Factors Affecting Financial Performance of Tourism Destination Firms Listed on Stock Exchanges in China

Purpose:the aim of this research is to test the effect of financial ratio on the financial performance of tourism destination firms listed on stock exchange in China.The research selected ratios:current ratio(CR)as a dimension of liquidity,total asset turnover ratio(TATR)as a dimension of asset utilization,debt ratio(DE)as a dimension of leverage,natural logarithm of total asset(LNTA)as a dimension of firm size,GDP growth rate as a dimension of economic prosperity,and effective tax rate as a dimension of effective tax.This research will use return on asset(ROA),return on sales(ROS),return on equity(ROE)and sales growth(SG)to determine the financial performance.Since stock exchange founded in China,tourism destination firm developed very fast.However tourism destination listed firms have weakness financial performance.Design/methodology/approach:the research data collected from quarterly financial report,from 2012 Q1 to 2018 Q4.The secondary data has been analyzed by multiple regression.Finding:the result indicate that CR,TATR,GDP growth rate have positive impact on financial performance.While DE has negative impact on financial performance.And LNTA has a mix result with financial performance.Originality/value:This study led to the effect of financial ratios on tourism's financial performance since past researches with this aim were difficult to identify and certain references were not specifically linked to the topic.

Environmental regulation and firms'performance:a quasi-natural experiment from China

This paper investigates whether environmental regulation affects firm's performance including productivity,wage and employment using firm-level data in 1996-2007.The identification uses Two Control Zones(TCZ)policy implemented by the Chinese government in 1998,in which tougher environmental regulations were imposed in TCZ cities but not others.By difference-indifferences estimation,we find that tougher environmental regulation leads to larger increase on both total factor productivity and wage,and firms tend to employ fewer workers under pressure of environmental protection.Heterogeneous tests show that the impacts are better for nonpollution intensive firms,non-exporters and SOEs.Finally,we find that R&D input and exiting firms among industry are the driving forces for enhancing TFP and increasing wage and unemployment.

Relationship Between Firm’s Social Capital and Innovation Performance:A Meta-Analysis

Despite a surge of studies examining the impact of firm’s social capital on the innovation performance,empirical research shows controversial results.To resolve this problem,this paper conducted a meta-analysis to restudy the relationship between firm’s social capital and innovation performance based on the empirical research results of 63 independent samples.This paper also identified some moderators affecting this relationship.The results indicated that the firm’s social capital-innovation performance link was positive and significant(r=0.363),and the age of the firm and the cultural context affected the impact of social capital on innovation performance to a large extent.Based on these findings,this paper developed recommendations for future research.

The Impact of Electronic Supply Chain Management Usage on Firm’s Performance

This study investigates the status of e-SCM and performance among Jordanian manufacturing sector. The objective of this study is to analyze the impact of trust and communication on the e-SCM usage. Moreover, the study investigates the effect of the trust and communication on the firm’s performance while the e-SCM usage is used as a mediating factor on firm’s performance. The proposed research model was validated by distributing 250 survey questionnaires to the manufacturing sector in Jordan. Structural equation modelling (SEM) technique was used to analyze the results. One of the main limitations of this study was that the results could not be universal since the study was limited to Jordan. We discussed the implications of our results for research and practice.

绿色信贷政策、ESG表现与高污染企业资本结构调整

绿色信贷政策作为结构性去杠杆的重要举措,对于高污染企业资本结构升级大有裨益。与此同时,ESG概念的提出明确了企业发展需着重考量环境(E)、社会(S)和公司治理(G)三方面的表现,即企业ESG表现也将作用于高污染企业资本结构调整。因此,论文以2011—2020年中国A股上市的高污染企业为研究样本,基于ESG表现视角,探究绿色信贷政策对高污染企业资本结构调整的作用效果。研究表明:1)绿色信贷政策显著促进高污染企业资本结构调整,区分企业负债水平后发现,相比于低负债企业,绿色信贷政策显著加快高负债污染企业的资本结构调整速度;2)绿色信贷政策会提升高污染企业的ESG表现,企业ESG表现会削弱绿色信贷政策对高污染企业资本结构调整的促进效果;3)在深入探讨企业融资约束和商业信用程度的异质性是否会影响绿色信贷政策的实施效果时,发现相较于面临弱融资约束和拥有高商业信用的企业,绿色信贷政策显著促进面临强融资约束和低商业信用的高污染企业调整资本结构。因此,探讨绿色信贷政策与高污染企业资本结构调整的关系对优化信贷资源配置、推动高污染企业绿色转型意义重大。

Strategies, Performances and Profiling of a Sample of U.S. Universities in 2012

The global economic crisis is affecting performances of not-for-profits. At the same time donors are targeted by a pressing good-cause related marketing, so that the competition for philanthropy is particularly keen. U.S. universities can be public, not-for-profit and for-profit. U.S. not-for-profit universities are confronted with different marketing, fundraising and revenue diversification. Above all, marketing concerns customers and their segmentation and their purchasing-power exploitation;fundraising aims to gain the trustworthiness of donors, instead. The aim of this paper is the analysis of the revenue diversification of a sample of 100 U.S. not-for-profit universities according to IRS (Internal Revenue Service) Forms. These 100 U.S. universities had the highest 2012’s revenues for the Guidestar ranking (www.guidestar.org). The cluster analysis gives evidence that the highest gain and the highest solvency are both connected with the implementation of revenue diversification for one profile. The most crowded cluster is the Marketing Expert with the second highest gain.

