BACKGROUND Due to improvements in living standards,people are now paying more attention to their health.In China,more patients choose to go to large or well-known hospitals,which leads to constant crowding of outpatie...BACKGROUND Due to improvements in living standards,people are now paying more attention to their health.In China,more patients choose to go to large or well-known hospitals,which leads to constant crowding of outpatient clinics in these hospitals.AIM To establish precision valuation reservation registration aimed at shortening waiting time,improving patient experience and promoting the satisfaction of outpatients and medical staff.METHODS On the basis of the implementation of a conventional appointment system,more reasonable time intervals were set for different doctors by evaluating the actual capacity of each doctor to receive patients,and appointment times were made more accurate through intervention.The change in consultation waiting time of patients was then compared.Correlations between the consultation waiting time of patients and the satisfaction of patients or satisfaction of medical staff were analyzed.RESULTS After precision valuation reservation registration,the average consultation waiting time of patients reduced from 18.47 min to 10.11 min(t=8.90,P<0.001).The satisfaction score of patients increased from 91.33 to 96.27(t=-8.62,P<0.001),and the satisfaction score of medical staff increased from 90.51 to 96.04(t=-10.50,P<0.001).The consultation waiting time of patients was negatively correlated with their satisfaction scores(γ=-0.89,P<0.001).The consultation waiting time of patients was also negatively correlated with medical staff satisfaction scores(γ=-0.96,P<0.001).CONCLUSION Precision valuation reservation registration significantly shortened outpatient waiting times and improve the satisfaction of not only patients but also medical staff.This approach played an important role in improving outpatient services,provided a model that is supported by relevant evidence and could continuously improve the quality of management.Precision valuation reservation registration is worth promoting and applying in the clinic.展开更多
The purpose of this study is to analyze the valuation effects of cross-listing. The study has conducted a univariate analysis of the Tobin's Q and the market-to-book ratio for the period before and after the cross-li...The purpose of this study is to analyze the valuation effects of cross-listing. The study has conducted a univariate analysis of the Tobin's Q and the market-to-book ratio for the period before and after the cross-listing by using paired tests. Non-cross-listed firms are then included in multivariate regressions by using pooled Time Series Cross Section (TSCS) and Panel Corrected Standard Error (PCSE) regressions for a period of 13 years to find out if there is a difference in the valuations between cross-listed firms and non-cross-listed firms. The study's results indicate that the Tobin's Q of cross-listed-firms increases two years prior to cross-listing and that it continues to increase two years after cross-listing. The market-to-book ratios also show an increase two years prior to cross-listing and up to one year after cross-listing, then decrease in the second year after cross-listing. When non-cross-listed firms are included in the analysis, results indicate that cross-listed firms are valued higher than non-cross-listed firms. When data are portioned for positive earnings per share (EPS) and dividends, results indicate that valuation is the highest when EPS is positive. Since segmentation theories cannot be ruled out, the study's findings are more in support of the growth opportunity hypothesis.展开更多
Existing research on the measurement of the valuation effect mainly follows the residual method proposed by Lane and Milesi-Ferretti(2001).This cannot be used to perform structural decomposition.We propose an aggregat...Existing research on the measurement of the valuation effect mainly follows the residual method proposed by Lane and Milesi-Ferretti(2001).This cannot be used to perform structural decomposition.We propose an aggregation approach rather than the residual method to measure structurally the investment flow and valuation effect of China's external assets.The results indicate that the valuation effect of China's external assets has been highly volatile and it was negative during the pandemic period.The structural decomposition shows that portfolio investment and direct investment made the main contributions to the valuation effect.The impact of exchange rates on the valuation effect has generally been higher than that of asset price in terms of direct investment and total external assets but the opposite has been true for portfolio investment.China's outward investments are currently more inclined to Asian countries and a few European countries but inflows to China still mainly come from developed countries.展开更多
