A Study on the Influence of Decision upon Stock Price

This paper applies the multiple linear regression to study the influence of dividend decistion on the stock price.The result of research displays stock for the influence order from big to small:earnings for share,stock dividend,cash dividend.     

基于不同分类标准下土地红利的形成

采用综合分析法和归纳演绎法,对土地红利概念重新界定,依据不同分类标准对土地红利进行分类,并探究分类形式下土地红利的形成。结果表明:土地红利的形成不仅来源于土地用途改变过程中,还源于土地使用效率的提升中。土地红利的形成与土地用途、产权、空间和强度的变化密不可分,土地用途改变与土地所有权转移均会形成一定数量的土地红利。利用先进技术节约集约使用土地,提升单位面积土地利用效率,推动土地红利的形成由用途改变向提升使用效率进行转变。     

Income Smoothing Incentives from Voluntary Accounting Changes

listed companies which had income smoothingwith voluntary accounting policy changes during 1998-2002 were chosen as sample. The authors studied on the incentives of the income smoothing of listed companies by the paired match of sample firms and the control sample firms, and then thngh the mean test, Wilcoxon sign rank test and Logistic regression models. The results show that the income smoothing has a positive correlation with the firm size, price restriction and compensation contracts. It is also characterized by income increase.     

Model of Financing Strategy

Considering information asymmetry between inside and outside of the firms,this paper discusses the financing strategy of M&A,and builds a model.According to the model,we can see that the firm with relatively expected low-productivity will choose equity financing for M&A,and the firm with relatively expected high-productivity will choose debt financing for M&A,and the firm with expected medium-productivity will not choose financing from outside.In the case of undeveloped capital market and financing tools in China,the conclusion of the model has some extent significance for helping firms to choose financing strategy for M&A rationally.     

Networking policy and firm performance

This paper evaluates the effects of inter-firm networks (IFNs) on firms’ economic performance. This policy instrument has been implemented in Italy from 2009 to support mostly small and medium-size enterprises after the great economic crisis of 2007–2009. Starting from an original database of Italian manufacturing and service firms for the period 2010–2017, the paper develops in two steps: the first part, with “difference-in-differences” technique, is highlighted the positive effect on firms’ performance for those firms involved in an IFN. The second part investigates which characteristics of the IFN have better impacts on firm’s performance in the medium long-run. This study contributes to the network policy literature by revealing another instrument to foster cooperation and increase firms’ innovation and internationalisation, without the need to be geographically bounded.     

The Peace Dividend and Defense Conversion in the Context of Corporate Restructuring

The peace dividend typically is conceptualized as the transfer of dollars from defense to domestic, social needs. This Perspective redefines the peace dividend in terms of the conversion of talent, expertise, and technologies from the production of weaponry to commercial products and processes, which will have positive effects overall on the American economy. The dynamic of this conversion is specified in terms of corporate reorganization among American military industrial firms (MIFs) in existing and strategic industries such as electronics, as well as new growth sectors such as environmentally conscious industries.     

Technological Change and Environmental Policy: The Diffusion of Environmental Technology

As concern for environmental protection is growing within all sectors of society, industrial firms are being forced to become more accountable for their actions. Government policies, in the form of environmental standards, have been designed to reduce the level of toxic pollutants being discharged by firms. In order to comply with these standards, firms must either change the nature of their production processes or employ technologies that reduce the level of effluent being discharged. This paper investigates the role of environmental policy in driving firms to adopt pollution control technologies. The policy addressed is the Province of Ontario's Municipal Industrial Strategy for Abatement (MISA) which seeks to compel firms to reduce discharges of industrial effluent through the application of the “Best Available Technology Economically Achievable.” The impact of this policy instrument on the adoption of pollution control technology in the Ontario organic chemical industry is examined. The analysis is based on interviews with firms in the chemical industry which reveal that environmental policy has played a central role in inducing firms to adopt pollution control technologies. The paper draws on literature about technology diffusion, especially the relationship between suppliers and users of technology, and examines the process through which environmental technology is transferred to regulated firms. The relationship between the suppliers and users of technology is strong, especially between the large multinational users and smaller independent domestic technology suppliers.     

