This article is based on traditionally intrinsic value assessment model. We employed the assumption on the differences in future increase rates of companies, taking into account of the expected Economic Value Added (E...This article is based on traditionally intrinsic value assessment model. We employed the assumption on the differences in future increase rates of companies, taking into account of the expected Economic Value Added (EVA) discount and the capital investment, to establish a high increase model, a two-stage EVA discount model and a three-stage EVA discount model for the intrinsic value assessment. Those models eliminate the great fluctuation of free cash flow in calculating the capital expenditure by setting aside the cash flow of the company’s investment in the year and considering only the capital cost. This method needs only to assess the EVA flow in different year in probing the intrinsic value of a company, thus give more consistent conclusion than conventional methods.展开更多
We have collected data on China＇s 22 main trading partners for 1984-2012 and used System GMM to study the influence of ＂Made in China＂ on the ＂Great Moderation＂ of the global economy. Our research shows that alth...We have collected data on China＇s 22 main trading partners for 1984-2012 and used System GMM to study the influence of ＂Made in China＂ on the ＂Great Moderation＂ of the global economy. Our research shows that although trade scale, real effective exchange rate, oil prices, fixed capital investment and other variables have significantly expanded global economic volatility, ＂Made in China＂ has markedly restrained output growth rate fluctuations in countries around the world and price fluctuations in developed countries, helping the global economy develop with ＂high growth, low volatility.＂ ＂Made in China＂ is a long-term variable in the context of the global value chain. China needs to take advantage of global value chain restructuring to further upgrade and develop processing and manufacturing industry and expand its presence in the international market. It could choose to adopt a ＂mirror strategy＂ and launch trade sanctions targeting counterpart industries or enterprises to counter irrational trade sanctions from the developed countries. At the same time, however, it is important for China to make its own contribution to improve global economic governance and building a new international economic order in the era of global value chains by strengthening its policy coordination with other countries.展开更多
文摘This article is based on traditionally intrinsic value assessment model. We employed the assumption on the differences in future increase rates of companies, taking into account of the expected Economic Value Added (EVA) discount and the capital investment, to establish a high increase model, a two-stage EVA discount model and a three-stage EVA discount model for the intrinsic value assessment. Those models eliminate the great fluctuation of free cash flow in calculating the capital expenditure by setting aside the cash flow of the company’s investment in the year and considering only the capital cost. This method needs only to assess the EVA flow in different year in probing the intrinsic value of a company, thus give more consistent conclusion than conventional methods.
文摘We have collected data on China＇s 22 main trading partners for 1984-2012 and used System GMM to study the influence of ＂Made in China＂ on the ＂Great Moderation＂ of the global economy. Our research shows that although trade scale, real effective exchange rate, oil prices, fixed capital investment and other variables have significantly expanded global economic volatility, ＂Made in China＂ has markedly restrained output growth rate fluctuations in countries around the world and price fluctuations in developed countries, helping the global economy develop with ＂high growth, low volatility.＂ ＂Made in China＂ is a long-term variable in the context of the global value chain. China needs to take advantage of global value chain restructuring to further upgrade and develop processing and manufacturing industry and expand its presence in the international market. It could choose to adopt a ＂mirror strategy＂ and launch trade sanctions targeting counterpart industries or enterprises to counter irrational trade sanctions from the developed countries. At the same time, however, it is important for China to make its own contribution to improve global economic governance and building a new international economic order in the era of global value chains by strengthening its policy coordination with other countries.
