Capital structure is the basis for assessing the efficiency of enterprise financing activity. The rational capital structure could reduce the cost of capital and plays an important role in managing a company. Thus thi...Capital structure is the basis for assessing the efficiency of enterprise financing activity. The rational capital structure could reduce the cost of capital and plays an important role in managing a company. Thus this paper, based on the real estate listed companies on Shenzhen and Shanghai stock markets, analyzes the factors which influence capital structure, such as profitability, size, collateral value of assets, growth, stockholder’s equity, concentration degree of control power, ownership attribute, and applied statistics tools used to help the real estate listed companies optimize the structure of capital.展开更多
In order to decrease the deformation and stress and increase the natural frequency of the fixed table,a method of optimization driven by the sensitivity and topology analyses is proposed.The finite element model of th...In order to decrease the deformation and stress and increase the natural frequency of the fixed table,a method of optimization driven by the sensitivity and topology analyses is proposed.The finite element model of the fixed table is constructed and analyzed by using ANSYS software.Based on the results of static analysis and modal analysis,the maximum deformation,the maximum stress,and natural frequencies are obtained.Then,the sensitivity analysis and topology optimization are carried out to find out the parameters to be optimized.The fixed table is reconstructed according to optimal design scheme.In the comparison of the results between original model and the optimized one,the maximum deformation and stress are decreased by 71.73%and 60.27%respectively.At the same time,the natural frequencies from the first mode to the sixth mode are increased by 30.28%,29.57%,29.51%,31.52%,22.19%,and 21.80%,respectively.The method can provide technology guide for the design and optimization of machining structure.展开更多
The development of the internet can have a huge impact on industries from the mode of operation and strategic direction. As the ＂core＂ of enterprises, the financial industry has undergone great changes also, and the...The development of the internet can have a huge impact on industries from the mode of operation and strategic direction. As the ＂core＂ of enterprises, the financial industry has undergone great changes also, and the mode of traditional accounting in manual has been replaced by a computerized accounting. A computer can do all the financial work from accounting to reporting. Efficient and convenient accounting work allows financial personnel have more energy and time in enterprise management and decision-making, and the core of financial work has shifted to management. Therefore, more and more enterprises realize management accounting＇s value and importance. Management accounting includes information collection, analysis, storage and transfer, as well as data processing and analysis, making information system essential. Thus, management accounting information system will be an indispensable tool for enterprise value management. In the study, based on management accounting information, application of management accounting information in mid and large-size enterprises in China was reviewed to analyze existing problems and propose countermeasures with consideration of financial cloud model and business intelligence.展开更多
After the authors' thorough study of the experiments of other countries and regions, it is posed that credit-guarantee is the key for solving the problem of the difficulties of SMEs' financing.Based on two sur...After the authors' thorough study of the experiments of other countries and regions, it is posed that credit-guarantee is the key for solving the problem of the difficulties of SMEs' financing.Based on two surveys and interviews with 57 SMEs and some commercial banks' staff, this study on the practice and implement action of SMEs' credit-guarantee revealed some problems existing in the practical process. A series of policy suggestions are given for improving the SMEs' credit-guarantee in China.展开更多
This study analyses IASB＇s stipulations on fair value usage in its standard designed for SMEs and the reactions of national standard setters, preparers and users of financial reporting in this respect. It tries to cl...This study analyses IASB＇s stipulations on fair value usage in its standard designed for SMEs and the reactions of national standard setters, preparers and users of financial reporting in this respect. It tries to clarify fair value applications such as market value and value in use and the appropriateness of their usage for the case on hand. This research determines the inconsistencies within IASB ED IFRSfor SMEs （2007） related to the usage of fair value, underlined by the respondents＇ comment letters. The content analysis of all the above, conducted according to the type of economy and nature of respondent, along with the statistical techniques applied, indicates a partial approval of fair value usage under the following conditions： clarification of the concept, details on its usage in relation to market liquidity and the nature of the asset, additional guidance regarding the measurement methods. We advocate for the value in use, an application of the fair value based on internal valuations, which offers an adequate cost-benefit rate. The final version ofIFRSfor SMEs highlights both the preference of market information over the internal valuations and the insufficient information regarding solutions suited for non-liquid markets. It may be appropriate for the IASB, maybe in collaboration with the IVSC, to provide guidance and details regarding the implementation and disclosure of the valuation techniques applicable to this type of entities.展开更多
The international financial reporting standard for cash flow statement （IAS 7） provides options for the classification of certain cash flow items （arbitrary items）. Therefore, business firms may classify the arbit...The international financial reporting standard for cash flow statement （IAS 7） provides options for the classification of certain cash flow items （arbitrary items）. Therefore, business firms may classify the arbitrary items using the option that would maximize their own interest. This reduces the comparability of financial statements amongst business firms. This study aims to investigate the factors explaining management preferences in the selection of financial reporting practices on the arbitrary cash flow items. It concludes that managers tend to magnify the CFO reported in order to maximize the shareholders＇ wealth, which in turn would maximize their compensation. Managers of business firms with a relatively smaller size of CFO tend to classify interest paid and dividends paid as non-CFO in order to magnify their CFO. They also tend to classify interest received as CFO in order to inflate their relatively smaller size of CFO up to expectation. Similarly, managers of business firms with a relative larger size of dividends paid would classify the dividends paid outside CFO.展开更多
