Working capital always being disregard in financial decision making since it involve investment and financing in short term period. However, it is an important component in firm financial management decision. An optim...Working capital always being disregard in financial decision making since it involve investment and financing in short term period. However, it is an important component in firm financial management decision. An optimal working capital management is expected to contribute positively to the creation of firm value. To reach optimal working capital management firm manager should control the trade off between profitability and liquidity accurately. The intention of this study is to examine the relationship between working capital management and firm profitability. Cash conversion cycle is used as measure of working capital management. This study is used panel data of 1628 firm-year for the period of 1996-2006 that consist of six different economic sectors which are listed in Bursa Malaysia. The coefficient results of Pooled OLS regression analysis provide a strong negative significant relationship between cash conversion cycle and firm profitability. This reveals that reducing cash conversion period results to profitability increase. Thus, in purpose to create shareholder value, firm manager should concern on shorten of cash conversion cycle till optimal level is achieved.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 types of operation play a key role in facilitating tourism consumption and economic development in a tourism destination. By adopting evolutionary economic geography theory, the paper analyzes the types of operati...The types of operation play a key role in facilitating tourism consumption and economic development in a tourism destination. By adopting evolutionary economic geography theory, the paper analyzes the types of operation in West Lake Scenic Area from 1978 to 2013. First, an evolution process consisting of four stages is underpinned, and they are: the new establishment stage, the preliminary development stage, the speedup development stage, and the stabilized maturity stage. Specifically, the distinct characteristics associated with operation types are compared and evaluated at different stages throughout the process. The evolution trees are introduced to scrutinize types of operation development. The results of evolution trees demonstrate the substantial increase in both numbers and types. Second, by applying GIS spatial analysis, the paper also analyzes the spatial evolution characteristics on the types of operation, and the results unveil the co-existence of centripetal and centrifugal forces: the processes of spatial agglomeration and spatial dispersion. More specifically, we recognize the spatial process includes the emergence of node and concentration(1978–1995), the sparse distribution and intensity reduction(1996–2002), the patchy distribution and spatial agglomeration intensification(2003–2008), the dispersed distribution and core area agglomeration(2009–2013). Lastly, path dependence on resource endowment, government and market innovation, knowledge learning and spillover can reasonably explain the types of operation evolution. In conclusion, the evolutionary economic geography theories provide new theoretical and empirical perspectives for tourism policy analysis. At the same time, our comprehensive evidences impart more comprehensive insights and offer useful managerial and policy implications.展开更多
To analyze the positive influencing factors of Chinese telecom operators' EVA(Economic Value Added),this paper selects fifteen indicators based on the enterprise features of telecom operators and telecommunication...To analyze the positive influencing factors of Chinese telecom operators' EVA(Economic Value Added),this paper selects fifteen indicators based on the enterprise features of telecom operators and telecommunications industry characteristics,and then classifies these indicators into the following factors:operation scale,profitability,solvency and asset management ability by factor analysis.This paper also gives the priorities of these four factors by regression analysis,of which the operation scale is the most important factor.The research results point out a clear method for the telecom operatorsto increase their EVA in order to meet the performance appraisal from State-owned Assets Supervision and Administration Commission of the State Council.展开更多
Towards integration of supply chain, manufacturing/production and investment decision making, this paper presents a hierarchical model architecture which contains six sub-models covering the areas of manufacturing con...Towards integration of supply chain, manufacturing/production and investment decision making, this paper presents a hierarchical model architecture which contains six sub-models covering the areas of manufacturing control, production operation, design and revamp, production management, supply chain and investment decision making. Six types of flow, material, energy, information, humanware, partsware and capital are clasified. These flows connect enterprise components/subsystems to formulate system topology and logical structure. Enterprise components/subsystems are abstracted to generic elementary and composite classes. Finally, the model architecture is applied to a management system of an integrated suply chain, and suggestion are made on the usage of the model architecture and further development of the model as well as implementation issues.展开更多
In order to improve production and operation ability of medium and small-sized enterprises, an assessment-index system of production and operation ability was proposed, and a corresponding assessment model was establi...In order to improve production and operation ability of medium and small-sized enterprises, an assessment-index system of production and operation ability was proposed, and a corresponding assessment model was established based on BP neural network. The conjunction weights of the neural network were continuously modified from output layer to input layer in the process of neural network training to reduce the errors between the anticipated and actual outputs. The results from an example show that this method is reliable and feasible. The production and operation abilitv of an enterorise with assessed result of 0.833 is fairly oowerful, and that with assessed result of 0.644 is average.展开更多
