高科技企业的资本化顶层战略

在全球化步伐不断加快的今天,引领世界经济发展的驱动力早已不再是以煤炭、石油为主的自然资源,也不再是区域人口的红利,而是转变成了国家或者地区内以高科技企业为主的科学技术、文化教育等软实力。在市场经济环境下,高科技企业相较于政府主导的国有企业来说,其具有发展理念先进、创新能力强以及市场灵敏度高等诸多优点,但同时也存在着企业资金和科学技术不能充分融合以及对企业资本化运营理解存在误区等问题,这在一定程度上制约了高科技企业的健康发展。而资本化运营高科技企业可以在很大程度上提高企业对资源的配置和利用效率、提升企业的生产经营效率,使得高科技企业的资本价值最大化。本文就高科技企业资本化运营的现状做了分析,并对企业资本化的顶层战略模型以及策略做了一番探讨,期望能够为我国高科技企业突破发展瓶颈,尽早实现企业的资本化提供一些借鉴。

我国企业研发支出资本化会计问题分析

本文对我国现行准则下研发支出资本化的会计问题提出质疑,诸如研发资本化阶段划分标准不清、资本化条件欠缺实际操作性以及由此带来的盈余操纵等问题。针对上述可能存在的问题,提出以下建议:严格制定研究与开发阶段的划分标准;通过使用同行评议,加强技术可行性测试的合理性。

企业家队伍建设的制度基础——浅析中国企业家人力资本化

企业家人力资本的产权特征决定了对经营者激励性制度安排的基础必须是以剩余索取权来激励企业经营者。股票期权是人力资本家产权化的有效实现形式。积极创造内部条件采取切实可行的措施建立和完善这种股票期权激励机制。

企业文化资本化的影响因素与障碍分析

文化资本化是投资方的一种经济行为,本文分析了影响企业文化资本化的宏观和微观因素,探讨了影响企业文化资本化过程中的产权问题和风险问题,并提出了相应的措施。

资本化与商业性地质勘查

本文从资本化地勘企业制度出发,探讨了商业性地质勘查的发展需要资本化运作,地勘企业如何通过市场来调整自己的资本结构以增强在市场中的竞争力,并指出地勘单位企业化改制的关键在于资本化地勘企业制度。

新会计准则下研发费用的处理对医药企业的影响

随着知识经济的兴起和经济全球化的发展,高新技术企业在国民经济增长中的地位日益增强,研究与开发的成功与否又是高新技术企业成败的重要因素,因而企业越来越重视对研发活动的投入。我国新颁布的会计准则中,对研究和开发支出的会计处理的修改,既体现了与国际会计准则的趋同,也体现了会计理论与社会发展相适应的特性。本文将通过阐述新会计准则对医药企业的影响,进一步论证新会计准则的合理性。

现代企业制度与《公司法》

国有企业改革与发展是我国深化改革的一个重大问题,本文从现代企业制度与《公司法》的关系进行概括和比较,利于司法实践中正确理解和处理两者之间的关系,公正执法。

迈向新经济:我国企业文化发展的几点战略思考

伴随着人类进入新世纪的脚步，新经济形势在全球已初见端倪，其所具的不同于传统经济的内在特征要求我们对我国的企业文化发展重新予以战略思考。

Management research on private enterprise under the background of diversification strategy

After private enterprise having experienced 30 years of hard work in the reform and opening up and accumulated a certain primitive accumulation of capital, how to make strategic adjustments or enterprise strategic transformation, how to avoid the risk of corporate business development and to make diversification or specialization has become a question of reality that contemporary Chinese private enterprises must face. In this paper, we will exposure to and experience Chinese private enterprises from small to big, starting from nothing, with its own business development strategy, and briefly talk about how private enterprise face the diversification and professional development strategies.

Analysis on Capital Structure Theory and Enterprise Capital Structure Optimization

Enterprise capital structure means the various resources, combination and relationships of enterprise raising capital as well as means the short or long debts, shareholders＇ rights and interest, and the proportional relationships among constituting items. Capitals raised by enterprise from different ways constitute the capital sum. Because of changing enterprise operation, the capital structure is also various and it cannot be in a fixed proportion. Therefore, we need to optimize the capital structure of state-owned enterprises so as to reach the rational resources allocation and make the national economy develop soundly and rapidly. How to optimize it？ This is a big problem that we have to face. Debt-to-equity swap at the moment is only the transition for correcting capital structure of state-owned enterprises. Decreasing stocks owned by state is the inevitable choice for optimizing enterprise stock right.

