Market value management＇s effects on listed companies

The reformation of equity-split on April 29th, 2005, has promoted market value management and created the necessary conditions for market value management. With the purpose of stabilizing and enhancing corporate market value and realizing stockholders＇ wealth maximization, the market value management becomes especially important for all listed companies. This paper begins with the general introduction of market value management including its definition, contents and performance evaluation systems, appraises the best 10 market value management listed companies during 2007-2008. Then analyzes the benefits of the market value management on the Guizhou Maotai which has gained great achievements on market value management, and finally draw conclusions about market value management＇s general effects on listed companies.

Sustainable Marketing at the Heart of Cosmetics Companies:Myth or Reality?

Cosmetic companies are trying to include more sustainability in their strategies. But, showing commitment is always a challenge for them. This work consists in showing the degree of commitment of cosmetic companies in their marketing practices. The qualitative study carried out aims to determine the level of their commitment in terms of sustainability, based on 10 websites of “sustainable” cosmetics companies that sell their products online, and on defining sustainability criteria for each variable of the marketing mix. The results indicate that the majority of the companies analyzed are aware of the importance of sustainability and have taken measures to have a positive impact on the economy, society and the environment. The companies have made considerable efforts in “product” and “communication” strategies, but additional improvements can be envisaged for “price” and “distribution” strategies.

Pressure of Competition to Listed Companies in Commodity Market and Selection of Financial Leverage

As revealed by some competition of commodities supplied foreign experts, the financial leverage has an impact on the market by different listed companies, and low financial leverage implies a competitive edge but high financial leverage is liable to fail in business operation. Viewing from such an angle, the low financial leverage is in fact a conservative financial behavior, which means a reasonable selection. Generally, Chinese listed companies prefer financing from offering equity shares, which is regarded as a reasonable selection weighing both gains and risks. However, based on an analysis of the pressure of market competition to the listed companies of various industries and how they select their own fit/ancial leverage, it is found that there is an extremely unmatched phenomenon in China＇s capital market, i.e., the keener the commodity market competition is, the higher the financial leverage of listed companies will be. Therefore, the over-financing from offering equity shares is coexisting with under-financing from offering equity shares in China＇s capital market at present, and both lead listed companies to low efficiency.

The Expanded Presence of Chinese Companies on the European Market as a Practical Realization of the ＂Go Global＂ Strategy

The article presents the phenomenon of the Chinese companies＇ expansion in Europe as a result of the implementation of the government＇s strategy ＂Go Global＂, including the nature of this expansion, the scale, premises, as well as the possible consequences. The first part of the article is devoted to the analysis of assumptions and instruments of＂Go Global＂ strategy used to strengthen the government＇s initiatives aimed at encouraging the national entrepreneurs to open up and conduct business internationally. Further in the article the dominant forms and directions of Chinese companies＇ expansion on the European market have been presented, followed by the analysis of the impact of Chinese economy on its major foreign investment partners during the current economic slowdown. The basis of the analysis made by the author was data obtained from the statistical bases （Eurostat） and reports of the Research Institutes for China Studies （Rhodium Group, Thomson Reuters）. This is allowed to illustrate the development of Chinese expansion on the European market during the years 1999-2015. A significant increase in the activity of the Chinese capital in Europe could be seen in recent years. The development of relations between European countries and China is taking place not only in economic, but also in political and cultural dimension. This was reflected, among others, in activating of the trade activities between EU and China, the level of which increased greatly in years 1990-1999 from EUR 15,9 bn to EUR 72,2 bn, to reach a value of EUR 428,3 bn in 2011, making EU the most important trading partner of China. It should be emphasized that the European market has become the largest after Asian market, in terms of industry diversification of Chinese investment, where Chinese companies are investing in industries such as： raw materials, infrastructure automotive, chemicals and renewable energy.

The Analysis of Mobile Phone Companies＇ Virtual Marketing Strategy

With the development of economic globalization and the information industry, the competition among the mobile phone companies is increasingly fierce. This requires the mobile phone companies to re-examine the traditional marketing strategies, to seek and implement new feasible marketing strategy. This paper introduces the definition of virtual marketing, dissertates four virtual marketing strategies implemented by the mobile phone companies, and points out the problems in the process of implementing virtual marketing strategies and proposes the corresponding countermeasures.

