Listed companies of the swine industry,as an important form of agricultural industrialized operation,are typical representatives of large-scale production and the level of their operation efficiency exerts a direct in...Listed companies of the swine industry,as an important form of agricultural industrialized operation,are typical representatives of large-scale production and the level of their operation efficiency exerts a direct influence on the healthy development of the swine industry.Using the DEA-based Malmquist method,this paper made a static and dynamic evaluation of the operation efficiency of 16 listed companies in China's swine industry in 2010-2014. It obtained following results:( i) The overall efficiency of listed companies of China's swine industry remained at high level and the development trend was excellent.( ii) Different types of enterprises had difference in the overall efficiency,pure technical efficiency and scale efficiency. In general,pig feed processing companies had the best performance,followed by slaughtering and deep processing companies,and swine breeding companies were the worst.( iii) The total factor productivity characterized by the Malmquist index declined year by year in 2010-2013 and was improved in 2014,mainly due to technological progress.( iv) The total asset turnover ratio,equity concentration,and R & D management level had a significantly positive impact on the operation efficiency of listed companies in the swine industry,while the human capital had a significantly negative impact.展开更多
This paper improved the known study for technical progress in Malmquist productivity index calculating. In the method, all the possible movements for decision making units (DMUs) are listed, and the condition that s...This paper improved the known study for technical progress in Malmquist productivity index calculating. In the method, all the possible movements for decision making units (DMUs) are listed, and the condition that several DMUs lie on the productivity frontier is analyzed. The dynamic efficiencies of Chinese listed power companies from 1997 to 2006 were evaluated. The empirical results indicate that the improved method is effective.展开更多
In order to evaluate the performance of China's agricultural listed companies,we analyze the overall efficiency,pure technical efficiency and scale efficiency of China's agricultural listed companies on the ba...In order to evaluate the performance of China's agricultural listed companies,we analyze the overall efficiency,pure technical efficiency and scale efficiency of China's agricultural listed companies on the basis of input-output data concerning 34 agricultural listed companies,using BCC model in data envelopment analysis ( DEA) model. Then we analyze input-output redundancy situation using the slack variable derived from the model. The results show that the overall efficiency of China's agricultural listed companies is good,and the gap in efficiency between sub-industries is small; there is significant difference in performance between listed companies engaged in the same sub-industry,and the reason for invalid DEA in companies within the industry is complex; total assets and asset-liability ratio are high,and the effective output is not fully realized. Finally corresponding recommendations are put forward for promoting the performance of agricultural listed companies as follows: strengthening brand awareness; promoting the level of production technology; adjusting the input structure; transforming the agricultural growth mode.展开更多
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
The essential feature of agriculture is the interweave- ment of natural reproduction and economic reproduction.In recent years,the natural disasters have become more frequent and badly affect the production management...The essential feature of agriculture is the interweave- ment of natural reproduction and economic reproduction.In recent years,the natural disasters have become more frequent and badly affect the production management and investment benefits.This problem has been an important risk in managing agricultural listed companies and cannot be ignored.It is of great importance to evaluate and prevent the risks of the natural disasters to enhance the competitive ability and increase the profits of those listed companies,thereby keeping the sustainable development of agri- cultural companies.展开更多
This study tests the order of firms’financing choices based on a sample consists of 150 Chinese listed companies.And it indicates that China’s listed companies did not follow the theoretical‘Pecking Order’(Myers,1...This study tests the order of firms’financing choices based on a sample consists of 150 Chinese listed companies.And it indicates that China’s listed companies did not follow the theoretical‘Pecking Order’(Myers,1984),but a‘new order’—internal fund,equity,and debt—to make their financial choices.This is because firm’s gearing ratio and solvency did not show a high degree of correlation in China’s capital market,which leads to the preference of using equity.Besides,there are some other reasons:low cost of issuing equity,ineffective financial management,immaturity of capital market,not well developed bond market,and lack of an effective credit rating system。展开更多
