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The proposed model is intended to assessment of company's operation effectiveness, which is an important factor at investment decisions making. There are compared indicators of the growth rate, profitability and risk for shares placed on various stock exchanges with an assessment of the intrinsic value and management efficiency of company. The information received is useful for investors and company...
IPO (Initial Public Offerings) pricing is a systematic and complicated task that directly determines whether the capital market is able to function in a healthy way. As China's stock market goes through ups and downs, China Securities Regulatory Commission generally adopts a positive strategy. Therefore, to weaken the policy factors, 48 cases of IPO companies dated from January 2014 to February 2014...
This study modifies Fukuda Nakamura Caballero Hoshi Kashyap (FN-CHK) method to identify zombie firms by incorporating non-recurring gains and losses. The effectiveness of the proposed method is evaluated by existing unqualified companies and specially-treated companies in Chinese stock market. Based on the proposed method, this study analyzes the development trend, the proportion of zombie firms in...
Using the panel data of thirteen provincial cities in China's Jiangsu Province, this paper analyzes the interactive relationship between industrial agglomeration and talent agglomeration in Jiangsu Province on the basis of elaborating the interaction mechanism between them, and draws lessons from European Union's “smart specialization” policy to make targeted recommendations. Our results show that:...
This study has analyzed the effect of corporate social responsibility on the adjustment speed of capital structure towards the optimal or targeted one, by using data from the non-financial sector of Karachi Stock Exchange for years 2006 to 2014. The study has used structural equation modeling. The study has concluded that the relationship between CSR and speed of capital structure adjustment is significant...
As an important financing platform for small and medium-sized enterprises, the NEEQ market has being developed quickly in the past two years and the market scale has expanded rapidly. A few days ago, the news that the promotion of the strategic emerging board will be suspended implies that the NEEQ market will usher in its tremendous opportunity. However, in terms of the current situation, the NEEQ...
The capital structure remarkably determines the debt paying and refinancing capacity of an enterprise and then influences the future earning level. In this paper, firstly we analyze the conditions and characteristics of the capital structure of 24 listed companies in Hebei Province through the related data from 2006 to 2015. Then, we examine the mainly micro-factors to capital structure by the empirical...
On the hypothesis of short selling being possible in Shanghai stock market, using standardized stock price series, selecting sample based on the constituent stocks of SSE 50 index, this paper tests the profitability of pairs trading tactics. By use of constructing benchmark and bootstrap simulation, this paper demonstrates that pairs trading tactics is profitable in Chinese securities market. The...
This paper takes the listed companies in the Chinese A share capital market, which only paid cash dividend and did not pay any other forms of dividends during the year of 2000 to 2010 as the research object, by using the Logit Regression Method, to probe the influence of equity structure in listed companies to their cash dividend payout tendency under the full circulation environment. The study shows...
On the basis of the current situation of the convergence of informatization and industrialization, this paper analyzes the characters and problems when the two factors interact with each other. So we select a series of financial measures resulting from Chinese listed companies of manufacturing industry and IT industry. In order to evaluate the profitability, solvency, operation ability and growth...
This paper studies the initial public offering (IPO) effect of the listed companies on Chinese small and medium-sized enterprise (SME) board. We select the 54 companies listed in 2009 as the sample and analyze the financial indicators of the sample companies from 2007 to 2011. The empirical results show that the IPO effect exists on Chinese SME board. Further, this paper analyzes four factors that...
Based on agency theory and corporate governance theory, we analyze the relationship between the withdrawal of managerial equity incentives and corporate value from the perspective of institutional change. Using the data of equity incentives execution and withdrawal declared from 2006 to 2012 in China listed firms, we test our hypotheses by investigating the synergy effect on corporate value, governance...
Media coverage not only provides much firm-specific information to the investor public intuitionally, but also is informative to the stock price. This study tries to examine whether media coverage is an important factor to stock returns on the Taiwan stock market. Our empirical results support this finding on the Taiwan stock market, and find investors can utilize momentum strategies to earn abnormal...
The enterprise market value includes the fair value of net assets, the fair value of residual income, and the impact of Non-Economic Factors on share prices. In addition to the fair value of net assets, the measurement of enterprise excess profitability (Self-created Goodwill) could revise the differences between the fair value of financial statements' items and the stock value, and help the fair...
The stock market in China began relatively late and is still at a early stage. In 2005, the Equity division reform began. And the particular phenomenon of equity division gives dividend policies rich contents. So how to borrow ideas from overseas research results and analyze the problems of dividend distribution combining China's reality becomes more and more important. Through analyzing the data...
The model of NPVGO indicates PER plays an important role in investment analysis and decision, which reflects stock returns and risks, conveys information about a company's growth and profitability. However, data from China A-Share stock market states that lacks of Value-Investment concept make PER ineffective to reflect a company's growth and profitability; PER can just be a consultative target. Only...
With data of Chinese electronic listed companies, this paper empirically analyzes the impact of corporate governance structure, operation situation and external environments on the voluntary disclosure of companies' information. The findings suggest that the share ratio of circulation stock, percentages of independent directors, separation of chairman of the board and CEO, company size and profitability...
Appropriate evaluation to commercial banks' performance can help the banks to know their own strengthens and weakness, which is also helpful to the bank management. Aiming to the features of commercial banks' business, this paper establishes the performance evaluation model of commercial banks based on factor analysis, and utilizes SPSS 15.0 software to evaluate 12 Chinese joint-stock commercial banks'...
The paper makes an empirical analysis on the characteristics and the main factors influencing the capital structure of listed companies according to the sample data of listed companies on GEM Board. The purpose is to provide useful data and experiences for the listed companies on GEM Board.
The listed companies will be specially treated when their business performance is bad or there are serious accidents, which is a rule to reveal the investment risk of stock market. So it is very important to study the performance of listed companies under special treatment (ST companies) for the development of stock market in China. We choose 50 companies as the samples in the ST plate of 2006 in...
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