their own fit/ancial leverage, it is found that there is an extremely unmatched phenomenon in China＇s capital market, i.e., the keener the commodity market competition is, the higher the financial leverage of listed companies will be. Therefore, the over-financing from offering equity shares is coexisting with under-financing from offering equity shares in China＇s capital market at present, and both lead listed companies to low efficiency.

Influence of increased shares on the performance of liquor listed companies:A factor-based analysis

With the gradual deepening of the reform of the shareholding system,more and more shareholders of listed companies have taken measures to increase their shareholdings to absorb capital,while at the same time achieving the purpose of delivering good news to the market.This article uses the liquor industry as an analysis sample to build six categories of enterprise performance index evaluation systems for debt solvency,development capability,operating capability,per share capability,cash flow capability and profitability.Through factor analysis,it has been shown that the increase in shares of liquor listed companies can improve the performance of enterprises to a certain extent,but the effect of the increase in shares is also affected by other factors such as the size of the enterprise,the operation and management of the company,and the image of the product market.According to the empirical conclusion,it is proposed that on the one hand,the company should increase its shareholdings reasonably according to the company’s own situation.On the other hand,it needs to focus on the current problems of the enterprise and properly solve the current dilemma of the enterprise.Finally,according to the degree of impact of various indicators involved in the empirical test on corporate performance,it is believed that liquor listed companies need to focus on optimizing corporate asset structure and improving product sales,and on the basis of improving profitability and asset return,they should pay attention to corporate cash flow.