“资本-策略”视角下青海地区农牧户乡村旅游经营决策研究

开发青海地区乡村旅游资源,打造青海地区乡村旅游特色,是实现区域经济增长和农牧民增收的重要途径之一。文章基于“资本 - 策略”视角,分析了青海地区农牧民乡村旅游经营的特点与作用,探讨了青海地区农牧民乡村旅游经营的决策模式。

Optimal restructuring strategies under various dynamic factors

Corporate restructuring was identified as a new industrial force that has great impact on economic values and that therefore has become central in daily financial decision making. This article investigates the optimal restructuring strategies under different dynamic factors and their numerous impacts on firm value. The concept of quasi-leverage is introduced and valuation models are built for corporate debt and equity under imperfect market conditions. The model’s input variables include the quasi-leverage and other firm-specific parameters, the output variables include multiple corporate security values. The restruc- turing cost is formulated in the form of exponential function, which allows us to observe the sensitivity of the variation in security values. The unified model and its analytical solution developed in this research allow us to examine the continuous changes of security values by dynamically changing the coupon rates, riskless interest rate, bankruptcy cost, quasi-leverage, personal tax rate, corporate taxes rate, transaction cost, firm risk, etc., so that the solutions provide useful guidance for financing and restructuring decisions.

Pricing factors in capital market and investment strategy： Evidence from Chinese listed companies

This paper explores the performances of some frequently used asset pricing factors and their investment implications in Chinese stock market. It is noted that CAPM model can hardly be applied to Chinese market as portfolios based on 13 values cannot generate high return against high risk. However, two factors （Size and B/M） from Fama-French model （1992） deliver better performances. Such findings indicate that models based on theoretical analysis are somewhat away from practice, and those risk factors from empirical studies are more applicable though not based on theories. Therefore, further researches are desirable concerning asset pricing factors.

The Efficient Market Theory and Mergers and Acquisitions （M＆As） Puzzle： Evidence From Italy

The efficient market theory is a central point in finance. If the capital market is competitive, the investors cannot expect superior gains from their investment strategies with respect to the risk profile. Event studies are an approach to verify the impact of the information on the stock prices. In an efficient market, stock prices should fully, promptly, and quickly capture all the information. Instead, the market shows phenomena of an under-reaction and over-reaction for both the short and the long run. The mergers and acquisitions （M＆As） are examples of anomalies. Often, the bidder companies record the negative abnormal returns for both the short and the long run. In contrast to the efficient market theory, the empirical evidence shows that this phenomenon is widespread in all （or most of） the countries of the world. This work examines the long-run performance in M＆As. For this purpose, 40 bidders were observed in Italy during the period of 1994-2008 among listed companies. The buy and hold abnormal returns （BHARs） methodology was used, with which it was possible to observe the returns for three years following the deal.

Strategy Analysis of the Biggest World Supermarkets With Open Capital and Which Act in the Brazilian Market

In view of the growth of retail, as well as the performance of large multinational supermarket branch in the Brazilian market, the purpose of this article is an analysis of the strategies of Casino, Carrefour, Walmart and open in the country capital, analyzing their operational, financial indicators socio-environmental initiatives. In order to achieve the main objective of this work, the construction of a method that validates this search was necessary. The main strategies and indicators of the three groups in four areas： corporate strategy, operational areo, financial areo, social and environmental issue, were analyzed. Study of qualitative, descriptive and exploratory character is realised through the importance of these three companies worldwide. As conclusions, it has been the expansion strategies that geared toward developing countries, adherence to new store formats, specializing in electronic commerce, as well as the superiority of Walmart （net sales） and Casino （Profitability）.

How to Effectively Retain Knowledge Workers in Organizations

Under the background of knowledge-based economy, it is widely believed that the completion among enterprises is actually the competition of talents. Therefore, 21 century has seen a fierce competing for talents all over the world. However, the high turnover rate of knowledge workers becomes a prominent issue for HR managers since it could be the loss of the organizations if the employees who master the core skills and customers leave. Under this circumstance, this paper will focus on answering the question of how to effectively retain knowledge workers, in order to help organizations to keep the core competitiveness. Through literature review of knowledge workers＇ characteristics and needs, this paper highlights the importance of retention and analyzes the reason for knowledge workers leaving and finds that it is important to improve a sense of loyalty and employees＇ organizational commitment to retain knowledge workers. It is also important for the organization to adopt motivation strategies and methods to retain knowledge workers, in order to avoid the drain of core knowledge capital, thus maintaining core competence of organizations.

COMPETITIVE INVESTMENT STRATEGIES IN NEW TECHNOLOGY ADOPTION WITH A FURTHER NEW TECHNOLOGY ANTICIPATED

This paper studies a general dynamic duopoly in which two firms compete in the adoption of current technology with a further new technology anticipated. Three kinds of equilibria may occur in technology adoption, namely the preemptive, sequential, and simultaneous equilibrium, depending on the level of operating costs and the first-move advantage. It shows that the faster technological innovation encourages the leader to invest earlier, while induces the follower to invest later. Furthermore, like the investment costs, with the increase of the operating costs, the follower tends to invest later, while the leader tends to invest earlier. However, the investment thresholds are more sensitive to the change of the operating costs than that of the investment costs.