WorldWideScience

Sample records for lithuanian listed companies

  1. Information disclosure in corporate social responsibility reports. The case of Lithuanian companies

    Directory of Open Access Journals (Sweden)

    Sviesa Leitoniene

    2016-09-01

    Full Text Available Though the phenomenon of corporate social responsibility (CSR is closely scrutinized in studies of both Lithuanian and foreign scholars, the problem is the quality of social information disclosed in social re-sponsibility reports. The objective of this article is to analyse the quality of disclosed information in CRS reports of Lithuanian companies. The characteristics of quality of information were comparability, relia-bility, objectivity and sustainability. The research demonstrated that in Lithuania, CSR reports provide unreliable information, which is only partly comparable and objective, however, relatively sustainable.

  2. Trends and determinants of social and environmental information disclosure in Lithuanian companies: Literature review

    Directory of Open Access Journals (Sweden)

    Kristina Rudžionienė

    2016-09-01

    Full Text Available The paper presents the findings of a literature review of the empirical studies on the social and environmentalinformation (SEI disclosure that were carried out in Lithuanian companies in 2000–2015 with theaim to identify determinants of the phenomenon and trends of its development. Having reviewed 14papers included in the national database of scientific journals, Lituanistika, the authors identify bothqualitative and quantitative studies which present the results of content analysis of SEI or corporate socialresponsibility (CSR reports. Content-wise they tend to explore the relationship between SEI disclosureand company profile such as industry sector, company size, financial leverage, profitability, and pollution.The findings are of a mixed character except for the industry sector, which is an unambiguous determinantof SEI disclosure in Lithuanian companies. Disclosed information by Lithuanian companies isless numerous and includes fewer stakeholders (i.e. employees, society and environment compared tothe reports of multinational companies or enterprises operating in advanced economies. As Lithuania isa post-Soviet society with a long tradition of presenting a better reality in reports, the contents of SEIcould be analysed through the integrity perspective which would inevitably draw researchers’ attentionnot only to the text in annual or CSR reports, company websites or press releases, but also to the practices as perceived by the companies’ stakeholders.

  3. Oil Companies Climb Global List

    Institute of Scientific and Technical Information of China (English)

    JESSY ZHANG

    2006-01-01

    @@ Backed by the huge market size,China's energy companies have been ranked in the group of the world's largest industry players. On September 6th,eight companies from the Chinese mainland and six companies from Hong Kong SAR were included in this year's Platts Top 250 Energy Companies List.

  4. Peculiarities of Customer Relationships Management: a Case of Lithuanian Companies

    Directory of Open Access Journals (Sweden)

    Gintarė Bliujūtė

    2014-04-01

    Full Text Available Increasing competition among companies, constantly growingproduct and service quality requirements, rapidly changing consumerbehavior, technology advancements and changes enablescustomer to make decisions which product or service to buy. Inthis context, customer relationship management is becoming animportant tool creating preconditions to maintain loyal customersand improve company’s performance. The paper analyzespeculiarities of customer relationship management in Lithuaniancompanies. In order to reveal motives and problems of customerrelationship management implementation the survey was carriedout. 82 companies participated in the survey. At the end of thepaper conclusions are presented.

  5. How Do Costume Listing Companies Perform?

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    @@ Three Features could be read from the performance of China's costume listing companies in 2007. Brand advantage Different from the display of the textile listing companies in the past several Years,Orand Costume companies have hegun to take up a larger proportion,rather than the Processing export ones,as long as more new companies'listing.

  6. [Documentation of good distribution practice of medicines and its implementation in Lithuanian drug distribution companies].

    Science.gov (United States)

    Draksiene, Gailute; Petkevicius, Henrikas; Radziūnas, Raimondas

    2003-01-01

    Good Distribution Practice of medicinal products for human use is a quality warranty system, which includes requirements for purchase, receiving, storage and export of drugs, intended human consumption. A drug is a specific product and its mishandling is dangerous to human health and life. Therefore it is necessary to strictly control the movement of the drug from the producer to the consumer so that poor quality drugs do not have access to the market. Good Distribution Practice rules set the general requirements for good wholesale distribution practice of drugs, intended for human consumption. In order for company to meet the specified requirements, the drug distribution company must have all suitable and necessary premises, machinery, equipment, the required number of employees and specified documentation. The preparation of the Good Distribution Practice documentation is one of the most important and complex aspects when implementing the Good Distribution Practice in the companies. The article deals with the analysis of results obtained during the research of drug distribution companies in Lithuania. The research revealed that drug distribution companies put emphasis on the equipment of storage premises. Less attention is being paid to the preparation of the documents of Good Distribution Practice. The article thus presents the analysis of Good Distribution Practice documents prepared by the drug distribution companies.

  7. Application of Customer Relationship Management Systems in Lithuanian Mobile Telecommunications Companies

    Directory of Open Access Journals (Sweden)

    Laura Uturytė-Vrubliauskienė

    2013-04-01

    Full Text Available Global investments in information technologies are constantly growing as the result of quick changes in technologies, globalization process, accelerating pace of life and increase in the importance of information to the modern society. Thus, the latest information technologies and systems are emphasized as one of the most important features of competitive ability of an organisation. As information technologies are getting more and more important in determining the advantage of a company in the business world, CEOs of organisations should pay more attention to implementation of systems that contribute to operational capacity of the entire organisation. In order to ensure success of an organisation, it is important to look for new investment solutions helping companies to develop individualized and differentiated ways of interaction with customers, ensuring their loyalty and allowing to maintain competitiveness in the market. More and more often, customer relationship management systems are chosen to achieve these aims. These systems are applied for business to efficiently manage relations with customers of a company; they help increasing the benefit obtained by every supplier or customer to the maximum and improving the results of the entire activity. Due to the increase in the number of organisations implementing customer relationship management systems (CRM, it is becoming important to study and evaluate these technologies and their influence. This would help to better understand the present problems related with customer relationship management (CRM systems.

  8. Process integration and waste heat recovery in Lithuanian and Danish industry. Case Study: Textile company DROBE

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1998-07-01

    A process integration study has been made in the wool company `DROBE`, located in Kaunas, Lithuania. The study is limited to the finishing workshop because this workshop is by far the largest consumer of thermal energy at the factory. Theoretical and practical heat exchanger networks are generated, and several possibilities of waste heat utilisation have been evaluated. By local optimisation of two machines with the largest energy consumption in the finishing workshop it will be possible to save 11.1% of thermal energy equivalent to about 1,560 MWh/year. With the current expenses for production of thermal energy this amounts to 125,000 Lt/year. (1 kWh = 0.08 Lt). (au)

  9. Regulating Listed Companies: Between Company Law and Financial Market Law in Danish Law

    DEFF Research Database (Denmark)

    Clausen, Nis Jul

    2011-01-01

    The article discusses different elements and aspects of the regulation of listed companies in particular whether such regulation should be placed in company law or in financial marked law.......The article discusses different elements and aspects of the regulation of listed companies in particular whether such regulation should be placed in company law or in financial marked law....

  10. Comparative Analysis of the Development of Agricultural Listed Companies

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    On the basis of industrial division of China’s Securities Regulatory Commission,listed companies in the processing industry of agro-products and food production industry have also been incorporated into agricultural listed companies.Developmental discrepancy of agricultural listed companies is analyzed.The main manifestations are small population quantity,slow development,weak growing capacity,relatively poor rationality and unbalanced regional distribution.The internal causes of this kind of situation lie in the weak quality and inadequate developmental driving force of agricultural listed companies,while the external causes are the capital chasing and unbalanced political support of the country.Therefore,the key of quickening the development of agricultural listed companies is inner power and external competition.Thus,the political thoughts of the development of agricultural listed companies are proposed.

