Regulations on the Management of the Qualification to Engage in the Business Operations concerning Shares Owned by Foreign Investors

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-

Intellectual Capital in Knowledge Management Organizations

This paper templet is copyright by Global Conference on Business and Social Science organized by Global Academy of Training&Research(GATR)Enterprise.Intellectual capital and knowledge are the most important assets of most organizations to ensure that determined or intended strategies can be implemented.The resource-based view of the firm considers the firm as a bundle of tangible resources,intangible resources,and organisational capabilities.An effective IC refers to the critical issues of organisational adaptation,survival and competence in the face of discontinuous environmental change.KM is essential for retaining employees’knowledge within a firm by using appropriate technology and tools to capture and store the knowledge residing in the minds of its employees,so it can be easily shared and reused.There is a growing realisation of the importance of the development and understanding of theory for both Intellectual Capital and Knowledge Management in relation to guide the successful development of Knowledge Management Organisations.This study is fundamental because it will provide the whole picture about the different levels of knowledge;individual,group and organizational,which express internal knowledge(formal and informal knowledge)and external knowledge such as customers and suppliers.The aim of this study is addressed some of the gaps in Intellectual Capital literature.It is necessary to investigate the interactions between IC components in Knowledge management organizations,which include human capital(HC),Organizational capital(OC),and Relational capital(RC).This is important in order to discover the extent to which these factors work together to achieve a network’s knowledge management in organization.

Working capital management and corporate performance： Case of Malaysia

Working capital always being disregard in financial decision making since it involve investment and financing in short term period. However, it is an important component in firm financial management decision. An optimal working capital management is expected to contribute positively to the creation of firm value. To reach optimal working capital management firm manager should control the trade off between profitability and liquidity accurately. The intention of this study is to examine the relationship between working capital management and firm profitability. Cash conversion cycle is used as measure of working capital management. This study is used panel data of 1628 firm-year for the period of 1996-2006 that consist of six different economic sectors which are listed in Bursa Malaysia. The coefficient results of Pooled OLS regression analysis provide a strong negative significant relationship between cash conversion cycle and firm profitability. This reveals that reducing cash conversion period results to profitability increase. Thus, in purpose to create shareholder value, firm manager should concern on shorten of cash conversion cycle till optimal level is achieved.

The impact of working capital management on credit rating

This study investigates the possible nonlinear relationship between working capital and credit rating.Furthermore,it examines the relationship between the three components of working capital(inventory,accounts receivable,and accounts payable)and a firm’s credit rating.Employing data for U.S listed firms for the period between 1985 and 2017,the results of our ordered probit model show a nonlinear relationship between working capital and its components and credit rating.Finally,we find that the deviation from the optimal working capital adversely affects the credit rating.The results of this study are of significant importance for policy makers,managers,decision makers,and credit-rating agencies,as they help highlight the importance of working capital management for a firm’s credit rating.

Working Capital Management and Firms’ Profitability: Evidence from Quoted Firms on the Nigerian Stock Exchange

Over the years, it appeared that firms failed to subject short-term investments to proper management thereby leading to either excessive or inadequate working capital which in turn affected their profitability. To empirically satisfy this, this paper examined working capital management and firms’ profitability in Nigeria quoted firms on Nigerian Stock Exchange (NSE). A panel data methodology was used with different regression estimators to analyze this relationship based on a balanced panel of 10 listed firms during the period 2008-2017. It was discovered that cash collection period and cash payment period exerted a negative impact on return on assets, though the impact was only significant for cash payment period on the ground of −0.064 (p = 0.000 −0.032 (p = 0.077 > 0.05). Also discovered was that both the current ratio and inventory period exerted a positive impact on return on assets, though the impact was only significant for current ratio on the ground of 8.172 (p = 0.000 0.05). The study concluded that working capital management affected firms’ profitability in Nigeria. Therefore it was recommended that while the shorter collection was maintained, payment to creditors should not be elongated so as to enjoy cash discount (if any) and that firms should be proactive in the management of raw materials in order to avoid idle resources that might negatively impact their financial performance.