This paper studies incentive effect and entrenchment effect of the largest shareholder. Author investigates 763 listed companies in SHSE, explores the statistical relationship between the largest shareholding and corp...This paper studies incentive effect and entrenchment effect of the largest shareholder. Author investigates 763 listed companies in SHSE, explores the statistical relationship between the largest shareholding and corporate performance. Author observes that the largest shareholder has the incentive effect and entrenchment effect on corporate valuation. Empirical relationship between the largest shareholding and corporate valuation shows that the firm value decreases with the equity ownership of the largest shareholders, consistent with a negative entrenchment effect, when the largest equity ownership is below 40.28% of the whole share. Then firm value rises when the proportion of the largest shareholder's rights was increased to 69.29%, being consistent with a positive incentive effect. But with the increase of the share of the largest shareholding, firm value falls again.展开更多
An acquisition discount can reflect not only the liquidity demands for unlisted targets but also the strategic requirements, management efficiencies and capital allocations for the listed bidders.Based on Officer(2007...An acquisition discount can reflect not only the liquidity demands for unlisted targets but also the strategic requirements, management efficiencies and capital allocations for the listed bidders.Based on Officer(2007), the authors choose an acquisition approach to generate an acquisition discount for unlisted targets. In China, unlisted firms are sold at a deeper discount than listed firms. The deeper discount mainly depends on the liquidity demand and the characteristics of the bilateral trading components. Larger bidders tend to pay more, whereas smaller targets are sold at lower discounts. The values of unlisted targets in the TMT industry are underestimated. Furthermore, buying out unlisted targets can significantly increase the abnormal return of public bidders during the announcement period.Deeper discounts or stock payments have a positive effect on the stock values of the bidders, whereas this positive increase will be weakened if the bidder is large or has a previous ownership relationship.展开更多
At present China’s foreign assets are mainly denominated in foreign currencies,while a large part of foreign liabilities are denominated in domestic currency.Under this situation,the appreciation of domestic currency...At present China’s foreign assets are mainly denominated in foreign currencies,while a large part of foreign liabilities are denominated in domestic currency.Under this situation,the appreciation of domestic currency tends to have negative effects on net foreign assets through the valuation effect channel.This article gives a quantitative estimation of the scale of valuation effects in China and the research results show that the valuation effects in China are negative in the 20 years from 1982 to 2012.Furthermore,the scale of valuation effects has been increasing,which has lowered the scale of China’s net foreign assets.This paper also gives an estimation of the structure of the value effects,and finds that the volatility and the scale of asset price-related valuation effects are larger than that of exchange rate-related valuation effects.The results also show that the exchange rate has played a more and more important role in the fluctuation of value effects.Finally,this paper establishes an econometric model to value the function of valuation effects in the external adjustment and the results show that,during the period of 1981-2012,the role of valuation effects in China’s external adjustment were quite limited,but since 2007,valuation effects have played a more and more important role.展开更多
草地存在价值研究是强化人们环境保护意识的有力工具,也是制定资源利用战略的决策依据。运用条件价值评估方法中(Contingent Valuation Method,CVM)的最大意愿支付(Willingness to Pay,WTP)技术,对青藏高原东缘玛曲草地的存在价值进行...草地存在价值研究是强化人们环境保护意识的有力工具,也是制定资源利用战略的决策依据。运用条件价值评估方法中(Contingent Valuation Method,CVM)的最大意愿支付(Willingness to Pay,WTP)技术,对青藏高原东缘玛曲草地的存在价值进行了系统研究,结果显示:2005年,牧户的平均WTP为339元/a,总存在价值为0.03×10~8元/a;收入与WTP呈显著正相关关系。据此推断,2016年牧户的平均WTP为407元/a,总存在价值为0.033×10~8元/a。存在价值小,主要是因为当地人口基数小。如果考虑玛曲草地对全球生物多样性保育的贡献,以及对黄河水源所具有的涵养功能,则其总存在价值将倍增,其中2005年为636×10~8元/a,2016年为763×10~8元/a,增幅约为20%,与当地居民的收入增长相当。这一结果表明,与玛曲草地的保护成本相比,其存在价值极其显著,应纳入成本-效益分析之中;存在价值具有动态性,应根据收入变化状况进行连续评估,以反映其真实价值,从而确保政策制定者做出正确决策。展开更多
