我国民营企业实施合资经营战略的有效分析

入世后我国的民营企业逐步开始了全球化经营战略,在此背景下,引进海外资本、学习国外的先进管理方法、利用跨国公司完善的营销渠道等方面成为了众多民营企业考虑的重点,在不断的与世界知名企业的合作中,如何正确实施相关战略,明确发展方向,保证企业自身在对外合作中能向前走而不是被"吞并",是值得重点关注和研究的问题,文章合资经营角度为着眼点,对合资经营战略在民营企业中的运用从必要性、注意问题、风险防范相等方面进行了具体的分析,期望对企业的实际应用起到相应的借鉴和参考作用。

浅谈建设兵团国有资产经营公司的财务管理

建设兵团国有资产经营公司主要是对生产建设兵团授权范围内的国有资产和国有与资产股份进行经营和交易。研究建设兵团国有资产经营研究公司的财务管理可以更好的加强兵团的开发和建设，对兵团的发展有着重要的意义。

口腔诊所经营模式形态分析

口腔诊所开业经营者,首先要考虑口腔诊所的经营模式。本文分析了独资口腔诊所、合营口腔诊所及收购口腔诊所的经营模式形态特点。

打造核心能力 寻求科学发展——中信银行武汉分行十年成长解读

坚持科学发展,打造核心竞争力,就要根据市场的要求和自身的资源,培育适应整体发展的战略管理能力。中信银行武汉分行成立于2000年3月,是进入武汉地区的第5家股份制商业银行。历经十年的成长。

Working capital management and corporate performance： Case of Malaysia

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.

Research on the Competitive Power of the Industrial Clusters in China

Industrial clusters have been an important phenomenon of the global economy. The most important reason for its becoming the focus of people＇s attention and the popular mode of industry programming is continuous and powerful competitiveness ,The article analyzes this competitiveness, and points out some problems of China＇s industrial clusters, which directly affects its current competitiveness and further development. Finally, we propose stone specific measures of those problems.

Methodology for Defining of Eligible Capacity for Wood Fuel Based Cogeneration Plants in Small Towns in Estonia

There is a high potential for small-scale and medium scale wood-fired cogeneration in Estonia. The purpose of this research is to define the eligible capacity for wood fuel based cogeneration plant operating on the base of district heating systems in small towns. Results were checked and approbated by economical and environmental factors. Two optimal sizing methods were used maximizing of amount of heat year-round while working at full installed capacity and maximizing of amount of heat year-round while working with partial loads. Results of defining optimal capacities for wood-fired cogeneration plants in small Estonian towns showed that method of maximizing of amount of heat year-round while working with partial loads is more adequate to real situation.

The application of option pricing theory to the evaluation of mining investment

A rational evaluation on an investment project forms the basis of a right investment decision making. The discounted cash flow (DCF for short) method is usually used as a traditional evaluation method for a project investment. However, as the mining investment is influenced by many uncertainties, DCF method cannot take into account these uncertainties and often underestimates the value of an investment project. Based on the option pricing theory of the modern financial assets, the characteristics of a real project investment are discussed, and the management option of mine managers and its pricing method are described.

The Effect of Net Working Capital on Jordanian Industrial and Energy Sectors＇ Net Cash Flows Employed in Operating Activities

The primary objective of the cash flow statement is to provide useful, meaningful, and relevant information about the cash receipts and cash payments of a firm during a given period of time. Decision makers can achieve extra features of the change in net assets, the firms＇ financial position （liquidity and solvency）, and the firm＇s ability to adapt to changing circumstances by affecting the amount and timing of cash flows. Cash flow statements improve comparability as they are not affected by differing accounting policies used for the same type of transactions or events. This study aims to verify the effect of net working capital （NWC）, as an indicator of a company＇s short-term liquidity or its ability to meet short-term obligations, on Jordanian industrial and energy sectors＇ net operating cash flows （NOCF）. A simple liner regression is used to test a period of 2008-2011 in order to conclude the extent of the effect on industrial and energy sectors. The study showed that there is a significant effect of the independent variable NWC on the dependent variable NOCF among industrial and energy sectors in Jordanian market. Whereas the adjusted R-squared of test is 0.854, changes in NOCF in Jordanian industrial and energy sectors have been described by NWC. Also, the study reached that the utilities and energy sector has the lowest NWC, while the mining and extraction sector has the highest. And, electrical industries sector has the lowest NOCF, while the mining and extraction sector has the highest. Moreover, the study showed that the printing and packaging sector has the lowest NWC, while the mining and extraction sector has the highest. And, glass and ceramic industries sector has the lowest NOCF, while the utilities and energy sector has the highest.