In combination with the data of loss-making listed companies in manufacturing industry at capital market in 2008-2010,this paper analyzed the characteristics of loss of listed companies.Major reasons include the blind...In combination with the data of loss-making listed companies in manufacturing industry at capital market in 2008-2010,this paper analyzed the characteristics of loss of listed companies.Major reasons include the blind investment of management personnel,low operation and management level,blind pursuit of diversified operation,improper stock right structure,weak supervision of government,and imperfect delisting system.Finally,it came up with some countermeasures,including improving quality of management personnel,management personnel selecting proper investment projects,strengthening internal management of enterprise,implementing effective asset rearrangement,setting up effective incentive and restrictive mechanism,bringing into play regulation function of banks,improving delisting mechanism,reducing centralization of state owned stock right,and establishing and improving market information disclosure system.展开更多
Agriculture is the foundation of national economy,and agricultural development is related to the rapid development of long-term stability of the society and economy. Agriculture includes farming,forestry,animal husban...Agriculture is the foundation of national economy,and agricultural development is related to the rapid development of long-term stability of the society and economy. Agriculture includes farming,forestry,animal husbandry,and fisheries. Agricultural listed company as an agricultural enterprise " leader",which directly affects the development of the entire growth of the agricultural industry development and policy,so the study of agricultural listed company's growth is particularly important. This paper uses AHP weighting method to evaluate 2012 financial data on the growth of agricultural listed companies.展开更多
On the basis of industrial division of China's Securities Regulatory Commission,listed companies in the processing industry of agro-products and food production industry have also been incorporated into agricultur...On the basis of industrial division of China's Securities Regulatory Commission,listed companies in the processing industry of agro-products and food production industry have also been incorporated into agricultural listed companies.Developmental discrepancy of agricultural listed companies is analyzed.The main manifestations are small population quantity,slow development,weak growing capacity,relatively poor rationality and unbalanced regional distribution.The internal causes of this kind of situation lie in the weak quality and inadequate developmental driving force of agricultural listed companies,while the external causes are the capital chasing and unbalanced political support of the country.Therefore,the key of quickening the development of agricultural listed companies is inner power and external competition.Thus,the political thoughts of the development of agricultural listed companies are proposed.展开更多
The Dynamic relation mechanism between ZCE cotton futures price and related listed company stock price has been studied based on the metastock historical data in January 1st,2007 to September 1st,2010,Johansen co-inte...The Dynamic relation mechanism between ZCE cotton futures price and related listed company stock price has been studied based on the metastock historical data in January 1st,2007 to September 1st,2010,Johansen co-integration analysis,Vector error correction model,Granger causality test and variance decomposition method.The results indicated that:long-term equilibrium relationship existed between ZCE cotton futures price and Xinsai share stock price while which changed in the same tendency and speed in the long-term.Cotton futures price is the main reason for the changing of Xinsai share stock price.The lead-lag relationship in changing course had been confirmed that existed between ZCE cotton futures price and the Xinsai share stock price.Meanwhile,the forward pass mechanism of price changing information had been found only from the ZCE cotton futures market to the stock market while showing asymmetry.Conclusions of the study can be used for cotton and related corporate to hedge business risks by the cotton price changes.展开更多
From the aspects of profitability, debt paying ability, operational capacity, cash flow capacity, and innovation capacity, the sustainable development evaluation system of new energy listed companies in China was esta...From the aspects of profitability, debt paying ability, operational capacity, cash flow capacity, and innovation capacity, the sustainable development evaluation system of new energy listed companies in China was established, and then an empirical analysis was conducted. Finally, some policy suggestions were put forward. The empirical analysis shows that there are many problems in the sustainable development of new ener- gy listed companies in China.展开更多