The Communication Analysis Among Stakeholders in Management of Children Education by the Poor Scholarship as Human Capital to Grow Quality Characteristics of Educational Basics

The economic crisis in 1997-1998 increased poverty to 49.5 million,but in 2005 decreased to 35.10 million,then in 2006 increased 39.05 million.The worst communities were workers,dependent families,small farmers and fishermen,informal sector workers,low-level civil servants,and people affected by natural disasters.The research design was cross sectional;the research was in Pangkal Pinang City in January 2016.The data were summarized by interview,observation,documentation,and Focus Group Discussion.Data analyses were flow model,product moment,and Likert scale.The result of the research shows the correlation between how to obtain the poor scholarship and the criteria of obtaining the poor scholarship that is very tight which is 0.453.The relation between the criteria of obtaining the poor scholarship and the determination of the poor scholarship is quite close which is 0.218.The relationship between the determination of the scholarship for poor students and obtaining the poor scholarship is 0.395.The correlation between how to get the poor scholarship and the poor scholarship receiver is quite close that is 0.190.The relationship between the determination of the poor scholarship and the impact of the poor scholarship is quite close that is 0.171.The relationship between using of the poor scholarship and the poor scholarship receiver is very close that is 0.297.The relation between the poor receiver and the impact of poor the scholarship is 0.270.

Embedding Knowledge Management in Public Sector Procurement： Redesigning for the Knowledge Economy

There is a perception in the public, political, and trade discourse that private sector procurement performs ＂better＂ than does public sector procurement. This research considers whether this perception is justified. This paper proposes a conceptual framework for assessing issues that influence procurement performance. The framework takes into account the organization＇s business goals, its procurement principles, the design of its procurement capability, the intellectual capital or knowledge that is used to support procurement operations, and the use of knowledge management methods. To represent these factors, the framework adapts the conceptual framework proposed by McElroy （2002）, leverages Andriessen＇s （2005） characterization of intellectual capital, and adopts Bedford＇s （2012） description of the practice of knowledge management. The results, though preliminary and exploratory, suggest that factors which are more often practiced in the private sector than the public sector contribute to higher performance.

The Relationship Between Working Capital Management and Profitability of Companies Listed on the Johannesburg Stock Exchange

Efficient working capital management is an integral component of the overall corporate strategy to create shareholders＇ wealth. This paper seeks to extend findings regarding the relationship between working capital management and profitability. A sample of 69 companies listed on the Johannesburg Stock Exchange （JSE） for the period from 1998 to 2008 was selected. The results revealed a statistically significant negative relationship among profitability （as measured through gross operating profit）, the cash conversion cycle （CCC）, and number of days accounts receivable （AR）. The results also revealed a positive and significant relationship among profitability, the number of days accounts payable （AP）, and the number of days inventory （INV）. The results suggested that managers could increase their company＇s profitability by effectively managing the CCC and its components.

Discussion on the Financial Management Goal and the Investor Supervision for Enterprise

The investors and the managers are different interest entities in a firm, so there must be divergences between them in their value reference and goal selection. When a firm wants to determine its financial management goal, not all the relevant interest parties need to be considered with, but only the principal entities of them. It＇s necessary to set up the investor supervision mechanism by some certain system arrangement in order to realize the interest maximization of shareholders coinciding with the manager＇s interest maximization pursued by managers.

The Impact of the Implementation of the New Regulations on Capital Management＇s Bank of China

Since China＇ s accession to WTO, opening up has intensified China＇ s ties with the international financial markets, financial markets have become increasingly frequent. However, with respect to foreign banks, capital management of commercial banks is only just beginning. Especially after the proposed Basel, how to adjust the capital assets of commercial banks is to enable them to comply with Basel II requirements, ensuring stability and development of the banking sector is the China Banking Regulatory Commission and the commercial banks. So, how intensive management can reduce capital occupation to increase the capital adequacy ratio is an important part of the commercial banks that must be studied.

Rationality and Risk Management of the Basic Old-age Insurance Fund Invested in the Capital Market

With the accelerated development of population aging, the pressure to pay for the future pension fund in our country is increasing. Affected by many factors, such as investment limits, inflation and interest rate cut, the rate of return on investment is very low. The introduction of the new policy allows the basic pension fund to enter the capital market, which is of great significance to improve the rate of return on investment, ease the pressure of capital gap, and promote the healthy development of the capital market. This paper makes a deep analysis of the rationality of the basic endowment insurance fund entering the market, and then puts forward some suggestions to avoid the risk of the pension market.

