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
This paper presents an in-depth analysis of financially distressed listed companies in China between 1998 and 2002. We compare the predictive power of multiple discriminant analysis （MDA）, logistic regression, and n...This paper presents an in-depth analysis of financially distressed listed companies in China between 1998 and 2002. We compare the predictive power of multiple discriminant analysis （MDA）, logistic regression, and neural network models. We design and implement 126 different forecasting models using different predictive methods, different sample proportions, and different initial independent variables. The aim is to determine which model（s） and variables are best applicable for the short-term prediction of financial distress in China. We find that logistic regression models are superior to multiple discriminant analysis models in terms of prediction accuracy rate, restriction of sample distribution or prediction cost, but the neural network models show promise in their low Type I and Type II errors. The paper also inherently tests the applicability of variables traditionally used for bankruptcy prediction to the purpose of financial distress prediction in China.展开更多
The Shanghai Lan Sheng Corp., which used to be called the Shanghai Stationery and Sporting Goods Import and Export Company, touched off great repercussions in the international mass media and among its counterparts af...The Shanghai Lan Sheng Corp., which used to be called the Shanghai Stationery and Sporting Goods Import and Export Company, touched off great repercussions in the international mass media and among its counterparts after it was renamed after its general manager Zhang Lansheng and its stocks were listed for transactions on展开更多
Through carefully studying the theory of speech acts and the literature concerning it,the author made some new findings which reflects in three aspects:the similarities and differences in Chinese and English in expres...Through carefully studying the theory of speech acts and the literature concerning it,the author made some new findings which reflects in three aspects:the similarities and differences in Chinese and English in expressing the same speech act,the relations between different types of speech acts and the correspondence between sentence sets and sets of speech acts.展开更多
The risk of internal and external exposure to ionizing radiation(IR)has increased alongside the development and implementation of nuclear technology.Therefore,serious security issues have emerged globally,and there ha...The risk of internal and external exposure to ionizing radiation(IR)has increased alongside the development and implementation of nuclear technology.Therefore,serious security issues have emerged globally,and there has been an increase in the number of studies focusing on radiological prevention and medical countermeasures.Radioprotective drugs are particularly important components of emergency medical preparedness strategies for the clinical management of IR-induced injuries.However,a few drugs have been approved to date to treat such injuries,and the related mechanisms are not entirely understood.Thus,the aim of the present review was to provide a brief overview of the World Health Organization's updated list of essential medicines for 2023 for the proper management of national stockpiles and the treatment of radiological emergencies.This review also discusses the types of radiation-induced health injuries and the related mechanisms,as well as the development of various radioprotective agents,including Chinese herbal medicines,for which significant survival benefits have been demonstrated in animal models of acute radiation syndrome.展开更多
At a time when China encourages its firms to go overseas,especially to countries and regions involved in its"Belt and Road Initiative",and sets up a favorable domestic environment for innovation and entrepre...At a time when China encourages its firms to go overseas,especially to countries and regions involved in its"Belt and Road Initiative",and sets up a favorable domestic environment for innovation and entrepreneurship,this paper is a first trial looking along both the two dimensions to test whether Chinese firms’operating performance changes after cross-border merger and acquisition(CBM&A)activities,using entrepreneurial orientation(EO)as a moderating factor.The paper combines data from Chinese listed firms’annual reports,Chinese stock market financial statements database and the Zephyr database from 2001 to 2015 to examine how acquirers’operating performance changes after CBM&A activities using EO as a moderating factor.In order to test whether the results are affected by the stock market,this paper also defines abnormal return on equity(ROE)to detect abnormal operating performance.After these,the paper divides the sample into separate industry groups to see whether results will change.The results obtained for the whole sample show that the performance of Chinese listed firms is fluctuant after CBM&As within the sample years.It increases one year after the acquisition but drops two years later and then follows an increasing trend again.The moderating factor of EO is not significant for the sample as a whole.However,after dividing the sample into separate industry groups,it becomes clear that different industries have their own characteristics.EO helps Chinese listed firms to adjust to the post-acquisition situation and even to improve their performance to some extent in the metal mining industry and the business services industry.When ROE is substituted with abnormal ROE,the results do not change much.展开更多
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。
文摘This paper presents an in-depth analysis of financially distressed listed companies in China between 1998 and 2002. We compare the predictive power of multiple discriminant analysis （MDA）, logistic regression, and neural network models. We design and implement 126 different forecasting models using different predictive methods, different sample proportions, and different initial independent variables. The aim is to determine which model（s） and variables are best applicable for the short-term prediction of financial distress in China. We find that logistic regression models are superior to multiple discriminant analysis models in terms of prediction accuracy rate, restriction of sample distribution or prediction cost, but the neural network models show promise in their low Type I and Type II errors. The paper also inherently tests the applicability of variables traditionally used for bankruptcy prediction to the purpose of financial distress prediction in China.
