Investors should always argue about management fees because of their impact on net performance that can be substantial.This especially for investments,like real estate,which require intensive management.However,differ...Investors should always argue about management fees because of their impact on net performance that can be substantial.This especially for investments,like real estate,which require intensive management.However,different from traditional mutual funds that are usually related to the gross value of the assets under management,but similar to other financial industry sectors(e.g.hedge funds and private equity funds),REIT managers’compensation structure typically provides a basically fixed payment based alternatively on gross asset value(GAV)or net asset value(NAV).In addition,managers usually also gain a performance fee.The paper analyses how the two alternative compensation schemes influence REITs’investment decisions and capital structure and,consequently,REITs’share value and performance.The final issue addressed is whether—and under which conditions—one compensation scheme is superior to the other.Due to the(usual)market price discount on NAVs,both fee structures incentivise managers to leverage—even in a tax-free environment—in order to maximize the management fees.However,the leverage motivation is stronger for GAV-based than for NAV-based REITs,which are also expected to be more selective in investment decisions.Overall,considering initial fee percentage,GAV-based REITs are expected to execute higher management fees than NAV-based REITs due to the relevant leverage effect.Moreover,debt recourse produces different effects on share value if measured upon market price or net asset value.The empirical analysis focuses on public Italian REITs(2002-2012).The results seem to support the theoretical expectations.GAV-based REITs experience higher debt trends and levels than NAV-based REITs.At the same time,GAV-based REITs register lower real estate asset returns gross and net of management fees for both current and growth yields.Differences in the returns lead to permanent higher performances over total return indexes of NAV-based REITs compared to GAV-based REITs.展开更多
By examining a specific case of compensating for nighttime construction noise in Beijing’s construction projects,we explored how the costs of mitigating construction noise disturbance could be fairly distributed amon...By examining a specific case of compensating for nighttime construction noise in Beijing’s construction projects,we explored how the costs of mitigating construction noise disturbance could be fairly distributed among multiple construction projects near residential areas.In this process,the local government played a crucial coordinating role.According to regulations,construction units must include the costs of preventing and controlling construction noise pollution in the project cost.The construction contract should clearly specify the construction unit’s responsibility for noise pollution prevention and control.After signing the contract,the construction unit should promptly undertake relevant measures to minimize disturbances caused by nighttime construction,aiming to reduce the adverse impacts on the community and ensure the smooth progress of the construction project.展开更多
Senior corporate managers＇ innovation ability and spirit are very important in the growth process of corporate business development. This paper focuses on the innovation capacities of the senior corporate managers of...Senior corporate managers＇ innovation ability and spirit are very important in the growth process of corporate business development. This paper focuses on the innovation capacities of the senior corporate managers of listed companies in China and the complex relationship between firm performance and the operating environment to study and analyze the management and development of Chinese enterprises. Through relevant theoretical analysis and development of research hypotheses using the A-shares in Shanghai and Shenzhen listed companies announced in 2007 and 2008, the authors design an empirical model. The study found that in Chinese listed companies, the higher the innovation spirit of senior corporate managers, the better their business performances; the stronger the dynamic and complexity of the operating environment, the more the corporate managers＇ innovation ability will be developed.展开更多
The issue of brain drain poses a significant obstacle to the development of the hotel and catering industry.Attracting and retaining skilled personnel to engage in management within this sector has emerged as a primar...The issue of brain drain poses a significant obstacle to the development of the hotel and catering industry.Attracting and retaining skilled personnel to engage in management within this sector has emerged as a primary challenge.This paper examines the current landscape of China’s catering service industry and its salary management system,identifying key challenges encountered in salary management within the industry.Drawing upon salary management theory and insights into existing challenges,the paper proposes specific treatment measures and management strategies.展开更多
Performance management has become a competitive advantage of enterprises to cultivate core competitiveness of strategic initiatives, but how to act performance management out scientifically has been difficult. An uncl...Performance management has become a competitive advantage of enterprises to cultivate core competitiveness of strategic initiatives, but how to act performance management out scientifically has been difficult. An unclear understanding of the various issues often results in improper handling counterproductive. Thus, we should analyze human resource performance management problems and their causes, and only on this basis can we establish and implement effective hunlan resource management system dynamic performance during the difficulties and the main factors that should be considered to elaborate.展开更多
This paper analyzes the compensation nature of non-commercial forests under different ownership from two aspects, namely, whether the property right is limited and whether the management and protection expense has bee...This paper analyzes the compensation nature of non-commercial forests under different ownership from two aspects, namely, whether the property right is limited and whether the management and protection expense has been incurred: there are no economic loss compensation problems caused by changes and limitation of property rights for the state-owned non-commercial forests with only the compensation on management and protection expense; but for the non-commercial forests owned by collectives or individuals, double compensation for both the economic loss and management expense exists because of limitation on the property right. In addition, an inframarginal economic analysis framework has been built for the management and protection compensation problems faced by non-commercial forests under different ownership in the perspective of the division of labor. Research results show that: the compensation standard for the management and protection expenses of non-commercial forests shall fall in between the "completely self-sufficient forestry economic structure U(Ayz)" and the "completely specialized productive structure of non-commercial forests U(B1)".展开更多
