奥克斯中央空调2007年北京经销商会议召开

本刊讯近日,奥克斯中央空调北京产品推广会在北京会议中心拉开帷幕,200余名当地知名奥克斯品牌经销商均出席了此次盛会。

Corporate Social and Environmental Reporting Institutionalized

External Corporate Social and Environmental Reporting （CSER） finds its raison d＇etre in corporations＇ search for both a license to operate and accountability towards society. This suggests a relationship between corporations and society. In this study, that relationship is analyzed, specifically the relationship between levels of CSER and economic institutions. A strong link with institutions is an outcome of institutionalization. The economic institutions applied are economic freedom and legal origin as a proxy for national corporate governance systems. The results of this descriptive study show associations between CSER levels and economic freedom. CSER is also related to national corporate governance systems through legal origin. CSER appears to be institutionalized, or in any case, corporations seem to be aware of the economic institutionalization of CSER.

Development Model of Tourism Companies Based on the Concept of Circular Economy

This paper summarizes the circular economy development model of tourism companies,and explores the support system which guaranteed the development of circular economy in tourism companies.It takes Xiedao Resort as an example to summarize its development model of circular economy.

Corporate Governance Mechanisms： Evidence From Small- and Medium-Sized Enterprises （SMEs）

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.

Study on Correlative Issues about State-owned Enterprises Restructuring in Resource-based Cities in China

The ＂sediment＂ formed in the process of long-term development of the resource-based cities not only restricts the economic structure trans/brmation, but also increases the difficulties for restructuring the state-owned enterprises. Furthermore, it makes current ways of reforming staffs＇ identity replacement and managers＇ shareholding mode inefficient in state-owned enterprises reformation in resource-based cities. According to the characteristics of resource-based cities and property right reform theory, cash and share right compensation for the different staffs in the process of staffs＇ identity replacement have been identified. In addition, different profitable investment policies have also been suggested. For managers＇ share holding, the stimulant share ownership should be adopted principally, at the same time corresponding restrictions should be set up for managers＇ investment share ownership due to share ownership structure.

Challenges of Oil Companies' Upstream Business under Low Oil Price Condition

Currently, oil companies face the ＂new normal＂ condition that the profit of their upstream business is shrinking with the plunge of oil price. This problem challenges the operation and management of the upstream business. Therefore, it is essential to find out ＆e new approaches and key points of work, to achieve the goal of realizing a quality and sustainable development. From ten aspects, this paper discusses ＆e challenges facing ＆e upstream business of oil companies and puts forward corresponding roadmaps and strategies.

Determinants of Joint Venture Performance in Cambodia

This study reviews important variables related to joint venture performance and identifies the key determinants of joint venture performance in Cambodia. A model of joint venture performance in Cambodia is proposed and tested. Finally guidelines for successful joint venture performance in Cambodia are proposed. Based on a study of 62 firms and interviews with 19 joint venture mangers and government officers, it was found that the most important factors driving the formation of a joint venture included access to an emerging new market, utilization of abundant and cheap labor, and existence of government incentives. The most serious obstacles to joint venture performance in Cambodia were corruption, lack of physical infrastructure, bureaucracy, and competition from a black market and smuggling. For the results indicate there are significant correlations between performance and trust, control, commitment, and ownership. Suggested guidelines to improve joint venture performance in Cambodia are proposed.

Analyzing on the Characteristics of Several Typical Financial Behavior of Loss Listed Companies in China

In combination with socio-economic development of China＇s current status, this article analyzes the characteristics of several typical financial behavior of loss listed companies in China. Among them, the debt financing behavior have a high level, a single means, a short-term structured and other characteristics, the corporate governance behavior have a goal of collaborative, several forms, and a complex environment, the earnings management behavior have diverse motives, many types of means, bigger range and other features, the asset restructuring behavior have a passive subject, methods of differentiation, performance-oriented features such as myopia.

