High-tech industry has become the strategic and leading industry of the national economic and social development, and it is also the main driving force for economic growth and social progress in China. It is necessary...High-tech industry has become the strategic and leading industry of the national economic and social development, and it is also the main driving force for economic growth and social progress in China. It is necessary to redefine the composition of high-tech enterprises'value and thus find the ways to maximize their value. This paper attempted to address the following set of questions: 1. What are the value drivers and how do they affect high-tech enterprises'value? 2. How to establish the value appraisal measure system of high-tech enterprise?展开更多
EVA as a new type of performance evaluation indicators, to overcome the limitation of the traditional accounting profit performance evaluation index, in the calculation of the cost of capital for companies, not only t...EVA as a new type of performance evaluation indicators, to overcome the limitation of the traditional accounting profit performance evaluation index, in the calculation of the cost of capital for companies, not only to consider the cost of debt capital, but also consider the cost of equity capital, reasonable and objective evaluation of the performance of business, reflect the real value creation, meet the shareholder wealth maximization financial goals. This paper introduces the meaning and calculation method of EVA, focused on the analysis of the advantages of EVA performance evaluation, and also points out some limitations of EVA, in the hope that after the practice can improve continuously.展开更多
At present,the research on circular economy has made a lot of substantive results both at home and abroad.But for the papermaking enterprise,which is the representative of the light industry,few studies have analyzed ...At present,the research on circular economy has made a lot of substantive results both at home and abroad.But for the papermaking enterprise,which is the representative of the light industry,few studies have analyzed the evaluation index system of circular economy.Since the current material flow analyses have limitations that the researchers cannot calculate materials with different units.The authors take advantage of the intrinsic correlation between the basic principle of value flow analysis and circular economy,and then analyze the dynamic changes of material flow and value flow through enterprises internal production process.Considering the resource output,the authors set up the layered structure of the evaluation index system,and then preliminarily determine the index form.Next,the authors use the frequency statistics analysis method to adjust indicators,forming a preliminary index system.After that,the principal component analysis and independent analysis are applied for screening.Finally,the authors build a circular economy evaluation index system for papermaking enterprise to provide scientific guidance for the process of circular economy.展开更多
Based on the non-financial listed enterprises data from 2000 to 2014,this paper calculates the level of environmental governances of enterprises with environmental investment,and empirically analyzes the impact of pro...Based on the non-financial listed enterprises data from 2000 to 2014,this paper calculates the level of environmental governances of enterprises with environmental investment,and empirically analyzes the impact of provincial official tenure and Five-Year Plan target assessment on the environmental governance of enterprises.The results show that the enterprise environmental investment presents a significant periodic trend in the Five-Year Plan,while the trend is not significant in official’s tenure.The further test suggests that with the clear requirement of“environmental performance”incorporated into the performance evaluation system of local government officials,it has become significant in the periodic trend in the impact of officials’tenure on environmental investment.In contrast,the trend has become less prominent in the Five-Year Plan,which indicates that there is a substitute relation between the two evaluation systems.The mechanism test also finds that both environmental subsidies and pollution abatement expenditures present a significantly periodic trend in the Five-Year Plan.And official’s tenure plays a regulatory role in the Five-Year Plan periodic trend in the environmental governance of enterprise,showing that it is more significant when the time about officials’tenure evaluation is earlier than Five-Year Plan target assessment.The above results indicate that it is beneficial to improve local environment governance from the perspective of top institutional design by both strengthening the environmental evaluation.展开更多
文摘High-tech industry has become the strategic and leading industry of the national economic and social development, and it is also the main driving force for economic growth and social progress in China. It is necessary to redefine the composition of high-tech enterprises'value and thus find the ways to maximize their value. This paper attempted to address the following set of questions: 1. What are the value drivers and how do they affect high-tech enterprises'value? 2. How to establish the value appraisal measure system of high-tech enterprise?
文摘EVA as a new type of performance evaluation indicators, to overcome the limitation of the traditional accounting profit performance evaluation index, in the calculation of the cost of capital for companies, not only to consider the cost of debt capital, but also consider the cost of equity capital, reasonable and objective evaluation of the performance of business, reflect the real value creation, meet the shareholder wealth maximization financial goals. This paper introduces the meaning and calculation method of EVA, focused on the analysis of the advantages of EVA performance evaluation, and also points out some limitations of EVA, in the hope that after the practice can improve continuously.
基金supported by the National Natural Science Foundation of China (Grant No.71303263)the State Key Program of National Natural Science Foundation of China (Grant No.71431006)+6 种基金the Key Projects of Philosophy and Social Sciences of the Ministry of Education of China (Grant No.13JZD016)the Major Program of the National Social Science Foundation of China (Grant No.11&ZD166)the Humanities and Social Sciences Program Foundation of the Ministry of Education of China (Grant No.11YJC790312)the Doctoral Foundation of the Ministry of Education of China (Grant No.20130162120045)the Energysaving and Emission Reduction Demonstration Project of Changsha City (Grant No.CSCG-HNSZ-DY20131002,Procurement of [2013D] 0012-1 Changsha Finance)the Social Sciences Program Foundation of Hunan Province (Grant No.13YBA353)the Soft Science Program of Hunan Province (Grant No.2014ZK3124)
文摘At present,the research on circular economy has made a lot of substantive results both at home and abroad.But for the papermaking enterprise,which is the representative of the light industry,few studies have analyzed the evaluation index system of circular economy.Since the current material flow analyses have limitations that the researchers cannot calculate materials with different units.The authors take advantage of the intrinsic correlation between the basic principle of value flow analysis and circular economy,and then analyze the dynamic changes of material flow and value flow through enterprises internal production process.Considering the resource output,the authors set up the layered structure of the evaluation index system,and then preliminarily determine the index form.Next,the authors use the frequency statistics analysis method to adjust indicators,forming a preliminary index system.After that,the principal component analysis and independent analysis are applied for screening.Finally,the authors build a circular economy evaluation index system for papermaking enterprise to provide scientific guidance for the process of circular economy.
文摘Based on the non-financial listed enterprises data from 2000 to 2014,this paper calculates the level of environmental governances of enterprises with environmental investment,and empirically analyzes the impact of provincial official tenure and Five-Year Plan target assessment on the environmental governance of enterprises.The results show that the enterprise environmental investment presents a significant periodic trend in the Five-Year Plan,while the trend is not significant in official’s tenure.The further test suggests that with the clear requirement of“environmental performance”incorporated into the performance evaluation system of local government officials,it has become significant in the periodic trend in the impact of officials’tenure on environmental investment.In contrast,the trend has become less prominent in the Five-Year Plan,which indicates that there is a substitute relation between the two evaluation systems.The mechanism test also finds that both environmental subsidies and pollution abatement expenditures present a significantly periodic trend in the Five-Year Plan.And official’s tenure plays a regulatory role in the Five-Year Plan periodic trend in the environmental governance of enterprise,showing that it is more significant when the time about officials’tenure evaluation is earlier than Five-Year Plan target assessment.The above results indicate that it is beneficial to improve local environment governance from the perspective of top institutional design by both strengthening the environmental evaluation.
