An Empirical Research on The Relationship Between Board of Directors Governance and Corporate Performance of Chinese Public Companies

Board of directors is an important component part of corporate governance. As a governance mechanism, we empirically study relationship among the scale of the board of directors, the structure of the board of directors and the duality leadership structure with corporate performance in Chinese public companies. The result shows that the scale of the board of the directors is smaller, the performance is better. With the ownership structure changes better, the structure of the board of the directors will change better and promotes the performance. The duality leadership structure doesn't affect the corporate performance. The fundamental method for the governance effectiveness of the Board is to set up the reasonable ownership structure and the marketing mechanism for occurrences in human.     

Empirical Study on the Sustainable Growth of the Public Companies in China

The sustainable growth is the corporation's final object to the maximum of the stock-holder's wealth. To validate the development of the Chinese public companies after Dengxiaoping's Nanxun speech ,this paper tests the sustainable growth status of the Chinese public companies during the period from 1993 to 2000 by using mathematical statistics method and sustainable growth model brought forward by Robert Higgins and James Van Herne. These companies are classified by trade. The test results show that no trade realized sustainable growth except electronic and electric trade. Results also indicate that public companies in light industry and agricultural sectors have a trend of under-investment while those in other sectors have a trend of over investment.     

中国农业上市公司绩效评价

农业是整个国民经济发展的基础,农业上市公司作为农业产业化的龙头,提高农业上市公司绩效对于农业发展具有重要的意义。本文先对27家农业上市公司2007、2008和2009年的财务数据进行移动平均,并运用因子分析法对所得结果进行绩效评价,得出了当前农业上市公司规模普遍较小、经营绩效呈“两头小,中间大”的橄榄型分布、各子行业发展不均衡的结论,并提出了提高农业上市公司绩效的政策建议。     

Main Factor Analysis on the Sustainable Growth of the Public Companies in China

With the sample of Chinese A-stock public companies which appear on Stock Exchange of Shanghai and Shenzhen before 1994,and by using the factor method and regression,this paper finds out and explains the equilibrium relation among sustainable growth of Chinese public companies,profitability and capability of debt-repayment and capability of operation. This paper discover: (1)The sustainable growth rate of a public company is in inverse proportion to asset-debt ratio, but in direct proportion to current debt ratio as well as acid test ration. (2)There is a positive correlation between the sustainable growth rate of a public company and its profitability. That's to say, the higher earning rate, the higher sustainable growth rate.(3)The sustainable growth rate of all public firms other than those of the commerce industry is positively correlated to the growth capacity.(4)Apart from the commerce industry, there is a positive correlation between the sustainable growth and the operation capability of the public companies, regardless of their integral sample, industries sample and scale sample.     

Empirical Analysis of Relationship Between Corporate Diversification and Corporate Performance

Based on the relevant literatures from domestic and abroad, the paper empirically tests the relationship between corporate diversification and corporate performance. The results show that there is a negative relationship between diversification and performance in Chinese listed companies, but the significance of relationship is different each year.     

Analysis on the Ownership Structures of American Listed Companies and Its Enlightenments

The authors investigate the ownership structures about American stock corporations and think that the successful experiences based on institutional arrangements for the ownership structures of American listed companies and the way to carry out ownership authorities will give some following enlightenments for Chinese stock companies to perfect their ownership structures:Let all kinds of equity ownerships tradable completely,some ownership diffused or concentrated should be determined by market.To decentralize and transform the state-owned ownership through in the competitive industries,and the ownerships should be mainly holded among legal investors,strategic investors, individuals,employees,managers,foreign investors. The following results are realized to develop perfect law and regulate systems with the function enhancing fair competition and make ownership structure,corporate governance mechanism,all markets,corporate performance interact profitably.     

农业上市公司董事会特征对会计盈余信息含量影响的实证分析

考察农业上市公司董事会特征对于会计盈余信息含量的影响。通过实证研究发现：董事会规模、独立董事比例,以及董事会持股比例对会计盈余信息含量具有显著影响;董事会的会议频率和审计委员会的设立与否对会计盈余信息含量没有显著的影响。     

An Empirical Study on the Relationship between Diversification and Economic Performance of Listed Corporations of China

It is crucial for corporations to select a proper development mode in competitive market. Diversification has been one of the most popular development modes that corporations all over the world pursued since 1960's. The relationship between diversification and economic performance is also an important subject for the research in strategic management. This paper re-examines the economic performance of China listed corporations and designs the measure index system of diversification strategy and economic performance. Moreover, it adopts empirical study on the relationship between them through the approaches such as regression model, variance analysis. It attempts to seek for the diversification development mode fit for China corporations so as to enhance economic performance.     