Threshold Firms: Innovation,Design and Collaboration in British Columbia's Forest Economy

This paper assesses the extent to which threshold firms have emerged within British Columbia's wood processing industries. Threshold firms comprise an innovative business segment and are growth oriented, larger than most small firms but not giant, locally owned, international in scope at least with respect to exporting, reliant on skilled, well paid employees, and that have developed knowledge‐based product market advantages. The analysis draws on an extended case study survey of 14 firms located in the lower mainland and Okanagan regions of British Columbia, and selected for their potential as threshold firms. The analysis examines six characteristics associated with threshold firms: size and ownership, internationalization, wood supply, labor relations, innovative design and collaboration, and local embeddedness. These firms reveal attributes of threshold firms, and the paper concludes by suggesting that an innovative forest policy for British Columbia could usefully focus on this type of firm.     

Contingent Claims Analysis of Valuation of Risky Debt with Bankruptcy Costs

Research on valuation of corporate risky debt is given when bankruptcy costs are taken into account. Bankruptcy costs are expenditures of enterprise that get into bankruptcy, as a result, enterprise asset value is reduced, and debt value is reduced too because bondholders only receive asset value deducted from bankruptcy costs. Differential equation which risky debt value follows is given and a model about infinite maturity debt is obtained. By applying contingent claims pricing and stochastic calculus methods, the paper derives a risky debt value formula, this formula can illustrate the effect of investment policy and dividend policy on risky debt value. At last the results are comporred with results of Merton and Black and it is found that our results improve Merton and Black's.     

The geographically variegated connections of the Jakarta metropolitan area as produced by manufacturing firms

Connectivity in urban networks is often deemed to be an important feature of economically vibrant cities. Under conditions of contemporary globalization, the importance and geographies of these connections are increasingly variegated. Accordingly, various attempts have been made to analyse the external relations of cities and metropolitan regions, often through the lens of multilocational firms. Our purpose in this paper is to address the to‐date limited empirical knowledge about whether firms originating from different regions (i.e., firms with different headquarter [HQ] locations) create different patterns of inter‐urban relations. Drawing on the interlocking network model and using the Jakarta metropolitan area (JMA) as a case study, this paper explores how manufacturing firms with HQs either inside (further differentiating between the JMA and other cities) or outside (further differentiating between East Asian and non‐East Asian countries) Indonesia produce different patterns of external relations. Our findings indicate that each category of firms generates unique configurations of interurban relations for the JMA at the global and national scales. We argue that these variegated networks patterns not only reflect different locational strategies of firms, but also Indonesia's evolving policy orientations which have complex relations with evolving patterns of economic globalization.     

The Capital Structure Choice of Financial Distressed Firms: Evidence from China

To study on how to choose the optimal capital structure for financial distressed listed firms,the difference of the factors influencing the capital structure and the adjusting procedure between non-distressed firms and distressed firms is analyzed.It shows that the high debt ratio of the distressed firms is significantly related with the proportion of the largest shareholder and the concentration of the share structure.However,the proportion of largest shareholder has little effect on the adjustment of capital structure.Therefore,to solve the problem of distressed firms,it will depend not only on the improvement of corporate governance,but also on the optimization of financial channels.     

浅议江苏省茶叶优势区域发展战略

江苏茶叶生产在全国占有重要地位。改革开放以来,江苏茶叶有了很大发展,但是目前也面临一些困境,如企业规模小,市场混乱,发展速度缓慢等。认为江苏具有生产茶叶的生态适宜性和强大的区域竞争力,适宜发展茶叶产业,对中国的茶叶生产具有重要意义。为了进一步促进江苏茶叶发展,提出了江苏茶叶优势区域发展战略     

The Spatial Impact of Language Policies on the Marginal Bids for English Education in Hong Kong

In 1997 the government of Hong Kong reformed its policy on the language medium for teaching at the secondary‐school level and removed schools' right to choose their own medium. Among the 404 public and “aided” secondary schools in Hong Kong, the government allowed only 100 to use English as the medium for teaching and required the remaining 304 to use the native language, Chinese. The authors assess the spatial impact of the policy reform and estimate the bid function for English‐language schools. The results show that the 1997 policy reform shifted parental preferences from public to private education and increased the marginal bid for proximity to private English schools by 2 percent. Following the reform, homeowners were willing to pay, on average, HK $8,400 for each additional 100 metres closer to a private English school.     

