Crude oil imports in China are mainly carried out by state-owned entities with non state-owned entities as compliment. Crude imported by 5 state-owned entities accounts for 90% of the total imports, while non state-ow...Crude oil imports in China are mainly carried out by state-owned entities with non state-owned entities as compliment. Crude imported by 5 state-owned entities accounts for 90% of the total imports, while non state-owned entities are about given more freedom in using and importing crude. In 2015 only, there were 13 compauies graftted rcritlt access to imported crude oil and 6welv qualiied to import rights. Currently, there are 29 non-state-owned companies engaging in crude import business. China oil market is .faced with severe challenges. Ttre growth rate of oil demand declined, and dependence upon imported oil increased and reached as high as 61.26% in 2015. Refined oil demand growth also slowed down, and oil refining overcapacity got prominent and completion wouht become fiercer＂ in future. Overcapacity was about 140 million toils per year in 2015. Consumption ratio of diesel to gasoline went on declining, and ttre task of product structure adjustment was heavy. China oil market is undergoing great transformation, and institutional mechanism zoill go ahead, on the basis of centering on orderly release of limitations on crude oil and refined oil import and export, orderly release of competitive business arrd government pricing of oil/gas downstream links, vigorous resolving of overcapacity, strengthening low-carbon development, and laying a solid foundation.for guarantee.展开更多
Based on the theory that the management is about dynamic ＂relations＂, this paper analyzes the relationship between the construction industry and the ＂peasant laborer＂ in different stages, different contents and di...Based on the theory that the management is about dynamic ＂relations＂, this paper analyzes the relationship between the construction industry and the ＂peasant laborer＂ in different stages, different contents and different aspects. It establishes the three-dimensional model for these relations and points out that a good relationship between the construction enterprise and the construction employees in this crucial time of construction industry is a very crucial link of the achievements, as well as the well-being of the construction enterprises.展开更多
In this paper, we analyzed the status of human resource management practices in western China state-owned and state holding enterprises azld private enterprises, and found that there are differences in the nature of t...In this paper, we analyzed the status of human resource management practices in western China state-owned and state holding enterprises azld private enterprises, and found that there are differences in the nature of the business combination of different patterns of human resource management practices.展开更多
This paper aims to investigate the extent to which Malaysian small- and medium-sized enterprises （SMEs） adopted corporate governance （CG） principles and their effects on firm performance. The principles examined i...This paper aims to investigate the extent to which Malaysian small- and medium-sized enterprises （SMEs） adopted corporate governance （CG） principles and their effects on firm performance. The principles examined included： establishing clear roles and responsibilities; strengthening composition; and reinforcing independence. The paper is based on a questionnaire survey study among 113 SMEs that consisted of 35% （39） of manufacturing and related services and 65% （74） from services including information and communication technology （ICT）, primary agriculture, construction, mining, and quarrying. The analysis of the data indicates that 32% of the respondents said that the primary reason why they have their own business is to have control over their own working life. This fmding appears to confirm the f＇mancing theory that SMEs owners have other goals than profitability. In addition, 30% of SMEs perceived that the most important role played by the board is risk management; hence, these boards have a greater control over financial risks that may lead to better financial performance. The analysis also shows that 81% of the respondents＇ board consisted of internal board members only. These enterprises need to see the important role of external board members as a source of advice providers and experts to them. For policies relating to clear roles and responsibilities of board, only 28% of the respondents established clear functions reserved for the board and those delegated to management; substantial respondents did not draw up policies relating to reinforce board independency （between 75% and 79%） and to strengthen board composition （46%）. Besides, 68% of the respondents have the position of chairman and CEO held by same individuals and 81% of the chairman is an executive member of the board. These findings suggest that SMEs cannot see the importance of strengthening board and having independent board members. Regression analysis also indicates that board independence has a significant and positive impact on firm performance. Hence, SMEs need to appreciate networking advantages, competency, and strategic knowledge that the right board can offer. The governmental ministries and agencies in Malaysia need to take active measures to encourage SMEs to strengthen their board governance, because SMEs are the important economic powers for stimulating national economic growth. This paper contributes to the empirical literatures on the adoption of CG principles and their effects on SMEs＇ firm performance in emerging markets.展开更多
