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An Index Tracking fund is designed to achieve similar investment performance to a market index by holding a portfolio of stocks in which each is weighted with consideration of its corresponding index weight. An ideal index tracking fund is exposed solely market risk. An enhanced index tracking fund should maintain a similar level of risk exposure through a high level of diversification (investing...
In China, all applications for IPO and listing on stock exchanges must be approved by China Securities Regulatory Commission (CSRC) to ensure that only the best-managed firms are allowed to go public. This article finds that in terms of long-term financial performance, state-owned enterprises (SOEs) that are approved for IPO and public listing by CSRC tend to under-perform those privately owned enterprises...
Because of the weakness of the traditional performance measurements, the Balanced Scorecard (BSC) has become one of the most known and most studied models. This paper reviewed the studies on BSC connected by scholars, about its signification, criticisms and so on. By analyzing we conclude the following conclusion: The Balanced Scorecard approach is an innovation in the performance measurement system...
In this paper the study is on multi-dimensional economic evaluation of corporate, proposed a multi-dimensional evaluation system of indicators. From the traditional business,etc. To start from five dimensions, person, financial, management, administration and development for three-dimensional evaluation, which jumped out of the company itself, increased people the key dimension of business stakeholders,...
The financial crisis in 2008 caused a worldwide economic disruption, and also led to growing in-depth thinking. This article considers the governance role of the accounting conservatism on capital market irrational behavior, the disposition effect, from the angle of accounting. We find that conservatism has apparently offset the effect of “overestimate “and “underestimate” caused by the disposition...
For an investor, it is important to assess the financial condition correctly of the enterprises that will be invested. The paper uses the improved data envelopment analysis (DEA)-rang adjusted measure(RAM) model to make financial assessment for twenty-four Chinese auto enterprises, it is helpful to make decisions for investors.
We analyze the performance between IPO and non IPO private listed companies in A-share market in China. Using WLS regression analysis and factor analysis, we find that IPO private listed companies perform better than non IPO ones on solvency, profitability, cash flow and business development capacity. However, the non IPO listed companies reflect their advantages on the asset management capability...
Using 2006-2007 462 company year's M&A sample as well as 231 CEO's related data, we inspected company M&A decisions from the behavioral finance's perspective. We make an empirical analysis on whether excessively self-confident CEOs are willing to undertake M&A. Using the change of stocks quantity owned by CEO as the measure standard of whether CEOs are excessively self-confident or not,...
The concept of Balanced Scorecard (BSC) was widely adopted as a managerial tool to assist managers on defining strategies by considering not only the short-term financial measures only but also long-term strategic objectives. Scholars also tried to adopt various Multiple Criteria Decision Making (MCDM) based BSC approaches aiming at resolving real world problems. Albeit popular, the past MCDM based...
It is necessary for logistics company's credit risk evalution-makers to comprehensively measure many qualitative and quantitative factors, but theses factors are difficult to evalut. This paper establishes a two-level index system of logistics company's credit risk, which consists of company quality index, supervision capaity index, hardware condition index, credit condtion index. The higher-level...
Following the bankruptcy of the Industrial Bank and the huge loss of China Aviation Oil (Singapore), Lehman Brothers searched for bankruptcy protection. The incident was not simply due to the inherent risks in derivative financial instruments, while the deeper reason was there had no good risk preventions at the macro-micro level. So, there is a need to build a comprehensive and good risk prevention...
On the basis of existing literature, this paper selects nine financial growth indicators to build a corporation growth evaluation model by using factor analysis with the sample of 218 listed companies on SME board in Shenzhen Stock Exchange in 2008. Dividing the sample into two groups by comparing Tobin's Q value to the mean value, the paper verifies the efficiency of the model of business growth...
Under the knowledge economic environment, the competitiveness of enterprises is mainly an innovative competition, particularly in high-tech enterprise. Company actively engaged in R & D activities, leading to rapid increase in R & D expenditures. In 2007, the new accounting standards stipulated that corporate spending on independent research and development activities can conditionally capitalized,...
Now in our countryside the borrowing has been become common, and it has become an important financing channels. Our country has not specialized on the borrowing laws and regulations, resulting in its lack of timely resolution of disputes arising, that is not conducive to China's new socialist Rural development, improve the relevant legal system to promote borrowing for the healthy and orderly development...
Currently, the principal component analysis (PCA) is mostly carried out under traditional financial indicators. Few scholars have adopted new ratios to make a PCA, since cash flow information was introduced to the financial evaluation index system. This paper selects 33 power enterprises from Shanghai and Shenzhen stock markets as samples, and chooses financial evaluation indicators based on cash...
The paper empirically studies the relationship between debt financing and market valuation under the different property structures. We find that property right has a strong impact on the corporation's finance practices. The influence of the debt to the company value in the state-owned firms is rather faint than in the non-state-owned firms. It indicates that in order to increase the company value...
For most small and medium sized manufacturers in China, capital shortage is a long standing issue. In order to solve this problem, nowadays, many traditional financial institutions and logistic companies have start to provide different kinds of capital flow services. In this paper, we briefly discuss the three major capital flow services in a single production cycle, which according to the capital...
With the problem of large-scale enterprise group's strategy hard to carry out and poor systematization in financial management, here presents initiatively financial engineering system-defining the financial engineering system, offering its structure and content, indicating the significance of building up financial engineering system in large-scale enterprise groups.
Corporate Governance is commonly Referred to as a system by which organizations are directed and controlled it is also a process by which company objectives are established, achieved and monitored so, it is concerned with the relationships and responsibilities between the board, management and other relevant stake holders within a legal and regulatory framework. The objective of this research is to...
Operational models are typically used to optimize operational measures such as lead time, work-in-process or throughput. Unfortunately, these models often do not take into account the financial aspects of the decisions made. Financial models on the other hand try to optimize costs, profits or shareholder's value. Integration with the underlying operational model is however often missing because the...
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