The purpose of this paper is to investigate the relationship between investor protection, ownership structure and corporate valuation. La Porta showed that there existed a simple linear relationship between corporate ...The purpose of this paper is to investigate the relationship between investor protection, ownership structure and corporate valuation. La Porta showed that there existed a simple linear relationship between corporate valuation and the holding percentage of controlling shareholders. But recent empirical evidence does not support it. A nonlinear relationship is proved between ownership structure and corporate valuaton by relaxing the assumption of La Porta＇s model in this paper. There exists a positive relation between investor protection and corporate valuation. Our empirical research shows that this relation is significantly positive indeed.展开更多
Using the trade statistical method based on asset ownership,this paper recalculated Sino-US bilateral trade volume and the result indicates that against traditional trade statistics,Chinese exports to the US reduced b...Using the trade statistical method based on asset ownership,this paper recalculated Sino-US bilateral trade volume and the result indicates that against traditional trade statistics,Chinese exports to the US reduced by an average of 51%while Chinese imports from the US increased by an average of 41%between 2004 and 2010.Balance of trade is in the range between US$2,189 billion of deficit and US$12.77 billion of surplus on the part of China,which are far smaller than the balance of Sino-US trade calculated by traditional statistical method.In order to reflect the real scale of China's foreign trade and effectively respond to Sino-US trade frictions,it is necessary for China to establish its trade statistics system based on asset ownership.展开更多
With the growth of digitization and globalization, media companies expanded and concentrated themselves in media industry or cross-media industry.There are three different forms of expansion and concentration in media...With the growth of digitization and globalization, media companies expanded and concentrated themselves in media industry or cross-media industry.There are three different forms of expansion and concentration in media industry, which includes horizontal, diagonal and vertical expansion. This essay analyzes the different forms of media expansion and concentration and find that the major advantage media concentration is that economies of scale and scope are able to occur. It means efficiency and market power of media industry could be increased. At the same time, the disadvantage of media concentration is that exceeding market power may damage the normal competition. Thus, policies of media expansion and concentrations should also be focused.展开更多
文摘The purpose of this paper is to investigate the relationship between investor protection, ownership structure and corporate valuation. La Porta showed that there existed a simple linear relationship between corporate valuation and the holding percentage of controlling shareholders. But recent empirical evidence does not support it. A nonlinear relationship is proved between ownership structure and corporate valuaton by relaxing the assumption of La Porta＇s model in this paper. There exists a positive relation between investor protection and corporate valuation. Our empirical research shows that this relation is significantly positive indeed.
基金General Program of National Social Sciences Fund "Development and Application Research for theModel of Estimating the Structure of Sino-US Trade Interests(Approval No.13BJL055)"
文摘Using the trade statistical method based on asset ownership,this paper recalculated Sino-US bilateral trade volume and the result indicates that against traditional trade statistics,Chinese exports to the US reduced by an average of 51%while Chinese imports from the US increased by an average of 41%between 2004 and 2010.Balance of trade is in the range between US$2,189 billion of deficit and US$12.77 billion of surplus on the part of China,which are far smaller than the balance of Sino-US trade calculated by traditional statistical method.In order to reflect the real scale of China's foreign trade and effectively respond to Sino-US trade frictions,it is necessary for China to establish its trade statistics system based on asset ownership.
文摘With the growth of digitization and globalization, media companies expanded and concentrated themselves in media industry or cross-media industry.There are three different forms of expansion and concentration in media industry, which includes horizontal, diagonal and vertical expansion. This essay analyzes the different forms of media expansion and concentration and find that the major advantage media concentration is that economies of scale and scope are able to occur. It means efficiency and market power of media industry could be increased. At the same time, the disadvantage of media concentration is that exceeding market power may damage the normal competition. Thus, policies of media expansion and concentrations should also be focused.