Since the foreign exchange reform on July 21^st 2005, the flexibility of RMB exchange rate has becoming big, so has the foreign exchange risk. How to effectively manage foreign exchange risk has become an emergent tas...Since the foreign exchange reform on July 21^st 2005, the flexibility of RMB exchange rate has becoming big, so has the foreign exchange risk. How to effectively manage foreign exchange risk has become an emergent task to enterprises. This paper introduces the method of foreign exchange forecast which is the base of foreign exchange risk management, and then deeply discusses different measures of managing the risk.展开更多
Research topic of this paper includes importance of theoretical knowledge on performance of firms＇ professionals. Research question is how theory affects the performance. Answer might become thorough competence of pr...Research topic of this paper includes importance of theoretical knowledge on performance of firms＇ professionals. Research question is how theory affects the performance. Answer might become thorough competence of professionals and task performance. With this sense, two case studis are obtained from Drucker＇s works （2009; 2015）. Therefore, research method covers case study approaches. Furthermore, firms produce national GDP in an economy. There are several functions in firm management, and managers operate those functions. They are logistics, supply, stock, finance, accounting, marketing, production, etc. All have managers such as accounting manager, finance manager, marketing manager, etc. Performance of managers is crucial to fLrm performance. Because performance of managers might become one determinator of firm performance. Therefore, HRM may have an impact on GDP through managers. Because productions and sales of firms affect GDPs on an economy. Moreover, professionals or managers must have theoretical knowledge in their field. Because theoretical knowledge increases their performance at work. In conclusion, study reveals that managers may have impact on firm performance; and theory may increase task performance of employees.展开更多
Small and micro enterprises play an extremely important role in the realization of employment, independent innovation,increasing taxes and so on, It is an important part of national economic development in China. Alth...Small and micro enterprises play an extremely important role in the realization of employment, independent innovation,increasing taxes and so on, It is an important part of national economic development in China. Although the government has introduced a series of supportive policies, but small and micro enterprises arc still faced with many development problems, small and micro enterprises face an important problem is financing difficulty, which relates to its health, sustainable and stable development. This paper analyzes the financing problem of small and micro enterprises from the new net loan mode of P2B, hoping to benefit the development of small and micro enterprises.展开更多
The privatization of a firm entails a thoroughgoing process of reform that includes the introduction of new management practices. A review of the theoretical and empirical studies conducted allows us to confirm that a...The privatization of a firm entails a thoroughgoing process of reform that includes the introduction of new management practices. A review of the theoretical and empirical studies conducted allows us to confirm that a systematic analysis of the contextual, organizational and strategic factors that arise after a public company＇s privatization does not exist. This study explores the changes in strategic management that take place after a public company＇s privatization and proposes a theoretical global analysis model that facilitates their analysis. In order to confirm the theoretical propositions posed, the contemporary multiple case study was used as a research methodology. In particular, the changes experienced in the strategic management area in four privatized Spanish companies were investigated along the lines of a longitudinal analysis. The results of this study show that most theoretical propositions are confirmed or tend to be, according to the evidence shown by the firms in the sample. In addition, a comparative analysis of the different firms＇ behaviors by following the structure constructed on the basis of the three areas （strategies, objectives and organizational structure） leads to the conclusion that all these areas are relevant to the process of change in a privatized firm＇s strategic management.展开更多
after 30 years of development, private enterprise has become an important pillar of our national economy.With the accelerated process of economic globalization, the private enterprises will face more intense competiti...after 30 years of development, private enterprise has become an important pillar of our national economy.With the accelerated process of economic globalization, the private enterprises will face more intense competition in the domestic market. At the same time in order to obtain various resources, access to the vast market and foreign advanced technology, many private enterprises active or passive choice of ＂going out＂, through the international road to break the bottleneck of development.展开更多
