完善中国股票市场的政策建议

中国股市在股票发行、退市和交易制度等方面与发达国家有一定的差距,存在一些问题,影响了投资者利益,阻碍了股市投融资功能的正常发挥。应该从股票发行退市制度和信息披露制度以及交易制度入手进行改革,形成完善的股票投资市场,使其充分发挥金融资源配置的功能。

Towards the Integrating Wind Power into Power Grid in China

With abundant wind resources and high pressure imposed on en-vironmental protection, wind power development has a promising future. Butdue to intermittent nature, wind power can bring into full play only if being con-nected into power grid to ensure its supply reliability and continuity, aswell as operational economy. However, technical and market barriers haveprevented wind power from integrating into power grid. To foster wind powerdevelopment, these barriers should be removed by both government incentivepolicies and sophisticated technologies.

Call Warrants Impact on Underlying Stocks： The Taiwan Experience

On the basis of the price, volume and volatility of underlying stocks, this article empirically investigates the impact of 273 Taiwan call warrants on underlying stocks. Discussions by the market risk, depth, tightness and liquidity, changes on underlying stocks due to warrants issuance, are investigated. In this study, the CAPM is applied for evaluating the market risk, the Kyle model for the market depth, the averaged best five bid-ask spread for the market tightness and the averaged turnover rate for the market liquidity. The empirical results indicate that the most significant influence is the market liquidity, the market tightness next; the market risk and market depth are non-significant.

The Effectiveness of Information Disclosure on Listed Banks

In essence, this market is an information market, and the flow of information leads to the allocation of resources. Enhancing the effectiveness of information disclosure can make the information exchange between different market participants freely and effectively, so as to optimize the distribution of market resources, and promote the health of the entire capital market to develop rapidly and sustainably. As an important part of a country＇s financial, bank has a special corporate form and link with many different broad stakeholders, whether the information disclosure effective or not, the bank exert more influence to the capital market and society compared with ordinary businesses, what＇s more, the negative effect by the asymmetric information or disclosure failure is also far more big than ordinary enterprises. William Mcdonough, former chairman of the Basel committee on banking supervision, once said： ＂the greatest enemy of financial stability is a loss of confidence, but the greatest damage to the confidence is the lack of reliable information.＂ Therefore, ensuring the quality of information disclosure and enhancing the effectiveness of listed bank information disclosure have a very important practical significance on safeguarding the legitimate rights and interests of the majority of investors and stakeholders and stable financial order.

Statistics Report on China Toothpaste Industry in 2016

This paper delivered statistics about China toothpaste industry in 2016 from the perspectives of sales amount, marketing operation, developing trends of inside and outside of China. In the end, it illustrated the prospects of China toothpaste industry, showcasing a guidance for related parties to better know about it.

A Brief Review on Status of Chinese Eyebrow Makeup Market

the development history of Chinese eyebrow makeup and modern daily eyebrow makeup methods were introduced. the current situation of Chinese eyebrow makeup market was emphatically discussed, and the reasons of its staggering growth were analyzed. Finally, ways for extending the Chinese eyebrow makeup market were proposed. In a word, this article aims at providing informative guidance for the insiders within the relevant felds.

The Implementation of GB/T 19000 Promotes the Advancement of the Management Level of the Leather Industry

Focusing on the economic development of its leather industry,Xinji City in the center ofHebei Province adheres to the scientific concept of development,strives to explore new ideas for industrialdevelopment,and makes tireless efforts to implement the GB/T19000 Quality Managementand Quality Assurance.This deepens the standardization of the leather industry and improves thelevel of enterprise management,serving both the economy and the enterprises.

Trend of the Latest Regulation——Efficacy Claims of Cosmetics

The latest trend of regulation about effcacy claims of cosmetics in China and EU has been analyzed. It is suggested that the cosmetic companies should make preparation.

A Study on the Behavior of Large Stock Dividends and Stock Splits Among Chinese Listed Companies： A Case Study on Zoomlion＇s 2010 Middle-Term Stock Dividend Plan

This paper takes Zoomlion （Changsha Zoomlion Heavy Industry Science and Technology Development Co., Ltd） as an example and illustrates the reasons why traditional theories of stock dividends and stock splits cannot rationally explain the large stock dividend and stock split behavior among Chinese listed companies. The paper offers the following points after analyzing the current situation of China＇s capital market： As many investors seek after the stocks with large stock dividends and stock splits and form a ＂herd effect＂, it greatly pushes up the price of these stocks. Thus, companies＇ managers can cater these investors＇ irrational behavior, and help their companies get more funds from secondary equity offerings, or help their large shareholders and institutional investors to obtain more returns after lifting the sell restriction on their shares.

Status and Prospect of the Beauty and Personal Care Market in China

The Chinese beauty and personal care market has been mainly dominated by big foreign brands such as L＇Oreal and Maybelline, due to their good product reputation, high quality and other advantages. On the back of ＂Korean Wave＂ in China, the Korean cosmetics are expanding their presence in the Chinese market. Local companies must upgrade their brand image and enhance the competitiveness of their brands in the high-end market. In the future, with the increase of people＇s purchasing power, and the demand for high-end cosmetics, the competition in the Chinese cosmetic market will become fiercer.