  11. Net profit increased slightly in most clothing listed companies

    Institute of Scientific and Technical Information of China (English)

    2012-01-01

    Entering July, listed companies’ performance report in the first half of 2012 will be disclosed. Up to July 16th, 54 textile and clothing listed companies published performance report. Among them, 5 companies’ net profit increased, 23 companies’ net profit slightly increased , 6 companies’ net profit slightly reduced, 4 companies’ net profit reduced compared with the expectation, 6 companies had losses for the first time, 9 companies sustained losses and 1 company made up the deficits and got surpluses.

  12. Government Control, Uncertainty, and Investment Decisions in China's Listed Companies

    Directory of Open Access Journals (Sweden)

    Liping Xu

    2010-06-01

    Full Text Available This paper empirically investigates the relation between uncertainty and investment among China's listed companies, and analyzes the influence of government control on the investment-uncertainty relation. We find that there is a negative relation between total firm uncertainty and investment in China's listed companies. However, this holds only for privately controlled firms. Among privately controlled listed firms, investment is negatively related to firm-specific uncertainty, whereas among government-controlled ones, investment is positively related to market uncertainty. We also find that the risk-taking preference of government-controlled listed companies is greater among those firms with fewer investment opportunities. Finally, among financially distressed firms, the negative relation between investment and uncertainty becomes nonsignificant because of risk shifting, which is more serious among government-controlled listed companies. We conclude that government control leads to state interference and weak corporate governance, which, in turn, distorts investment decision making among listed companies.

  13. CORPORATE GOVERNANCE- A TRANSPARENCY INDEX FOR THE ROMANIAN LISTED COMPANIES

    OpenAIRE

    Cuc Sunhilde; Kanya Hajnalka

    2009-01-01

    The purpose of this research is to analyze the corporate governance information disclosed by Romanian listed companies on the internet, with the objective of assessing the extent and the influence of several corporate characteristics on the level of infor

  14. 31 CFR 223.16 - List of certificate holding companies.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false List of certificate holding companies. 223.16 Section 223.16 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) FISCAL SERVICE, DEPARTMENT OF THE TREASURY FINANCIAL MANAGEMENT SERVICE SURETY COMPANIES DOING...

  15. Corporate Failure Prediction of Public Listed Companies in Malaysia

    OpenAIRE

    Qaiser Rafique Yasser; Abdullah Al Mamun

    2015-01-01

    This paper aims to extent the prediction model of financial distress among Malaysian public listed companies from period 2006 to 2010. Altman Z-Score Models was used to identify classification on three main zones which are safe, grey or distress zone. The results specify that 56 % of listed companies were classified as ‘distress zone’, 24 % are known as ‘grey zone’ while 20 % are classified in ‘safe zone’. Two likely to fail companies was correctly predict at distress zone which Z-Score was l...

  16. Corporate governance of non-listed companies

    NARCIS (Netherlands)

    McCahery, J.A.; Vermeulen, E.P.M.

    2008-01-01

    Studies of corporate governance traditionally focus on the governance problems of large publicly held firms, and policymakers' recommendations often focus on such firms. However most small firms, and in many countries, even many large companies, are closely held. This book provides a comprehensive a

  17. Corporate governance of non-listed companies

    NARCIS (Netherlands)

    McCahery, J.A.; Vermeulen, E.P.M.

    2008-01-01

    Studies of corporate governance traditionally focus on the governance problems of large publicly held firms, and policymakers' recommendations often focus on such firms. However most small firms, and in many countries, even many large companies, are closely held. This book provides a comprehensive a

  18. Who reports high company performance? A quantitative study of Chinese listed companies in the energy industry.

    Science.gov (United States)

    Guo, Daoyan; Chen, Hong; Long, Ruyin

    2016-01-01

    In the increasingly competitive environment, top managers' background characteristics are undoubtedly vital factors for company performance. This study examines whether the performance of Chinese listed companies in the energy industry differs with respect to top managers' background characteristics and explores the exact distribution interval of top managers' background characteristics when company performance reaches the highest level. The initial sample was collected from the CSMAR database (2005-2014) for listed companies in the energy industry. After removing the outlier and missing data, the final number of observations was determined as 780. Descriptive statistics were used to investigate the present distribution of top managers' background characteristics, factor analysis was used to determine the dimensions of company performance, and one-way ANOVA was used to analyze the differences in company performance and its dimensions with respect to top managers' background characteristics. The findings show that both the age and length of service of top managers present an increasing trend over the years of the study period, whereas the educational level shows no significant changes. The performance of listed companies has three dimensions: profit performance, growth performance, and operating performance. Companies behave differently with regard to their top managers' background characteristics; when the top manager is 40-45 years old, with a doctoral degree and above, and in the 2nd-3rd year of his service period, his company will achieve a higher level of performance. This study contributes to the growing literature on company performance in the Chinese energy industry by demonstrating the differences in the performance of Chinese listed companies in the energy industry with regard to top managers' background characteristics, and reaching conclusions on the optimum distribution interval of top managers' background characteristics when company performance

  19. Corporate Failure Prediction of Public Listed Companies in Malaysia

    Directory of Open Access Journals (Sweden)

    Qaiser Rafique Yasser

    2015-02-01

    Full Text Available This paper aims to extent the prediction model of financial distress among Malaysian public listed companies from period 2006 to 2010. Altman Z-Score Models was used to identify classification on three main zones which are safe, grey or distress zone. The results specify that 56 % of listed companies were classified as ‘distress zone’, 24 % are known as ‘grey zone’ while 20 % are classified in ‘safe zone’. Two likely to fail companies was correctly predict at distress zone which Z-Score was lower than 1.81. Moreover, the findings show most of the companies were facing financial distress during global financial crisis on 2008. Industrial transportation and industrial engineering sectors are generally classified as ‘safe zone’ while food and staplers retailing, real estate investment and services and industrial metals and mining sectors are classified as ‘distress zone’.

  20. Indirect investment in real estate: Listed companies and funds

    OpenAIRE

    Suarez, Jose L.; Vassalo, Amparo

    2005-01-01

    In Europe today, there are two main vehicles for indirect investment in real estate; real estate investment funds, on the one hand, and, on the other, listed real estate companies. With these instruments, not only does the investor take a position in the real estate market, he/she also acquires different risk/return structures which may vary according to the instrument being used. In some European countries, real estate companies have modified their financial structure and tax position by ado...

  1. A RESEARCH ON THE FINANCIAL DISCLOSURE CHOICES WITHIN LISTED COMPANIES

    OpenAIRE

    Calu, Daniela Artemisa; Dumitru, Madalina; Ileana Cosmina PITULICE; Avram, Viorel; Stefanescu, Aurelia; Andreea PONORÎCA

    2009-01-01

    Romanian listed companies must prepare and present their financial statements according to IAS/IFRS standards. These standards are characterized by a certain convergence trend demonstrated by the acceptance of a small number of choices for the same accounting issue. However, companies are able to choose among several accounting treatments. Our research aims to demonstrate that there are correlations between certain particularities of the group (e.g. industry type, reporting basis) an d the ac...