Chinese Companies are Taking Leading Roles in Many Global Markets

Today Chinese companies are taking leading roles and setting standards in global markets.The number of multinationals from China on the Fortune Global 500 List grew from none in1990 to almost 100 in 2015.This is an impressive result.We witness an ever increasing role of China and its financial sectoralso in shaping the global financial landscape.

Opportunity for textile companies to explore the South African market

Organized by the Sub-Council of Textile Industry of CCPIT, the China Premium Textile&Apparel Trade Show-South Africa (CPT, hereinafter abbreviated as the "South Africa Show") will be held in Cape Town from June 12th to 14th. This will be the 3rd annual South Africa Show to be held in Cape Town, attracting a large number of premium International buyers looking for business development opportunities.

200 billion children’s clothing market:more than 47,000 children’s clothing companies in Guangdong

At present, China has children's wear industry clustersmainly distributed in Guangdong,Zhejiang, Fujian and otherplaces. From the industry cycle, industry is still in its growthstage and is the most important force in garment industry,especially in recent years, the industry's market size hasrealized rapid expansion, from 2015 to 2019, the Chinesechildren's wear industry market size of compound growthrate reached l4.32 percent, affected by the pandemic in2020 fell in industry scale, reaching 229.2 bilion yuan.

Factors Influencing the Voluntary Disclosure of Vietnamese Listed Companies

This paper aims to investigate the factors affecting the extent of voluntary disclosure by examining the annual reports of 205 industrial and manufacturing companies listing on Ho Chi Minh Stock Exchange （HSX） and Hanoi Stock Exchange （HNX） for the year of 2012. Those factors include company size, profitability, leverage, state ownership, managerial ownership, and foreign ownership, board independence, role duality, and type of external auditors. Evidence from this study suggests two main findings： （1） Companies with high foreign ownership have a high level of voluntary disclosure; （2） The company size is an important factor related to the increased level of voluntary disclosure in annual reports of Vietnamese listed companies. However, no significant associations are found between profitability, leverage, state ownership, managerial ownership, board independence, role duality, and type of external auditors as hypothesized in this study.

Extemal Quality Control and its Impacts on Quality in Auditing Companies With Focus on Small and Medium-sized Audit Companies

After numerous spectacular balance scandals in the United States and Europe, an international discussion about the quality of audits as well as the necessity to raise the quality of financial audits arose. The United States of America responded to this discussion with the ＂Sarbanes-Oxley Act＂, while the European Union decreed the directive 2006/43/EC. The mentioned directive updated the statutory provisions for the professional guild of auditors to increase the quality of audits. In detail, it demanded an external quality-control-system combined with public supervision for the profession of auditors to ensure a better quality. Due to this fact, the audit companies now have to fulfill a large range of requirements to provide evidence of their consistent auditing-quality and furthermore of the quality standards within their company. Since many small and medium-sized companies are not able to fulfill these new requirements, the number of small and medium-sized audit companies decreases noticeably. This paper discusses the research results on the effects of external quality control^given by law---on the auditor market in Germany focusing on small and medium-sized audit companies. Additionally the research examines that, if the external quality control, which was one of the justifications of the conversions of the EU-directive 2006/43/EC is able to increase the quality in audit companies at all. Therefore it needs to be tested whether there is a uniform and fits all approach of quality in audits. The research questions and the tests were analyzed scientifically and confirmed in several expert interviews with four different expert groups in Germany.

Determinant Factors of Capital Structure of Firms-An Empirical Analysis Based on Evidence From Chinese Listed Retail Companies

This paper investigates the effectiveness of various factors upon the capital structure decisions of Chinese firms by conducting an empirical analysis of Chinese-listed retail companies.An unbalanced panel dataset was formed with a sample of 110 companies observed for 12 years(2010~2021).Each observation is measured quarterly.Traditional explanatory variables are adopted in the study,including profitability,company size,tangibility of assets,internal financing ability,tax ratio,growth opportunities,and volatility.By employing the Fama-Macbeth approach,the regression results are interpreted to determine the impact of independent variables upon the leverage a company takes on.To solve the reverse causality problem,we include the lag term(last quarter’s data)of the debt-to-equity ratio as control variables.Consistent with previous theoretical and empirical studies,firms’leverage ratio is positively related to size,tangibility,tax ratio,and last quarter’s debt level.Companies’profitability and internal financing ability are negatively correlated with their debt-to-equity ratio.Firms’earning volatility and growth opportunities do not show significant relationship with the debt-to-equity ratio.The study has provided more empirical evidence on capital structure theories regarding emerging financial markets.