数字化转型、服务化融合与制造业企业绩效提升——兼论经济政策不确定性的调节效应

引入经济政策不确定性作为调节变量,从嵌入式服务化和混入式服务化的双重融合视角,研究数字化转型提升制造业企业绩效的理论机制和作用路径。在此基础上,采用2008—2020年制造业A股上市公司数据对理论机制进行实证检验。研究结果显示:数字化转型能够提升企业绩效,嵌入式服务化发挥了正向中介作用,但在区域分布、所有制结构和技术水平等方面具有明显的异质性;数字化转型能够抑制混入式服务化中制造业企业的“脱实向虚”行为;经济政策的不确定性会增强数字化转型对嵌入式服务化的推动作用和对混入式服务化的抑制作用。

Economics and Performance of 10 Gb/s Metro Transport Over Mixed Fiber Plant of G.655 NZDF and G.652.C Zero Water-Peak Fibers

Using lower-cost lasers, 30% savings are possible for 10-Gb/s uncompensated metro transmission over NZDF, compared to G.652 fiber. We present WDM transmission results for a mixed plant of NZDF rings interconnected to G.652.C-fiber access laterals.

The analysis of economic performance of China’s garment industry during the first half of 2008

During the first half of 2008, snow havoc, earthquake, the yuan appreciation, together with the rising material and labor costs has made the main economic benefit index in China’s garment industry decreased synchronously.

Production Remains Stable and Investment Shows Recovery Signs The analysis of economic performance of China’s cotton textile industry

Indeed,there is some evidence the government’s stimulus package is producing results.Investment of cotton textile industry shows recovery progress and production remains stable.

Apparel Industry Witnesses Positive Activity Analysis of economic performance of China's apparel industry in Jan.-Aug.

Production Recovery China’s apparel industry saw a sharp increase in the output for the January-September period, according to data collected from statistics-worthy

China's Cotton Textile Industry Faces Growing Pressure The analysis of economic performance of China's cotton textile industry in Jan.-Feb.(Part A)

Although the Chinese government has published a seriesof favorable policies for textile industry,the outcome of thesefiscal policies in Chinese cotton machinery industry tends to besmall at this stage,since the effects of policies is hysteresial,and the industry had extended 2009 spring holiday amid thefinancial crisis.

Profit Showing Upward Trend The analysis of economic performance of China's cotton textile industry in first half 2010(Part A)

Output continued recovery China’s cotton textile industry saw a a slight slump in growth rate of cotton yarn production and cotton cloth production in the first half of 2010 comparedto the Jan.

Benefits Down Evidently while Export Grew Slowly The Analysis of Economic Performance of China's Textile Machinery Industry from Jan. to Oct. 2008 (Part A)

Financial expenses Of China’s textile machinery in fiscal year 2008 rose 28.81%due to higher indebtedness(60.57%of indebtedness rate).Analysts anticipated animminent weakening of momentum for China’s textile machinery markets owing toweaker consumer spending and easing export growth.

Benefits Down Evidently while Export Grew Slowly The Analysis of Economic Performance of China's Textile Machinery Industry from Jan. to Oct. 2008 (Part B)

According to the latest statistics released by China TextileMachinery & Accessories Association(CTMA),the export value offoreign-funded enterprises from Jan.to Oct.2008,reached 0.502billion US dollars,a year-on-year increase of 0.08 percent.

Cotton Spinning Industry Reports Continued Growth (Part B) Analysis of economic performance of China's cotton spinning industry in Q1-Q3 (Continued from Nov. 15, 2010)

Manufacturing and sales According to data collected from 11,934 statistics-worthy Chinese cotton spinning enterprises surveyed by National Bureau of Statistics of China, total industrial production value of the industry increased 27.39

The analysis of economic performance of China’s industrial textiles and nonwovens industry during the first half of 2008

The yuan appreciation, together with the rising material and labor costs, China's industrial textiles factories feel the squeeze during the first half of 2008. But, the year of 2008 also witnessed a fast growing of industrial textiles after the snow havoc and earthquake.

Profit Showing Upward Trend The analysis of economic performance of China's cotton textile industry in first half 2010(Part B)

Profit turned positive According to data collected from 11,773 statistics-worthy Chinese cotton textile enterprises surveyed by National Bureau of Statistics of China,