The content items to be offset of the reformed debt in consolidated financial statement of the operation occurred inside the group of enterprise is different from other general inner trades such as the sale of the sto...The content items to be offset of the reformed debt in consolidated financial statement of the operation occurred inside the group of enterprise is different from other general inner trades such as the sale of the stock or fixed asset, etc.. Through the reformed debt, the debtor and creditor have erased debt and credit on their bookkeeping. What to be offset are the capital reserve and the changed value of the asset. In this paper, the offsetting method of such items will be discussed.展开更多
The Practice Statement provides a flexible approach to preparation of the management commentary, generating more meaningful disclosure and discussing those matters that are more relevant to the company＇s individual c...The Practice Statement provides a flexible approach to preparation of the management commentary, generating more meaningful disclosure and discussing those matters that are more relevant to the company＇s individual circumstances. In this direction, the International Accounting Standards Board （IASB） has highlighted some content elements recognised as being fundamental for guaranteeing the usefulness of the management commentary. With reference to these elements, it is interesting to analyse the level of disclosure of the financial reporting. These analyses aim to identify the themes dealt with most extensively by the companies and those that require greater attention so that the narrative section of the financial statement is, on the one hand, at least consistent with the suggestions of the guideline and, on the other hand, contains information that is useful for the users. Lastly, in the light of the relevant European Union （EU） directives, the results of the analysis will help to formulate considerations on the ability of the IASB guideline to improve the completeness of the narrative section. All this is examined in a cross-country dimension： Financial reports in Italy and the United Kingdom （UK） are examined. The content analysis methodology is applied. Within the financial reporting, the management discussion is examined in particular. The analysis is performed considering 2008. This qualitative paper will contribute to the studies on disclosure and usefulness of the information provided.展开更多
Taking the enterprise survival ability and the development ability as a basis, this paper constructs the financial appraisal index system of enterprise competitiveness. Also, it draws the overall impression of the ent...Taking the enterprise survival ability and the development ability as a basis, this paper constructs the financial appraisal index system of enterprise competitiveness. Also, it draws the overall impression of the enterprise competitiveness through selecting listed f＇u＇ms＇ financial index of the equipment manufacturing industry, with the aid of factor analysis model, using the principal components analytic method, making rotation of varimax, and arranging the synthesizes enterprise competitiveness from the financial angle. After the empirical analysis, the paper completes appraisal and analysis which based on company＇s competitiveness from financial index.展开更多
In recent years, with the deepening of financial reform, administrative institutions continue to strengthen the reforms of financial management, and gradually established a relatively sound system of budge management,...In recent years, with the deepening of financial reform, administrative institutions continue to strengthen the reforms of financial management, and gradually established a relatively sound system of budge management, revenue and expenditure management. However, in the current system of financial management, there are still many problems that can not be ignored.展开更多
The most important target of the financial management is to develop the values of the foundation and develop the wealth of shareholders （wealth of the owners）, which is the primary target of the qualified and succes...The most important target of the financial management is to develop the values of the foundation and develop the wealth of shareholders （wealth of the owners）, which is the primary target of the qualified and successful financial management. This target, developing the value of the foundation, depends on the total profit that could be achieved by the company and counting the profit per share, but undoubtedly, the financial management should consider the other targets such as social responsibility and exchange between risk and revenue and others. This research, with its both theoretical and practical aspects, aims at illuminating the value of some foundations in Saudi Arabia, which are already registered in the stock market, by comparing the value of each foundation using two models namely the model of Modigliani-Miller （M＆M） and the model of Gordon. In spite of the difficulties found in the usage of both models, especially Gordon＇s model, we will use both of them to explain the aspects of imperfection in each model. This research will depend on a sample of Sandi industrial companies by getting financial data of these companies over a past decade and the usage of these data, in other words, to measure the value of Saudi companies against the market.展开更多
文摘Capital structure is the basis for assessing the efficiency of enterprise financing activity. The rational capital structure could reduce the cost of capital and plays an important role in managing a company. Thus this paper, based on the real estate listed companies on Shenzhen and Shanghai stock markets, analyzes the factors which influence capital structure, such as profitability, size, collateral value of assets, growth, stockholder’s equity, concentration degree of control power, ownership attribute, and applied statistics tools used to help the real estate listed companies optimize the structure of capital.