  2. Ecological Research of the Voluntary Disclosure about Listed Companies

    Science.gov (United States)

    Hu, Jing-Jing; Yan, Guang-Le

    In the paper, the research subject is the ecological relationship between the Small and Medium-sized Enterprises(SMEs) and the Large-scale Enterprises(Les). From the perspective of ecology, setting up the competitive model basic on the Logistic model, and carrying out further analysis about the voluntary information disclosure of listed company, then getting the strategic choice about the voluntary information disclosure and the ecological explanation of false information, and the dynamic mechanism and strategy of the voluntary information disclosure of listed company.

  3. Efficiency Analysis of Listed Power Companies Based on Malmquist Index

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    This paper improved the known study for technical progress in Malmquist productivity index calculating. In the method, all the possible movements for decision making units (DMUs) are listed, and the condition that several DMUs lie on the productivity frontier is analyzed. The dynamic efficiencies of Chinese listed power companies from 1997 to 2006 were evaluated. The empirical results indicate that the improved method is effective.

  4. CORPORATE GOVERNANCE- A TRANSPARENCY INDEX FOR THE ROMANIAN LISTED COMPANIES

    Directory of Open Access Journals (Sweden)

    Cuc Sunhilde

    2009-05-01

    Full Text Available The purpose of this research is to analyze the corporate governance information disclosed by Romanian listed companies on the internet, with the objective of assessing the extent and the influence of several corporate characteristics on the level of infor

  5. South African Capital Structure Decisions: A Survey of Listed Companies

    CSIR Research Space (South Africa)

    De Wet, Lambert H

    2015-12-01

    Full Text Available This paper explores the factors that influence capital structure decisions in South Africa from the perspective of the Chief Financial Officer (CFO). The results of a survey of 33 CFOs of JSE listed companies find that South African CFOs are equally...

  6. Web Document Analysis for Companies Listed in Bursa Malaysia

    CERN Document Server

    Othman, Mohd Shahizan; Salim, Juhana

    2009-01-01

    This paper discusses a research on web document analysis for companies listed on Bursa Malaysia which is the forerunner of financial and investment center in Malaysia. Data set used in this research are from the company web documents listed in the Main Board and Second Board on Bursa Malaysia. This research has used the Web Resources Extraction System which was developed by the research group mainly to extract information for the web documents involved. Our research findings have shown that the level of website usage among the companies on Bursa Malaysia is still minimal. Furthermore, research has also found that 60.02 percent of the image files are utilized making it the most used type of file in creating websites.

  7. Analysis of Pecking Order Theory on Chinese Listed Companies

    Institute of Scientific and Technical Information of China (English)

    初保驹; 林舒嫄

    2013-01-01

    This study tests the order of firms’ financing choices based on a sample consists of 150 Chinese listed companies. And it indicates that China’s listed companies did not follow the theoretical ‘Pecking Order’ (Myers,1984), but a ‘new order’- internal fund, equity, and debt - to make their financial choices. This is because firm’s gearing ratio and solvency did not show a high degree of correlation in China’s capital market, which leads to the preference of using equity. Besides, there are some other reasons: low cost of issuing equity, ineffective financial management, immaturity of capital market, not well developed bond market, and lack of an effective credit rating system.

  8. The evolution analysis of listed companies co-holding non-listed financial companies based on two-mode heterogeneous networks

    Science.gov (United States)

    An, Pengli; Li, Huajiao; Zhou, Jinsheng; Chen, Fan

    2017-10-01

    Complex network theory is a widely used tool in the empirical research of financial markets. Two-mode and multi-mode networks are new trends and represent new directions in that they can more accurately simulate relationships between entities. In this paper, we use data for Chinese listed companies holding non-listed financial companies over a ten-year period to construct two networks: a two-mode primitive network in which listed companies and non-listed financial companies are considered actors and events, respectively, and a one-mode network that is constructed based on the decreasing-mode method in which listed companies are considered nodes. We analyze the evolution of the listed company co-holding network from several perspectives, including that of the whole network, of information control ability, of implicit relationships, of community division and of small-world characteristics. The results of the analysis indicate that (1) China's developing stock market affects the share-holding condition of listed companies holding non-listed financial companies; (2) the information control ability of co-holding networks is focused on a few listed companies and the implicit relationship of investment preference between listed companies is determined by the co-holding behavior; (3) the community division of the co-holding network is increasingly obvious, as determined by the investment preferences among listed companies; and (4) the small-world characteristics of the co-holding network are increasingly obvious, resulting in reduced communication costs. In this paper, we conduct an evolution analysis and develop an understanding of the factors that influence the listed companies co-holding network. This study will help illuminate research on evolution analysis.

  9. Ownership, Managerial Control and the Governance of Companies Listed on the Brussels Stock Exchange

    NARCIS (Netherlands)

    Renneboog, L.D.R.

    1999-01-01

    This paper examines how corporate control is exerted in companies listed on the Brussels Stock Exchange. There are several alternative corporate governance mechanisms which may play a role in disciplining poorly performing management: blockholders (holding companies, industrial companies, families a

  10. Ownership, Managerial Control and the Governance of Companies Listed on the Brussels Stock Exchange

    NARCIS (Netherlands)

    Renneboog, L.D.R.

    1999-01-01

    This paper examines how corporate control is exerted in companies listed on the Brussels Stock Exchange. There are several alternative corporate governance mechanisms which may play a role in disciplining poorly performing management: blockholders (holding companies, industrial companies, families

  11. The Corporate Governance of Australian Listed Construction Companies

    Directory of Open Access Journals (Sweden)

    Patrick Tait

    2012-11-01

    Full Text Available This paper compares the compliance level of Australian StockExchange (ASX listed construction and non-constructioncompanies with the ASX Corporate Governance Council (CGCrecommendations on sound corporate governance. It alsoexamines the difference in board characteristics between thetwo groups, paying particular attention to differences in boardindependence. It concludes that compared with the top 20 ASXlisted non-construction companies, listed construction companiesare less compliant overall particularly with regards to boardstructure, and have lower levels of independence both in terms ofCEO/Chairperson duality, the ratio of executive to non-executiveindependent directors and independent membership of nomination,remuneration and audit committees. These conclusions areimportant because sound corporate governance has beenassociated with higher levels of organisational resilience derivedfrom the reputational and fi nancial benefi ts of greater transparency,market value, investor attractiveness and organisationalperformance.

  12. ENVIRONMENTAL REPORTING AND CORPORATE GOVERANANCE FOR FTSE 100 LISTED COMPANIES

    Directory of Open Access Journals (Sweden)

    IENCIU IONEL-ALIN

    2012-12-01

    Full Text Available Because environmental information reporting remains voluntary on an international scale, there are major difference in terms of quality and quantity of environmental information, reported by entities from varied sectors and countries. Within this study, I have focused on internal characteristics, consisting mainly in how the entity is managed, in order to identify the existence of certain associations between the characteristics of corporate governance and the existence of environmental reporting. The literature in the field suggests various results related to the correspondence between corporate governance characteristics and environmental reporting. Within the factors suggested by the literature are the board structure, presence of the board committee, the separation between the Chairman of the Board and the Chief Executive Officer, shareholder structure. The paper represent an empirical analyze on how corporate governance characteristics might explain the level of environmental reporting. I suggest a model comprising corporate governance characteristics like: board independence, board size, existence of a Social Responsibility Committee that could explain environmental reporting. The sample comprises 48 companies listed at London Stock Exchange FTSE 100. From FTSE 100 I select only the companies that activates in sectors of activity that may have an impact on the environment such as Aerospace & Defence, Automobiles & Parts, Beverages, Chemicals, Electricity, Food & Drug Retailers, Food Producers, Gas, Water & Multiutilities, General Industrials, Health Care Equipment & Services, Household Goods, Industrial Engineering, Mining, Oil & Gas Producers, Oil Equipment, Services & Distribution, Personal Goods, Pharmaceuticals & Biotechnology, Tobacco. My results show that, from the point of view of the London Stock Exchange FTSE 100 listed companies, the presence of an environmental committee in the board help reduce the conflict of interests between