It is generally believed in academia that there are two theoretical explanations of tunneling and financing advantage for the creation of pyramidal structure. However, there is no definitive conclusion on which explan...It is generally believed in academia that there are two theoretical explanations of tunneling and financing advantage for the creation of pyramidal structure. However, there is no definitive conclusion on which explanation holds sway. Based on non-equilibrium panel data of seven years between 2004 and 2010, this empirical study uses the product market competition variables of ＂inter-sector competition＂ and ＂intra-sector competition＂ and the hierarchy and complexity of pyramidal structure, examines the correlation between pyramidal structure of Chinese private manufacturing listed firms and product market competition and patterns of change, and reveals the major causes of pyramidal structure. Empirical result indicates that, for Chinese private manufacturing listed companies, there is a significant negative correlation between product market competition and the hierarchy and complexity of pyramidal structure, which indicates that the creation of pyramidal structure has a preference on tunneling by controlling shareholders. On the basis of further considerations on corporate tunneling and financing restraint categorization, high-tunneling firms and firms with low financing restraint demonstrate significant tunneling motivations; low-tunneling firms and firms with high financing restraint demonstrate significant effect of financing advantage, which further testifies both theoretical explanations for the creation of pyramidal structure. Conclusions of these studies have not only enriched and supplemented relevant studies on the root causes for the creation of pyramidal structure by Chinese private business groups, but provide practical support for firms to make correct and effective use of pyramidal structure as well.展开更多
文摘Crude oil imports in China are mainly carried out by state-owned entities with non state-owned entities as compliment. Crude imported by 5 state-owned entities accounts for 90% of the total imports, while non state-owned entities are about given more freedom in using and importing crude. In 2015 only, there were 13 compauies graftted rcritlt access to imported crude oil and 6welv qualiied to import rights. Currently, there are 29 non-state-owned companies engaging in crude import business. China oil market is .faced with severe challenges. Ttre growth rate of oil demand declined, and dependence upon imported oil increased and reached as high as 61.26% in 2015. Refined oil demand growth also slowed down, and oil refining overcapacity got prominent and completion wouht become fiercer＂ in future. Overcapacity was about 140 million toils per year in 2015. Consumption ratio of diesel to gasoline went on declining, and ttre task of product structure adjustment was heavy. China oil market is undergoing great transformation, and institutional mechanism zoill go ahead, on the basis of centering on orderly release of limitations on crude oil and refined oil import and export, orderly release of competitive business arrd government pricing of oil/gas downstream links, vigorous resolving of overcapacity, strengthening low-carbon development, and laying a solid foundation.for guarantee.
文摘Based on the theory that the management is about dynamic ＂relations＂, this paper analyzes the relationship between the construction industry and the ＂peasant laborer＂ in different stages, different contents and different aspects. It establishes the three-dimensional model for these relations and points out that a good relationship between the construction enterprise and the construction employees in this crucial time of construction industry is a very crucial link of the achievements, as well as the well-being of the construction enterprises.
文摘In this paper, we analyzed the status of human resource management practices in western China state-owned and state holding enterprises azld private enterprises, and found that there are differences in the nature of the business combination of different patterns of human resource management practices.
文摘This paper aims to investigate the extent to which Malaysian small- and medium-sized enterprises （SMEs） adopted corporate governance （CG） principles and their effects on firm performance. The principles examined included： establishing clear roles and responsibilities; strengthening composition; and reinforcing independence. The paper is based on a questionnaire survey study among 113 SMEs that consisted of 35% （39） of manufacturing and related services and 65% （74） from services including information and communication technology （ICT）, primary agriculture, construction, mining, and quarrying. The analysis of the data indicates that 32% of the respondents said that the primary reason why they have their own business is to have control over their own working life. This fmding appears to confirm the f＇mancing theory that SMEs owners have other goals than profitability. In addition, 30% of SMEs perceived that the most important role played by the board is risk management; hence, these boards have a greater control over financial risks that may lead to better financial performance. The analysis also shows that 81% of the respondents＇ board consisted of internal board members only. These enterprises need to see the important role of external board members as a source of advice providers and experts to them. For policies relating to clear roles and responsibilities of board, only 28% of the respondents established clear functions reserved for the board and those delegated to management; substantial respondents did not draw up policies relating to reinforce board independency （between 75% and 79%） and to strengthen board composition （46%）. Besides, 68% of the respondents have the position of chairman and CEO held by same individuals and 81% of the chairman is an executive member of the board. These findings suggest that SMEs cannot see the importance of strengthening board and having independent board members. Regression analysis also indicates that board independence has a significant and positive impact on firm performance. Hence, SMEs need to appreciate networking advantages, competency, and strategic knowledge that the right board can offer. The governmental ministries and agencies in Malaysia need to take active measures to encourage SMEs to strengthen their board governance, because SMEs are the important economic powers for stimulating national economic growth. This paper contributes to the empirical literatures on the adoption of CG principles and their effects on SMEs＇ firm performance in emerging markets.