文摘The Shanghai Lan Sheng Corp., which used to be called the Shanghai Stationery and Sporting Goods Import and Export Company, touched off great repercussions in the international mass media and among its counterparts after it was renamed after its general manager Zhang Lansheng and its stocks were listed for transactions on
文摘Through carefully studying the theory of speech acts and the literature concerning it,the author made some new findings which reflects in three aspects:the similarities and differences in Chinese and English in expressing the same speech act,the relations between different types of speech acts and the correspondence between sentence sets and sets of speech acts.
基金National Human Diseases Animal Model Resource CenterNational Natural Science Foundation of China,Grant/Award Number:81972975+1 种基金Applied Basic Research Key Program of Tianjin,Grant/Award Number:22JCZDJC00430CAMS Medicine and Health Technology Innovation Project,Grant/Award Number:2021-I2M-1-060。
文摘The risk of internal and external exposure to ionizing radiation(IR)has increased alongside the development and implementation of nuclear technology.Therefore,serious security issues have emerged globally,and there has been an increase in the number of studies focusing on radiological prevention and medical countermeasures.Radioprotective drugs are particularly important components of emergency medical preparedness strategies for the clinical management of IR-induced injuries.However,a few drugs have been approved to date to treat such injuries,and the related mechanisms are not entirely understood.Thus,the aim of the present review was to provide a brief overview of the World Health Organization's updated list of essential medicines for 2023 for the proper management of national stockpiles and the treatment of radiological emergencies.This review also discusses the types of radiation-induced health injuries and the related mechanisms,as well as the development of various radioprotective agents,including Chinese herbal medicines,for which significant survival benefits have been demonstrated in animal models of acute radiation syndrome.
文摘At a time when China encourages its firms to go overseas,especially to countries and regions involved in its"Belt and Road Initiative",and sets up a favorable domestic environment for innovation and entrepreneurship,this paper is a first trial looking along both the two dimensions to test whether Chinese firms’operating performance changes after cross-border merger and acquisition(CBM&A)activities,using entrepreneurial orientation(EO)as a moderating factor.The paper combines data from Chinese listed firms’annual reports,Chinese stock market financial statements database and the Zephyr database from 2001 to 2015 to examine how acquirers’operating performance changes after CBM&A activities using EO as a moderating factor.In order to test whether the results are affected by the stock market,this paper also defines abnormal return on equity(ROE)to detect abnormal operating performance.After these,the paper divides the sample into separate industry groups to see whether results will change.The results obtained for the whole sample show that the performance of Chinese listed firms is fluctuant after CBM&As within the sample years.It increases one year after the acquisition but drops two years later and then follows an increasing trend again.The moderating factor of EO is not significant for the sample as a whole.However,after dividing the sample into separate industry groups,it becomes clear that different industries have their own characteristics.EO helps Chinese listed firms to adjust to the post-acquisition situation and even to improve their performance to some extent in the metal mining industry and the business services industry.When ROE is substituted with abnormal ROE,the results do not change much.