  13. Financial distress and bankruptcy prediction among listed companies using accounting, market and macroeconomic variables

    NARCIS (Netherlands)

    Hernandez Tinoco, Mario; Wilson, Nick

    2013-01-01

    Using a sample of 23,218 company-year observations of listed companies during the period 1980–2011, the paper investigates empirically the utility of combining accounting, market-based and macro-economic data to explain corporate credit risk. The paper develops risk models for listed companies that

  14. Financial distress and bankruptcy prediction among listed companies using accounting, market and macroeconomic variables

    NARCIS (Netherlands)

    Hernandez Tinoco, Mario; Wilson, Nick

    2013-01-01

    Using a sample of 23,218 company-year observations of listed companies during the period 1980–2011, the paper investigates empirically the utility of combining accounting, market-based and macro-economic data to explain corporate credit risk. The paper develops risk models for listed companies that

  15. Reorganization of Lithuanian Airspace

    Directory of Open Access Journals (Sweden)

    Vaidotas Kondroška

    2011-04-01

    Full Text Available The basic purpose of the article is considering problems related to ensuring the required capacity of Lithuanian airspace and organising the provision of air traffic services in the most efficient way. The paper presents the results of analysis and experimental research on several scenarios of Lithuanian airspace models that are the most appropriate from the point of view of air traffic control. To allow for a realistic comparison between the scenarios and traffic samples, the current route network, a real traffic sample and the existing traffic dynamics have been used. Furthermore, all other related aspects such as flight level occupancy, flight time, aircraft type and traffic flows have been taken into consideration. The results of analysis will form a basis for ensuring the required capacity of Lithuanian airspace. Article in Lithuanian

  16. Baltic Listed Companies´ disclosure quality – far ahead or lagging behind?

    Directory of Open Access Journals (Sweden)

    Imbi Karmo

    2014-08-01

    Full Text Available The objective of this paper is to determine the level of average quality of disclosures made in English by biggest companies listed on Baltic stock exchanges and to analyse it in the context of biggest companies listed on other Central and Eastern European (CEE and three developed European (EU stock exchanges. Content analysis reveals that the disclosure quality level of Baltic listed companies outperforms that of other CEE peers by at least 30% and in the context of stock exchange web page disclosures 50 to 80%. Compared to companies listed on developed EU stock exchanges, the disclosure quality of Baltic listed companies is slightly lower in the company home page category, however, it outperforms in the context of stock exchange web page disclosures. This result raises concerns about possibly too restrictive stock exchange web page disclosure regulations which may have a negative impact on the future outlook of Baltic stock exchanges.

  17. Government Control,Uncertainty,and Investment Decisions in China’s Listed Companies

    Institute of Scientific and Technical Information of China (English)

    Liping Xu; Jingwei Wang; Yu Xin

    2010-01-01

    This paper empirically investigates the relation between uncertainty and investment among China’s listed companies, and analyzes the influence of government control on the investment-uncertainty relation. We find that there is a negative relation between total firm uncertainty and investment in China’s listed companies. However, this holds only for privately controlled firms. Among privately controlled listed firms, investment is negatively related to firm-specific uncertainty, whereas among government-controlled ones, investment is positively related to market uncertainty. We also find that the risktaking preference of government-controlled listed companies is greater among those firms with fewer investment opportunities. Finally, among financially distressed firms, the negative relation between investment and uncertainty becomes nonsignificant because of risk shifting, which is more serious among government-controlled listed companies. We conclude that government control leads to state interference and weak corporate governance, which, in turn, distorts investment decision making among listed companies.

  18. Risks of U.S. Listings by China's Companies

    Institute of Scientific and Technical Information of China (English)

    2015-01-01

    CHINA is the only one of the world's three larg- est economies in which a significant number of its most important companies are listed on share markets outside direct regulatory control of their home country's main financial administration. Almost all major U.S. companies are listed in the U.S. The same applies in Japan. But many Chinese compa- nies are listed in Hong Kong, part of China but with separate regulation and capital markets from China's mainland eeonomy. Furthermore a significant number of Chinese companies are listed in London and the U.S.

  19. 2016 Bluebook of china Listed Paper companies%2016年纸业上市公司蓝皮书

    Institute of Scientific and Technical Information of China (English)

    李嘉伟

    2016-01-01

    Blue Book of China Listed Paper Companies is made by CPPI Publishing House annually, and it has lasted for four years from 2012. This year, 8 listed paper companys are added, including Bohui Paper and 7 paper companys which listed in Hong Kong Stock Exchange. This is the ifrst time for CPPI Publishing House to interpret the paper companys which are listed both in mainland and Hong Kong. You will ifnd that the analysis of this Blue Book is mainly from the angle of company operation. We hope to let the readers know the whole situation of paper industry from the analysis of the annual report of the China listed paper companys. In the 2016 Blue Book of China Listed Paper Companys, there were 30 listed paper companys included in the Blue Book, from this edition, you will ifnd the development situation of China listed paper companys.

  20. Determinants of revenue recognition disclosures: the case of Jordanian industrial listed companies

    OpenAIRE

    Mardini, Ghassan H.; Power, David M.

    2015-01-01

    The focus of this study is on the extent to which IAS 18 is applied by Jordanian industrial companies. Specifically, the objectives of this study are: 1) to investigate the extent of application of IAS 18 in selected Jordanian industrial companies listed on the Amman Stock Exchange (ASE); 2) to investigate the impact of certain corporate characteristics such as company size, profitability, liquidity, leverage, listed status and ownership on the application of IAS 18 among Jordanian industrial...

  1. A Default Model of The Non-listed Companies Under Asymmetric Information

    Institute of Scientific and Technical Information of China (English)

    Wang Fake

    2013-01-01

    For the financing difficulties of the non-listed companies, A continuous credit risk model is created which is based on the asymmetric information theory.In the model,the value of the non-listed companies is estimated by the free cash flow,and the loan discussed contains the collateral asset.Based on the model,The default probability,the LGD and the largest company debts are discussed.

  2. Ranking Water Transparency of Dutch Stock-Listed Companies

    National Research Council Canada - National Science Library

    Marissa H Linneman; Arjen Y Hoekstra; Wouter Berkhout

    2015-01-01

    ... good water stewardship. In order to create awareness on this issue and provide an incentive for companies to improve the water performance in their operations and supply chain, a method for ranking companies based...

  3. Research of Microcosmic Affection Factors on Capital Misallocation: A Case of Chinese Listed Companies

    Directory of Open Access Journals (Sweden)

    Zhefan Piao

    2016-01-01

    Full Text Available With the restrictions of equity financing of Chinese listed companies, debt dimensions are increasing, and the issue of corporate financial structure and financing constraints influence on capital misallocation has become an important practical problem which Chinese listed companies face. This paper is concerned with a model about capital misallocation and its influencing factors of integrated financing, capital operation, and investment performance. We take 7096 observations of 646 Chinese listed companies during fiscal years 2003 to 2014 for A-shares on the Shanghai and Shenzhen stock exchange, for instance, to empirically test the microscopic influencing factors of capital misallocation under different external financing dependence. The study illustrates the following: (1 in descriptive statistics of different industries capital misallocation, more than half of firms experience the circumstance of capital misallocation; (2 although Chinese listed companies are faced with financing constraints, capital market inefficiency, and other issues, most companies still depend on external financing; (3 the main factors that affect capital misallocation of the listed companies are financial liquidity and financial pledgeability; (4 the firms with high innovation abilities generally have stronger profitability, superior financial liquidity, and better financial pledgeability, thus reducing corporate capital misallocation; (5 the Chinese listed companies with large-scale assets and strong profitability easily obtain bank loans and equity financing, while violating the principle of assets matching.