农村居民点整理意愿——基于河北省520个农户问卷调查

尊重农户意愿是当前保护耕地总量动态平衡、实施城乡用地增减挂钩的原则之一。农村居民点整理是城乡用地增减挂钩的主要目标。居民点整理的顺利实施需要农户的支持和配合。虽然整理政策的实施原则是尊重农户的意愿、保护农户利益,但是,农户对当地的实施措施和所得“实惠”是否满意,对此项政策是否支持,对居民点整理工作顾虑是什么。本文以河北省几个居民点整理县（市）为例,采用发放问卷和实地采访的方式收集数据资料,从“对农村居民点整理政策的认识”、“认为是否能从整理中得到好处”、 农户对“农村居民点整理的顾虑”三方面调查农户的意愿,并分析其顾虑。并提出居民点整理政策要以人文本、实事求是、完善相关整理措施等消除农户当前顾虑。     

城乡建设用地增减挂钩政策实施后复垦农民满意度研究——基于渝东南少数民族地区扶贫乡镇的调研

城乡建设用地增减挂钩是国家优化城乡用地结构与开展扶贫攻坚的重要政策,复垦是该政策的重要环节,复垦农民满不满意是衡量该政策有效性的重要指标。本文通过对重庆市复垦阶段的政策与流程梳理,结合对渝东南少数民族地区扶贫乡镇的实地调研,构建了复垦农民满意度指标体系,采用模糊综合评价法对政策实施细则改变前后的满意度差异进行了分析和评价。研究结果表明,通过对政策进行调整后,复垦农民对“经济补偿”与“环境改善”的满意度有了较大提高,但在“政策宣导”、“复垦实施”、“政府服务”及“法律保障”等方面仍有改善的空间。最后从复垦农民满意度的角度出发,在补偿方式、权益保障等方面对增减挂钩政策提出了优化建议。     

Positive Research on the Market Reaction of the Execution of the Shareholder Structure Reform Scheme

With the 41 samples of the second Shareholder Structure Reform companies,this paper analyzes the stock market abnormal fluctuation in a given event window,and tries to find out the reasons which result in it,and whether the companies'consideration scheme matters.The result of empirical research proves that the execution of Shareholder Structure Reform has apositive effect on the stock market.What's more,the stock consideration ratio and cash consideration ratio have a significant effect on the companies' stock,which is going up along with the increase of the ratios,but the additional promise is not so significant.     

Life Sciences and Human Capital: Jobless Growth on Specialised and Local Labour Markets?

Policy makers and scholars often regard the life science industry in general, and bio‐technology in particular, as an engine of future economic growth. The expectation is that growth in the industry will ultimately provide a major boost to national employment numbers. However, in this paper, I find that the Swedish life science industry (encompassing pharmaceutical, bio‐technology, and medical technology firms) accounts for only a small proportion of total employment in Sweden. Given the recent discussion on jobless growth (i.e., economic growth without employment growth), it is here argued that focusing on employment is not necessarily the best policy approach to assessing the impacts of the life science industry on the overall economy. This paper maps and analyses the scope, structure, and geography of the life science industry and its workforce in Sweden using a unique set of data covering approximately 1,200 firms and 53,000 employees. The industry's workforce has education and income levels significantly higher than national averages, and is heavily concentrated in larger metropolitan areas and major university cities. Despite employing relatively few people and being more or less dependent on the existence and success of a few major pharmaceutical firms, the industry may still have a significant impact on the national economy by engendering high levels of education, income, and export revenues, particularly in specific regions.     

From followers to market leaders: Asian electronics firms in the global economy

Abstract: This paper aims to explain how a number of leading electronics firms from Asian newly industrialised economies of Hong Kong, Singapore, South Korea and Taiwan are articulated into global production networks and become major players in their respective market niches. Developing a triangular theoretical framework, I seek to explain the complex relationships between the dynamic articulation of these leading Asian electronics firms into different global production networks and their simultaneous upgrading from typical followers to market leaders. As a critique of the dominant developmental state discourse, I argue that the interplay between corporate strategies and home base advantages within the context of changing global production networks can offer a better explanation of the differentiated competitive outcomes of these Asian firms. This paper draws upon original data collected through personal interviews with top executives from leading electronics firms in the four Asian newly industrialised economies. I conclude the paper with some implications for theory and policy in relation to corporate development in Asian economies.     

农业高新技术企业债务融资影响因素研究

以农业高新技术企业2010—2012年数据为样本,采用多元回归分析农业高新技术企业债务融资影响因素。实证结果表明：企业规模、资产负债率、营业收入增长率、资产的担保价值与债务融资正相关;每股收益、现金流动负债比率与债务融资负相关;而存货周转率、速动比率、净资产收益率、净利润与债务融资不具有显著的相关关系。最后基于上述分析提出促进农业高新技术企业债务融资政策建议。