Operation Efficiency and Influencing Factors of Listed Companies of Swine Industry:Empirical Analysis Based on Data of 16 Listed Companies in 2010-2014

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.

Analysis on the Sustainable Development Capability of New Energy Listed Companies in China

From the aspects of profitability, debt paying ability, operational capacity, cash flow capacity, and innovation capacity, the sustainable development evaluation system of new energy listed companies in China was established, and then an empirical analysis was conducted. Finally, some policy suggestions were put forward. The empirical analysis shows that there are many problems in the sustainable development of new ener- gy listed companies in China.

The Relationship between Government Subsidies and Research & Development Investment of Chinese Agricultural Listed Companies

Based on the background of China's emerging and transitional market,government subsidies to enterprises are regarded as a " helping hand" of promoting economic structural adjustment. In this paper,using China's A-share agricultural listed companies from 2010 to 2015 as research samples,we discuss the influence of government subsidies on research and development( hereinafter referred to as R & D) investment,and the difference in the relationships between the two from the perspective of different nature of property rights. The results show that,on the whole,the increase in government subsidies does not promote the intensity of R & D investment of agricultural listed companies. And after distinguishing the nature of property rights,the results show that state-owned enterprises can get more government subsidies than private enterprises,and the increase in government subsidies boosts the increase in R & D investment in private enterprises,but there is a negative correlation between government subsidies and R & D investment of state-owned enterprises. This conclusion can broaden the research perspective of the influence factors of corporate R & D investment,and it is of practical significance to further clarify the role of government subsidies in R & D investment decisions of enterprises with different nature of property rights.

Study of Efficiency of Agricultural Listed Companies Based on DEA Model

As leading enterprises supporting the agricultural development,agricultural listed companies play a great role,thus the study on their operating efficiency will have a strong demonstration effect. Using the data envelopment analysis( DEA) model,the operating efficiency of 20 agricultural listed companies was compared and analyzed. The results indicated that the overall efficiency of the agricultural listed companies is low. In agricultural listed companies with low or moderate overall efficiency,some agricultural companies are affected by the pure technical efficiency or scale efficiency,while other companies are affected by both factors,and accompanied with the increasing or decreasing efficiency along with the scale. Through in-depth analysis,it concluded that nine companies affected by pure technical efficiency have different degree of input redundancy or output deficiency. On this basis,it came up with pertinent recommendations for improvement.

Effective Budgetary Control System:A Regression Model for Indian Listed Companies

Budgetary control system is a sin quo non for every business irrespective of whether it is small,medium or large.It is used for forecasting,fixing the responsibility of the departments,and the effective utilization of resources.It in turn leads to increase in the productivity,profitability and return on investment.Budgetary control system helps the senior managers to ensure that spending limits are adequate.Budgetary control system becomes one of the most vital and critical area of business management.Presently,much attention has been given to improving of budgetary control and planning and their interrelationship in developing countries including India.Two-way analysis is made in this paper:One is developing predictor model for an effective budgetary control system for listed companies in India and the other is the analysis on the quality reporting system for financial statements especially budgetary control system.The method of research is empirical which tests the feasibility of solution using empirical evidences based on the statistical applications.The result of the current study shows that effective budgetary control factors are prominent in determining the budgetary control system in Indian listed companies and have significant correlation between dependent and independent variables.The study suggested initiating steps for using budget as a tool for optimum use of available resources,for avoiding conflicts among departments while allocation of resources and for increasing the inspirational quality of the budget for budgetary control.

Influence of increased shares on the performance of liquor listed companies:A factor-based analysis

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.

A Study of the Role of the Board of Directors in Corporate Governance Based on UK Listed Companies

Companies are directed and controlled by corporate governance.It acts on the company internally and externally.The board of directors is responsible for the governance of the company;that is to say,the board of directors is the brain of the company,while corporate governance is the blood distributed throughout the company,which not only supplies blood to the whole,but also reflects the situation.Therefore,with regard to the role of the board of directors in corporate governance,this paper objectively analyzes the importance of the board of directors in corporate governance from theory to practice and from the internal composition of the board of directors to the impact of the board’s actions on the enterprise as a whole based on United Kingdom(UK)listed companies.

Earnings Management of Chinese Listed Companies:A Survey of Empirical Studies

Introduction In the 1950s, western researchers of accounting introduced positive philosophy and positive economics to the theoretical research of accounting. Not until the 1960s and 1970s did the introduction gradually develop into the positive accounting theory, as the means of explaining the problems and predicting the future development in the practical

Can Female Directors Enhance the Value of Private Firms？ Evidence from China＇s Listed Companies

Female directors have become common in private companies. Using data from private listed companies in China＇s A-share stock market from 2000 to 2009, this paper analyzes whether the existence of female directors can enhance firm value. Results show that female directors have a significantly positive impact on firm value. Moreover, female directors promote enterprise value less significantly in regions with better institutional environment, which implies that there is a substitution relationship between female directors and institutional environment. Furthermore, we use 2SLS （two-stage least squares） and LEVOP （lag the explanatory variables one period） to control endogeneity, and the research conclusion remains robust. Our study provides additional empirical evidence for economic consequence of female directors, and expands research on the relationship between board structure and firm value.