Study on Cultivating the Loyalty of Knowledge Workers in Service Enterprises

Knowledge workers are important human resources in service enterprises.How to cultivate the loyalty of knowledge workers in service enterprises is an important problem that managers must pay attention to.Beginning from the defines of basic concepts, the author analyzes factors influencing loyalty of knowledge workers. Finally, it puts forward effective measures including building people-oriented corporate culture; loyalty oriented recruianent and allocation; emphasis on compensation management; establishing a scientific career management system; paying attention to emotional management and so on.

Enhancing Innovation Through Intellectual Capital： A Theoretical Overview

Innovation is one of the main drivers of economic development. In the knowledge economy era, the quickness of technological developments and globalization has changed the structure of business world. Consequently, this situation creates opportunities and also threats for companies. Companies should attach importance to innovation in order to maintain sustainable growth and gain competitive advantage. According to Barsky and Marchat （2000） in the new economy the value of a company is not found with its tangible assets, revenues, financial ratios or market share, but with its intellectual capital, organizational culture, customer loyalty and brand equity. According to resource-based view of the company; the resources are fundamental factors of competitiveness and performance. These resources are regarded as strategic assets, which include tangible and intangible assets. Intellectual capital which is becoming one of the important commercial assets of the 21 st century is a way of describing a company＇s intangible assets that are vital for company success. Intellectual capital consists of human capital, relational capital and structural capital. Intellectual capital which is a core strategical resource of a company is playing a crucial role in a company＇s innovation performance. This study attempts to analyze the interrelationships between intellectual capital and innovation in the context of resource-based view of the company. This study also focuses in particular on the effects of human capital, relational capital and structural capital which are the components of intellectual capital, on innovation by integrating the relevant theoretical and empirical evidence.

Intellectual Capital, Corporate Culture and Performance of Firms Listed on Nairobi Securities Exchange

The broad objective of this study was to establish the moderating effect of corporate culture on the relationship between intellectual capital and organizational performance of firms listed on Nairobi Securities Exchange. The review of literature provided conceptual and empirical gaps that formed the basis of the conceptual hypotheses. Two hypotheses were deduced from general objective： Intellectual capital has a significant influence on corporate performance; corporate culture moderates the relationship between intellectual capital and corporate performance. A cross-section research design was adopted. A survey questionnaire was the main tool of data collection and was distributed to the 50 heads of human resource departments in the different firms＇ period covering four financial years from 2009 to 2012. The study also utilized secondary data obtained from Capital Market Authority Statistical bulletins and Nairobi Securities Exchange Handbook 2012-2013 to collect data on financial performance （ROA, ROE, and Dividend Yield）. Data were tested for reliability results showing that study dimensions were reliable, apart from task-oriented culture that had a Cronbach alpha of 0.262, thus being not considered for further analysis; thus the study relied on employee-oriented culture as a measure of corporate culture. The hypotheses were tested using multiple regression analysis and hierarchical regression respectively. Multiple regression analysis showed that intellectual capital had a significant influence on non-financial performance and no significant influence on financial measures of performance （ROA, ROE, and Dividend Yield）. Test for moderation showed that the interaction term was not significant and thus, employee-oriented culture did not moderate the relationship between intellectual capital and corporate performance. The study demonstrates importance of the influence of intellectual capital on non-financial performance of firms listed on Nairobi Securities Exchange. The results show that interplay among human capital, social capital, and organization capital is important for firms listed on Nairobi Securities Exchange and that the firms should nurture the employees into sharing their knowledge by creating internal and external networks and also creating support system within the organization to retain the knowledge.

Bankruptcy Prediction for Chinese Firms： Comparing Data Mining Tools With Logit Analysis

China＇s capital market is different from that of the US in economic, political, and socio-cultural ways. China＇s dynamic and fast growing economy for the past decade entails some structural changes and weaknesses and as a consequence, there are some business failures. We propose bankruptcy prediction models using Chinese firm data via several data mining tools and traditional logit analysis. We used Chinese firm data one year prior to bankruptcy and our results suggest that the financial variables developed by Altman （1968） and Ohlson （1980） perform reasonably well in determining business failures of Chinese firms, but the overall prediction rate is low compared with those of the US or other countries＇ studies. The reasons for this low prediction rate may be structural weaknesses resulting from China＇s fast growth and immature capital market.

中国资本市场体制转换条件分析与目标措施

目前,中国资本市场已由试点阶段进入全面发展阶段,其体制转换成为制约全局的关键问题。根据资本市场存在的矛盾,应由政策导向转为市场导向,提高直接融资的比重;打破资本成分化的界限,实现资本在各经济成分之间、各产业之间、各地区之间的合理流动;从产权多元化入手,实现企业、城市经营资本化;科学规划,建立既有统一性、高效率,又分层次、有分工的现代化资本市场体系。通过建立新的资本市场模式,抓住新世纪中国经济起飞的机遇,形成亚洲地区资本市场的中心。