文摘Since the foreign exchange reform on July 21^st 2005, the flexibility of RMB exchange rate has becoming big, so has the foreign exchange risk. How to effectively manage foreign exchange risk has become an emergent task to enterprises. This paper introduces the method of foreign exchange forecast which is the base of foreign exchange risk management, and then deeply discusses different measures of managing the risk.
文摘Research topic of this paper includes importance of theoretical knowledge on performance of firms＇ professionals. Research question is how theory affects the performance. Answer might become thorough competence of professionals and task performance. With this sense, two case studis are obtained from Drucker＇s works （2009; 2015）. Therefore, research method covers case study approaches. Furthermore, firms produce national GDP in an economy. There are several functions in firm management, and managers operate those functions. They are logistics, supply, stock, finance, accounting, marketing, production, etc. All have managers such as accounting manager, finance manager, marketing manager, etc. Performance of managers is crucial to fLrm performance. Because performance of managers might become one determinator of firm performance. Therefore, HRM may have an impact on GDP through managers. Because productions and sales of firms affect GDPs on an economy. Moreover, professionals or managers must have theoretical knowledge in their field. Because theoretical knowledge increases their performance at work. In conclusion, study reveals that managers may have impact on firm performance; and theory may increase task performance of employees.
文摘Small and micro enterprises play an extremely important role in the realization of employment, independent innovation,increasing taxes and so on, It is an important part of national economic development in China. Although the government has introduced a series of supportive policies, but small and micro enterprises arc still faced with many development problems, small and micro enterprises face an important problem is financing difficulty, which relates to its health, sustainable and stable development. This paper analyzes the financing problem of small and micro enterprises from the new net loan mode of P2B, hoping to benefit the development of small and micro enterprises.
文摘The privatization of a firm entails a thoroughgoing process of reform that includes the introduction of new management practices. A review of the theoretical and empirical studies conducted allows us to confirm that a systematic analysis of the contextual, organizational and strategic factors that arise after a public company＇s privatization does not exist. This study explores the changes in strategic management that take place after a public company＇s privatization and proposes a theoretical global analysis model that facilitates their analysis. In order to confirm the theoretical propositions posed, the contemporary multiple case study was used as a research methodology. In particular, the changes experienced in the strategic management area in four privatized Spanish companies were investigated along the lines of a longitudinal analysis. The results of this study show that most theoretical propositions are confirmed or tend to be, according to the evidence shown by the firms in the sample. In addition, a comparative analysis of the different firms＇ behaviors by following the structure constructed on the basis of the three areas （strategies, objectives and organizational structure） leads to the conclusion that all these areas are relevant to the process of change in a privatized firm＇s strategic management.
文摘after 30 years of development, private enterprise has become an important pillar of our national economy.With the accelerated process of economic globalization, the private enterprises will face more intense competition in the domestic market. At the same time in order to obtain various resources, access to the vast market and foreign advanced technology, many private enterprises active or passive choice of ＂going out＂, through the international road to break the bottleneck of development.
文摘It is generally believed in academia that there are two theoretical explanations of tunneling and financing advantage for the creation of pyramidal structure. However, there is no definitive conclusion on which explanation holds sway. Based on non-equilibrium panel data of seven years between 2004 and 2010, this empirical study uses the product market competition variables of ＂inter-sector competition＂ and ＂intra-sector competition＂ and the hierarchy and complexity of pyramidal structure, examines the correlation between pyramidal structure of Chinese private manufacturing listed firms and product market competition and patterns of change, and reveals the major causes of pyramidal structure. Empirical result indicates that, for Chinese private manufacturing listed companies, there is a significant negative correlation between product market competition and the hierarchy and complexity of pyramidal structure, which indicates that the creation of pyramidal structure has a preference on tunneling by controlling shareholders. On the basis of further considerations on corporate tunneling and financing restraint categorization, high-tunneling firms and firms with low financing restraint demonstrate significant tunneling motivations; low-tunneling firms and firms with high financing restraint demonstrate significant effect of financing advantage, which further testifies both theoretical explanations for the creation of pyramidal structure. Conclusions of these studies have not only enriched and supplemented relevant studies on the root causes for the creation of pyramidal structure by Chinese private business groups, but provide practical support for firms to make correct and effective use of pyramidal structure as well.
