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Many financial markets are characterized by strong relationships and networks. We examine the performance consequences of this organizational structure in the context of relationships established when venture capital (VC) syndicate portfolio company investments. We find that social network has played a significant role in china VC industry; The increase of the centrality and stability contribute to...
Based on the data of financially distressed listed companies in China from 2004-2006, this paper measures the financial distress costs and examines the relationship between ownership structure and financial distress costs. The results show that the average financial distress cost is 17.27% and varies considerably among companies. It also shows that the nature of a firm's controlling owner influences...
In this paper, we apply Self-Organized Mapping and Hopfield neural network to cluster characteristics of financial performance and predict the performance of post-acquisition. Financial characteristics of samples of targets are divided into three sorts very evidently by clustering of SOM. According to the financial variables of every sort, we build Hopfield network model to predict the sort of performance...
According to the basic principle and method of extension discrimination, this paper constructs an extension discrimination grading model of enterprise's financial risk alarm condition based on the financial risk monitoring indicators. Then it measures and grades the financial risk alarm condition of some listed companies using financial indicators. The model and method will supply a management tool...
This study examines the impacts of debt financing on the firms' investment decisions by employing the method of the multiple linear regression on the data from 2006-2008 of 60 Chinese real estate listed companies. We obtain three major findings. First, there is a negative relation between debt financing and investment behavior in both firms with low-growth opportunities and high-growth opportunities...
A large number of non performing assets in financial institutions is an important reason for causation and deterioration of financial crisis. Asset securitization is considered the effective way to deal with NPA. The key issue of restricting securitization is the selection of NPA. Firstly this paper introduced definition and market players of asset securitization. Secondly, it put forward the principles...
Capital structure has been the focus of the study and theoretical circles, and the optimal capital structure is one of the most important content, this paper attempts to determine the optimal capital structure through fuzzy comprehensive evaluation method. It claims that the optimal capital structure of enterprises should be a region, if an enterprise is not in such a region, it is supposed to adjust...
The recent studies on financial distress are mostly confined to static econometric or statistical methods based on cross-sectional financial data ,and it is ignored that the variation of companies' financial status is a dynamic process. In order to show the change of companies in financial position, this study constructed the financial distress prediction model based on panel logit. On the selection...
Ever since a long time ago, the system of divided operation has been always been existing in the financial industry in China. Since the reform and opening-up in China, the financial industry has switched from mixed operation to divided operation and then back to mixed operation. The original idea of divided operation is to construct a financial firewall between commercial banks and securities companies...
This paper use Microsoft SQL Server 2005 data mining tools and three methods of neural networks, decision trees and logistic regression to establish the financial crisis early-warning model of listed companies. The conclusion is that the three kinds of methods have good results and the prediction accuracy rate are 80% or more. The accuracy of the decision tree algorithm model is higher than others.
This paper did an empirical research on relationship between management structure and financial reporting fraud, with the 87 listed companies penalized by CSRC (China Securities Regulatory Commission), Ministry of Finance and Stock Exchange for financial reporting fraud as research samples. We found that the size of board of supervisors, executive scale, the average age of managers, the proportion...
This paper mainly discusses the study of models for financial distress pre-warning, trying to select general financial indexes by principal component analysis, and meanwhile adding nonfinancial indexes which reflect corporate governance state to complement. Logit Model which is more accurate in prediction is selected, with the 56 company samples including both delisting pre-warned companies and counterparts...
The finance control pattern of the parent-subsidiary enterprise is the continual dynamical equilibrium which between the centralization and the decentralization. In this dynamic process, the essence is financial authority of the control mechanism which is fundamental match the financial non-authority of the control mechanism developing and replacing the authority control mechanism because of the bureaucratic...
Risk control is always the most concerning issue for financial institutions including financial holding company (FHC). Based on the organization design theory and principal-agent model, we analyze the risk control rights allocation between the parent company and the subsidiary company inside FHC. The results show that when the FHC faces external risk, costs of risk control for parent company are lower...
In 2008, the world has experienced a financial crisis, which emanated from the core of the world's most advanced capital market, and holds back the global real economy in a short time. Financial product especially product innovations, the key thing for "Masters of the Universe", play an important role in crisis communication, and had caused wide public concern. July 2009, The Obama administration...
China is considered as the potential automobile financial service market throughout the world. However, the actual market is still less developed nowadays. This paper concentrates on the problems and seeks to discover some explanations of this phenomenon. The structure of this paper can be divided into four parts. After a brief introduction and background of the situation in China automobile financial...
Beginning with discussing about whether internet virtual currency exchange should be taxed, this paper indicates that the monetary authorities should uniformly issue internet virtual currency which is money rather than ordinary commodity. And there is a design of the implementation steps of internet virtual transaction tax at last.
In order to avoid the risks associated with blind investment, especially in the current financial crisis, the demand forecast for the market has become very necessary. Data mining is the use of a variety of analysis tools found in the mass data of certain models and the relationship between the process data, it has become in all walks of life to solve the problem by means of an integral, the general...
This paper considers a Markowitz's mean-variance asset-liability management problem for an insurer in an incomplete market with multiple risky assets. The liability and claims output process are modeled as a geometric Brownian motion and a compound Poisson process respectively, which results in a jump-diffusion surplus process. By using embedding techniques and stochastic control methods, we obtain...
In order to studies the effect of performance and corporate governance on CEO compensation, we empirically analyze Chinese listed companies' financial data from 2005 to 2008. Based on the qualitative analysis, we depose the relevant factors and use multiple regression method to find the relationship between CEO compensation and company's performance and corporate governance. We find that CEO compensation...
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