Italian Banking Sector and Value Creation

The finn value is the fundamental topic of corporate finance. The value creation is the aim of economic initiatives, strategies, corporate policies, and all business activities, including banking. It depends, among other things, on size, legal form, and business model. Therefore, this paper wants to demonstrate and explain the differences about the value created in the Italian banking sector, where there is much diversity regarding size, legal form, and business model. This paper estimated and compared the value of Italian listed companies from 2010 to 2012 and found the result： Banks create more value if they are big and operate in investment banking. Furthermore, it proved that legal form hasn＇t influenced performance and value of banks.

Influencing Factors of Chinese Telecom Operators＇ EVA

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.

The Effects of Organization Context, Investment Strategy, and Entry Mode on Management Performance： An Analysis of Taiwan Residents Enterprises in China Mainland

Among the top 1,000 Taiwan Residents enterprises in China listed by the database of Commercial Times in 2012, 763 of them witnessed revenue growth and 864 of them were in profits. This paper seeks to identify the reasons behind such a stellar performance by conducting an empirical study on the top 500 Taiwan Residents businesses in the database. The results suggest that： （1） the larger the investment into China, the better the business performances; （2） the higher the ownership by Taiwan Residents firms for the outward investments to China, the better the business performances; （3） compared to investments in IT, technology and machinery, the outward investments from Taiwan to China achieve better returns in commodity, energy, and mining; （4） compared to investments in Eastern, Central, and Western China, the investments in Chinese municipalities generate better returns.

Spatio-temporal Variations in Plantation Forests'Disturbance and Recovery of Northern Guangdong Province Using Yearly Landsat Time Series Observations(1986-2015)

Forest disturbance plays a vital role in modulating carbon storage,biodiversity and climate change.Yearly Landsat imagery from 1986 to 2015 of a typical plantation region in the northern Guangdong province of southern China was used as a case study.A Landsat time series stack(LTSS) was fed to the vegetation change tracker model(VCT) to map long-term changes in plantation forests' disturbance and recovery,followed by an intensive validation and a continuous 27-yr change analysis on disturbance locations,magnitudes and rates of plantations' disturbance and recovery.And the validation results of the disturbance year maps derived from five randomly identified sample plots with 25 km^2 located at the four corners and the center of the scene showed the majority of the spatial agreement measures ranged from 60% to 83%.A confusion matrix summary of the accuracy measures for all four validation sites in Fogang County showed that the disturbance year maps had an overall accuracy estimate of 71.70%.Forest disturbance rates' change trend was characterized by a decline first,followed by an increase,then giving way to a decline again.An undulated and gentle decreasing trend of disturbance rates from the highest value of 3.95% to the lowest value of 0.76% occurred between 1988 and 2001,disturbance rate of 4.51% in 1994 was a notable anomaly,while after 2001 there was a sharp ascending change,forest disturbance rate spiked in 2007(5.84%).After that,there was a significant decreasing trend up to the lowest value of 1.96% in 2011 and a slight ascending trend from 2011 to 2015(2.59%).Two obvious spikes in post-disturbance recovery rates occurred in 1995(0.26%) and 2008(0.41%).Overall,forest recovery rates were lower than forest disturbance rates.Moreover,forest disturbance and recovery detection based on VCT and the Landsat-based detections of trends in disturbance and recovery(LandT rendr) algorithms in Fogang County have been conducted,with LandT rendr finding mostly much more disturbance than VCT.Overall,disturbances and recoveries in northern Guangdong were triggered mostly by timber needs,policies and decisions of the local governments.This study highlights that a better understanding about plantations' changes would provide a critical foundation for local forest management decisions in the southern China.

