民国时期陈豹隐经济思想研究

民国时期,陈豹隐先生是马克思主义经济学的重要传播者、《资本论》第一卷第一分册中文版的首译者。陈豹隐先生在中国马克思主义经济学传播的历史上占据重要地位,他对经济生活准则和认识在今天仍具有启迪意义。他是一位伟大的马克思主义经济学的传播者,需要学界给予认真的研究。

A Geographic Information Systems approach for classifying and mapping forest management category in Baihe Forestry Bureau, Northeast China

This paper demonstrates a Geographic Information Systems （GIS） procedure of classifying and mapping forest management category in Baihe Forestry Burea, Jilin Province, China. Within the study area, Baihe Forestry Bureau land was classified into a two-hierarchy system. The top-level class included the non-forest and forest. Over 96% of land area is forest in the study area, which was further divided into key ecological service forest （KES）, general ecological service forest （GES）, and commodity forest （COM）. COM covered 45.0% of the total land area and was the major forest management type in Baihe Forest Bureau. KES and GES accounted for 21.2% and 29.9% of the total land area, respectively. The forest management zones designed with GIS in this study were then compared with the forest management zones established using the hand draw by the local agency. There were obvious differences between the two products. It suggested that the differences had some to do with the data sources, basic unit and mapping procedures. It also suggested that the GIS method was a useful tool in integrating forest inventory data and other data for classifying and mapping forest zones to meet the needs of the classified forest management system.

Audit Reports of Financially Distressed Companies： Emphasis of Matter （EOM） Versus Disclaimers

This paper examines audit reports issued to 39 Malaysian listed companies in financial distress categorized as Practice Note 17 （PNI7） companies by Bursa Malaysia. The study finds that for companies which experienced financial distress, the audit reports are not similar, despite all companies are similarly troubled financially. Companies receive either a disclaimer or an emphasis of matter （EOM） report. The study finds that which of the two reports is given is associated with three variables： current-year operating loss, shareholders＇ deficit, and default status, implying that audit reports do convey information that financial distress is not of the same level and severity among PN 17 companies.

The Diversification Motivation of Downward Performance Listed Companies in China： A Descriptive Statistics Analysis

This paper intends to examine the motivation of diversification. We choose the Shanghai listed companies that adopted a diversification strategy in 2011 but realized a declined performance in 2012 as the study samples, and come to the following conclusions： （1） The macro environment will affect the implementation of the diversification strategy for some industries, such as extractive industry, wood furniture industry, rubber industry, and the building industry; （2） As to the sample of downward performance diversified companies, the shareholders＇ benefits transfer motivation is an important consideration. Further analysis shows that there are some differences in the degree of diversification, benefits transfer motivation, and the degree of income impairment when the sample is classified by corporate nature, growth stage, and firm size. The differences are more obvious in different corporate natures; and （3） A clear correlation between the management ability and the degree of income impairment is not found. But there are some correlations between ownership concentration and the degree of income impairment.

Effects of Managers＇ Self-interest Motivation on Listed Company＇ s Business Performance

In recent years, managers＇ self-interest motivation has been attracting more and more attention from both the academia and practice.Therefore, the ways and depth of managers＇ self-interest motivation influencing listed companies＇ operating performance has become a hot research area with important theoretical and practical significance. Based on the samples of A-share companies listed in Shanghai and Shenzhen stock exchange during 2012-2014. we studied different effects of managers＇ self-interest motivation on listed company＇s business performance under different situations.The innovation of this paper mainly lies in the following two points： on the one hand, we did not adopt the previous research methods which does not distinguish different kinds of company＇s business performance. Therefore, we divided business performance into two types firstly, then we made empirical text of the influences of managers＇ self-interest motivation on business performance by virtue of Hausman Model and drew related conclusions under different situations of operating performance. On the other hand, the index measuring managers＇ self-interest is relatively new.

Verlagsgruppe Passau, Orkla Media, and Mecom Analysis of Different Business Strategies on Polish Press Market

After socio-political breakthrough in 1989 foreign companies entered Polish media market. Firstly, investors appeared in the press sector, later on in the electronic media. One of the first groups presented in Poland was Orkla Media. The Norwegians launched a brand new regional daily. After subsequent failure they changed the pattern of business activity. When in 2006 Mecom bought out Orkla＇s shares, a new era began. The British fund was mainly interested in making their assets more profitable. The biggest shareholder of the regional press sector, however, is still Verlagsgruppe Passau （VGP）. The German group appeared in 1993, in disguise of a Swiss company and next year took over eight regional dailies. In due course, VGP bought out a couple of more regional titles and became the leader of this sector of the market. Although the Germans were competing against the Norwegians and the Brits, they showed a different style of managing their assets. The author attempts to describe different patterns of business strategy in the press sector in Poland, examining each investor＇s behavior and the results of their efforts. This can lead to conclusions about the past activities as well as to predictions about the future of the market.

