灵捷制造企业及其敏捷性评价研究

在激烈的市场竞争中，敏捷化是一个企业永无止境的追求。企业制造敏捷度的综合评价模型和系统是指导企业工作，使其进行自我完善和自我提高的有力工具。本文分析影响企业制造敏捷度的要素，提出了基于多级模糊综合评定的企业制造敏捷度评价模型，着重论述了其原理和实现方法。

Organizational Culture Content of the Manufacturing Companies in Austria and the Czech Republic

The main focus of this scientific article is organizational culture that represents very complicated and complex social phenomenon. Organizational culture is understood as the set of basic assumptions, values, standards, and artifacts, shared in the company in long-term horizon. The main objective of empirical research was to map organizational culture content in manufacturing companies in the Czech Republic and Austria. The content of organizational culture in the selected level of analysis was identified by means of qualitative methods--individual interviews and focus group discussions. With respect to specified objective, research was implemented in the sample of 10 companies in the Czech Republic and Austria. Data acquired by qualitative method of focus group were processed by means of content analysis. The main result of this part of empirical research was to describe the organizational culture content in the manufacturing companies operating in Austrian and Czech environment.

Accounting Problems and Countermeasures in SME

SMEs in the national economy is an imporl^nt part of maintaining market stability, and it has a very important role for the operation to ensure a rational pricing mechanism and to ensure thll employment and promote sustained and healthy develop, and it ensures social stability. However, the presence of SMEs in the financial control is weak; problems of accounting information distortion and other issues limit itself to develop, and we do some research on the current problems and countermeasures of SME financial management.

Workplace Assessment of Naphtha Exposure in a Tyre Manufacturing Industry

A qualitative and quantitative workplace assessment was carried out to determine naphtha exposure in a tyre manufacturing industry. A qualitative chemical health risk assessment was conducted to identify naphtha hazard at the workplace. Quantitative assessment using Portable VOC Monitor, Automatic Sampling Pump and personal air sampling pump was used to determine VOC concentrations, organic solvents, and individual air naphtha respectively. The risk rating of naphtha was estimated to be 5. The mean VOC concentration was in the range of 2.43 to 92.93 ppm. Repair area had the highest VOC concentration while the lowest was in the moulding area. Each work station had significant differences for VOC concentrations （p 〈 0.001）. Laboratory analysis found various solvents including 2-methyl pentane, hexane, methyl cyclopentane, heptane, cyclohexane and toluene which were present in the liquid naphtha. Only xylene has been detected in the making and moulding areas with a range of 2 to 5 ppm. Meanwhile, the air naphtha concentrations of the exposed workers were significantly higher than those unexposed. The risk of naphtha exposure was qualitatively significant and not adequately controlled. Naphtha was detected in all work stations since it is the main solvent used. The ＂Repair Area＂ was significantly more contaminated than the other area.

Distribution Orientation and Driving Mechanism of Geographical Pattern Change of China′s Banking Industry

By analyzing the relationship among government, market driving forces, distribution orientation of banking industry, service opportunity equality and spatial patterns, this paper proposes that it is distribution orientation that lead to the formation and evolution of spatial pattern of banking industry. The difference of the distribution orientation leads to the separation of the spatial pattern of banking industry, and the change of the distribution orientation leads to the change of spatial pattern. The degree of spatial pattern change is subject to the degree of change of distribution orientation, and the scale of bank resources in the regions, which supports the distribution orientation variation. Based on these theoretical frameworks, some indicators were designed to analyze the pattern change of China′s banking industry and its effects since 1995 under the change of the distribution orientation. This paper finds that the orientation of economic benefit maximization driven by market causes the banking industry to concentrate in economically developed regions.The government, which does not follow the orientation of economic benefit maximization, plays a role of stabilizer. Since the bank branches in the regions with the greatest change in bank branch distribution are too few, and regions with the greatest change in bank loan allocation are the regions with lots of loans, the pattern change of the banking industry in physical form is not as notable as that in economic form.

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.

A Panel Data Analysis of Corporate Attributes and Stock Prices for Indian Manufacturing Sector

Stock prices have always been considered as unpredictable phenomena due to their dynamic patterns. Identifying the forces that contribute to variations of stock prices is probably one of the most researched areas in finance. This study relates stock prices to the stock volatility （measured by beta） and to corporate attributes, i.e., size, liquidity, profits, leverage, and returns. The study is based on manufacturing sector in India, and it is based on a sample of 3,027 manufacturing companies during the periods from 1991-1992 to 2006-2007 collected from the Centre for Monitoring Indian Economy （CMIE） database. The regressions were performed with the dummies for time effect and firm effect separately and then for both effects together. Panel data models have been used to estimate the stock prices equation. The model finds out fixed and random effects between independent and explanatory variables and analyzes them through Hausman test. The paper also studies multicollineairity that may exist amongst the selected variables. The study shows that volatility （represented by Beta）, profit （represented by earnings per share （EPS））, and size （represented by market capitalization （MCAP）） significantly influence the stock prices （at the level of 5%）. Panel data analysis using Hausman test supports the fixed effect model.

Empirical Examination of Market Reaction to Transfer Pricing Taxation Announcement in Press： A Japanese Perspective

The Japanese Taxation Agency （JTA） introduced transfer pricing taxation （TPT） in order to suppress the outflow of profits and therefore taxes of Japanese companies, which are expanding overseas. There have been many press reports regarding the application of TPT, and so there is much public attention on this issue. TPT is applied to unnatural transfer prices （TP）. If TPT is applied to a multinational company （MNC）, the company will need to bear enormous documentation costs in its calculation of the ratable price. In addition, in the last few years, the target of TPT is shifting to the overseas transfer of intangible assets, such as trademarks, royalties, patents, and charges income. As a result, companies have become more careful about TPT and investors tend to pay attention to companies＇ TPT strategy. With regard to this point, this paper examines how the market evaluates news regarding TP by investigating the market reaction to an initial press report mentioning that a firm was involved in a TP manipulation and may be guilty of tax underpayment. We examine these events both because press reports are currently under intense scrutiny and because there has been very little research on firms that engage in tax sheltering （see, e.g., Graham ＆ Tucker, 2006; Hanlon ＆ Slemrod, 2009）. Some view the fact that not all firms engage in tax sheltering as surprising because of the widespread view that shelters, at least in the 1990s, in expectation, offered a positive net present value position. The potential negative public relations effect is often cited as one reason for this ＂under-sheltering＂ phenomenon （Bankman, 2004）. On the event study analysis, we find that the Japanese capital market has shown a statistically significant negative reaction to the press reports. This result is due to a strong distrust of corporate activity regarding TP strategies. Moreover, in order to clarify the reason why the market responds to reports of TPT being applied, we compute the cumulative abnormal returns （CARs） around the date of the press report and conduct two-stage least-squares estimation to examine where this result regarding the market reaction comes from. Our results indicate that the variables for intangible assets and effective tax rate and the variables which represent the extent of corporate governance （CG） are statistically significant with respect to these reactions.

Functional central limit theorem for super α-stable processes

A functional central limit theorem is proved for the centered occupation time process of the super α-stable processes in the finite dimensional distribution sense. For the intermediate dimensions α < d < 2α (0 < α ≤ 2), the limiting process is a Gaussian process, whose covariance is specified; for the critical dimension d= 2α and higher dimensions d < 2α, the limiting process is Brownian motion.