Land Use/Cover and Naturalness Changes for Watershed Environmental Management(Southeastern Brazil)

Driving forces on the landscape require regional management and/or local actions, together with other external factors. To operationalize this approach, this paper carried out a comparative analysis of the naturalness dynamics of the Jacaré-Gua&#231u and Jacaré-Pepira watershed, based on land use/cover changes and a structural indicator of the landscape, over the 10-year (2004-2014), as support opportunities for improving its environmental planning and management. Land use/cover dynamics were obtained based on screen digitizing of LandSat imagery, using polygon manual digitalization. Naturalness scenarios of the watersheds, over the 10-year (2004-2014), were obtained based on Urbanity Indicator, which evaluates how much the natural landscapes are dominated by altered systems. The total area of watersheds showed a predominantly scenario, induced by anthropogenic agricultural and non-agricultural expansion areas, mainly by conversion of other land use/cover types in sugarcane cultivation. Despite the increase in natural vegetation areas, over the 10-year (2004-2014), Jacaré-Gua&#231u and Jacaré-Pepira watersheds are far from a sustainable condition. However Jacaré-Gua&#231u watershed presents a scenario of more committed naturalness due to the increase in Urbanity Index values ≥ 0.7. The historical process of land use occupation for agricultural production remains the main driving force of naturalness changes, occupying more than 70% of the total area of watersheds. These results have significant implications for fast urbanizing municipalities in providing key information about long term land use impact on the watershed structure and function, making it possible for policy makers, scientists and stakeholders to identify land uses which are hindered or enhanced under various scenarios of land use change over the time, and making it possible to explore the trade-offs between them to improve watershed management.

《The influence of institutional investors on myopic R&D investment behavior》述评

机构投资者作为证券市场中的重要力量,越来越受到理论界和实务界的关注。论文对宾夕法尼亚大学沃顿商学院会计学教授布赖恩-布希(Brian Bushee)的论文"The influence of institutional investors on myopic R&D investment behavior"(机构投资者对企业短视研发投资行为的影响,以下简称Bushee(1998))进行评价并提出相关的建议和研究方向。

Does investor protection affect the choice of earnings management methods through real activity manipulation and accrual manipulation？ Asian comparison

This paper examines systematic differences in earnings management through real activity manipulation and accrual manipulation across 7 Asia countries. The study proposes arguments that in economies with high investor protection, managers prefer to manage earnings through real activity manipulation rather than through accrual manipulation because accrual manipulation is more likely to draw auditors or regulators scrutiny than real decisions about pricing and production. The study findings are consistent with prediction. Despite being in economies with high investor protection, managers still have bigger discretion in managing earnings through real activities rather than accrual manipulation.

New Basle Capital Agreement and Risk Management of China＇s Banking Industry

Adjustment of Basle Capital Agreement will influence the risk management and capital arrangement demand of the banks with different scales, operation level and environment. It will have widespread and profound effect on the competition strength of every country＇s banks in the global market. Starting with illustration of the present cond（tion of risk management in China＇s banks, the paper analyzes the major problems existing in the risk management system of China＇s banking industry, then puts forward some clues and suggestions to improve and better the risk management system of China＇s banking industry.

How to avoid reputation damage in financial restatement? The role of investor relations management

In order to examine the effects of avoiding reputation damage by investor relations management under certain corporate governance structures and mechanisms, samples of 1120 listed companies are used to research the influence on financial restatements by corporate governance. Then the moderating effects of investor relations management on financial restatements are analyzed. The result is that the more dispersed the equity, the higher the probability of financial restatements will be (This includes the government-controlled companies). Also the higher the proportion of independent directors and the higher the level of investor relations management, the lower the probability of financial restatements will be. Furthermore, as a moderating variable, investor relations management can eliminate the negative effects of corporate governance, enhance the effect of independent directors and reduce the probability of financial restatement.

