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Based on Two-stage Correlative Data Envelopment Analysis (DEA), the empirical analysis on the business efficiency of expressway listed company is divided into two sub-processes. The results show that two-stage correlative DEA is more effective than traditional DEA in analyzing business efficiency of expressway listed company. Then this paper evaluates the analytical results of each company, and some...
The paper stands on companies' board of supervisors, by using listed companies' annual report data of 2006-2008 in the Shenzhen Stock Exchange and constructing panel data model to analyze the factors to supervisors' internal control disclosure, finds financial status is a significant impact on the behavior of supervisors' disclosure, while the role of corporate governance is smaller than we expected...
By employing a comparative analytical method, this article arrives at a series of conclusions which are as follows: The financial risks of acquisitions lie in the possibilities that target companies might over-state their assets value and the owners' rights and interests by the means of inflating assets, income and profits or deflating liabilities on purpose, and these financial risks may possibly...
From the point of strategy, attracting foreign investments is one of the most important way to develop economy. However, the structure of upstream market made of local enterprises and that of downstream market made of multinational corporations is quite different, thus the local enterprises don't enjoy the industry cluster effects, such as the low cost, knowledge spillover effects and so on. The upstream...
The literature of financial crisis and China Foreign Trade-based logistics companies' (CFTLCs) strategic transformation was reviewed, the importance of the capability factors for CFTLCs was put forward. Then, a survey was conducted with Likert scale method, and the data was analyzed by SPSS software. Factor analysis results show that five crucial factors which affect strategic transformation of CFTLCs...
The influence of international finance crisis has still existed. The problem that financing is difficult in high-tech enterprises has become increasingly prominent in China. Based on the analysis of current financing situation of High-Tech enterprises and research actualities of supply chain, this paper made studies on the financing modes by using the theories and methods of systematic analysis. This...
The aim of this paper is to investigate whether a model utilizing cash-flow ratios in combination with other categories of financial ratios results in a model superior to a model that does not include cash-flow ratios. The study uses both, operating cash-flow and the traditional definition of cash-flow, as proxies for cash-flow ratios. Other categories of ratios are profitability, activity, liquidity...
This paper examines the impacts of informal and formal institutions on the efficiency of credit resource allocation in the emerging market from the perspective of political connections and marketization. Based on the data of non-state owned listed companies in China, we find that as an informal institution, Political relationship helps companies to obtain more long-term loans. However, from a social...
The propagation of new technology generally has huge financing demand, and the financing is in the information asymmetry environment. Market-based financing pattern and bank-based financing pattern have different mechanisms in eliminating information asymmetry problems, and thus the efficiency to provide funds for the propagation of new technology is different. Comparing the mechanisms and efficiency...
Suppose the stock returns series has a fat tail distribution characteristics of GED, and select the stock return series of three types of listed companies from 2007 to 2009 as the sample data, empirical analysis credit situation and probability of default of the listed companies in China before and after the financial crisis. Research indicates that the model can be well with the actual economic situation...
In the light of the principle of Pareto Optimal State, the “the Role Theory” is put forward in this paper: In the situation that the social resources are optimally allocated, all the economic entity should play his role which is the right one in the entire social economic system; basing on the three main systems of enterprises' competition, innovation and controlling ability, the enterprises developing...
BT model is a new kind of financing model emerged in the public project. The critical node of BT project is to coordinate the different demands of each stakeholder. Based on the stakeholder theories, firstly the stakeholders of the BT project are defined and classified in this paper. Then the benefits demands of the core stakeholders are analyzed and the reasons of the confliction are illustrated...
Analyze comprehensively and systematically the factors that influence trust efficiency through the three main respects, the macro factor, the industry factor, and the microscopic factor. And with the net profitability indicators being the dependent variable and the variable like trust scale, degree of innovation, stability, asset allocation as well as the corporate governance chosen respectively as...
Capital structure theory focuses on long-term debt capital and equity capital ratio of movements on the impact of enterprise value. Enterprises can analyze its financial risk condition through the research of their capital structure and choose appropriate financing way according to the current situation of the capital structure. Electricity is a pillar industry of the national economy, and plays an...
This paper studied earnings management by commercial banks in China. Based on the data of public commercial banks in Chinese stock market from 2005 to 2008, frequency distribution diagram and Z test were used to explore whether banks' executives managed earnings for avoiding earnings losses. The frequency diagram of EPS supported that banks' executives managed earnings for avoiding earnings losses...
Based on the thorough analysis of the financing efficiency of small and medium high-tech enterprises in Henan Province, this paper analyzes current financing model and capital structure of small and medium high-tech enterprises in Henan Province. This paper analyzes the factors that affect the financing efficiency in order to facilitate enterprises' rational financing behavior.
Underground economy is an expression that encompasses many conceptual terms, but irrespective of the existent definitions, it consists of certain activities that have persisted over time, especially illegal employment, tax fraud, illegal production, drug trafficking, smuggling, money laundering, etc. The influence of underground economy in the global context stands out due to cross-border activities,...
Indian banking system, which is among the largest banking networks in the world, did not reach most of the rural poor in India. About 70% of the Indian population from rural areas accounted for only 30% of bank deposits. In the early 1990s, to provide credit and savings services to the poor, microfinance was envisaged. By the mid 1990s, several mainstream banks began providing credit and savings facilities...
Microflnance provides financial services to low income or poor credit record clients. The 'credit crunch' has led to mainstream lenders tightening their lending policies, resulting in increased financial exclusion. Loan sharks then become an alternative and easy way of borrowing money. However, extremely high interest rates from loan sharks put low income people into worse poverty. Sub-prime lenders...
The purpose of this paper is to analyze the implement of ERP project in Group Corporate A in order to explore the finance management model within Group Company based on ERP system. It applies integrated financial management theory based on ERP and discovers the specific methods of constructing integrated financial management under the ERP environment via combining those theories with practice. First...
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