基金National Major Scientific&Technological Special Program for"High-Grade CNC and Basic Manufacturing Equipment"of China(No.2012ZX04011-031)Science and Technology Programs of Sichuan Province,China(No.2010GZ0250,No.2011GZ0075)
文摘In order to decrease the deformation and stress and increase the natural frequency of the fixed table,a method of optimization driven by the sensitivity and topology analyses is proposed.The finite element model of the fixed table is constructed and analyzed by using ANSYS software.Based on the results of static analysis and modal analysis,the maximum deformation,the maximum stress,and natural frequencies are obtained.Then,the sensitivity analysis and topology optimization are carried out to find out the parameters to be optimized.The fixed table is reconstructed according to optimal design scheme.In the comparison of the results between original model and the optimized one,the maximum deformation and stress are decreased by 71.73%and 60.27%respectively.At the same time,the natural frequencies from the first mode to the sixth mode are increased by 30.28%,29.57%,29.51%,31.52%,22.19%,and 21.80%,respectively.The method can provide technology guide for the design and optimization of machining structure.
基金Supported by Education Reform,Innovation and Guidance Program for Teachers in Universities of Tian Jin Agricultural University(20170405)~~
文摘The development of the internet can have a huge impact on industries from the mode of operation and strategic direction. As the ＂core＂ of enterprises, the financial industry has undergone great changes also, and the mode of traditional accounting in manual has been replaced by a computerized accounting. A computer can do all the financial work from accounting to reporting. Efficient and convenient accounting work allows financial personnel have more energy and time in enterprise management and decision-making, and the core of financial work has shifted to management. Therefore, more and more enterprises realize management accounting＇s value and importance. Management accounting includes information collection, analysis, storage and transfer, as well as data processing and analysis, making information system essential. Thus, management accounting information system will be an indispensable tool for enterprise value management. In the study, based on management accounting information, application of management accounting information in mid and large-size enterprises in China was reviewed to analyze existing problems and propose countermeasures with consideration of financial cloud model and business intelligence.
文摘After the authors' thorough study of the experiments of other countries and regions, it is posed that credit-guarantee is the key for solving the problem of the difficulties of SMEs' financing.Based on two surveys and interviews with 57 SMEs and some commercial banks' staff, this study on the practice and implement action of SMEs' credit-guarantee revealed some problems existing in the practical process. A series of policy suggestions are given for improving the SMEs' credit-guarantee in China.
文摘This study analyses IASB＇s stipulations on fair value usage in its standard designed for SMEs and the reactions of national standard setters, preparers and users of financial reporting in this respect. It tries to clarify fair value applications such as market value and value in use and the appropriateness of their usage for the case on hand. This research determines the inconsistencies within IASB ED IFRSfor SMEs （2007） related to the usage of fair value, underlined by the respondents＇ comment letters. The content analysis of all the above, conducted according to the type of economy and nature of respondent, along with the statistical techniques applied, indicates a partial approval of fair value usage under the following conditions： clarification of the concept, details on its usage in relation to market liquidity and the nature of the asset, additional guidance regarding the measurement methods. We advocate for the value in use, an application of the fair value based on internal valuations, which offers an adequate cost-benefit rate. The final version ofIFRSfor SMEs highlights both the preference of market information over the internal valuations and the insufficient information regarding solutions suited for non-liquid markets. It may be appropriate for the IASB, maybe in collaboration with the IVSC, to provide guidance and details regarding the implementation and disclosure of the valuation techniques applicable to this type of entities.