The role of social resource of indigenous people in local ecological resource management in China: A preliminary case in Zhangye, Northwestern China

Social resources of indigenous people are valuable wealth, including the social norms, the relational network, belief, attitude as well as the social system which is accumulated from generation to generation. Those social resources are very important for local ecological resource management, which can help diffuseness and communion of skills and traditional conservation techniques for conserving and restoring the ecological sites. Social capital is one indicator of social resources, which is accepted widely. In order to investigate the role of social resources of indigenous people in local ecological resource management, the authors studied the relation between social capital of indigenous people and local ecological resource management, taking Zhangye City as an exam-ple. In this paper, social capital of indigenous people is quantified by constructing social capital index, composed of structural so-cial capital and cognitive social capital; local ecological resource management is quantified by constructing 'Grain for Green Pro-ject' performance index. Based on correlation analysis approach and logistic regression analysis approach, the authors analyzed the relation between social capital and 'Grain for Green Project' performance index, as well as the relations between 'Grain for Green Project' performance index and other factors such as per capita net income, medical treatment and so on. Results showed that the correlation between social capital and 'Grain for Green Project' performance index was positive, the coefficient was 0.761, with P<0.01. An increase of 1 unit in social capital is associated with an increase of 1.550 units in 'Grain for Green Project' per-formance. With factor, such as faction, per capita net income, medical treatment, increasing 1 unit, the 'Grain for Green Project' performance index will increase 3.912, 1.039 and 1.005 units, respectively.

Integrated management of natural resources in the Ecuador Highlands

The Andean region of Ecuador is characterized by extreme poverty caused by low agricultural productivity, limited off-farm opportunities, and lack of access to markets. Poverty is related to degradation of natural resources as lagging agricultural productivity leads to incursions into fragile areas and use of erosive farming techniques on steeply sloped hillsides. Food production in fragile areas degrades soil and water resources, contributes to deforestation and loss of biodiversity, and reduces productive potential over time. This article discusses an agricultural development project designed to reduce the long-term downward development spiral in a watershed in Bolivar, Ecuador. The applied research program began with analysis of the state of soil resources, water, and biodiversity in the Chimbo sub-watershed. This information was used to design a plan with the input of local stakeholders to introduce environmentally friendly farming practices, soil and water conservation techniques, and various institutional innovations to promote resource conservation. This adaptive management program has been a solid success. This article describes the project, the challenges it faced, and how the process of adaptive management led to consensus among stakeholders about the appropriateness of sustainable management practices. We show how implementation of enhanced management practices contribute to reduced environmental vulnerability and improved welfare.

Study of Volatility Stochastic Processes in the Context of Solvency Forecasting for Sri Lankan Life Insurers

The main business of Life Insurers is Long Term contractual obligations with a typical lifetime of 20 - 40 years. Therefore, the Solvency metric is defined by the adequacy of capital to service the cash flow requirements arising from the said obligations. The main component inducing volatility in Capital is market sensitive Assets, such as Bonds and Equity. Bond and Equity prices in Sri Lanka are highly sensitive to macro-economic elements such as investor sentiment, political stability, policy environment, economic growth, fiscal stimulus, utility environment and in the case of Equity, societal sentiment on certain companies and industries. Therefore, if an entity is to accurately forecast the impact on solvency through asset valuation, the impact of macro-economic variables on asset pricing must be modelled mathematically. This paper explores mathematical, actuarial and statistical concepts such as Brownian motion, Markov Processes, Derivation and Integration as well as Probability theorems such as the Probability Density Function in determining the optimum mathematical model which depicts the accurate relationship between macro-economic variables and asset pricing.

Instrumental Approach in Human Capital Management: A Conceptual Framework

Human Capital Management(HCM)is a management concept that demands theoretical foundations for implementation.It must not be easily equated with human resource management activities.HCM must include initiatives directly focused on the knowledge resources that are at the organization’s disposal.However,using only internal knowledge resources is not enough to raise the level of competitiveness.Organizations must reach outside their environment.It has been adopted that,in instrumental terms,HCM is based on intentionally selected and applied organizational,technical,social,formal,and legal,as well as economic and financial instruments in a manner that enables the organization’s goals to be achieved.At the inter-organizational level,HCM was included in the organization’s business ecosystem as the organization gains new opportunities to use the knowledge and human capital of its stakeholders thanks to its network connections.It is from this perspective that the article proposes the main concepts,goals and practices,methods that HCM can serve.