As leading enterprises supporting the agricultural development,agricultural listed companies play a great role,thus the study on their operating efficiency will have a strong demonstration effect. Using the data envel...As leading enterprises supporting the agricultural development,agricultural listed companies play a great role,thus the study on their operating efficiency will have a strong demonstration effect. Using the data envelopment analysis( DEA) model,the operating efficiency of 20 agricultural listed companies was compared and analyzed. The results indicated that the overall efficiency of the agricultural listed companies is low. In agricultural listed companies with low or moderate overall efficiency,some agricultural companies are affected by the pure technical efficiency or scale efficiency,while other companies are affected by both factors,and accompanied with the increasing or decreasing efficiency along with the scale. Through in-depth analysis,it concluded that nine companies affected by pure technical efficiency have different degree of input redundancy or output deficiency. On this basis,it came up with pertinent recommendations for improvement.展开更多
Based on the background of China's emerging and transitional market,government subsidies to enterprises are regarded as a " helping hand" of promoting economic structural adjustment. In this paper,using ...Based on the background of China's emerging and transitional market,government subsidies to enterprises are regarded as a " helping hand" of promoting economic structural adjustment. In this paper,using China's A-share agricultural listed companies from 2010 to 2015 as research samples,we discuss the influence of government subsidies on research and development( hereinafter referred to as R & D) investment,and the difference in the relationships between the two from the perspective of different nature of property rights. The results show that,on the whole,the increase in government subsidies does not promote the intensity of R & D investment of agricultural listed companies. And after distinguishing the nature of property rights,the results show that state-owned enterprises can get more government subsidies than private enterprises,and the increase in government subsidies boosts the increase in R & D investment in private enterprises,but there is a negative correlation between government subsidies and R & D investment of state-owned enterprises. This conclusion can broaden the research perspective of the influence factors of corporate R & D investment,and it is of practical significance to further clarify the role of government subsidies in R & D investment decisions of enterprises with different nature of property rights.展开更多
Privileged information has significant importance to listed companies, given both the extent of the markets in which it is used and the relevant effects that it can produce on the prices of financial instruments. The ...Privileged information has significant importance to listed companies, given both the extent of the markets in which it is used and the relevant effects that it can produce on the prices of financial instruments. The term “privileged information” means information that has not yet been made known to the public, which, if disclosed, is able to affect significantly the prices of the securities of listed issuers. This article aims to prove that in many cases, the effects of privileged information can be adequately represented in financial statements, despite their “confidential” nature. For this purpose, this research proposes the existence of a relationship—which can be virtuous or vicious—between financial statements and privileged information. In order to demonstate this thesis, the author carried out an empirical survey concerning both the economic and the legal sector. For the first one, the research considered the price-sensitive information published by companies listed on the Italian Stock Exchange during the first half of 2018, and the result shows that a lot of privileged information is able to generate accounting effects;for the second one, the empirical survey analyzed some significant judgments passed by the Italian Court of Cassation in the 2000s which confirm the companies’ violation of the duty to present privileged information in financial statements.展开更多
Based on the 2016 annual data, the article studies the competitiveness of 87 listed companies, who initially went public on China’s GEM in 2015. Taking 12 financial indicators (current ratio, quick ratio, equity rati...Based on the 2016 annual data, the article studies the competitiveness of 87 listed companies, who initially went public on China’s GEM in 2015. Taking 12 financial indicators (current ratio, quick ratio, equity ratio, receivables turnover, current asset turnover, total asset turnover, operating margin, net profit margin, return on total assets, total asset growth rate, net profit growth rate, net asset growth rate) as research variables, using factor analysis, the article analyzes the solvency, operation performance, profitability, growth capability and overall competitiveness of these 87 listed companies.展开更多