文摘The international financial reporting standard for cash flow statement （IAS 7） provides options for the classification of certain cash flow items （arbitrary items）. Therefore, business firms may classify the arbitrary items using the option that would maximize their own interest. This reduces the comparability of financial statements amongst business firms. This study aims to investigate the factors explaining management preferences in the selection of financial reporting practices on the arbitrary cash flow items. It concludes that managers tend to magnify the CFO reported in order to maximize the shareholders＇ wealth, which in turn would maximize their compensation. Managers of business firms with a relatively smaller size of CFO tend to classify interest paid and dividends paid as non-CFO in order to magnify their CFO. They also tend to classify interest received as CFO in order to inflate their relatively smaller size of CFO up to expectation. Similarly, managers of business firms with a relative larger size of dividends paid would classify the dividends paid outside CFO.
文摘The content items to be offset of the reformed debt in consolidated financial statement of the operation occurred inside the group of enterprise is different from other general inner trades such as the sale of the stock or fixed asset, etc.. Through the reformed debt, the debtor and creditor have erased debt and credit on their bookkeeping. What to be offset are the capital reserve and the changed value of the asset. In this paper, the offsetting method of such items will be discussed.
文摘The Practice Statement provides a flexible approach to preparation of the management commentary, generating more meaningful disclosure and discussing those matters that are more relevant to the company＇s individual circumstances. In this direction, the International Accounting Standards Board （IASB） has highlighted some content elements recognised as being fundamental for guaranteeing the usefulness of the management commentary. With reference to these elements, it is interesting to analyse the level of disclosure of the financial reporting. These analyses aim to identify the themes dealt with most extensively by the companies and those that require greater attention so that the narrative section of the financial statement is, on the one hand, at least consistent with the suggestions of the guideline and, on the other hand, contains information that is useful for the users. Lastly, in the light of the relevant European Union （EU） directives, the results of the analysis will help to formulate considerations on the ability of the IASB guideline to improve the completeness of the narrative section. All this is examined in a cross-country dimension： Financial reports in Italy and the United Kingdom （UK） are examined. The content analysis methodology is applied. Within the financial reporting, the management discussion is examined in particular. The analysis is performed considering 2008. This qualitative paper will contribute to the studies on disclosure and usefulness of the information provided.
文摘Taking the enterprise survival ability and the development ability as a basis, this paper constructs the financial appraisal index system of enterprise competitiveness. Also, it draws the overall impression of the enterprise competitiveness through selecting listed f＇u＇ms＇ financial index of the equipment manufacturing industry, with the aid of factor analysis model, using the principal components analytic method, making rotation of varimax, and arranging the synthesizes enterprise competitiveness from the financial angle. After the empirical analysis, the paper completes appraisal and analysis which based on company＇s competitiveness from financial index.
文摘In recent years, with the deepening of financial reform, administrative institutions continue to strengthen the reforms of financial management, and gradually established a relatively sound system of budge management, revenue and expenditure management. However, in the current system of financial management, there are still many problems that can not be ignored.
文摘The most important target of the financial management is to develop the values of the foundation and develop the wealth of shareholders （wealth of the owners）, which is the primary target of the qualified and successful financial management. This target, developing the value of the foundation, depends on the total profit that could be achieved by the company and counting the profit per share, but undoubtedly, the financial management should consider the other targets such as social responsibility and exchange between risk and revenue and others. This research, with its both theoretical and practical aspects, aims at illuminating the value of some foundations in Saudi Arabia, which are already registered in the stock market, by comparing the value of each foundation using two models namely the model of Modigliani-Miller （M＆M） and the model of Gordon. In spite of the difficulties found in the usage of both models, especially Gordon＇s model, we will use both of them to explain the aspects of imperfection in each model. This research will depend on a sample of Sandi industrial companies by getting financial data of these companies over a past decade and the usage of these data, in other words, to measure the value of Saudi companies against the market.