  4. Performance Evaluation of China’s Agricultural Listed Companies Based on DEA Model

    Institute of Scientific and Technical Information of China (English)

    2012-01-01

    In order to evaluate the performance of China’s agricultural listed companies,we analyze the overall efficiency,pure technical efficiency and scale efficiency of China’s agricultural listed companies on the basis of input-output data concerning 34 agricultural listed companies,using BCC model in data envelopment analysis ( DEA) model. Then we analyze input-output redundancy situation using the slack variable derived from the model. The results show that the overall efficiency of China’s agricultural listed companies is good,and the gap in efficiency between sub-industries is small; there is significant difference in performance between listed companies engaged in the same sub-industry,and the reason for invalid DEA in companies within the industry is complex; total assets and asset-liability ratio are high,and the effective output is not fully realized. Finally corresponding recommendations are put forward for promoting the performance of agricultural listed companies as follows: strengthening brand awareness; promoting the level of production technology; adjusting the input structure; transforming the agricultural growth mode.

  5. Lithuanian Publisher’s Needs for Training

    Directory of Open Access Journals (Sweden)

    Arūnas Gudinavičius

    2016-12-01

    Full Text Available The survey on the training and professional development needs of Lithuanian publishers was designed and conducted. The pilot research showed that publishers in Lithuania have an interest in professional training. According to the results, the need for training among the employees of Lithuanian publishing houses depends on the previous training experience: the more training courses the employee had before, the greater need for training he/she expresses. 82% of publishing house employees from four different fields agreed and strongly agreed on the need for training. Very few employees would like to pay for training by themselves. The identified need for training appears to reflect the nature of the problems encountered in the publishing field in Lithuania: Copyright, Law & Rights is the most wanted training topic among managing directors. The list of preferred topics for training can be used as the grounds for creating a supply of publishing training courses.

  6. EVALUATION OF ENVIRONMENTAL REPORTING FOR COMPANIES LISTED ON THE LONDON STOCK EXCHANGE

    National Research Council Canada - National Science Library

    Ienciu Ionel-Alin

    2011-01-01

    ...; Taylor and Shan, 2007; Sumiani et al, 2007). The main objective targeted by this study is the evaluation of environmental reporting for the European companies listed on the London Stock Exchange...

  7. The Value and Incentives of Option-based Compensation in Danish Listed Companies

    DEFF Research Database (Denmark)

    Bechmann, Ken; Jørgensen, Peter Løchte

    2003-01-01

    contracts issuedby the complete sample of Danish companies listed on the Copenhagen Stock Exchange.A newly constructed database containing all publicly available information on details of DanishOBC contracts allows us to present, for example, results regarding contract values at an aggregated aswell...... as at firm, personnel group, and individual level. The paper also contains a section which discussesand presents evidence on the incentive effects provided by the option-based compensation contractsadopted by Danish listed companies....

  8. Lithuanian mammal fauna review

    Directory of Open Access Journals (Sweden)

    Linas Balciauskas

    1996-12-01

    Full Text Available Abstract Data on Lithuania mammal fauna are presented. From 78 mammal species recorded in Lithuania, 7 were seen only in the 17-18th centuries, two species are extinct. Recent Lithuanian mammal fauna contains 68 species. Five of them are observed occasionally. 63 mammal species are permant inhabitants, 18 included in the Red Data Book, mostly bats and dormice. 8 mammal species were introduced or reintroduced. Population tendencies of game animals are also considered.

  9. Ownership and Determinants Capital Structure of Public Listed Companies in Indonesia: a Panel Data Analysis

    Directory of Open Access Journals (Sweden)

    Arief Tri Hardiyanto

    2013-04-01

    Full Text Available Capital structure is a mix of debts and equities used by a company to finance its investment. Debt offers benefit of tax shield from interest expenses that can be deducted in calculating company income tax. Unfortunately, company can not use debts in unlimited amount because it will lead to risk of bankcrupt. Therefore, company needs to establish a target (unobserved capital structure which will optimize the value of the firm. The purpose of this study is to investigate the determinant of capital structure and ownership in public listed companies in Indonesia Stock Exchange using Time-Series Cross-Section Regression (TSCSREG and supported with a balanced panel data. Data used are financial statements of 228 public listed companies from group of eight industry sectors. Research finding confirms that tax shield and fixed financial burden are significantly influence the capital structure and state ownership also significantly influence the capital structure of the state owned enterprises.

  10. Ownership and Determinants Capital Structure of Public Listed Companies in Indonesia: a Panel Data Analysis

    Directory of Open Access Journals (Sweden)

    Arief Tri Hardiyanto

    2013-04-01

    Full Text Available Capital structure is a mix of debts and equities used by a company to finance its investment. Debt offers benefit of tax shield from interest expenses that can be deducted in calculating company income tax. Unfortunately, company can not use debts in unlimited amount because it will lead to risk of bankcrupt. Therefore, company needs to establish a target (unobserved capital structure which will optimize the value of the firm. The purpose of this study is to investigate the determinant of capital structure and ownership in public listed companies in Indonesia Stock Exchange using Time-Series CrossSection Regression (TSCSREG and supported with a balanced panel data. Data used are financial statements of 228 public listed companies from group of eight industry sectors. Research finding confirms that tax shield and fixed financial burden are significantly influence the capital structure and state ownership also significantly influence the capital structure of the state owned enterprises.

  11. Effects of Capital Structure and Profitability on Corporate Value with Company Size as the Moderating Variable of Manufacturing Companies Listed on Indonesia Stock Exchange

    National Research Council Canada - National Science Library

    Mahdaleta, Ela; Muda, Iskandar; Nasir, Gusnardi Muhammad

    2016-01-01

    This study aims to determine the effect of capital structure and profitability on the corporate value by company size as the moderating variable on manufacturing companies listed on Indonesia Stock...

  12. Social partners divided on issue of employee rights in listed companies

    NARCIS (Netherlands)

    R. van het Kaar; M. Grünell

    2008-01-01

    In February 2008, the Social and Economic Council (SER) issued a recommendation on the position of employees in listed companies, redefining the rights and responsibilities of company boards, and employer and employee representatives. The Minister of Finance rejected the recommendation, arguing that

  13. Social partners divided on issue of employee rights in listed companies

    NARCIS (Netherlands)

    van het Kaar, R.; Grünell, M.

    2008-01-01

    In February 2008, the Social and Economic Council (SER) issued a recommendation on the position of employees in listed companies, redefining the rights and responsibilities of company boards, and employer and employee representatives. The Minister of Finance rejected the recommendation, arguing that

  14. DO LISTED COMPANIES IN PSE MEET IFRS DISCLOSURE REQUIREMENTS

    National Research Council Canada - National Science Library

    TEREZA MIKOVÁ; MARIANA VALÁSKOVÁ

    2013-01-01

    .... Because of increased force to comparability between companies, the idea of one single-setting globally accepted financial reporting standards was started in 1973 in London by International Accounting...