This study seeks to evaluate the comparative productivity of 32 listed tourism companies which are the main suppliers of China tourism, using the popular methodology known as the data envelopment analysis(DEA). This s...This study seeks to evaluate the comparative productivity of 32 listed tourism companies which are the main suppliers of China tourism, using the popular methodology known as the data envelopment analysis(DEA). This study analyzes the productivity of listed tourism companies from business and region aspects based on the calculation of Malmquist index. The results show that(1) the overall productivity is non-effi cient(0.954);(2) the productivity of accommodation and catering is biggest, which shows the tourism develops quickly with supports from technology;(3) the productivity in western China is highest, where the economy and tourism attraction are better than other regions; and(4) the effi ciency differences among the listed tourism companies are not signifi cant, and they attribute to the scale effi-ciency, that is the input of the fi nance, resource, talents and policy.展开更多
It has been six years since China first proposed the Belt and Road Initiative,which has seen great achievements and has become the largest international cooperation platform and most popular international public produ...It has been six years since China first proposed the Belt and Road Initiative,which has seen great achievements and has become the largest international cooperation platform and most popular international public product.Listed companies,as outstanding representatives of Chinese companies and pillars of the Chinese economy,have actively taken part in the Belt and Road Initiative,and realized win-win cooperation with host countries by making use of advantages in technology,talent,management,and funds.展开更多
Studying the impact of business convergence on enterprise performance can provide empirical basis for enterprises to formulate the integrated development strategy.The business convergence degree of 28 listed tourism c...Studying the impact of business convergence on enterprise performance can provide empirical basis for enterprises to formulate the integrated development strategy.The business convergence degree of 28 listed tourism companies was measured by Herfindahl index,and the impact of business convergence on business performance and the moderating effect of enterprise innovation ability were discussed.The results showed that the business convergence level of listed tourism companies varied greatly.Business convergence had a significant positive impact on short-term profitability of tourism enterprises,and a significant negative impact on the growth of enterprises.Innovation ability had a positive moderating effect on the impact of business convergence on enterprise profitability,but had no significant moderating effect on the impact of business convergence on enterprise growth.The results suggest that at the present stage,the business convergence of listed tourism companies is helpful to improve the profitability of enterprises in the short term,but it does not significantly promote the long-term growth of enterprises.展开更多
On the basis of the definition of technological innovation and efficiency,based on the DEA method,this paper takes the panel data of 20 listed companies in China's machinery manufacturing industry from 2011 to 201...On the basis of the definition of technological innovation and efficiency,based on the DEA method,this paper takes the panel data of 20 listed companies in China's machinery manufacturing industry from 2011 to 2015 as samples,evaluating the technological innovation efficiency of listed companies in China's machinery manufacturing industry.Finally,it sums up and puts forward effective countermeasures to improve the technological innovation of listed companies in China's machinery manufacturing industry.It is hoped that it will play a guiding role in the technological innovation activities of listed companies in China's machinery manufacturing industry.展开更多
As an important part of the pharmaceutical industry, the pharmaceutical manufacturing industry is always at the battlefield of the international public health and health industry. At the same time, as a basic and stra...As an important part of the pharmaceutical industry, the pharmaceutical manufacturing industry is always at the battlefield of the international public health and health industry. At the same time, as a basic and strategic sub-industry in China's manufacturing industry, the medical manufacturing industry closely related to people’s livelihood which is not only related to social Responsibility but also plays a key role in China's economy today. For the Chinese people, the new medical reforms and the irreversible aging of the population have increased the nation’s total expenditure on health care. From January to October 2017, the pharmaceutical industry’s main business income was RMB 2,410.29 billion, a year-on-year increase of 13.10%. This is a 4.50 percentage point higher than the 10.30% growth rate in 2016. However, even if the circumstance of this industry is getting better, high growth also has a drag on the national health insurance system and the standard of living of the people. This article chooses to analyze the financial and operating-level factors of China's pharmaceutical manufacturing listed companies