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武钢金属资源有限公司搬迁工程总图设计思路
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作者 廖友娣 方峥 《武钢技术》 CAS 2008年第2期26-29,共4页
提出武钢金属资源有限公司搬迁工程总图设计中遇到的问题及解决办法,理顺设计思路,探讨因地制宜进行总图布置的途经。
关键词 金资公司 平面布局 竖向布置 管线综合 因地制宜
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Investment Strategy of the Temasek Holdings
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作者 Martin Vozar Jozef Komomik 《Chinese Business Review》 2012年第7期607-619,共13页
Sovereign Wealth Funds (SWFs) are generally known as investment funds owned by national governments and financed by the country's foreign currency reserves (dollar, euro, and yen), often through their central ban... Sovereign Wealth Funds (SWFs) are generally known as investment funds owned by national governments and financed by the country's foreign currency reserves (dollar, euro, and yen), often through their central banks or via direct investments. The study investigated the investment strategy of the Temasek Holdings as one of the most successful SWFs which is owned by the government of Singapore. Temasek Holdings was founded in 1974 to manage part of the government's revenues. Present turbulent times create a big pressure on healthy investment strategy of the SWFs. But total shareholder return for Temasek since its inception in 1974 has been a healthy 17% compounded annually. The main objective of the paper is to focus on the role of the Temasek Holdings as a company managed on commercial principles with an aim to achieve long-term sustainable returns. The study also analyzed Temasek Holdings'investment strategy. The study provides answers to questions like: why Temasek is of the most successful SWFs and what is the fund risk management? Another part of the paper compares investment strategy of the Temasek Holdings with other SWFs. The study has been conducted mainly on the basis of literature survey, secondary information and with using various web sites and research paper. The analysis has been also based on disclosures appearing in the Temasek annual reports over the period from 2008 to 2010. 展开更多
关键词 sovereign wealth funds (SWFs) TEMASEK STRATEGY investment portfolio asset under management
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Financial shared services in multinational corporations: Based on Motorola
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作者 CHEN Min 《Journal of Modern Accounting and Auditing》 2008年第8期5-8,共4页
The competition of Multinational Corporation is getting more and more intense with the economy globalization, requiring companies to standardize operations to stay competitive. Shared Services is an effective way of k... The competition of Multinational Corporation is getting more and more intense with the economy globalization, requiring companies to standardize operations to stay competitive. Shared Services is an effective way of keeping costs down and improving efficiency by moving certain functions to one central location. Financial Shared Services is one of the typical representatives. In this essay, the advantages and disadvantages of Financial Shared Services will be discussed on the case of Motorola and explored with some possible solutions. 展开更多
关键词 shared services financial shared services multinational corporation
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The Financial Structure of Italian Companies 被引量:1
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作者 Carmelo Intrisano 《Chinese Business Review》 2012年第8期748-759,共12页
The choice of capital structure by firms is a recurring topic of corporate finance and evolving on a theoretical and empirical level. On a theoretical level, scholars propose variations to the models by removing the t... The choice of capital structure by firms is a recurring topic of corporate finance and evolving on a theoretical and empirical level. On a theoretical level, scholars propose variations to the models by removing the theoretical hypothesis or expanding variables considered, likewise, on an empirical level, researchers provide survey, which contributions aimed at increasing the understanding of the phenomenon as a whole, considering the possible events in the variety and variability of firms. In particular, one of the most debated topics in the literature regards the existence or absence of relationship between the choices of financial structure and firm value, or the determination of an optimal leverage for the value. Therefore, the attention of researchers has focused on the identification of relationship between debt and equity that maximizes firm's performance and meet shareholders' expectations in terms of return on capital employed for the same risk. Hence, the aim of this paper is to provide another piece to the cognitive complexity of the phenomenon, focusing the research on Italian firms, given the importance of leverage in the financial structure of Italian firms. The methodology used is based on the analysis conducted using the Mediobanca database aggregated sector by sector to identify the main determinants of financial structure. The conclusion is that it is not possible to say with certainty which financial structure theory better represents the behavior of Italian firms concerning financial structure. 展开更多
关键词 choice of financial structure debt financial firm value tax shield tangible assets coverage interest
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Financial System Design and Firm Investment in Malaysian Listed Firms
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作者 Masturah Ma'in Abdul Ghafar Ismail 《Journal of Modern Accounting and Auditing》 2011年第1期14-30,共17页
