Listed companies of the swine industry,as an important form of agricultural industrialized operation,are typical representatives of large-scale production and the level of their operation efficiency exerts a direct in...Listed companies of the swine industry,as an important form of agricultural industrialized operation,are typical representatives of large-scale production and the level of their operation efficiency exerts a direct influence on the healthy development of the swine industry.Using the DEA-based Malmquist method,this paper made a static and dynamic evaluation of the operation efficiency of 16 listed companies in China's swine industry in 2010-2014. It obtained following results:( i) The overall efficiency of listed companies of China's swine industry remained at high level and the development trend was excellent.( ii) Different types of enterprises had difference in the overall efficiency,pure technical efficiency and scale efficiency. In general,pig feed processing companies had the best performance,followed by slaughtering and deep processing companies,and swine breeding companies were the worst.( iii) The total factor productivity characterized by the Malmquist index declined year by year in 2010-2013 and was improved in 2014,mainly due to technological progress.( iv) The total asset turnover ratio,equity concentration,and R & D management level had a significantly positive impact on the operation efficiency of listed companies in the swine industry,while the human capital had a significantly negative impact.展开更多
In combination with the data of loss-making listed companies in manufacturing industry at capital market in 2008-2010,this paper analyzed the characteristics of loss of listed companies.Major reasons include the blind...In combination with the data of loss-making listed companies in manufacturing industry at capital market in 2008-2010,this paper analyzed the characteristics of loss of listed companies.Major reasons include the blind investment of management personnel,low operation and management level,blind pursuit of diversified operation,improper stock right structure,weak supervision of government,and imperfect delisting system.Finally,it came up with some countermeasures,including improving quality of management personnel,management personnel selecting proper investment projects,strengthening internal management of enterprise,implementing effective asset rearrangement,setting up effective incentive and restrictive mechanism,bringing into play regulation function of banks,improving delisting mechanism,reducing centralization of state owned stock right,and establishing and improving market information disclosure system.展开更多
With the gradual deepening of the reform of the shareholding system,more and more shareholders of listed companies have taken measures to increase their shareholdings to absorb capital,while at the same time achieving...With the gradual deepening of the reform of the shareholding system,more and more shareholders of listed companies have taken measures to increase their shareholdings to absorb capital,while at the same time achieving the purpose of delivering good news to the market.This article uses the liquor industry as an analysis sample to build six categories of enterprise performance index evaluation systems for debt solvency,development capability,operating capability,per share capability,cash flow capability and profitability.Through factor analysis,it has been shown that the increase in shares of liquor listed companies can improve the performance of enterprises to a certain extent,but the effect of the increase in shares is also affected by other factors such as the size of the enterprise,the operation and management of the company,and the image of the product market.According to the empirical conclusion,it is proposed that on the one hand,the company should increase its shareholdings reasonably according to the company’s own situation.On the other hand,it needs to focus on the current problems of the enterprise and properly solve the current dilemma of the enterprise.Finally,according to the degree of impact of various indicators involved in the empirical test on corporate performance,it is believed that liquor listed companies need to focus on optimizing corporate asset structure and improving product sales,and on the basis of improving profitability and asset return,they should pay attention to corporate cash flow.展开更多
Cost Stickiness theory believe that costs do not linearly change with the volume ofbusiness, when business increased it increases more cost than when business volume decreased by the same amount it reduces. Use sticky...Cost Stickiness theory believe that costs do not linearly change with the volume ofbusiness, when business increased it increases more cost than when business volume decreased by the same amount it reduces. Use sticky cost theory to the process of cost management can improve the efficiency of enterprises＇ cost plan and cost control. The national twelith five year plan proposed to vigorously develop strategic emerging industries, if the strategic emerging industry also has the cost stickiness, we can apply sticky cost theory to the process its cost management. The author selected 120 listing corporations＇ financial data in China during 2007-2012 belongs to the emerging industries. Through empirical study, we found that the strategic emerging industry does not exist sticky cost beheavior. This may because China＇s strategic emerging industrie is still in the initial reason.展开更多