  15. Liability and the Relationship With Accounting Conservatism Among Companies Listed at Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Farideh Derakhshan

    2014-06-01

    Full Text Available The resent study aims at investigating the relationship between liability and accounting conservatism, while having in mind the primary goal of management as to maximize shareholders’ wealth. Financial statements of 80 companies listed at Tehran Stock Exchange from 2006 to 2011 were analyzed. The companies in order to satisfy higher return should have adequate and appropriate financial resources, which are provided by using financial instruments such as liability and stock. Population of the study accounts for 80 companies listed at Tehran Stock Exchange, among which 68 were chosen through elimination sampling method. Hypotheses of the study were tested using multivariate regression model and T-test.

  16. An Empirical Study of the Relationship between the Listed Company Stock Returns and the Credit Rating

    Directory of Open Access Journals (Sweden)

    Wang Yong

    2015-01-01

    Full Text Available Based on the analysis of stock price changes motives, we select five indicators (market systemic risk, book-to-market ratio, net income per share, net profit growth rate and size of the company from the factors which affect stock yields, introduce the variable-credit rating, construct a multi-factor model which is suitable for China's stock market, study the relationship between stock yields of listed companies and credit rating. It was found that stock yields are negatively related to credit risk, and listed companies with low credit risk will get higher stock returns in the future than those with high credit risk.

  17. The analysis of capital structure of Chinese real estate listed companies

    Institute of Scientific and Technical Information of China (English)

    LI Peng-yan; LUO Qing-sheng; AO Li-feng

    2005-01-01

    Capital structure is the basis for assessing the efficiency of enterprise financing activity. The rational capital structure could reduce the cost of capital and plays an important role in managing a company. Thus this paper, based on the real estate listed companies on Shenzhen and Shanghai stock markets, analyzes the factors which influence capital structure, such as profitability, size, collateral value of assets, growth, stockholder's equity, concentration degree of control power, ownership attribute, and applied statistics tools used to help the real estate listed companies optimize the structure of capital.

  18. Investment Risks of Agricultural Listed Companies from Visual Angle of Natural Disasters

    Institute of Scientific and Technical Information of China (English)

    Qu Xiang; Sun Nengli; Zhang Junbiao

    2008-01-01

    The essential feature of agriculture is the interweave-ment of natural reproduction and economic reproduction. In recent years, the natural disasters have become more frequent and badly affect the production management and investment benefits. This problem has been an important risk in managing agricultural listed companies and cannot be ignored. It is of great importance to evaluate and prevent the risks of the natural disasters to enhance the competitive ability and increase the profits of those listed companies, thereby keeping the sustainable development of agri-cultural companies.

  19. Evaluation of Growth of Agricultural Listed Companies Based on AHP Weighting Method

    Institute of Scientific and Technical Information of China (English)

    Hong; LU; Yan; CHENG; Huan; GAO; Changhai; ZHOU; Qinqin; WANG

    2014-01-01

    Agriculture is the foundation of national economy,and agricultural development is related to the rapid development of long-term stability of the society and economy. Agriculture includes farming,forestry,animal husbandry,and fisheries. Agricultural listed company as an agricultural enterprise " leader",which directly affects the development of the entire growth of the agricultural industry development and policy,so the study of agricultural listed company’s growth is particularly important. This paper uses AHP weighting method to evaluate 2012 financial data on the growth of agricultural listed companies.

  20. Diversification and Corporate Performance: Evidence from China's Listed Energy Companies

    National Research Council Canada - National Science Library

    Qiming Li; Wenhuan Wang; Yiping Lou; Ke Cheng; Xiaoguang Yang

    2016-01-01

    ... industry, macro economy, society and environment. In this paper, the effects of two business strategies-industrial diversification and international diversification-on the performance of listed energy firms are empirically investigated...

  1. [Preliminary study on main impacting factors on brand equity of listed traditional Chinese medicine companies].

    Science.gov (United States)

    Tan, Wei; Geng, Dong-Mei; Rong, Xue; Li, Zi; Liu, Wei; Yang, Li; Xu, Si-Qun; Jie, Xiao-Qian

    2013-05-01

    The brand equity is valuable intangible assets of traditional Chinese medicine companies, who are excellent representatives of traditional Chinese medicine enterprises and the most promising ones to good international medicine brands. However, there is still no systematic study on how to correctly evaluate the brand equity of listed traditional Chinese medicine companies at present. To make it clear, the main impacting factors on brand equity of listed traditional Chinese medicine companies, both structured open outline pre-research and closed questionnaire research were adopted for the field survey, and some suggestions for how to protect and enhance the brand equity were also presented on the basis of survey and analysis, in the hope of improving the brand management level of listed traditional Chinese medicine companies, and making a beneficial exploration for the development of brand theory of the traditional Chinese medicine industry.

  2. The influence of the environmental management system on the environmental impact of seaport companies during an economic crisis: Lithuanian case study.

    Science.gov (United States)

    Anne, Olga; Burskyte, Vilma; Stasiskiene, Zaneta; Balciunas, Arunas

    2015-01-01

    Freight handling in EU ports fell by more than 12 % during the global economic crisis in 2008-2009 after almost a decade of continuous growth. The decrease of freight handling in the Klaipeda seaport, the only port in Lithuania, was 6.7 % and happened due to the dominant outward movement of goods (mainly oil products). The Klaipeda seaport, due to its peculiarity, is the only ice-free port in the northern part of Baltic Sea. The present study explores the environmental impact of Klaipeda seaport activities from 2001 to 2011. Moreover, it compares the environmental effectiveness of environmental protection strategies used in the four biggest companies that, in fact, cover about 88 % of total activities (except general cargo) of the seaport. The first group of targeted companies used an environmental protection strategy to implement an ISO 14001-based environmental management system, and the second group selected to follow environmental management practices without certification. The paper analyses the development of the companies' activities in regard to the change of environmental effectiveness. The paper evaluates the pressure of the economic crisis on the companies' activities and its influence on environmental decisions, with particular interest in the ability of different environmental protection systems to resist and handle the expected performance. The study identified a significant decrease in companies' activities during the crisis period. However, the economic activities and environmental effectiveness demonstrated similar short-term tendencies in regard to the environmental strategy selection but differed in long-term perspective.

  3. The use of economic indicators from the Global Reporting Initiative by Spanish listed companies

    Directory of Open Access Journals (Sweden)

    María José García

    2014-12-01

    Full Text Available Purpose: Corporate Social Responsibility (CSR in companies is widely accepted within today’s business community. However, the intangibility of this concept and the dispersion of related standards and regulations has created a context characterized by lack of homogeneity in the publishing of CSR results. The present study aims to determine the extent to which Global Reporting Initiative (GRI indicators are used by Spanish listed companies. Design/methodology/approach: An empirical analysis has been performed to asses and evaluate the 2011 CSR reports published by the companies listed on the IBEX-35, the Spanish stock exchange index which includes the most important listed companies. The analysis is centered exclusively on the economic indicators established by the GRI. The methodology used to interpret the results is based on the procedures of multivariate analysis, namely principal components analysis, correlation matrix, and hierarchical clustering. Findings: The results of the study show that although the GRI tool is used extensively within the IBEX-35, the level of performance regarding the parameters established by the GRI varies depending on the studied company and indicator. Research limitations: This study focuses on the biggest Spanish listed companies; thus, the conclusions may differ in other geographic locations, as well as for smaller businesses. Practical implications: This line of research helps to know more about the social reporting policies of big Spanish listed companies. Social implications: The evidence provided by this study helps to know more about the Corporate Social Responsibility policies and sustainability reports and declarations of social and environmental values governing their organizations. Originality/value: This study is the first using principal component analysis in Spanish listed companies focusing in the economic indicators of the GRI.

