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Listed companies' irrational investment behavior was widespread in China. Traditional theory explain this phenomenon in the assumption of “rational economic man”. With the development of behavioral finance theory, research indicates that over-confidence can lead to over-investment decisions. This paper used Richardson's residual model to measure over-investment and creatively used shares' rises when...
Listed company stock repurchase, using the accumulation of surplus income funds or debt financing, through certain legal procedures and efficient approach, buy back the outstanding common stock which the company has issued. This paper takes A-share stocks from January 1,2008 to June 30, 2014 which have stock repurchase announcement as samples. Then use the event study method to test the short-term...
In the 1990s, the companies in China have Cross-shareholdings phenomenon, after 20 years, the Cross-shareholding phenomenon has more and more influence on the companies, especially on the profitability, and cannot be ignored. Based on the current theoretical achievements about cross-shareholding by domestic and foreign scholars, we analyze the relationship between the cross-shareholding ratio and...
Venture capital started in 1980s in China, the scale of which has grown rapidly in the recent thirty years. As the existence of lock-up period of stock right in our country, venture capital will continue to affect all aspects of corporate governance of the listed corporation after the successful listing. At present, Chinese listing Corporation generally have some problems in financing, mainly for...
With the change of business environment for Chinese private companies, performance evaluation system based on EVA and BSC has been introduced into performance evaluation for these companies. This paper describes the status quo of performance evaluation system in Chinese private companies firstly, then discusses the design of performance evaluation system based on EVA and BSC, and finally analyzes...
The Sanlu milk powder scandal occurred in China in 2008 aroused great international attention to China's quality certification system. This paper studies the current China's quality certification system and points out the fact that the regulatory role played by the Chinese government is practically a monopolized function to “certification” supply. This paper takes China's compulsory product certification...
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