Managerial Ownership, Investment and Corporate Value

Based on the data of the 319 listed companies in the Shanghai and Shenzhen stock exchange over the 1998-2003 period,the paper examines the relation among managerial ownership,investment and corporate value,focusing on the endogeneity of managerial ownership.OLS regression results show that the endogeneity of managerial ownershi Pmay affect the results.With the measurement of ROA corporate value,corporate value affects managerial ownership,but not vice versa.But with the measurement of Tobin's Q corporate value,investment affects corporate value,which in turn,affects managerial ownership.     

Analysis of the Impact of Ownership Structure on the External Corporate Governance

Taking-over market, the main component of external corporate governance, affects the performance of corporate governance significantly. Through taking-over activities between companies, the market assumes its role in the governance mechanism. This paper analyzes the taking-over market of listed company in China from the view of ownership structure. By looking into the indirect taking-over activities between companies, the authors research the impact of specific ownership structure on the effectiveness of external corporate governance deriving from such activities. It is concluded that innovation of ownership structure is the key for taking-over market to take its role in external corporate governance more effectively.     

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.     

Relationship Between Ownership Structures and Performance inChinese Electronic Enterprises

This paper investigates the relationship between ownership structure and corporate performance in Chinese electronic enterprises systematically, using ROA as the dependent variable while ownership concentration and structure as the explanatory variables. The empirical results show that:Chinese electronic enterprises' strength is not balanced and their ownership structure is very concentrated. Each of state ownership,legal person ownership and individual ownership has no significant effect on firm performance.     

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.     

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.     

Empirical Analysis of Corporate Intellectual Capital and Corporate Performance

The principal purpose of this study is to investigate the association between the efficiency of value-added by a major components of a firm's resource (human capital,physical capital and structural capital) and corporate performance (profitability).Data consists of 30 firms are drown from computer area.Empirical analysis is conducted with correlation and linear multiple regression analysis.Findings from empirical analysis indicate that association between physical capital and profitability is statistically significant,there is a positive relation between human capital and firm performance,but not statistically significant.Accordingly, we analyse the factors that probably affect the findings.     

Corporate Governance of Technological Alliances of Enterprise

Technological alliance of enterprise is an organization of technology innovation. The proper selection of corporate governance of technological alliance can provide advantage with cost-down, and also it is the decisive factor of success for technological alliance. Based on the comparatively research of the diversity in the structure of corporate ownership and organization, control right distribution, relationship of partners, etc, this paper indicates that the corporate governance of technological alliance is cooperation relationship of the knowledge capital, which makes the base of partner's capability and sharing the control right. The corporate governance of technological alliance is compound of negotiation mechanism, reputation mechanism and trust mechanism. Further analysis of them is also provided.     

Effects of the Decentralization Degree of Chinese Listed Companies Share on Corporate Governance

The efficiency of the listed companies, to much extent, results in that of the corporate governance, and meanwhile, whether the corporate governance is effective or not depends on the rationality of the share structure, in which large shareholders are always playing an important role. In China it is essential for security market to develop soundly. So there is not too much to emphasize the effects of the listed companies share structure on the efficiency of governance. In this paper using the methods of canonical test and synthetically grading, the authors analyze 139 Chinese listed companies, the samples of our empirical analysis, and draw conclusions that the proper degree of the share's decentralization will lead to the improvement of performance. Furthermore, both over-decentralized share and the other extreme also are propitious to the control of insiders' control and the stimulation of managers.     

Impacts of the Control Right on the Corporate Governance:Evidence from China

Company control right is a key question in corporate governance.This paper selects ROE and Tobin's Q as proxy variables of the corporate governance's effects,classifises the sample into two groups according to their concentration in control right,aims to revealing the influences of the difference in control right on the corporate governance by empirical analysis.The results show: ROE is negative correlative with the concentration of control right,in the high concentration sample,ROE is positive correlative with the net asset per share when the control right is high concentrate,and ROE is positive correlative with size of broad when the control right is nonconcentrate.     

Empirical Study on Corporate Governance and Voluntary Disclosure in China

This paper examines the impact of ownership structure and board composition on voluntary disclosure. Ownership structure is characterized by first ownership, and board composition is proxied by the percentage of independent directors. Voluntary disclosure is measured by an aggregated disclosure score of non-financial and financial information. Our results show that both lower and higher first ownership are associated with increased disclosure. The number,not percentage,of independent directors improve corporate disclosure. We also find that larger firms had greater disclosure.     