Corporate Governance Viability： Theoretical Exploration

The purpose of this exploratory paper is to try to envision how corporate governance systems and practices are evolving and what eventually determines the forms they take and the functions they perform. Practical implications especially concern different consequences that recent global economic crisis has imposed on regulatory, business, and social aspects of corporate governance. In order to encompass different approaches to this ongoing issue, the author takes into account mainly theoretical contributions that address the issue from the following perspectives： interrelations between product market competition and corporate governance, assessment of capital market pressures on corporate governance; relation between labour market and corporate governance; and actors influencing corporate governance changes in national systems of corporate governance. Since the viability of any corporate governance system and practice, at national and international levels, depends on their ability to respond to both market pressure towards competitiveness and diversified requirements by influential social, political, and economic actors of change, the author suggests that all groups of factors should continue to be in the focus of future researches. On the other hand, as global economic crisis differently affects different countries and businesses, it is of particular importance for those that shape corporate governance policies and practices to be aware of the deep relatedness between corporate governance, on the one hand, and economic, social, and environmental aspects of growth and development, on the other hand.

Test for Investor Rationality for Companies Listed at the Nairobi Stock Exchange

Investors have traditionally been viewed as economically rational individuals who make decisions based on all available information. They have been assumed to use probability functions to arrive at the most optimal decision. More recent studies propose that investors are irrational and systematically overreact to good and bad information events. The concept of the rational investor has been supported by among others Efficient Market Hypothesis and Modem Portfolio Theory. Other studies opposed to the notion of rational investors have identified psychological biases that influence decision making process of an investor, and leading them to make irrational decisions. Several anomalies have been identified that deviate from rational behavior. The objective of this paper was to test for investor rationality for companies listed at the Nairobi Stock Exchange. This paper tested overreaction by investors to news and performance of companies listed at the Nairobi Stock Market as an anomaly that has been proven in other markets. The test involved forming companies into two portfolios, one of extreme good performers and the other of extreme poor performers during the base year. Performance of these portfolios was analyzed for a nine year period from the year of portfolio formation. The results are consistent with the notion of overreaction, showing that investors overreact to both good and bad news. Over the study period the loser portfolio outperformed the winner portfolio by about 35.92%. This confrere that investors are irrational and make decisions based on some biases.

Staff Management Aspects in Tbilisi Pharmacies

Abstract： The main purpose of the research was to study a role and place of managers in maintaining staff policy at pharmaceutical companies. It was interesting to see how Georgian pharmaceutical companies are getting new employees at work, what is the priority of the new recruits？ What methods are used for selection and recruitment？ There were made inquiries by the way of filling applications, which （the applications） were given to the managers ofAversi, PSP, GPC, Pharmadepot and Pharmaceutical House. 50 managers were interviewed totally. It was established that pharmaceutical company management appoints people on the position of pharmacist-managers mainly on the basis of contract （90%）. At present, the pharmacist education does not comply with the competence, so 55% of interviewed managers are bachelors, 45% are masters. In order to increase the management＇s qualifications, pharmaceutical companies are conducting seminars （50%）, trainings （30%）, and testing （20%）. Staff administration in the pharmacies is mainly carried out by the company administration （75%）, rarely by managers （25%）, but very often the administration takes into consideration the manager＇s opinion; employees are accepted by testing-interview （70%） or CV （30%）. Professional career and experience of the newly employed staff are not highly important （50/50）, and the company prefers to educate and share practice to the personnel itself. It is possible to conclude that today the pharmacist-managers of the pharmacies are working in accordance with the contractual fights and obligations signed with the employers and pharmaceutical activities regulated under non-governmental institutes. As a result, it is important to be included special features of pharmaceutical management and the recommendations offered by the World Health Organization and the International Pharmaceutical Federation in the articles of regulatory laws.

Embedding Economic Excellence： A Transformational Definition of ＂Corporate Governance＂ for Malaysia

The Malaysian government has carefully crafted policies to ensure that the nation achieves its aspirational goal to become a developed nation by 2020. Crucial for which is the success of the Securities Commission＇s ＂Corporate Governance Blueprint 2011＂ and ＂Capital Market Master Plan 2＂ designed to provide a business environment which attracts investment and talent. Somewhat overlooked in these otherwise robust policy shifts has been a critical critique of the definition, nature, and purpose of corporate governance itself. Recognizing this oversight, Tan Sri Muhyiddin Yassin, Malaysia＇s Deputy Prime Minister, has directed that the definition of corporate governance be rejuvenated for the 21st century. This paper looks to answer that challenge by recommending the following transformational definition for corporate governance： ＂the proactive implementation of accountable ethical processes, procedures, and policies that inspires innovative aspirational economic activity to produce sustainable wealth and prosperity for shareholders, stakeholders, and society＂.