The Portuguese Newspapers Market Between Consolidation and Concentration Strategies

The main objective of this research is to assess the existence （or lack） of media concentration in the Portuguese dailies newspaper sector, and to evaluate the extension to which this situation may be compromising fundamental society values： freedom of speech and right of access to information. Authors resorted to market indicators, namely total average circulation,number of copies per issue, business volume and advertising investments. These indicators are found to be complementary： some indicators evaluate group position in the readers＇ market, whereas other evaluates group position in the general market and the advertising market in particular. Based in this market information, we used quantitative models （HII, CR4 and Noan） to measure de concentration in the newspaper segment. Additionally we tried to demonstrate that to analyze the dailies newspaper concentration situation in Portugal a holist perspective of the media market is needed, using a country context to understand some local characteristics and market structure and political, economic, social and technological dynamics. Additionally, there are evidences that existing concentration indexes are not conclusive because of potential replacement effects in the Portuguese media sector.

Financial Education and the Evaluation of Financial Education Effectiveness

Nowadays, most people＇ s financial literacy is not high enough in face with the rapid development of economic situation.And currently the popularity of financial education is in a state of scarcity.Thus many countries have taken measures to make financial education more effective. Financial education can not only help financial consumers make wise choice, but also beneficial to the smooth operation of market economy.To some degree, it can also avoid financial crisis.This article introduces the content of financial education and the basic situation of financial education in some developed countries in the first place, and then describes the evaluation of its effectives to raise people＇ s awareness of financial education and to emphasize the necessity of the evaluation of its effectiveness.

In-situ Urbanization Promoted by the Development of ＂Taobao Village＂

Starting from the important role of ＂Taobao village＂ in the economic development, the thesis analysed the subjective and objective reasons and promoting group and draw the general process of urbanization. It discussed the different characteristics of ＂Taobao village＂ in different economic areas and roles played in urbanizing. It also propounded some constructive suggestion to activate the industry, including strengthening industry supervision, adjusting development patterns, and emphasizing innovation. The paper consists of literature analysis, case analysis and comparative analysis to complement the demonstration.

The Impact of Debt Financing on Corporate R ＆ D Investment Behavior in China ——Based on the Empirical Evidence of Listed Companies from 2004 to 2011

Base on panel data of manufacturing and high-tech industry companies which discoursed R ＆ D expenditure in financial statements from 2004 to 2011, this paper studies the relationship between debt financing and corporate R ＆ D expenditure under different grow opportunities by using the robust fixed effects that Daniel Hoechle proposed m 2007. The results show that there is not a ＂increasing first, decreasing later＂ non-linear relationship but a ＂double negative＂ relationship between debt level and corporate R ＆ D expenditure. And the ＂double negative＂ relationship has a different mechanism in different growth companies.

The possibilities of entering new markets for Romanian companies from wood manufacturing industries

Romania has the potential of resources, labor and real capacity to adapt to the gait of a global economic competition. But it required a long term policy and environment which could support this potential value. If not, we will risk turning into a consumer economy, consumption will not be funded on internal production and become supplier of labor services for peripheral. In the context of economic crisis, Romanian furniture retains its significant competitive advantages, including the price in export markets. The most important markets for exporters of furniture from Romania are Ukraine and Russia, markets with great potential, but affected by problems such as devaluing local currencies, and recently, imposing new duties.

Impact of renewable power market penetration on coal power generation capacity growth

Since renewable energy sources are growing in importance, how well they can penetrate the energy market for power generation will be a very important factor in the role the coal industry will play in the future. This paper examined the displacement of coal power plant capacity from 2010 to 2050 by renewables with respect to three drivers assumed under various conditions： the American Recovery and Reinvestment Act （ARRA）, Greenhouse Gas （GItG） policy, and varying plant capital cost cases. The results by 2050 illustrate that renewable market penetration captures anywhere from 1.9% to 6.4% of potential coal power generation capacity additions. Renewable power generation capacity additions is expected to outpace coal power plant additions by 89% with respect to ARRA in 2050, however with no GHG policy coal power generation capacity build-outs will outpace renewables by as high as 809%. Finally, coal power generation is still projected to be the largest single energy source contributor to the electricity market making up 28.0% of total available capacity, while renewables are expected to only make up 16.3% of total available capacity.

Statistics on China Surfactant Industry in 2015

This article discussed the statistical study on products and raw materials of major enterprises in the field of surfactant industry in China. Through a series of data analysis,it has been pointed out that China＇s surfactant industry will usher in a period of eliminating overcapacity and industrial integration in next decades, and mentioning that enterprises should prepare for the risks about market structure change and homogenized competition.

The ＂Production＂ of Accounting Information Between Regulatory and Free Market Approach： An （Eternally） Open Issue

Accounting information has gained utmost importance over the years, and it now plays a vital role in our society. Indeed, the trends of a global economy, especially one relying on a capital market-based financial system, are greatly influenced by reliable accounting information. However, it is sometimes difficult to assess the ＂reliability＂ of such information, given the clear differences in the needs and goals of its different users. In this respect, the possible ways to guarantee the appropriateness of the accounting information provided to users doubtlessly deserve a careful investigation. The second half of the 1970s can be considered as the starting point of a debate, within the Anglo-Saxon accounting literature, concerning the most effective methods to provide users with accounting data effectively meeting their very specific needs. In this context, two antithetical schools of thought developed： （1） free market approach; and （2） regulatory approach. Although it is possible to state that accounting regulation has now become a concrete reality both inside and outside the Anglo-Saxon accounting context, after more than halfa century, its efficacy is still an open issue.

Research on Difference of Tourism Consumption Behavior of the Youth

The tourism consumption behavior of the young people has significant effect on the present social tourism consumption behavior. Intensifying the research on tourism consumption behavior of the youth group helps to explore the hot spot of tourism consumption, and designing specific marketing programs and taping into consumption potential is the key to market development. The research takes the university students in the youth group as an example to analyze the features and difference of tourism consumption behavior and observe tourism consumption marketing of the university students, for providing reference for the expansion of tourism market.