such as Inventory turnover rate and operating rate. Study the impact on the performance of China's pharmaceutical manufacturing listed companies. The results of the study will fill gaps in the research of this industry and help pharmaceutical manufacturing listed companies choose the right capital size, liabilities, and expansion strategies, and more effectively absorb the current development dividends of China’s “four new economy”, and use them rationally and effectively. Markets and complex and limited capital and resources of enterprises, as China's industry benchmarks continue to guide the rapid growth of the market. on the other hand, to help investor the empirical point of view better choice of investment targets. This paper uses data from 2007-2016 for randomly selecting 19 companies from 118 medical manufacturing listed companies classified by China Securities Regulatory Commission. After dealing with panel data, multiple inspections are performed on panel data. To avoid the deviation from the actual level of the regression results, the panel-corrected standard deviation model was used to derive the relationship between the operating-level factors of pharmaceutical manufacturing listed companies and their performance. The results of the study indicate that there is a positive correlation between Inventory turnover rate, operating rate and performance, which fills the domestic empirical research on this issue. This area of industry company performance is blank.展开更多
基金Supported by Young Scholar Project of Humanities and Social Science Foundation of Ministry of Education"Study on Stability Mechanism of Symbiosis Network of the Swine Industry"(15YJC630118)
文摘Listed companies of the swine industry,as an important form of agricultural industrialized operation,are typical representatives of large-scale production and the level of their operation efficiency exerts a direct influence on the healthy development of the swine industry.Using the DEA-based Malmquist method,this paper made a static and dynamic evaluation of the operation efficiency of 16 listed companies in China's swine industry in 2010-2014. It obtained following results:( i) The overall efficiency of listed companies of China's swine industry remained at high level and the development trend was excellent.( ii) Different types of enterprises had difference in the overall efficiency,pure technical efficiency and scale efficiency. In general,pig feed processing companies had the best performance,followed by slaughtering and deep processing companies,and swine breeding companies were the worst.( iii) The total factor productivity characterized by the Malmquist index declined year by year in 2010-2013 and was improved in 2014,mainly due to technological progress.( iv) The total asset turnover ratio,equity concentration,and R & D management level had a significantly positive impact on the operation efficiency of listed companies in the swine industry,while the human capital had a significantly negative impact.
文摘This paper improved the known study for technical progress in Malmquist productivity index calculating. In the method, all the possible movements for decision making units (DMUs) are listed, and the condition that several DMUs lie on the productivity frontier is analyzed. The dynamic efficiencies of Chinese listed power companies from 1997 to 2006 were evaluated. The empirical results indicate that the improved method is effective.
文摘In order to evaluate the performance of China's agricultural listed companies,we analyze the overall efficiency,pure technical efficiency and scale efficiency of China's agricultural listed companies on the basis of input-output data concerning 34 agricultural listed companies,using BCC model in data envelopment analysis ( DEA) model. Then we analyze input-output redundancy situation using the slack variable derived from the model. The results show that the overall efficiency of China's agricultural listed companies is good,and the gap in efficiency between sub-industries is small; there is significant difference in performance between listed companies engaged in the same sub-industry,and the reason for invalid DEA in companies within the industry is complex; total assets and asset-liability ratio are high,and the effective output is not fully realized. Finally corresponding recommendations are put forward for promoting the performance of agricultural listed companies as follows: strengthening brand awareness; promoting the level of production technology; adjusting the input structure; transforming the agricultural growth mode.
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.
文摘The essential feature of agriculture is the interweave- ment of natural reproduction and economic reproduction.In recent years,the natural disasters have become more frequent and badly affect the production management and investment benefits.This problem has been an important risk in managing agricultural listed companies and cannot be ignored.It is of great importance to evaluate and prevent the risks of the natural disasters to enhance the competitive ability and increase the profits of those listed companies,thereby keeping the sustainable development of agri- cultural companies.