This paper investigates the impact of financial system design on investment. It is aimed to provide additional empirical evidence based on the original paper by Demirguc-Kunt and Maksimovic (2002). The firm-level da... This paper investigates the impact of financial system design on investment. It is aimed to provide additional empirical evidence based on the original paper by Demirguc-Kunt and Maksimovic (2002). The firm-level data of Malaysian companies between 2000 and 2007 are used. This paper also extends the previous literatures by using a panel data methodology, applying a random-effects estimator. The findings show that: First, the growth investment of firms are positively related to the development of the banking system but negatively related to the capital market. These firms substitute equity for debt associated with an increase in stock market activity (more long-term financing) and debt for equity in the presence of an increase in banking activity (less long-term financing). Second, the internal growth financing, short-term growth financing and long-term growth financing have shown a significant impact on growth investment by firms. It implies that these financing constraints are complements to the development of banking system and stock market activity. Therefore, well-developed stock markets facilitate long-term financing, whereas a well-developed banking sector facilitates short-term financing. It is recommended that policy makers stress more on banking system for short-term financing and capital market for long-term financing. 展开更多
关键词 financial system design external financing firm investment
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Relationship Between Working Capital Management and Profitability in Turkey Industrial Listed Companies
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作者 Necdet Saglam Aziz Kagitci Semih Buyukipekci 《Journal of Modern Accounting and Auditing》 2016年第3期147-155,共9页
The present study investigated the effect of working capital management component on corporate profitability. A sample of 106 firms listed on Borsa Istanbul Stock Exchange (BIST) for the period of 2003-2013 was used... The present study investigated the effect of working capital management component on corporate profitability. A sample of 106 firms listed on Borsa Istanbul Stock Exchange (BIST) for the period of 2003-2013 was used. The secondary data for analysis were taken from Bloomberg's Database. The present study aims to explore the effect of working capital management components on corporate profitability. We observed that there was a negative correlation between gross operating profit and accounts receivables (A/R). We also found that there was a positive correlation between gross operating profit and number of days inventory. But they did not affect the profitability of firms in the study at a significant level. 展开更多
关键词 working capital management PROFITABILITY cash conversion cycle
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OPTIMAL DIVIDEND STRATEGIES IN THE DIFFUSION MODEL WITH STOCHASTIC RETURN ON INVESTMENTS
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作者 Wei WANG Chunsheng ZHANG 《Journal of Systems Science & Complexity》 SCIE EI CSCD 2010年第6期1071-1085,共15页
This paper studies the optimal dividend problem in the diffusion model with stochastic return on investments. The insurance company invests its surplus in a financial market. More specially, the authors consider the c... This paper studies the optimal dividend problem in the diffusion model with stochastic return on investments. The insurance company invests its surplus in a financial market. More specially, the authors consider the case of investment in a Black-Scholes market with risky asset such as stock. The classical problem is to find the optimal dividend payment strategy that maximizes the expectation of discounted dividend payment until ruin. Motivated by the idea of Thonhauser and Albrecher (2007), we take the lifetime of the controlled risk process into account, that is, the value function considers both the expectation of discounted dividend payment and the time value of ruin. The authors conclude that the optimal dividend strategy is a barrier strategy for the unbounded dividend payment case and is of threshold type for the bounded dividend payment case. 展开更多
关键词 Barrier strategy diffusion model DIVIDEND HJB equation threshold strategy.
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PRESS REVIEW
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《China International Business》 2007年第9期14-14,共1页
The State Investment Company now has a local version. On August r8, Shang Hai began setting up a financial holding company, Shanghai New International Group, which aims to consolidate and streamline government control... The State Investment Company now has a local version. On August r8, Shang Hai began setting up a financial holding company, Shanghai New International Group, which aims to consolidate and streamline government control of Shanghai's state-owned financial assets, with Shanghai Pudong Development Bank (SPDB) as its main banking arm. Ji Xiaohui, the former office director of Shanghai's financial services bureau, 展开更多
关键词 Investment Company Shang Hai financial holding company SPDB financial services bureau
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Sovereign Wealth Diversifying State Coffers
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作者 Bradley Gardner 《China International Business》 2007年第9期38-41,共4页
The State Investment Corporation, China's soon-to-be open sovereign wealth fund, is the newest power player on the global market. Investors await anxiously signs of its investment strategy
关键词 China investment strategy Investment Corporation SWF
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