Operating Performance of Initial Public Offering Companies in Hong Kong

This study investigates the earnings performance of 418 initial public offerings （IPOs） listed on the stock exchange of Hong Kong. By analyzing several profitability measures of these 1PO companies from the third year prior to listing up to the fifth year post-listing, it is found that IPO companies＇ operating performances as a whole peak in the year of listing or the year preceding the listing, but exhibit a fall in post-issue profitability with the decline being most pronounced in the first financial year following the year in which the listing take place. Over 30% of these IPOs suffer a loss three years after the offerings. Deterioration of post-issue performance is found to be more severe for smaller finns, highly-geared companies, fast-growing enterprises, companies with lower ownership retention by original shareholders, and companies which have managed earnings upwards at the time of listing. These observations are consistent with the higher agency costs when firms go public and that managers have timed the issue at the peak of the companies＇ long-run performance. Further investigation confirms that IPO companies in general make use of income-increasing accruals to manage their earnings upwards in the year when they go public. The reversal of the accruals in post-issue years further exaggerates the decline in their profitability.

New Convenient Way for Deriving Exponential Operators' Disentangling Formulas and Their Applications

We recommend a new convenient method for disentangling some exponential operators and derive a set of new operator identities. Especially, we derive the normal odering form of exp [fa^＋a ＋ ga^2＋ ＋ ka^2] without appealing to Lie algebra method. Application of these formulas in solving some dynamic Hamiltonian is presented.

Predicting IJVs＇ effectiveness based on their autonomy levels and the characteristics of their parent companies

Separate research streams have identified relationships between IJV autonomy and IJV effectiveness, and between functional/dysfunctional parent-company differentiation and IJV effectiveness. This study attempts to integrate these two literature streams by examining how these two sets of independent variables interact in terms of predicting IJV effectiveness. Results partially support our hypotheses that the autonomy-effectiveness relationship is less positive with greater functional differentiation and more positive with greater dysfunctional differentiation. The results provide strong support for our hypotheses that activities closer to the local operating environment will influence these relationships such that autonomy becomes more important to effectiveness when an activity has strong local ties.

An Empirical Study on the Relationship Between Growth and Earnings Management of Chinese Listed Corporation

This paper explores whether investors can assess the company＇s growth and risk management according to the company＇s financial statements in the capital market or not. The company＇s growth will affect the company＇s earnings manipulation for earnings management which is often encountered in corporate governance problems. This research constructs the research hypothesis on this basis of the summary and analysis of the relevant theory, using the data from Chinese listed corporation during the period of 2009-2011, and designs the empirical model to prove it. The study found that for Chinese listed corporation, the higher the company＇s growth and business risk, the higher the degree of earnings management. The degree of earnings management will be high when the growth of the company and the business risk exist at the same time.

An Empirical Study of the Senior Corporate Managers＇ Ability to Innovate

Senior corporate managers＇ innovation ability and spirit are very important in the growth process of corporate business development. This paper focuses on the innovation capacities of the senior corporate managers of listed companies in China and the complex relationship between firm performance and the operating environment to study and analyze the management and development of Chinese enterprises. Through relevant theoretical analysis and development of research hypotheses using the A-shares in Shanghai and Shenzhen listed companies announced in 2007 and 2008, the authors design an empirical model. The study found that in Chinese listed companies, the higher the innovation spirit of senior corporate managers, the better their business performances; the stronger the dynamic and complexity of the operating environment, the more the corporate managers＇ innovation ability will be developed.

Challenges of Oil Companies' Upstream Business under Low Oil Price Condition

Currently, oil companies face the ＂new normal＂ condition that the profit of their upstream business is shrinking with the plunge of oil price. This problem challenges the operation and management of the upstream business. Therefore, it is essential to find out ＆e new approaches and key points of work, to achieve the goal of realizing a quality and sustainable development. From ten aspects, this paper discusses ＆e challenges facing ＆e upstream business of oil companies and puts forward corresponding roadmaps and strategies.

Sustainable Development and Operating Risk Management of Gucun Park in Shanghai

Nowadays with the rapid development of society, remarkable changes have been taken place in city life. The greening construction of the city can not meet the needs of the residents for the good environment. Recently, many large and medium-sized cities across the country have stepped up investment in country park, Its construction provides a good place to alleviate the pressure of life, Short-distance leisure for the city＇s residents. So it is worth exploring for Gucun Park that how to attract tourists in the fierce competition. The purpose of this paper is to stand in the height of the risk management system, putting forward the corresponding standardized risk response measures, which has great significance to the sustainable operation and development in the future.