文摘This study tests the order of firms’financing choices based on a sample consists of 150 Chinese listed companies.And it indicates that China’s listed companies did not follow the theoretical‘Pecking Order’(Myers,1984),but a‘new order’—internal fund,equity,and debt—to make their financial choices.This is because firm’s gearing ratio and solvency did not show a high degree of correlation in China’s capital market,which leads to the preference of using equity.Besides,there are some other reasons:low cost of issuing equity,ineffective financial management,immaturity of capital market,not well developed bond market,and lack of an effective credit rating system。
基金China National Social Science Fund Project(13CGL050)Hu-manities and Social Science Research Youth Project of the Ministry of Educa-tion(13YJC630027,11YJC630243,12YJC630010)Basic Research Fund of Central Universities(SWU1309116,SWU1309202)
文摘In combination with the data of loss-making listed companies in manufacturing industry at capital market in 2008-2010,this paper analyzed the characteristics of loss of listed companies.Major reasons include the blind investment of management personnel,low operation and management level,blind pursuit of diversified operation,improper stock right structure,weak supervision of government,and imperfect delisting system.Finally,it came up with some countermeasures,including improving quality of management personnel,management personnel selecting proper investment projects,strengthening internal management of enterprise,implementing effective asset rearrangement,setting up effective incentive and restrictive mechanism,bringing into play regulation function of banks,improving delisting mechanism,reducing centralization of state owned stock right,and establishing and improving market information disclosure system.
基金Supported by Research Center for Sustainable Development in Three Gorges Reservoir Area Open Fund Project(2014-sxxyjd-05)Youth Research Project of Chongqing Three Gorges University(11QN-07)Innovation Planning Project for University Students in Chongqing Three Gorges University(2014-56)
文摘Agriculture is the foundation of national economy,and agricultural development is related to the rapid development of long-term stability of the society and economy. Agriculture includes farming,forestry,animal husbandry,and fisheries. Agricultural listed company as an agricultural enterprise " leader",which directly affects the development of the entire growth of the agricultural industry development and policy,so the study of agricultural listed company's growth is particularly important. This paper uses AHP weighting method to evaluate 2012 financial data on the growth of agricultural listed companies.
文摘On the basis of industrial division of China's Securities Regulatory Commission,listed companies in the processing industry of agro-products and food production industry have also been incorporated into agricultural listed companies.Developmental discrepancy of agricultural listed companies is analyzed.The main manifestations are small population quantity,slow development,weak growing capacity,relatively poor rationality and unbalanced regional distribution.The internal causes of this kind of situation lie in the weak quality and inadequate developmental driving force of agricultural listed companies,while the external causes are the capital chasing and unbalanced political support of the country.Therefore,the key of quickening the development of agricultural listed companies is inner power and external competition.Thus,the political thoughts of the development of agricultural listed companies are proposed.
基金Supported by National Social Science Fund (06BTQ017)
文摘The Dynamic relation mechanism between ZCE cotton futures price and related listed company stock price has been studied based on the metastock historical data in January 1st,2007 to September 1st,2010,Johansen co-integration analysis,Vector error correction model,Granger causality test and variance decomposition method.The results indicated that:long-term equilibrium relationship existed between ZCE cotton futures price and Xinsai share stock price while which changed in the same tendency and speed in the long-term.Cotton futures price is the main reason for the changing of Xinsai share stock price.The lead-lag relationship in changing course had been confirmed that existed between ZCE cotton futures price and the Xinsai share stock price.Meanwhile,the forward pass mechanism of price changing information had been found only from the ZCE cotton futures market to the stock market while showing asymmetry.Conclusions of the study can be used for cotton and related corporate to hedge business risks by the cotton price changes.
文摘From the aspects of profitability, debt paying ability, operational capacity, cash flow capacity, and innovation capacity, the sustainable development evaluation system of new energy listed companies in China was established, and then an empirical analysis was conducted. Finally, some policy suggestions were put forward. The empirical analysis shows that there are many problems in the sustainable development of new ener- gy listed companies in China.