基金Supported by Young Scholar Project of Humanities and Social Science Foundation of Ministry of Education"Study on Stability Mechanism of Symbiosis Network of the Swine Industry"(15YJC630118)
文摘Listed companies of the swine industry,as an important form of agricultural industrialized operation,are typical representatives of large-scale production and the level of their operation efficiency exerts a direct influence on the healthy development of the swine industry.Using the DEA-based Malmquist method,this paper made a static and dynamic evaluation of the operation efficiency of 16 listed companies in China's swine industry in 2010-2014. It obtained following results:( i) The overall efficiency of listed companies of China's swine industry remained at high level and the development trend was excellent.( ii) Different types of enterprises had difference in the overall efficiency,pure technical efficiency and scale efficiency. In general,pig feed processing companies had the best performance,followed by slaughtering and deep processing companies,and swine breeding companies were the worst.( iii) The total factor productivity characterized by the Malmquist index declined year by year in 2010-2013 and was improved in 2014,mainly due to technological progress.( iv) The total asset turnover ratio,equity concentration,and R & D management level had a significantly positive impact on the operation efficiency of listed companies in the swine industry,while the human capital had a significantly negative impact.
基金China National Social Science Fund Project(13CGL050)Hu-manities and Social Science Research Youth Project of the Ministry of Educa-tion(13YJC630027,11YJC630243,12YJC630010)Basic Research Fund of Central Universities(SWU1309116,SWU1309202)
文摘In combination with the data of loss-making listed companies in manufacturing industry at capital market in 2008-2010,this paper analyzed the characteristics of loss of listed companies.Major reasons include the blind investment of management personnel,low operation and management level,blind pursuit of diversified operation,improper stock right structure,weak supervision of government,and imperfect delisting system.Finally,it came up with some countermeasures,including improving quality of management personnel,management personnel selecting proper investment projects,strengthening internal management of enterprise,implementing effective asset rearrangement,setting up effective incentive and restrictive mechanism,bringing into play regulation function of banks,improving delisting mechanism,reducing centralization of state owned stock right,and establishing and improving market information disclosure system.
文摘With the gradual deepening of the reform of the shareholding system,more and more shareholders of listed companies have taken measures to increase their shareholdings to absorb capital,while at the same time achieving the purpose of delivering good news to the market.This article uses the liquor industry as an analysis sample to build six categories of enterprise performance index evaluation systems for debt solvency,development capability,operating capability,per share capability,cash flow capability and profitability.Through factor analysis,it has been shown that the increase in shares of liquor listed companies can improve the performance of enterprises to a certain extent,but the effect of the increase in shares is also affected by other factors such as the size of the enterprise,the operation and management of the company,and the image of the product market.According to the empirical conclusion,it is proposed that on the one hand,the company should increase its shareholdings reasonably according to the company’s own situation.On the other hand,it needs to focus on the current problems of the enterprise and properly solve the current dilemma of the enterprise.Finally,according to the degree of impact of various indicators involved in the empirical test on corporate performance,it is believed that liquor listed companies need to focus on optimizing corporate asset structure and improving product sales,and on the basis of improving profitability and asset return,they should pay attention to corporate cash flow.
文摘Cost Stickiness theory believe that costs do not linearly change with the volume ofbusiness, when business increased it increases more cost than when business volume decreased by the same amount it reduces. Use sticky cost theory to the process of cost management can improve the efficiency of enterprises＇ cost plan and cost control. The national twelith five year plan proposed to vigorously develop strategic emerging industries, if the strategic emerging industry also has the cost stickiness, we can apply sticky cost theory to the process its cost management. The author selected 120 listing corporations＇ financial data in China during 2007-2012 belongs to the emerging industries. Through empirical study, we found that the strategic emerging industry does not exist sticky cost beheavior. This may because China＇s strategic emerging industrie is still in the initial reason.