农业上市公司审计定价影响因素的实证分析

选择农业上市公司2001年至2008年作为数据窗口,共216混合样本,对影响农业上市公司审计定价的内外部因素进行理论分析和实证检验。研究结果表明：公司总资产规模和董事会规模是影响农业事实上公司审计定价的主要因素,公司总资产规模和董事会规模越大,审计定价越高;公司经营业务种类越多、负债水平越高,审计定价越高。会计师事务所特征和地区外部治理环境也是影响审计定价的重要因素,综合评价排名居前、审计质量高的事务所审计定价较高;农业上市公司所处地区的市场化程度越高,审计定价越高,地区法治化水平越高,审计定价越低。根据研究结论,本文提出相关对策建议。     

企业多元化经营与生产效率关系的实证研究

本文基于企业多元化经营与绩效的相关理论,以2003 -2006年中国农业上市公司公布的年报面板数据为样本,利用多元回归模型和资本与劳动的产出弹性计算全要素生产率的方法,分析了农业上市公司多元化经营与绩效的关系,并对不同类型的多元化模式与公司的生产效率关系进行实证研究。结果表明,对于农业上市公司而言,企业总体多元化水平与业绩呈负相关,且与生产效率呈反方向变动关系。从各年静态对比看,横向多元化企业的生产效率高于纵向多元化企业的生产效率;从发展趋势看,从事横向多元化会降低企业的生产效率,而保持适度的纵向多元化会促进企业生产效率的提高。     

Complex Evaluation of Competence for International Site Manager Based on Their Performance

The evaluation of competence for site manager has the characteristics of multi-factor, fuzziness and complexity. In this paper, taking use of fuzzy evaluation and multi-factor to evaluate the competence of site manager based on his performance and sets forward the evaluation based on an actual example. As a part one of the paper, mainly the indexes and weight for evaluation are formulated.     

Research on the Relation between Motives and Performance of Reconstruction of Listed Companies in China

More and more reconstruction events happened in China, it becomes a hot point. Lots of literatures are about reconstruction theory, reconstruction motives, reconstruction modes, reconstruction performance, but no one is a bout the relation between reconstruction motives and its performance. This paper takes those companies in Shenzhen Exchange reconstructed in 1999 as study samples, groups them on its reconstruction motive and analyzes their reconstruction performance by financial data before and after reconstruction. It is pointed out that the relation between reconstruction motives and performance.     

新疆农村公共产品投资绩效分析

随着农村公共产品投资力度不断加大,只有清楚掌握公共产品投资绩效情况,才能为政府投资决策提供可靠依据。农村公共投资的绩效分为经济绩效和社会绩效。本文运用计量经济模型,以新疆省为例来分析农村公共产品投资绩效。结果表明：新疆农村公共投资与农村经济存在显著正相关,农村公共投入每增加1元,将带动农业总产值增加0.322元;同时相关统计数据表明新疆农村公共产品投资在社会绩效方面也呈正效应,且贡献率不断提高,新疆各类公共产品投资不仅有效促进农村经济的发展,而且极大推动了农民的生产生活水平。最后给出推动公共产品供给的均等化、构建多元化投资体系等建议。     

基于因子分析的农业上市公司经营业绩评价研究

农业是奠定基础、保障人民生活的基础产业,是乡村产业蓬勃发展和带动农民脱贫的关键环节。农业上市公司是农业高质量发展的顶梁柱,应在乡村产业由增产导向型向提质导向型的转型升级中发挥“头雁效应”。本研究基于因子分析方法对包含农林牧渔业在内的农业上市公司进行绩效评价,对于农业上市公司运营管理和公司治理水平提升,并更好地被国家和其他机构投资者所了解和掌握,最大限度发挥对其他农业经营主体和小农户的引领带动作用都具有十分重要的意义。研究结果表明,农业上市公司引领农业高质量发展的系统性工程需要政府、企业、农民及相关主体共同参与,从技术、人才、资源、政策等方面综合发力,精准施策。     

农业上市公司周内效应实证研究

运用广义误差分布的GARCH（1,1）模型,基于“牛市”和“熊市”行情,实证分析农业上市公司周内效应。主要结论有：农业上市公司日收益率存在周一效应和周五效应。 “牛市”中显著为正,“熊市”中显著为负。最后提出政策建议。     

基于DEA模型的中国水产上市公司经营绩效评价研究

为了提高水产上市公司经营绩效和盈利状况。本研究运用数据包络分析(DEA)中的CCR模型和BCC模型对水产行业15家上市公司的技术、纯技术、规模效率进行了分析。结果表明：水产行业15家上市公司的综合效率值偏低,纯技术效率值较高,规模效率值偏低。并根据以上评价结果,结合水产行业现状,提出了培养龙头企业、使渔业增长方式由粗放式向集约式转变和优化产品结构等政策建议。     

Research on Market Targeting Model of Selecting Manager and Cooperation Mechanism in Commercial Bank Based on Stock Option

Selecting manager by market and improving team cooperation efficiency are two basal tasks to construct an effective human resource management system of commercial bank in China,but there are the limitations the traditional methods in explaining the players' cooperation.The paper constructs a market targeting model of selecting manager of commercial bank and a game model of team cooperation based on stock option,and then the talent identification mode and team cooperation mechanism in commercial bank are established.It is concluded that talented managers is selected but talent-less is refused owing to stock option incentive mechanism,and employee and managers holding stock plan is an incentive force to whole team if residual remains of shareholder is less than half team residual remains.     

An Analysis of the Existing Problemsand Countermeasures in Chongqing Listed Companies

This paper makes a comprehensive analysis of such problems as industrial structure readjustment and corporate governance in Chongqing's 22 A-type listed companies from 1993 to 1994.Based on present realistic situation and future development need,a set of countermeasures including industrial structural readjustment,modern enterprise system promotion,capital market development and macro policy formulation has been put forward for consideration.