文摘Investors should always argue about management fees because of their impact on net performance that can be substantial.This especially for investments,like real estate,which require intensive management.However,different from traditional mutual funds that are usually related to the gross value of the assets under management,but similar to other financial industry sectors(e.g.hedge funds and private equity funds),REIT managers’compensation structure typically provides a basically fixed payment based alternatively on gross asset value(GAV)or net asset value(NAV).In addition,managers usually also gain a performance fee.The paper analyses how the two alternative compensation schemes influence REITs’investment decisions and capital structure and,consequently,REITs’share value and performance.The final issue addressed is whether—and under which conditions—one compensation scheme is superior to the other.Due to the(usual)market price discount on NAVs,both fee structures incentivise managers to leverage—even in a tax-free environment—in order to maximize the management fees.However,the leverage motivation is stronger for GAV-based than for NAV-based REITs,which are also expected to be more selective in investment decisions.Overall,considering initial fee percentage,GAV-based REITs are expected to execute higher management fees than NAV-based REITs due to the relevant leverage effect.Moreover,debt recourse produces different effects on share value if measured upon market price or net asset value.The empirical analysis focuses on public Italian REITs(2002-2012).The results seem to support the theoretical expectations.GAV-based REITs experience higher debt trends and levels than NAV-based REITs.At the same time,GAV-based REITs register lower real estate asset returns gross and net of management fees for both current and growth yields.Differences in the returns lead to permanent higher performances over total return indexes of NAV-based REITs compared to GAV-based REITs.
文摘By examining a specific case of compensating for nighttime construction noise in Beijing’s construction projects,we explored how the costs of mitigating construction noise disturbance could be fairly distributed among multiple construction projects near residential areas.In this process,the local government played a crucial coordinating role.According to regulations,construction units must include the costs of preventing and controlling construction noise pollution in the project cost.The construction contract should clearly specify the construction unit’s responsibility for noise pollution prevention and control.After signing the contract,the construction unit should promptly undertake relevant measures to minimize disturbances caused by nighttime construction,aiming to reduce the adverse impacts on the community and ensure the smooth progress of the construction project.
文摘Senior corporate managers＇ innovation ability and spirit are very important in the growth process of corporate business development. This paper focuses on the innovation capacities of the senior corporate managers of listed companies in China and the complex relationship between firm performance and the operating environment to study and analyze the management and development of Chinese enterprises. Through relevant theoretical analysis and development of research hypotheses using the A-shares in Shanghai and Shenzhen listed companies announced in 2007 and 2008, the authors design an empirical model. The study found that in Chinese listed companies, the higher the innovation spirit of senior corporate managers, the better their business performances; the stronger the dynamic and complexity of the operating environment, the more the corporate managers＇ innovation ability will be developed.
文摘The issue of brain drain poses a significant obstacle to the development of the hotel and catering industry.Attracting and retaining skilled personnel to engage in management within this sector has emerged as a primary challenge.This paper examines the current landscape of China’s catering service industry and its salary management system,identifying key challenges encountered in salary management within the industry.Drawing upon salary management theory and insights into existing challenges,the paper proposes specific treatment measures and management strategies.
文摘Performance management has become a competitive advantage of enterprises to cultivate core competitiveness of strategic initiatives, but how to act performance management out scientifically has been difficult. An unclear understanding of the various issues often results in improper handling counterproductive. Thus, we should analyze human resource performance management problems and their causes, and only on this basis can we establish and implement effective hunlan resource management system dynamic performance during the difficulties and the main factors that should be considered to elaborate.
基金Supported by Natural Science Foundation of Guangdong Province(Grant No.:S2011010000982)
文摘This paper analyzes the compensation nature of non-commercial forests under different ownership from two aspects, namely, whether the property right is limited and whether the management and protection expense has been incurred: there are no economic loss compensation problems caused by changes and limitation of property rights for the state-owned non-commercial forests with only the compensation on management and protection expense; but for the non-commercial forests owned by collectives or individuals, double compensation for both the economic loss and management expense exists because of limitation on the property right. In addition, an inframarginal economic analysis framework has been built for the management and protection compensation problems faced by non-commercial forests under different ownership in the perspective of the division of labor. Research results show that: the compensation standard for the management and protection expenses of non-commercial forests shall fall in between the "completely self-sufficient forestry economic structure U(Ayz)" and the "completely specialized productive structure of non-commercial forests U(B1)".