  4. DO LISTED COMPANIES IN PSE MEET IFRS DISCLOSURE REQUIREMENTS

    Directory of Open Access Journals (Sweden)

    TEREZA MIKOVÁ

    2013-12-01

    Full Text Available Strong international integration and globalization affects the contemporary world´s economy which has influence in development of movement of capital, financial markets and decision making of each business entity. Because of increased force to comparability between companies, the idea of one single-setting globally accepted financial reporting standards was started in 1973 in London by International Accounting Standards Committee (IASC as a standards setter of International Accounting Standards (IAS. In the year 2000 the International Organization of Securities Commission (IOSCO recommended to use IFRS for all their members. The paper states about Prague Stock Exchange (PSE as a member of IOSCO, its index PX and companies which create the index PX. The index base is composed of 14 companies which reported their financial statements in accordance with International Financial Reporting Standards (IFRS, earlier IAS. The aim of the paper is to briefly introduce Prague Stock Exchange and index PX and to evaluate the chosen disclosure requirements of companies which create the index. The disclosure requirements, which are assessed are chosen from IAS 1: Presentation of Financial Statements and IFRS 8: Segments reporting. Research of disclosure requirements has been done by gathering the financial statements from years: 2011 and 2012 and assessment of chosen question is based on disclosure requirements of IAS 1 and IFRS 8. Those standards were chosen because of the wide range of companies. The next part of research is to assess the development between the compared years.

  5. A survey of executive compensation contracts in China’s listed companies

    Directory of Open Access Journals (Sweden)

    Yubo Li

    2013-09-01

    Full Text Available We analyze 228 executive compensation contracts voluntarily disclosed by Chinese listed firms and find that central-government-controlled companies disclose more information in executive compensation contracts than local-government-controlled and non-government-controlled companies. Cash-based payments are the main form of executive compensation, whereas equity-based payments are seldom used by Chinese listed companies. On average, there are no significant differences in the value of basic salaries and performance-based compensation in executive compensation contracts. But, compared with their counterparts in non-government-controlled companies, executives in government-controlled companies are given more incentive compensation. Accounting earnings are typically used in executive compensation contracts, with few firms using stock returns to evaluate their executives. However, the use of non-financial measures has increased significantly since 2007.

  6. A survey of executive compensation contracts in China’s listed companies

    Institute of Scientific and Technical Information of China (English)

    Yubo; Lia; Fang; Lou; Jiwei; Wang; Hongqi; Yuan

    2013-01-01

    We analyze 228 executive compensation contracts voluntarily disclosed by Chinese listed firms and find that central-government-controlled companies disclose more information in executive compensation contracts than localgovernment-controlled and non-government-controlled companies. Cashbased payments are the main form of executive compensation, whereas equity-based payments are seldom used by Chinese listed companies. On average, there are no significant differences in the value of basic salaries and performance-based compensation in executive compensation contracts.But, compared with their counterparts in non-government-controlled companies, executives in government-controlled companies are given more incentive compensation. Accounting earnings are typically used in executive compensation contracts, with few firms using stock returns to evaluate their executives. However, the use of non-financial measures has increased significantly since 2007.

  7. The study of issuance of stocks in venture companies listed in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Ali Amiri

    2016-09-01

    Full Text Available In order to implement the profitable projects, achieve the maximum efficiency, and increase their shareholders, companies may use different types of financial resources in different ways. The ability of companies to identify the internal and external resources for providing capital and financial programs is considered as one of the main factors that affects on the growth and development of the companies. Financing resources and their usage volume are factors that affect on the companies’ operating performance. In this regard, companies and economic institutions can be financially provided from both inside and outside. Companies can issue and sell new common stocks to investors to provide their required financial resources. This study was conducted to investigate the issuance of stocks as one of resources of financing in the companies. Statistical population of this study was active listed companies in Tehran Stock Exchange. The sample of study was selected among listed companies raising capital through applying stage random sampling and simple random sampling. Sampling was conducted during the period 2008-20013 and finally the sample size including 40 companies were chosen using a Cochran formula. To analyze the obtained information, t-test and correlation coefficient were used. Although the results of the study revealed that there was no significant difference between the internal sources of financing and the issuance of stocks among the studied companies, there is a significant relationship between companies’ issuance of stocks and their size. Companies increase the use of retained earnings and stocks for financing through expanding the size of companies. Also, due to the existence of relationship between financing and the fixed assets of the companies through issuing the stocks of companies, no statistically significant relationship were observed between financing and companies’ profitability. Finally, there was no significant

  8. Relationship Analysis between Profitability and Capital Structure of the Food Industry Listed Companies

    Directory of Open Access Journals (Sweden)

    Yazhou Xiong

    2015-08-01

    Full Text Available This study aims to analyze the relation between profitability and capital structure of the food industry listed company and improve their capital structure. According to income rank of the food industry listed companies in China on August 1, 2014, provided by Chinese commerce intelligence network, this study makes a study on the growth level and operating status of the food industry listed companies from their panel data of third quarter report in 2014 and the profitability of enterprises is one of the important content of corporate financial analysis; corporate capital structure directly affects the business performance and long-term development. This study selects 4 indicators which mainly affect the profitability of enterprise, uses the method of factor analysis to make the comprehensive evaluation score on the 21 representative food industry listed companies in China, and carries on the correlation analysis and regression analysis to the assets and liabilities rate of the enterprise which is a main index to reflect the capital the structure, obtains the relationship between profitability and capital structure of the food industry listed companies.

  9. An evolution analysis of executive-based listed company relationships using complex networks

    Science.gov (United States)

    An, Feng; Gao, Xiangyun; Guan, Jianhe; Li, Huajiao; Liu, Qian

    2016-04-01

    This paper addresses the problem of relationship analysis of listed companies. It mainly focuses on the analysis of affiliation relationship network among listed companies based on the co-attendance behavior of senior executives. In order to solve this problem we propose a two-stage method. In stage 1, we propose a method of network construction which can change the two-mode affiliation network to one-mode network using model-descending process, and in stage 2, we analyze the networks from stage 1 in four aspects includes analysis of topological characteristic, influence distribution, information control ability distribution and small world phenomenon. We then took a case of Chinese listed companies' executive-based network as an example of the method and the results of the case study showed that the co-attendance behaviors of executives became more widespread (the number and percentage of related listed companies increased 624% and 322%) and that more companies preferred to relate to others on this level, improving the stability of the massive company structures.

  10. Ultimate Government Control Structures and Firm Value:Evidence from Chinese Listed Companies

    Institute of Scientific and Technical Information of China (English)

    Kun Wang; Xing Xiao

    2009-01-01

    We show that 70% of Chinese listed companies are ultimately controlled by government agencies, thereby indicating that state ownership remains widespread in China’s stock markets. Three questions are considered that are related to government control structures and their impact on firm value:(1) how do government agencies maintain their control of listed companies;(2) what are the impacts of different government control structures on firm value; and(3) are these impacts different in local government and central government-controlled firms? We find that the Chinese government controls listed companies directly or indirectly through solely state-owned enterprises(SSOEs). Taking into account the trade-off between political and agency costs, we show that firm value increases when some control rights are decentralized from the government to state-owned enterprises(SOEs). Moreover, decentralization improves significantly the performance of local government- controlled, but not central government-controlled firms.

