Empirical Research on Accounting Profits and Net Cash Flow of Chinese Public Companies ——Analysis Based on Profitability

In traditional analysis, enterprises＇ performance evaluation largely depends on profits indices, which results in the public companies＇ strong pursuit of accounting profits and neglect of net cash flow. It is of great significance to study this phenomenon in public companies for it can help to evaluate their profitability correctly. By making an empirical research on the status quo of the medical public companies＇ accounting profits, net cash flow, receivable and prepaid items, it is found that the phenomenon that the current accounting profits and net cash flow are inconsistent universally exists in the public companies; the current growth rates of accounts receivable, notes receivable, other accounts receivable and accounts prepaid in the companies which the phenomenon exists in are higher than those in other companies and the industrial average, especially for the latter two items; this phenomenon in economically developed areas is more obvious than in other areas. How to avoid the contradiction of accounting profits and net cash flow in the public companies？ Firstly, the credit risk awareness and management should be strengthened. Secondly, cash budget management should be enhanced. Finally, the index system of evaluation of the public companies＇ operating performance should be improved.

The Role of Institutional Investors in the Evolutionary Dynamics of Agro-food Enterprises

The research topic is the one of public finance company whose core business is focused to support investment projects to overcome enterprises technological and structural gap. The research question is： If and how a public finance company is able to create and favor value creation processes sustainability for agro-food enterprises, highlighting the positive emerging externalities for different categories of stakeholders. They have results with particular evidences allow comparisons between the private investments and the support of institutional public investors. In such perspective, the mode of disbursement of soft loans and investment operations made by a public financing company will be examined. The methodological approach used, following a deductive-inductive perspective, is based on the ease study. Such technique able to formulate theories about a little known phenomena in their context, allows the study of recent events on which the researcher has little control. To this, a qualitative analysis on both primary and secondary data adds. From data analysis, it resulted that the Institute of Agribusiness Development （ISA） initiatives facilitated, just for example, the technological innovation of production department and consequent production capacity, the acquisition of production assets for row material processing and optimization of internal logistics, through an innovative automated warehouse. As a result, the case study finds sustainability at multiple levels reached by the activities promoted by ISA and the subsequent co-creation of value for stakeholders involved, small agro-food businesses innovation, and/or internationalization processes. As long as practical implications are concerned, such highlight the importance and the need for public and private institutions in their effort to continue to invest in projects to support the economy of the country. The originality of the paper lies in the proposed interpretation of more integrative paradigms （viable system approach, sustainability, and, value creation）, analyzing a financial institution for the development of the Italian food industry. At the same time, authors stress the research limit that is the analysis of the input of only one organization and consequent limited data in quantity and time span.

Life Cycle of Chinese Public Company and Competence Strategy Research

From start-up, growth, maturity to decline, a company will experience a complicated process, in which the company needs to change its anticipated objective, structure and business model with the variation of environment, in order to survive and gain sustainable development. Based on an enterprise＇s life-cycle theory, this paper makes use of both qualitative and quantitative models to do an empirical study on measurement of the life-cycle of 1135 Chinese public companies from 1991 to 2002, both FoxPro and SAS programs are used to process data. At the end of the paper, the author comes up with a company＇s value goals and relevant competence strategies in every stage of life cycle, with the purpose to promote the Chinese public companies＇ sustainable development.