Positional statement of companies＇ corporate governance rating reports： Evidence from Turkey

The Organisation for Economic Cooperation and Development （OECD） defines corporate governance as, ＂the way in which boards oversee the running of a company by its managers, and how board members are in turn accountable to shareholders and the company.＂ In recent years the issue of corporate governance and committees related to it and their impacts on corporate performance have continued to gain widespread prominence in the capital market economy. Corporate Governance Rating is meant to indicate the relative level to which an organisation accepts and follows the codes and guidelines of corporate governance practices. The purpose of the paper is to examine the rating reports of 27 companies which have obtained the corporate governance rating by rating agencies. The study highlights that the ＂stakeholders＂ sections of the reports are the most powerful part of the reports whereas the ＂board of directors＂ sections are the weakest. Potential areas for improvements are also identified.

An Empirical Study on the Relationship Between Growth and Earnings Management of Chinese Listed Corporation

This paper explores whether investors can assess the company＇s growth and risk management according to the company＇s financial statements in the capital market or not. The company＇s growth will affect the company＇s earnings manipulation for earnings management which is often encountered in corporate governance problems. This research constructs the research hypothesis on this basis of the summary and analysis of the relevant theory, using the data from Chinese listed corporation during the period of 2009-2011, and designs the empirical model to prove it. The study found that for Chinese listed corporation, the higher the company＇s growth and business risk, the higher the degree of earnings management. The degree of earnings management will be high when the growth of the company and the business risk exist at the same time.

An Empirical Study of the Senior Corporate Managers＇ Ability to Innovate

Senior corporate managers＇ innovation ability and spirit are very important in the growth process of corporate business development. This paper focuses on the innovation capacities of the senior corporate managers of listed companies in China and the complex relationship between firm performance and the operating environment to study and analyze the management and development of Chinese enterprises. Through relevant theoretical analysis and development of research hypotheses using the A-shares in Shanghai and Shenzhen listed companies announced in 2007 and 2008, the authors design an empirical model. The study found that in Chinese listed companies, the higher the innovation spirit of senior corporate managers, the better their business performances; the stronger the dynamic and complexity of the operating environment, the more the corporate managers＇ innovation ability will be developed.

丝路基金:撬动万亿投资的支点

＂丝路基金是为‘一带一路＇倡议而生长的。服务‘一带一路＇建设是丝路基金与生俱来的使命。通过以股权投资为主的多种方式,推进与相关国家和地区在基础设施、资源开发、产业合作、金融合作等的投融资合作,促进繁荣和发展,并实现积极合理的投资回报,这是丝路基金运作的总体模式。＂在＂一带一路与共同体建设＂丝路论坛上,丝路基金副总经理司欣波开宗明义。

拿起有用 放下有感——献给《税收科技》创刊一周年

《税收科技》杂志自去年7月诞生以来,以其新颖的版面,丰富的内容,朴实的文风,现代化的气息赢得了众多读者的青睐。笔者对《税收科技》也是情有独钟,倍加珍爱,一期不少,每期必读。由于自己的偏爱,平时也比较关注这一刊物的成长。在其周年之际,我将平时耳闻目睹的有关情况缀文献给《税收科技》。

北京市开展主题活动 隆重纪念世界卫生日 世界卫生组织驻华代办、北京市政府副秘书长张志宽出席

本刊讯（记者高军）4月1日,世界卫生组织驻华代表处、北京市食品药品监督管理局、北京市食品药品安全企业联盟共同在北京开展＂世界卫生日·北京在行动＂2015年世界卫生日纪念活动。世界卫生组织驻华代办泰勒先生,北京市政府副秘书长、北京市食品药品监督管理局局长张志宽,北京市食品药品安全企业联盟秘书长高玉君,北京市食品药品安全企业联盟部分成员单位代表,北京市食品药品监督管理局相关处室及有关单位负责人参加了纪念活动,

Joanna Tan

＂Once we established a reputable service, the community nature of the expat market quickly spread the message.＂