文摘BACKGROUND Due to improvements in living standards,people are now paying more attention to their health.In China,more patients choose to go to large or well-known hospitals,which leads to constant crowding of outpatient clinics in these hospitals.AIM To establish precision valuation reservation registration aimed at shortening waiting time,improving patient experience and promoting the satisfaction of outpatients and medical staff.METHODS On the basis of the implementation of a conventional appointment system,more reasonable time intervals were set for different doctors by evaluating the actual capacity of each doctor to receive patients,and appointment times were made more accurate through intervention.The change in consultation waiting time of patients was then compared.Correlations between the consultation waiting time of patients and the satisfaction of patients or satisfaction of medical staff were analyzed.RESULTS After precision valuation reservation registration,the average consultation waiting time of patients reduced from 18.47 min to 10.11 min(t=8.90,P<0.001).The satisfaction score of patients increased from 91.33 to 96.27(t=-8.62,P<0.001),and the satisfaction score of medical staff increased from 90.51 to 96.04(t=-10.50,P<0.001).The consultation waiting time of patients was negatively correlated with their satisfaction scores(γ=-0.89,P<0.001).The consultation waiting time of patients was also negatively correlated with medical staff satisfaction scores(γ=-0.96,P<0.001).CONCLUSION Precision valuation reservation registration significantly shortened outpatient waiting times and improve the satisfaction of not only patients but also medical staff.This approach played an important role in improving outpatient services,provided a model that is supported by relevant evidence and could continuously improve the quality of management.Precision valuation reservation registration is worth promoting and applying in the clinic.
文摘The purpose of this study is to analyze the valuation effects of cross-listing. The study has conducted a univariate analysis of the Tobin's Q and the market-to-book ratio for the period before and after the cross-listing by using paired tests. Non-cross-listed firms are then included in multivariate regressions by using pooled Time Series Cross Section (TSCS) and Panel Corrected Standard Error (PCSE) regressions for a period of 13 years to find out if there is a difference in the valuations between cross-listed firms and non-cross-listed firms. The study's results indicate that the Tobin's Q of cross-listed-firms increases two years prior to cross-listing and that it continues to increase two years after cross-listing. The market-to-book ratios also show an increase two years prior to cross-listing and up to one year after cross-listing, then decrease in the second year after cross-listing. When non-cross-listed firms are included in the analysis, results indicate that cross-listed firms are valued higher than non-cross-listed firms. When data are portioned for positive earnings per share (EPS) and dividends, results indicate that valuation is the highest when EPS is positive. Since segmentation theories cannot be ruled out, the study's findings are more in support of the growth opportunity hypothesis.
基金The authors appreciate the insightful comments and suggestions of editors and two anonymous reviewers.Guowei Cai thanks the National Natural Science Foundation of China(No.72073147)the National Social Science Major Project(No.22&ZD058)the Ministry of Education Humanities and Social Sciences Planning Foundation Project of China(No.19YJA790001)for their financial support.
文摘Existing research on the measurement of the valuation effect mainly follows the residual method proposed by Lane and Milesi-Ferretti(2001).This cannot be used to perform structural decomposition.We propose an aggregation approach rather than the residual method to measure structurally the investment flow and valuation effect of China's external assets.The results indicate that the valuation effect of China's external assets has been highly volatile and it was negative during the pandemic period.The structural decomposition shows that portfolio investment and direct investment made the main contributions to the valuation effect.The impact of exchange rates on the valuation effect has generally been higher than that of asset price in terms of direct investment and total external assets but the opposite has been true for portfolio investment.China's outward investments are currently more inclined to Asian countries and a few European countries but inflows to China still mainly come from developed countries.