基金Supported by Key Project of Hunan Provincial Department of Education for Scientific Research of Colleges and Universities “Study on Hunan's Manufacturing Clusters Leaping to the Global High-end Value Chains”(15A203)
文摘As leading enterprises supporting the agricultural development,agricultural listed companies play a great role,thus the study on their operating efficiency will have a strong demonstration effect. Using the data envelopment analysis( DEA) model,the operating efficiency of 20 agricultural listed companies was compared and analyzed. The results indicated that the overall efficiency of the agricultural listed companies is low. In agricultural listed companies with low or moderate overall efficiency,some agricultural companies are affected by the pure technical efficiency or scale efficiency,while other companies are affected by both factors,and accompanied with the increasing or decreasing efficiency along with the scale. Through in-depth analysis,it concluded that nine companies affected by pure technical efficiency have different degree of input redundancy or output deficiency. On this basis,it came up with pertinent recommendations for improvement.
文摘Based on the background of China's emerging and transitional market,government subsidies to enterprises are regarded as a " helping hand" of promoting economic structural adjustment. In this paper,using China's A-share agricultural listed companies from 2010 to 2015 as research samples,we discuss the influence of government subsidies on research and development( hereinafter referred to as R & D) investment,and the difference in the relationships between the two from the perspective of different nature of property rights. The results show that,on the whole,the increase in government subsidies does not promote the intensity of R & D investment of agricultural listed companies. And after distinguishing the nature of property rights,the results show that state-owned enterprises can get more government subsidies than private enterprises,and the increase in government subsidies boosts the increase in R & D investment in private enterprises,but there is a negative correlation between government subsidies and R & D investment of state-owned enterprises. This conclusion can broaden the research perspective of the influence factors of corporate R & D investment,and it is of practical significance to further clarify the role of government subsidies in R & D investment decisions of enterprises with different nature of property rights.
文摘Privileged information has significant importance to listed companies, given both the extent of the markets in which it is used and the relevant effects that it can produce on the prices of financial instruments. The term “privileged information” means information that has not yet been made known to the public, which, if disclosed, is able to affect significantly the prices of the securities of listed issuers. This article aims to prove that in many cases, the effects of privileged information can be adequately represented in financial statements, despite their “confidential” nature. For this purpose, this research proposes the existence of a relationship—which can be virtuous or vicious—between financial statements and privileged information. In order to demonstate this thesis, the author carried out an empirical survey concerning both the economic and the legal sector. For the first one, the research considered the price-sensitive information published by companies listed on the Italian Stock Exchange during the first half of 2018, and the result shows that a lot of privileged information is able to generate accounting effects;for the second one, the empirical survey analyzed some significant judgments passed by the Italian Court of Cassation in the 2000s which confirm the companies’ violation of the duty to present privileged information in financial statements.
文摘Based on the 2016 annual data, the article studies the competitiveness of 87 listed companies, who initially went public on China’s GEM in 2015. Taking 12 financial indicators (current ratio, quick ratio, equity ratio, receivables turnover, current asset turnover, total asset turnover, operating margin, net profit margin, return on total assets, total asset growth rate, net profit growth rate, net asset growth rate) as research variables, using factor analysis, the article analyzes the solvency, operation performance, profitability, growth capability and overall competitiveness of these 87 listed companies.
基金supported by the project of Shaanxi Normal University(Grant No.999521)Xianyang Normal University(Grant Nos.11XSYK316,201002001)
文摘This study seeks to evaluate the comparative productivity of 32 listed tourism companies which are the main suppliers of China tourism, using the popular methodology known as the data envelopment analysis(DEA). This study analyzes the productivity of listed tourism companies from business and region aspects based on the calculation of Malmquist index. The results show that(1) the overall productivity is non-effi cient(0.954);(2) the productivity of accommodation and catering is biggest, which shows the tourism develops quickly with supports from technology;(3) the productivity in western China is highest, where the economy and tourism attraction are better than other regions; and(4) the effi ciency differences among the listed tourism companies are not signifi cant, and they attribute to the scale effi-ciency, that is the input of the fi nance, resource, talents and policy.
