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The rise of the Internet is undoubtedly set off a new wave of technological revolution, to the development of human society to bring earth-shaking changes. Based on Internet thinking and technology, Internet finance also created a new situation in the development of the financial industry. From the point of view of innovation, this is not only the technical upgrading of the financial field, but also...
The paper investigates a two-echelon fresh agricultural products supply chain(FAPSC) consisting of a supplier and a retailer in which the demand of the retailer is both price and quality sensitive. The wholesale price contract and the option contract based on fresh agricultural products quality is researched. The optimal decisions of the FAPSC with and without option contract are analyzed. The result...
There exist many unsolved problems in the traditional digital rights management of network media. For example, in the traditional management system it is hard to guarantee the quality of media works, to protect the copyrights, to find the effective profit model and so on. To solve these problems, we propose in this paper a network media's digital rights management scheme based on blockchain. Blockchain...
Since the CSI 300 index futures launched by the China Financial Futures Exchange in 2010, stock index trading has become another central issue in domestic financial research. This study determined the theoretical relationship between the margin level and market trading volume by using the definition of margin liquidity cost in a mathematical analysis model, and derived the general conclusions about...
At present, bidding, auction and bid-posted are the main patterns of land use right transfer in china. From an economic perspective, bidding, auction and bid-posted all belong to auction. This paper sorts out foreign literatures for auction study: practical auction has had a long history, modern auction theory originates in Vickrey, and the revenue equivalence argument it proposed has been the cornerstone...
In this paper, we study the effect of top management compensation structure on manufacturing listing enterprise performance in 2005–2009. The results show that percentage of the total compensation in the average annual market value of top management shareholding, percentage of the total compensation in stock bonus and dividend that top management obtains, and percentage of the total top management...
The price of project of the settlement is a very important economic management activities, and the project benefits have done the most direct impact on it. Taking the combination of completion of the construction of a settlement for example, from the scale of the project, settlement patterns, settlement of the preparation and completion of the project technical and economic scale of the engineering...
Based on industrial-level dates of china, we investigate the link between corporate capital structure and the relationship-specific investments by its suppliers and customers. We find firms that deal with high intensity of R&D expenditure of suppliers and customers choose lower leverage. We also find the concentration levels in supplier and customer industries are positively related to the firm's...
The sensitivity of the option value to stock price (delta) and the sensitivity of the option value to stock return volatility (vega) are selected as the analysis parameters of executive stock option. Delta increases with stock price rising and vega decreases with stock return volatility rising. By contrast with the traditional executive stock option, the delta of the comparative-performance-option...
The majority of scholars at home and abroad come to the conclusion that the debt has positive governance effect on company performance, while little research on debt restriction on company activities. This paper study the restrictive terms of bank loans how to influence agency costs and operating activities of listed companies. This paper used the data of our Shanghai and Shenzhen A-share listed companies...
This paper studies the optimal decision and profit allocations in a retailer-leading supply chain when taking into consideration the supplier's fairness preference. Under deterministic retail-market demand we analytically derive the retailer's optimal markup, supplier's optimal wholesale price as well as their profits expressions. Under stochastic retail-market demand, numerical computations are used...
Modern market economy is credit economy, the construction of credit system is the important strategic decision that is put forward by the CCP central committee and the state council, "The Outline" of the eleventh five-year plan was written, "taking improving credit record of the loan, taxes, contract performance, product quality as the key point, speeding up the construction of social...
The informatization, networking, and globalization of modern market economy have not eliminated false accounting which emerges together with accounting. On the contrary, false accounting has become a social nuisance, a worldwide puzzle as well as a political and legal issue. False accounting is a breach state of disorder formed after multiple games when an accounting subject fulfils an accounting...
A systematic study on internal control of enterprises was carried out. Selected enterprises in Jiangsu Province were studied. Many companies are still in the initial stage of their internal control management, lacking of scientific and modern management. In order to meet the requirements of rapid business development, companies need a qualitative leap of management. Enterprises depends on not only...
In light of evolutionary theories, China has experienced dramatic institutional transitions in financing large transport projects in recent decades, resulting in two new equilibria: the rise and fall of Public-Private Partnerships (PPPs). This article looks at the adoption of PPPs as a phenomenon of institutional transplantation or policy transfer, describes these two equilibria and explains the path...
Recovery rates play an important role in Nth CDS pricing, while, it's difficult to get realistic recovery rates. Assuming that the recovery rates are stochastic and follow different Copulas with corresponding default times. Under this assumption, we develop a simulation Algorithm to price the Nth CDS. According to the result of simulation pricing, the prices of Nth CDS are different under the condition...
Focuses on Chinese state-controlled and private listed companies, this paper concludes that private listed companies have greater competition advantages than the state-controlled listed companies through empirical study of the relationship between capital structure and product market competition. This means that favorable capital structure helps to improve the corporate governance structure and strengthen...
Principal-agent relationship exists in the ERP project implementation. For owners, it is difficult to simply use the “Compulsory contract” and the supervision to force the supplier to select the desired action to the owners. Combining project supervision with incentive contract is an optimal mechanism to encourage and restrict the supplier complete the ERP project by the owner's expectation.
The paper presents a new model of founder's choice between democracy and autocracy in corporate governance and point out that there is a life-cycle effect on the choice of governance mode. At the start-up period, the autocracy mode is more efficiency. However, autocracy requires the founder being as the CEO to have sufficient own capitals. If external finance is needed, the founder would respond for...
Real estate is a capital intensive industry, and the project financing is the most important to it. In China, the bank loan is the only financing channel, which endangers the national economy. The paper introduced trust loan as a new financing channel to the industry. The paper studied the financing of the Ploy International Plaza project to illustrate how trust loan can be an effective way to finance...
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