Standardization is the fundamental guarantee of the enterprise to ensure product quality, and improve market competitiveness; an important means of increasing economic efficiency and improving enterprise management le...Standardization is the fundamental guarantee of the enterprise to ensure product quality, and improve market competitiveness; an important means of increasing economic efficiency and improving enterprise management level. Since the reform and opening, the adoption of international standards and foreign advanced standards as a major technical and economic policy and active promotion of it, has played a significant role in promoting economic development and improve our products competitive in the international market. Some of the industry increased awareness of the standardization in the fierce competition in the market, making the standardization as a competitive means to promote industrial upgrading and technological progress.展开更多
Tourism is not only a significant tool of prosperity in well-known tourist destinations, but it is also an important potential development element in developing rural regions. In Czech Republic, the field of regional ...Tourism is not only a significant tool of prosperity in well-known tourist destinations, but it is also an important potential development element in developing rural regions. In Czech Republic, the field of regional development and managing destinations started to develop in the second half of the 1990s. Organizing tourism is in the phase of building and passes through natural development. Fierce competition between individual destinations imposes natural pressures on creating marketing managements of these destinations and such offer of products that perfectly come up to tourists＇ expectations. Together with increasing requirements, the demands on quality and well-prepared destinations within home tourism revive. In the final consequence, the level of destination management influences the increase in marketability and attendance in the region. The paper outlines the main theoretical basis, principles and tools of destination management, and subsequently it summarizes the results of the analysis, and conducted survey, the objective of which was to prove the functioning of these principles in practice. The practical verification of the functioning of destination management principles in Czech Republic has been conducted in the South-Moravian region （JMK） which is one of the most-often-visited regions in the country. The set targets have been reached not only by analysing available secondary data, but the techniques of depth interviews with experts in a destination management company have also been used, as well as the techniques of an orientation questionnaire survey among travel agencies and offices that should be one of the partners for a well-functioning destination management company.展开更多
This paper discusses the background and purpose, and reviews the current situation of the domestic and international cost control theory of real estate development projects, and introduces the research methods. The ca...This paper discusses the background and purpose, and reviews the current situation of the domestic and international cost control theory of real estate development projects, and introduces the research methods. The case study method is used.. The management idea is the summary of management practices, and case study can improve management theory, and in certain sense, can help combining theory with practice. The analysis of practical projects of real estate development, can help clarify theory, and is helpful for grasping theory in practical work and improve actual ability of the real estate development enterprise. Through the case study in Chongqing, the basic situations of real estate in Chongqing are introduced and relevant theory and procedure of cost control are used in the case study.展开更多
文摘Working capital always being disregard in financial decision making since it involve investment and financing in short term period. However, it is an important component in firm financial management decision. An optimal working capital management is expected to contribute positively to the creation of firm value. To reach optimal working capital management firm manager should control the trade off between profitability and liquidity accurately. The intention of this study is to examine the relationship between working capital management and firm profitability. Cash conversion cycle is used as measure of working capital management. This study is used panel data of 1628 firm-year for the period of 1996-2006 that consist of six different economic sectors which are listed in Bursa Malaysia. The coefficient results of Pooled OLS regression analysis provide a strong negative significant relationship between cash conversion cycle and firm profitability. This reveals that reducing cash conversion period results to profitability increase. Thus, in purpose to create shareholder value, firm manager should concern on shorten of cash conversion cycle till optimal level is achieved.
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.
基金Under the auspices of National Natural Science Foundation of China(No.41230631,41471130)
文摘The types of operation play a key role in facilitating tourism consumption and economic development in a tourism destination. By adopting evolutionary economic geography theory, the paper analyzes the types of operation in West Lake Scenic Area from 1978 to 2013. First, an evolution process consisting of four stages is underpinned, and they are: the new establishment stage, the preliminary development stage, the speedup development stage, and the stabilized maturity stage. Specifically, the distinct characteristics associated with operation types are compared and evaluated at different stages throughout the process. The evolution trees are introduced to scrutinize types of operation development. The results of evolution trees demonstrate the substantial increase in both numbers and types. Second, by applying GIS spatial analysis, the paper also analyzes the spatial evolution characteristics on the types of operation, and the results unveil the co-existence of centripetal and centrifugal forces: the processes of spatial agglomeration and spatial dispersion. More specifically, we recognize the spatial process includes the emergence of node and concentration(1978–1995), the sparse distribution and intensity reduction(1996–2002), the patchy distribution and spatial agglomeration intensification(2003–2008), the dispersed distribution and core area agglomeration(2009–2013). Lastly, path dependence on resource endowment, government and market innovation, knowledge learning and spillover can reasonably explain the types of operation evolution. In conclusion, the evolutionary economic geography theories provide new theoretical and empirical perspectives for tourism policy analysis. At the same time, our comprehensive evidences impart more comprehensive insights and offer useful managerial and policy implications.