文摘It has been six years since China first proposed the Belt and Road Initiative,which has seen great achievements and has become the largest international cooperation platform and most popular international public product.Listed companies,as outstanding representatives of Chinese companies and pillars of the Chinese economy,have actively taken part in the Belt and Road Initiative,and realized win-win cooperation with host countries by making use of advantages in technology,talent,management,and funds.
基金Sponsored by National Natural Science Foundation of China (72164030)Natural Science Foundation of Inner Mongolia Autonomous Region (2019MS04019)。
文摘Studying the impact of business convergence on enterprise performance can provide empirical basis for enterprises to formulate the integrated development strategy.The business convergence degree of 28 listed tourism companies was measured by Herfindahl index,and the impact of business convergence on business performance and the moderating effect of enterprise innovation ability were discussed.The results showed that the business convergence level of listed tourism companies varied greatly.Business convergence had a significant positive impact on short-term profitability of tourism enterprises,and a significant negative impact on the growth of enterprises.Innovation ability had a positive moderating effect on the impact of business convergence on enterprise profitability,but had no significant moderating effect on the impact of business convergence on enterprise growth.The results suggest that at the present stage,the business convergence of listed tourism companies is helpful to improve the profitability of enterprises in the short term,but it does not significantly promote the long-term growth of enterprises.
文摘On the basis of the definition of technological innovation and efficiency,based on the DEA method,this paper takes the panel data of 20 listed companies in China's machinery manufacturing industry from 2011 to 2015 as samples,evaluating the technological innovation efficiency of listed companies in China's machinery manufacturing industry.Finally,it sums up and puts forward effective countermeasures to improve the technological innovation of listed companies in China's machinery manufacturing industry.It is hoped that it will play a guiding role in the technological innovation activities of listed companies in China's machinery manufacturing industry.
文摘As an important part of the pharmaceutical industry, the pharmaceutical manufacturing industry is always at the battlefield of the international public health and health industry. At the same time, as a basic and strategic sub-industry in China's manufacturing industry, the medical manufacturing industry closely related to people’s livelihood which is not only related to social Responsibility but also plays a key role in China's economy today. For the Chinese people, the new medical reforms and the irreversible aging of the population have increased the nation’s total expenditure on health care. From January to October 2017, the pharmaceutical industry’s main business income was RMB 2,410.29 billion, a year-on-year increase of 13.10%. This is a 4.50 percentage point higher than the 10.30% growth rate in 2016. However, even if the circumstance of this industry is getting better, high growth also has a drag on the national health insurance system and the standard of living of the people. This article chooses to analyze the financial and operating-level factors of China's pharmaceutical manufacturing listed companies such as Inventory turnover rate and operating rate. Study the impact on the performance of China's pharmaceutical manufacturing listed companies. The results of the study will fill gaps in the research of this industry and help pharmaceutical manufacturing listed companies choose the right capital size, liabilities, and expansion strategies, and more effectively absorb the current development dividends of China’s “four new economy”, and use them rationally and effectively. Markets and complex and limited capital and resources of enterprises, as China's industry benchmarks continue to guide the rapid growth of the market. on the other hand, to help investor the empirical point of view better choice of investment targets. This paper uses data from 2007-2016 for randomly selecting 19 companies from 118 medical manufacturing listed companies classified by China Securities Regulatory Commission. After dealing with panel data, multiple inspections are performed on panel data. To avoid the deviation from the actual level of the regression results, the panel-corrected standard deviation model was used to derive the relationship between the operating-level factors of pharmaceutical manufacturing listed companies and their performance. The results of the study indicate that there is a positive correlation between Inventory turnover rate, operating rate and performance, which fills the domestic empirical research on this issue. This area of industry company performance is blank.