Economic analysis in product design——A case study of a TCM dietary supplement

An approach for the economic analysis of chemical product design is proposed. It takes into account of customers' preference on product quality and economic considerations such as pricing, profit, market share, capital investment, and operating cost. The activities needed to support business decision making – identifying product quality, estimating product cost, calculating financial metrics, and performing make–buy analysis – are discussed.The design of a Ganoderma lucidum dietary supplement, a traditional Chinese medicinal(TCM) product, is used to illustrate all the activities in this approach.

The Straight-Line Depreciation Method Used by Selected Companies and Educational Institutions in the Philippines

The straight-line method in computing for depreciation expense is the prevailing method used in the Philippines. This paper aims to determine the rationale behind the use of this method. The objective of the study is to determine the length of time within which the depreciation method is used, reasons in using the method, the rate of depreciation used by the companies, and the effects of the depreciation expense on their operating expenses. It also determines if the companies＇ decisions to use the straight-line method are influenced by the factors mentioned by Reynolds （196 I）----expected amount of services over the life of assets, the amount and timing of operating costs, the decline in the physical efficiency of the assets, and the rate of return--and if they considered capital investments and tax reduction in using this method. The study shows that companies and educational institutions use the straight-line method of computing depreciation expenses, because it is easy to use in computing the depreciation expenses, in comparing with previous years＇ computations, and in keeping track of the expenses. It is also convenient for tax administration and financial reporting. The rate of depreciation used varies, because the companies and educational institutions use their past experiences in determining the life of fixed assets. The percentage of depreciation to the operating expenses also varies. The companies and educational institutions adhered to the factors mentioned by Reynolds （1961） in choosing the straight-line method of depreciation. The companies did not consider reduction of tax in using the straight-line method.

Progress in Foreign Cooperation of China's Oil Industry

In 2015, China＇s oil companies＇ overseas equity oil has grown steadily to approximately 150 million tonnes. State-owned oil majors have turned from scale-oriented to profit-oriented by adjusting investment speed and optimizing portfolio to improve operating profit of overseas business. The overseas investment of private oil companies mainly focused on two fields： the first is to invest in countries along the Belt and Road （the Silk Road Economic Belt and the 21st-century Maritime Silk Road）, and the second is to enter the oil industry of the developed countries by M＆A. Limited progress has been made in ＆e foreign cooperation of domestic upstream sector, while new changes emerged in the foreign cooperation of upstream sector. Some planned projects were postponed or delayed due to domestic or international market changes. Private oil companies, however, began to cooperate with foreign companies in the downstream sector after the former got the right to import crude oil.

The existing problems of SME financial management information and promoting measures

On the basis of analysis of the operating characteristics of SMEs, problems in financial management are pointed out, such as： limited financing channels, lack of internal control systems, weak basic accounting and backward financial management information construction, and measures like to create a favorable policy and service environment for SMEs through the legal system, to innovate the financial system, to pay attention to nurturing and incentive financial innovation talents, network-building management and to establish related punishment and supervision system, are proposed.

Shanghai Free Trade Zone Within The Enterprise Capital Operating Condition Research

Development of Shanghai Free Trade Zone, pushing up the logistics support industrial transformation and upgrading, boosting the overall domestic demand for modem logistics services. In this paper, trade logistics company, for example, through the report analyzes the main indicators of change in company focus on capital before and after the Shanghai Free Trade Zone, it analyze the impact and significance of argumentation Shanghai Free-Trade Zone for logistics and warehousing industry in the region, hoping to fund operations management who inspire.

The Value of Social Security Fund Research

The social security fund investment operations of the social security system of a country or even the whole economy has a very important role in recent years, although China＇s social security fund management has made great progress, but China＇s social security fund investment operations in increasing the value of the pursuit of this goal, while also facing tremendous pressure. After years of practice of reform, China＇s old-age, unemployment and medical insurance and minimum living focused on the social security system has taken shape, but also the corresponding social security fund was established. Part of the problems of social security funds and other investment operations are increasingly apparent. How to achieve the social security fund is necessary to ensure payment, but also realize the accumulation, it is necessary to increase the value, but also to avoid risks, it has become an urgent task of China＇s reform and development. Social Security Fund Investment Management became the central task of the Social Security System.