文摘To analyze the positive influencing factors of Chinese telecom operators' EVA(Economic Value Added),this paper selects fifteen indicators based on the enterprise features of telecom operators and telecommunications industry characteristics,and then classifies these indicators into the following factors:operation scale,profitability,solvency and asset management ability by factor analysis.This paper also gives the priorities of these four factors by regression analysis,of which the operation scale is the most important factor.The research results point out a clear method for the telecom operatorsto increase their EVA in order to meet the performance appraisal from State-owned Assets Supervision and Administration Commission of the State Council.
基金Supported by the National Natural Science Foundation of China (No. 79931000) and The State Major Basic Research Development Program (No. G20000263).
文摘Towards integration of supply chain, manufacturing/production and investment decision making, this paper presents a hierarchical model architecture which contains six sub-models covering the areas of manufacturing control, production operation, design and revamp, production management, supply chain and investment decision making. Six types of flow, material, energy, information, humanware, partsware and capital are clasified. These flows connect enterprise components/subsystems to formulate system topology and logical structure. Enterprise components/subsystems are abstracted to generic elementary and composite classes. Finally, the model architecture is applied to a management system of an integrated suply chain, and suggestion are made on the usage of the model architecture and further development of the model as well as implementation issues.
基金Project 2001FJJ036 supported by Society Science Foundation of Henan Province
文摘In order to improve production and operation ability of medium and small-sized enterprises, an assessment-index system of production and operation ability was proposed, and a corresponding assessment model was established based on BP neural network. The conjunction weights of the neural network were continuously modified from output layer to input layer in the process of neural network training to reduce the errors between the anticipated and actual outputs. The results from an example show that this method is reliable and feasible. The production and operation abilitv of an enterorise with assessed result of 0.833 is fairly oowerful, and that with assessed result of 0.644 is average.
文摘Standardization is the fundamental guarantee of the enterprise to ensure product quality, and improve market competitiveness; an important means of increasing economic efficiency and improving enterprise management level. Since the reform and opening, the adoption of international standards and foreign advanced standards as a major technical and economic policy and active promotion of it, has played a significant role in promoting economic development and improve our products competitive in the international market. Some of the industry increased awareness of the standardization in the fierce competition in the market, making the standardization as a competitive means to promote industrial upgrading and technological progress.
文摘Tourism is not only a significant tool of prosperity in well-known tourist destinations, but it is also an important potential development element in developing rural regions. In Czech Republic, the field of regional development and managing destinations started to develop in the second half of the 1990s. Organizing tourism is in the phase of building and passes through natural development. Fierce competition between individual destinations imposes natural pressures on creating marketing managements of these destinations and such offer of products that perfectly come up to tourists＇ expectations. Together with increasing requirements, the demands on quality and well-prepared destinations within home tourism revive. In the final consequence, the level of destination management influences the increase in marketability and attendance in the region. The paper outlines the main theoretical basis, principles and tools of destination management, and subsequently it summarizes the results of the analysis, and conducted survey, the objective of which was to prove the functioning of these principles in practice. The practical verification of the functioning of destination management principles in Czech Republic has been conducted in the South-Moravian region （JMK） which is one of the most-often-visited regions in the country. The set targets have been reached not only by analysing available secondary data, but the techniques of depth interviews with experts in a destination management company have also been used, as well as the techniques of an orientation questionnaire survey among travel agencies and offices that should be one of the partners for a well-functioning destination management company.
文摘This paper discusses the background and purpose, and reviews the current situation of the domestic and international cost control theory of real estate development projects, and introduces the research methods. The case study method is used.. The management idea is the summary of management practices, and case study can improve management theory, and in certain sense, can help combining theory with practice. The analysis of practical projects of real estate development, can help clarify theory, and is helpful for grasping theory in practical work and improve actual ability of the real estate development enterprise. Through the case study in Chongqing, the basic situations of real estate in Chongqing are introduced and relevant theory and procedure of cost control are used in the case study.