2024 China Seminar on Fatty Amines and Their Derivatives Technology and Market Successfully Held

From August 14th to 15th,2024,2024 China Seminar on Fatty Amines and Their Derivatives Technology and Market was successfully held in Zhangjiagang,Jiangsu Province,with China Research Institute of Daily Chemical and National Engineering Research Center for Surfactants serving as organizers and China Surfactant Industry Alliance as a co-organizer.Over 100 representatives from more than 70 companies from all over China attended the seminar.

Big Fish, Big Market Controversies and breakthroughs in salmon farming in China

On August 28,salmon industry insiders and consumers shared insights and analysis on the salmon market and consumption at the 7th Global Salmon Industry Development Summit.An important component of the 18th Shanghai International Fisheries Expo,the event attracted more than100 salmon farming companies from around the globe to exchange views on the current situation and future development of the industry.

Smart Vehicles Contain Huge Market Opportunities

With the deep integration of technologies such as the Internet,big data,artificial intelligence,and 5G into the automotive industry,the relationship between people and vehicles has fundamentally changed,shifting from humans taking the dominant position and the vehicle acting as the supplement to the vehicle being in the dominant position and the human as supplement.Such a change creates a lot of technological innovations and market opportunities,especially in terms of the radical changes brought about by non-traditional auto companies such as Huawei and Xiaomi which have started the new phase of the global auto revolution.

Characteristics and Outlook of the Global Oil and Gas Resource M&A Market in 2022

The global oil price fluctuated widely at a high level throughout 2022 due to the combined impact of limited investment growth in global upstream oil and gas,the increasing regional geopolitical risks of oil and gas driven by the Ukraine Crisis,and a slower global economic growth resulting from repeated COVID-19 outbreaks,which exerted a negative influence on the global oil and gas resource M&A market.The total number of global oil and gas resource M&A transactions in 2022 was only 215,down by 19%from 2021 and close to the lowest level in 20 years.The total amount of M&A transactions was only USD 88 billion,down by about 36%from 2021.The global oil and gas M&A market in 2022 had four overall characteristics:First,the number and amount of transactions worldwide showed a“double decline”trend,with the number of transactions in Africa hitting an eight-year high;second,the overall amount of M&A transactions by various international oil companies decreased,and international oil giants continued to sell“non-core”oil and gas assets;third,the Implied Long-Term Oil Price continued to rise,with significant differences from the trend of international oil prices;fourth,in North America,unconventional oil and gas asset transactions remained active,and the amount of oil sand transactions approached the highest value in nearly 10 years.Looking forward to 2023,with the international oil price fluctuating at a high level and the global epidemic gradually becoming stable,it is expected that M&A activities in Africa and South America will significantly increase,international oil giants will seek transactions on both the buying and selling sides,and unconventional oil and gas resource transactions in North America will still be a market hotspot.

Intrinsic Value and Market Timing of Initial Public Offerings

To avoid debates on the interpretation problem of market-to-book, the residual income model is employed to calculate the intrinsic value and estimate the extent of mis-pricing by market. Using a sample of Chinese listed companies from 1998 to 2003, the empirical evidence supports that equity market mis-pricing plays a significant role in decision making on the initial public offering. Our evidence verifies that the market timing theory can be applied to the analysis of financing behavior of Chinese listed companies, but the long-lasting effect is insignificant.

On the Issue of Commercial Insurance Market as in the Slovak Republic

The insurance industry in the Slovak Republic has become an important dynamically developing area of economy.Insurance affects all the activities into the national economy,touching every company,business,citizen,society,and foreign countries.The Slovak insurance market is developed.As at 31.12.2017,there operated 21 commercial insurance companies on the Slovak commercial insurance market.The evolution of the market in life insurance in recent years is more dynamic than in the non-life insurance.