Corporate Social and Environmental Reporting Institutionalized

External Corporate Social and Environmental Reporting （CSER） finds its raison d＇etre in corporations＇ search for both a license to operate and accountability towards society. This suggests a relationship between corporations and society. In this study, that relationship is analyzed, specifically the relationship between levels of CSER and economic institutions. A strong link with institutions is an outcome of institutionalization. The economic institutions applied are economic freedom and legal origin as a proxy for national corporate governance systems. The results of this descriptive study show associations between CSER levels and economic freedom. CSER is also related to national corporate governance systems through legal origin. CSER appears to be institutionalized, or in any case, corporations seem to be aware of the economic institutionalization of CSER.

Relationship Between Working Capital Management and Profitability in Turkey Industrial Listed Companies

The present study investigated the effect of working capital management component on corporate profitability. A sample of 106 firms listed on Borsa Istanbul Stock Exchange （BIST） for the period of 2003-2013 was used. The secondary data for analysis were taken from Bloomberg＇s Database. The present study aims to explore the effect of working capital management components on corporate profitability. We observed that there was a negative correlation between gross operating profit and accounts receivables （A/R）. We also found that there was a positive correlation between gross operating profit and number of days inventory. But they did not affect the profitability of firms in the study at a significant level.

The Cost of Financial Stability in Times of Crisis： The Case of Bulgaria

The global economic turmoil from 2008 inflicted permanent damage to EU economies and its impact is still strong. To address the problems and cope with the crisis, governments were forced to conduct anti-cyclical policies in different forms. In most countries, this resulted in a widening budget deficit and mounting government debt. Then, a raft of measures to deal with fiscal instability followed, which, however, restricted growth and had high economic and social costs. Bulgaria was among the EU Member States that turned fiscal discipline into a priority and was one of the few to manage, at least seemingly, to achieve satisfying results. The benefits that the country reaped are indisputable but the price it had to pay was too high. Many private sector companies faced insolvency, unemployment hit record highs, and important structural reforms were delayed.

Effects of Large-Scale Wind Energy Base on Power Grid Company

The first stage project of Jiuquan wind energy base with 5.5-GW installed capacity is about to be completed. However, there exist several technical issues such as power transfer capability, electricity accommodation, frequency control and peak load regulation as well as system stability. In addition, the high capital cost and operation cost of the supporting transmission project invested and constructed by the Gansu Provincial Power Company will definitely have significant impacts on the management and economic profit of the Company. Through analysis of the construction and operation cost changes resulting from the wind power collection and delivery project, the author carried out research into the effects of developing large-scale wind power base on the management and economic benefits of power grid enterprises and proposed corresponding suggestions to make the related policies perfect.

Unit Root Analysis of Traffic Time Series in Toll Highways

Concession contracts in highways often include some kind of clauses （for example, a minimum traffic guarantee） that allow for better management of the business risks. The value of these clauses may be important and should be added to the total value of the concession. However, in these cases, traditional valuation techniques, like the NPV （net present value） of the project, are insufficient. An alternative methodology for the valuation of highway concession is one based on the real options approach. This methodology is generally built on the assumption of the evolution of traffic volume as a GBM （geometric Brownian motion）, which is the hypothesis analyzed in this paper. First, a description of the methodology used for the analysis of the existence of unit roots （i.e., the hypothesis of non-stationarity） is provided. The Dickey-Fuller approach has been used, which is the most common test for this kind of analysis. Then this methodology is applied to perform a statistical analysis of traffic series in Spanish toll highways. For this purpose, data on the AADT （annual average daily traffic） on a set of highways have been used. The period of analysis is around thirty years in most cases. The main outcome of the research is that the hypothesis that traffic volume follows a GBM process in Spanish toll highways cannot be rejected. This result is robust, and therefore it can be used as a starting point for the application of the real options theory to assess toll highway concessions.

Life Cycle of Chinese Public Company and Competence Strategy Research

From start-up, growth, maturity to decline, a company will experience a complicated process, in which the company needs to change its anticipated objective, structure and business model with the variation of environment, in order to survive and gain sustainable development. Based on an enterprise＇s life-cycle theory, this paper makes use of both qualitative and quantitative models to do an empirical study on measurement of the life-cycle of 1135 Chinese public companies from 1991 to 2002, both FoxPro and SAS programs are used to process data. At the end of the paper, the author comes up with a company＇s value goals and relevant competence strategies in every stage of life cycle, with the purpose to promote the Chinese public companies＇ sustainable development.