Refining the Art of Reforming the Corporate Governance of Chinese State-Controlled Listed Companies： Venture Capital and Adaptive Efficiency

The corporate governance of Chinese state-controlled listed companies （SCLCs） has attracted much scholarly attention. Through reviewing the extant literature in this field, it is clear that the overwhelming majority is theoretically underpinned by the lens of agency costs. Another important perspective, adaptive efficiency, has yet to be equally emphasized by scholars. Reflecting on the experience of American venture capital （VC）, this article puts forth that the corporate governance of SCLCs has weakened the fundraising ability of Chinese domestic VC. Taking account of the positive link of a vibrant VC sector and the enhancement of adaptive efficiency, an obvious conclusion is that the corporate governance of SCLCs has already jeopardized the adaptive efficiency of the Chinese economy. Further, the normative implication of this finding is that the refined art of reforming the corporate governance of SCLCs ought to combine and harmonize agency costs with adaptive efficiency.

Net profit increased slightly in most clothing listed companies

Entering July, listed companies’ performance report in the first half of 2012 will be disclosed. Up to July 16th, 54 textile and clothing listed companies published performance report. Among them, 5 companies’ net profit increased, 23 companies’ net profit slightly increased , 6 companies’ net profit slightly reduced, 4 companies’ net profit reduced compared with the expectation, 6 companies had losses for the first time, 9 companies sustained losses and 1 company made up the deficits and got surpluses.

Efficiency Analysis of Listed Power Companies Based on Malmquist Index

This paper improved the known study for technical progress in Malmquist productivity index calculating. In the method, all the possible movements for decision making units （DMUs） are listed, and the condition that several DMUs lie on the productivity frontier is analyzed. The dynamic efficiencies of Chinese listed power companies from 1997 to 2006 were evaluated. The empirical results indicate that the improved method is effective.

Is China's agricultural enterprise growing steadily?Evidence from listed agricultural companies

Agricultural enterprises are integral for agricultural modernization,serving as a bridge between scattered small-scale farmers and modern markets.However,agricultural competitiveness is still weak in China.This paper uses the Technique for Order of Preference by Similarity to Ideal Solution(TOPSIS)method to measure the growth performance of China's listed agricultural companies and analyze its influencing factors based on Panel-Corrected Standard Errors(PCSE)to verify whether they are capable of achieving sustainable development.The findings confirm that first,listed Chinese agricultural companies have significantly increased profitability and scale in recent years but are still weak compared to other industries.The growth performance of such enterprises is generally stable,the difference between them is decreasing,and their growth ranking fluctuates greatly,with significant regional and industrial characteristics.Second,technological efficiency,scale,and age are positively related to the growth of listed agricultural companies.The diversification and expansion of business harm the profitability and development of enterprises.Currently,financial support can satisfy the short-term profit-seeking demands of enterprises but is inadequate to improve the ability of enterprises to grow.Third,China's listed agricultural companies need to devise policies through a forward-looking perspective and use them more effectively.Additionally,the transformation opportunities introduced by non agricultural capital into agriculture deserve attention.When agricultural enterprises realize technological progress via modern capital,they understand the importance of utilizing and integrating technological innovation and increase the efficiency of transforming new technology into productivity.Policy orientation should be attentive to the public welfare of these listed companies and take into account the demands of corporate profits to realize the long-term sustainable development of enterprises and regions.

Research on the Influence of Business Convergence of Listed Tourism Companies on Enterprise Performance

Studying the impact of business convergence on enterprise performance can provide empirical basis for enterprises to formulate the integrated development strategy.The business convergence degree of 28 listed tourism companies was measured by Herfindahl index,and the impact of business convergence on business performance and the moderating effect of enterprise innovation ability were discussed.The results showed that the business convergence level of listed tourism companies varied greatly.Business convergence had a significant positive impact on short-term profitability of tourism enterprises,and a significant negative impact on the growth of enterprises.Innovation ability had a positive moderating effect on the impact of business convergence on enterprise profitability,but had no significant moderating effect on the impact of business convergence on enterprise growth.The results suggest that at the present stage,the business convergence of listed tourism companies is helpful to improve the profitability of enterprises in the short term,but it does not significantly promote the long-term growth of enterprises.

Research on the Solvency of Tibetan Pharmaceutical Companies in the New Era

Medical care is a livelihood needs,and the solvency directly affects the survival and development of pharmaceutical companies.Therefore,it is important to study the solvency of pharmaceutical companies.This article selects six listed Tibetan pharmaceutical companies as research cases,adopts a comparative analysis method to analyze their solvency,and explores the advantages and disadvantages of the solvency of Tibetan pharmaceutical companies in order to enhance the solvency of Tibetan pharmaceutical companies for reference.

Shanghai Lan Sheng Corp.—First Chinese Foreign Trade Company Listed on Shanghai Stock Exchange

The Shanghai Lan Sheng Corp., which used to be called the Shanghai Stationery and Sporting Goods Import and Export Company, touched off great repercussions in the international mass media and among its counterparts after it was renamed after its general manager Zhang Lansheng and its stocks were listed for transactions on

Intrinsic Value and Market Timing of Initial Public Offerings

To avoid debates on the interpretation problem of market-to-book, the residual income model is employed to calculate the intrinsic value and estimate the extent of mis-pricing by market. Using a sample of Chinese listed companies from 1998 to 2003, the empirical evidence supports that equity market mis-pricing plays a significant role in decision making on the initial public offering. Our evidence verifies that the market timing theory can be applied to the analysis of financing behavior of Chinese listed companies, but the long-lasting effect is insignificant.

Listed Lithium Companies Released Last Year's Performance–Who Enjoyed the Bonus of the Era?

The year 2016 is the year of change for China’s new energy vehicles industry,and also the key year in which the industry walks into the growth period from a lead-in period.The opportunities were obvious,and challenges extremely difficult to meet.On one hand,many lithium battery enterprises suffered from a long account period,slowly returned money or