文摘This paper studies incentive effect and entrenchment effect of the largest shareholder. Author investigates 763 listed companies in SHSE, explores the statistical relationship between the largest shareholding and corporate performance. Author observes that the largest shareholder has the incentive effect and entrenchment effect on corporate valuation. Empirical relationship between the largest shareholding and corporate valuation shows that the firm value decreases with the equity ownership of the largest shareholders, consistent with a negative entrenchment effect, when the largest equity ownership is below 40.28% of the whole share. Then firm value rises when the proportion of the largest shareholder's rights was increased to 69.29%, being consistent with a positive incentive effect. But with the increase of the share of the largest shareholding, firm value falls again.
基金supported by the National Natural Science Foundation of China under Grant No.71173213
文摘An acquisition discount can reflect not only the liquidity demands for unlisted targets but also the strategic requirements, management efficiencies and capital allocations for the listed bidders.Based on Officer(2007), the authors choose an acquisition approach to generate an acquisition discount for unlisted targets. In China, unlisted firms are sold at a deeper discount than listed firms. The deeper discount mainly depends on the liquidity demand and the characteristics of the bilateral trading components. Larger bidders tend to pay more, whereas smaller targets are sold at lower discounts. The values of unlisted targets in the TMT industry are underestimated. Furthermore, buying out unlisted targets can significantly increase the abnormal return of public bidders during the announcement period.Deeper discounts or stock payments have a positive effect on the stock values of the bidders, whereas this positive increase will be weakened if the bidder is large or has a previous ownership relationship.
基金This project is funded by National Social Science Fund,China(10CJL037)the Research Fund of School of Economics,PKU.
文摘At present China’s foreign assets are mainly denominated in foreign currencies,while a large part of foreign liabilities are denominated in domestic currency.Under this situation,the appreciation of domestic currency tends to have negative effects on net foreign assets through the valuation effect channel.This article gives a quantitative estimation of the scale of valuation effects in China and the research results show that the valuation effects in China are negative in the 20 years from 1982 to 2012.Furthermore,the scale of valuation effects has been increasing,which has lowered the scale of China’s net foreign assets.This paper also gives an estimation of the structure of the value effects,and finds that the volatility and the scale of asset price-related valuation effects are larger than that of exchange rate-related valuation effects.The results also show that the exchange rate has played a more and more important role in the fluctuation of value effects.Finally,this paper establishes an econometric model to value the function of valuation effects in the external adjustment and the results show that,during the period of 1981-2012,the role of valuation effects in China’s external adjustment were quite limited,but since 2007,valuation effects have played a more and more important role.
文摘草地存在价值研究是强化人们环境保护意识的有力工具,也是制定资源利用战略的决策依据。运用条件价值评估方法中(Contingent Valuation Method,CVM)的最大意愿支付(Willingness to Pay,WTP)技术,对青藏高原东缘玛曲草地的存在价值进行了系统研究,结果显示:2005年,牧户的平均WTP为339元/a,总存在价值为0.03×10~8元/a;收入与WTP呈显著正相关关系。据此推断,2016年牧户的平均WTP为407元/a,总存在价值为0.033×10~8元/a。存在价值小,主要是因为当地人口基数小。如果考虑玛曲草地对全球生物多样性保育的贡献,以及对黄河水源所具有的涵养功能,则其总存在价值将倍增,其中2005年为636×10~8元/a,2016年为763×10~8元/a,增幅约为20%,与当地居民的收入增长相当。这一结果表明,与玛曲草地的保护成本相比,其存在价值极其显著,应纳入成本-效益分析之中;存在价值具有动态性,应根据收入变化状况进行连续评估,以反映其真实价值,从而确保政策制定者做出正确决策。