Corporate Governance and the Financial Value of Financially Distressed Listed Companies

The article combines the background of Chinese system, theoretically derivates the relationship between corporate governance and their financial value, selects a sample of loss listed companies from 2003 to 2009, and studies how the level of corporate governance affects the value of listed company losses. Research results show that, among corporate governance factors, the largest shareholder and the market for corporate control have obvious positive effects on the financial value of loss listed companies; the proportion of state-owned shares, the type of audit opinion, and corporate govemance factors have obvious negative effects on the financial value of loss listed companies; and managerial ownership, the proportion of independent directors, and the size of the board have no obvious driving effect on the financial value of loss listed companies.

Research on Financial Targets Sequence of Impacting on Business Value—— Based on Data Analysis from Chinese High-tech Listed Firms of Unmodified Auditing Opinions

The high-tech listed firms are not only representative for mainstream of nongovernmental businesses, but also afflux new livingness into the capital market development in China. By considering our country＇s high-tech listed firms as study object, we have disclosed different degree between diverse financial targets and business value, built a financial targets sequence model of impact on business value. The study supplies a certain extent reference to valid supervising and exalting of firms＇ financial core.

How to Enhance Brand Value of Smart Service Enterprises Based on Tobin Q:A Financial Perspective Investigation of China's Property Industry

The development of digital technology and the construction of smart cities urge service enterprises to seek competitive advantages by building smart service brands.However,there are few studies explore the brand value,brand strategies,and corresponding business strategies of smart service providers from the financial perspective.This paper selects listed property companies from China as the sample and explores the value of the smart community service brand of property enterprises based on the observation data.This research introduces the market value measurement index(Tobin q)and discounted cash flow model(DCF)to explore the influence of diversified brand strategies through combining smart brand strategy with naming strategies and business strategies on brand value.The results show that smart community service brand has a significant impact on firms'market value.Compared with the brand extension strategy,the adoption of brand renewal strategy will significantly affect market value.Further,the development of smart value-added services by enterprises will exert a positive impact on their market value.However,the stakeholders are not optimistic about smart technical services by property companies,which could reduce shareholders'expectations of the market value of enterprises.

An Algorithm for Infinite Horizon Lot Sizing with Deterministic Demand

We analyze an infinite horizon discrete time inventory model with deterministic but non-stationary demand for a single product at a single stage. There is a finite cycle of vectors of characteristics of the environment (demand, fixed ordering cost, variable procurement cost, holding cost) which is repeated after a finite number of periods. Future cost is discounted. In general, minimization of the sum of discounted total cost over the cycle does not give the minimum of the sum of discounted total cost over the infinite horizon. We construct an algorithm for computing of an optimal strategy over the infinite horizon. It is based on a forward in time dynamic programming recursion.