Research of Investment and Cash Flow Constrain Under Ownership Concentration

This article summarizes the theory achievements,arguments,the investment and ownership concentration model which studied in investment-cash flow and the stockholder's rights structure questions.The financing restraint is explained.The special social stratum shareholder is elaborated which influences relation between investment and internal cash flow by the financing restraint existing in the enterprise,the management opportunism hypothesis and the information assymetrical theory separately.Finally the authors induce and study the real diagnosis model of the supposition(above).The model is important for the empirical study of ownership structure influencing to corporate investment.     

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。     

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.     

基于叶片SPAD的棉花氮营养指数估算研究

为了探究不同施氮处理对棉花叶片SPAD值、生物量和氮营养指数(NNI)的影响,通过两年田间试验,设置5个施氮水平（即0、120、240、360、480 kg/hm²）,开展棉花叶片SPAD值、氮素吸收分配规律和生物量变化的研究。研究结果发现：棉叶SPAD值随施氮量增加呈增加趋势,在N4处理下获得最大值;建立棉花氮浓度稀释模型：N_c=3.02W_max^-0.24,分析表明棉叶SPAD与NNI之间呈正相关关系,相关系数R²为0.05~0.74;经验证,棉花不同生育时期的模型模拟性能较好,出苗后97天时相关系数达到最大。棉花叶片SPAD值与临界氮浓度存在显著的正相关关系,可以作为棉花氮营养诊断的指标。     

The Effects of Internal Governance Mechanism on Technological Innovation of the Stated-Owned Enterprises:An Empirical Study

Combining the resource-based view and corporate governance perspective and strategic management theory, the paper studies the effects of internal governance mechanism on technological innovation of the stated-owned enterprises. It is found that a significant and positive association among technological innovation, firm' s ROA, leadership structure and asset-debt ratio. Although the ownership concentration provides a negative effect, it is no evidence thats firm' s technological innovation is related to the firm' s shares holded by top management.     

珍禽贵妃鸡 14周龄屠宰性能与肉品质的相关性分析

为了探讨珍禽贵妃鸡屠宰性能指标与肉品质的相关关系;试验测定了14周龄的贵妃鸡的屠宰性能和肉品质指标,并分析了两者关系;结果表明：14周龄贵妃鸡（♂/♀）体重分别为1120.67g和845.33g。公母鸡在体重、屠体重、半净膛重、胸肌重、胸肌率、腿肌重、腿肌率、腹脂重、腹脂率、肌间脂肪宽、皮脂厚上差异极其显著（P〈0.01）。公鸡的胸肌与腿肌在红度值（a）、亮度值（L）、pH、系水力上差异极显著（P〈0.01）;母鸡的胸肌与腿肌在红度值（a）、亮度值（L）、剪切力、系水力上差异极显著（P〈0.01）。胸肌剪切力与胸肌（b）、肌间脂肪宽与腿肌剪切力存在极显著负相关（P〈0.01）,相关系数分别为-0.731和-0.751;屠宰率与腿肌pH存在极显著正相关（P〈0.01）,相关系数为0.780。由此可以得出,贵妃鸡公鸡的屠宰性能优于母鸡;贵妃鸡屠宰性能分别与胸肌肉品质指标、腿肌肉品质指标存在不同程度的相关性,相关系数分别介于-0.731-0.617和-0.751-0.780。     

利用叶绿素计对短季棉氮素营养诊断的初步研究

研究了以叶绿素计诊断短季棉的氮素营养。结果表明，不同生育时期功能叶叶绿素计读数与叶绿素含量、全氮含量(Na，Ndw)及施氮水平呈极显著线性正相关，其中对Na的正相关高于Ndw；与光合强度呈极显著指数相关；与产量、三桃数呈极显著二次曲线回归。获得了不同生育时期叶绿素计诊断指标。叶绿素计变动1格的参考施氮量为23.3~25     

由包装材料对食品安全的影响看现代食品企业的社会责任感

从食品安全一直受到人们的关注的角度,对食品包装材料与食品安全是同样重要的安全问题进行了阐述,同时探讨了食品包装材料对食品安全的影响,并且提出通过加强食品企业社会责任感的倡导,推动我国食品包装企业管理制度规范化和系统化发展。