  11. Listing of United States companies that supply goods and services for geothermal explorers, developers and producers internationally

    Energy Technology Data Exchange (ETDEWEB)

    1987-08-01

    This List is composed solely of US companies with major offices within the United States. All of the companies listed are involved in selling geothermally related goods and services internationally, or have the proven capability to do so. Each specific listing includes the company name, the name or title of the key contact person, address, telephone and if available a facsimile machine or telex number.

  12. WORKING CAPITAL MANAGEMENT, PROFITABILITY AND RISK – ANALYSE OF COMPANIES LISTED ON THE WARSAW STOCK EXCHANGE

    OpenAIRE

    Bolek, Monika

    2014-01-01

    This paper presents the problem of working capital management, profitability and risk represented by working capital strategy. According to the theory the more working capital is engaged in the company resulting in higher liquidity the lower the profitability and risk connected to the liquidity. On the other hand we can expect that the lower the working capital level and hence the liquidity the higher the profitability and risk., The author decided to test companies listed on the Warsaw Stock...

  13. Ownership Structure, Corporate Governance and Financial Performance: A Study of Public Listed Companies in Malaysia

    OpenAIRE

    Wong, Jyh Juan

    2006-01-01

    This research study is aimed at the top 200 capitalized companies listed in Bursa Malaysia as of 31 December 2005. We analyzed these companies’ corporate governance disclosure and practices, financial performance and whether there are significant relationship between having good corporate governance and achieving better financial outcome. The uniqueness of this study from others is that we segregate the findings based on different ownership structures of these sample companies, for comparativ...

  14. Self-perception of ethical behaviour: The case of listed Spanish companies

    Directory of Open Access Journals (Sweden)

    Maria José García López

    2016-02-01

    Full Text Available Purpose: This article aims to research into the perception that companies have of their ethical behavior. Design/methodology/approach: A questionnaire was conducted in June 2014 among the listed companies that comprise the IBEX35 index of Spanish stock exchanges. For the statistical analysis, contingency tables (double entry were drawn up as well and several statistical tests (Cramer’s V, Pearson’s x2, Kendall’s correlation coefficient; and Goodman and Kruskal’s Gamma. Findings: The results show the self-perception that listed Spanish companies have of their ethical behaviour, with the observation that, generally, they have a greater perception than the reality of the study actually shows. Research limitations: Main limitations are that the sample size is small, although it includes the largest listed companies in the country. Respondents were essentially the Corporate Social Responsibility managers, so they may not be familiar with some of the subjects on which they were questioned, as we are dealing with large companies where responsibilities may be very compartmentalised. Practical implications: This line of research helps to know more about the self perception of big Spanish listed companies about their ethical behavior. Social implications: The evidence provided by this study helps to know more about aspects than can be improved in connection the ethical behavior in companies. Recent scandals make the topic very relevant from a social point of view. Originality/value: In recent years there has been much talk about the ethics of organisations and studies on the subject are plentiful. However, there has been scarcely any research into the perception that companies themselves have of their ethical behaviour.

  15. Studies on TOP executive performance evaluation system of Chinese listed companies

    Institute of Scientific and Technical Information of China (English)

    WANG De-wu 王德武; JIANG Guo-qing 姜国庆; JIANG Shuo 姜硕; HUANG Allen R

    2004-01-01

    According to the development status of Chinese listed companies, it is important to implement a stock option incentive plan for the top executives (TE) of the companies. It is necessary to establish a set of indices to evaluate a top executive's performance and award performance-based stock options to them scientifically and reasonably.This thesis sets indices from the perspective of the top executive's behaviour and results,which differs from the traditional methods performance evaluation.

  16. DETERMINANTS OF ENVIRONMENTAL DISCLOSURE IN REPORTS OF COMPANIES LISTED IN BOVESPA

    OpenAIRE

    Silva, Márcio Nunes da; Lima, José Alexandre Soares de Oliveira; Freitas, Maurício Assuero Lima de; Filho, Lucivaldo Lourenço da Silva; Lagioia, Umbelina Cravo Teixeira

    2015-01-01

    This study aimed to investigate the determinants that influence environmental disclosures in the annual reports of listed companies in BMeFBOVESPA. To achieve it, the financial statements for 2012 of 43 companies that are embedded in high environmental impact sectors in accordance with the law 10,165 / 00 were collected. For data analysis, a content analysis by counting words through Nvivo 10 After classification, organization and categorization of the data a model of multiple linear regressi...

  17. Business Ethics and Integrity a Case Study on 300 U.S. Listed Companies

    OpenAIRE

    Tinjala Diana-Maria; Pantea Lavinia Mirela; Alexandru Buglea

    2015-01-01

    Profit-maximizing behavior or moral integrity? Can companies have both? Our study takes a look at 300 U.S. based companies listed on the New York Stock Exchange and NASDAQ, and their way of dealing with business ethics. The research undertaken focuses on the content analysis method, using the corporate Codes of conduct and Corporate Social Responsibility (CSR) reports. The study reveals the evolution of the corporate ethics policies and programs throughout the years 2010- 2014. We also take a...

  18. An exploratory study of the understandability of listed companies' annual reports

    Institute of Scientific and Technical Information of China (English)

    SUN Manli

    2007-01-01

    In order to investigate the comprehension difficulties arising from the highly-specialized writing formats of listed companies' annual reports, this research evaluates investors' comprehension of annual reports and discusses ways to improve their understandability. The Cloze method is employed in this experimental study involving university students and preliminary testing. This research concludes that the understandability of Chinese listed companies' annual reports is close to the comprehension capacity of semi-professional investors but beyond non-professional investors. The extensive use of a great number of accounting jargons is likely the main cause for comprehensive difficulties for non-professionals.

  19. Corporate Governance, Ownership and Financial Distress of Publicly Listed Companies in China

    Institute of Scientific and Technical Information of China (English)

    WangZhen; LiuLi; ChenChao

    2004-01-01

    This paper examines the effects of internal control mechanisms on the financial distress of publicly listed companies in China. Using t-test and Logistic regression analysis, we investigated the following aspects: ownership by top managers and the CEO, the number of directors, the percentage of inside directors, CEO duality, and ownership concentration. The empirical tests indicate a lower probability of financial distress when ownership by top managers and that by the CEO are higher. The evidence also shows that a combination of two parts, the CEO and the chairman of the board, may influence the internal control system of a publicly listed companies.

  20. Corporate governance and audit fees: Evidence from companies listed on the Shanghai Stock Exchange

    Directory of Open Access Journals (Sweden)

    Xingze Wu

    2012-12-01

    Full Text Available This study uses data from companies listed on the Shanghai Stock Exchange to investigate the relationship between corporate governance and audit fees. Full sample results reveal a significant negative relationship between corporate governance and audit fees, and subsample results further show that corporate governance’s influence on audit fees is affected by corporate growth. The negative relationship between corporate governance and audit fees is economically and statistically significant in sample companies that grew moderately during the sample period, and mixed or insignificant in companies that experienced overly fast or negative growth.

  1. Corporate governance and audit fees: Evidence from companies listed on the Shanghai Stock Exchange

    Institute of Scientific and Technical Information of China (English)

    Xingze Wu

    2012-01-01

    This study uses data from companies listed on the Shanghai Stock Exchange to investigate the relationship between corporate governance and audit fees. Full sample results reveal a significant negative relationship between corporate governance and audit fees, and subsample results further show that corporate governance’s influence on audit fees is affected by corporate growth. The negative relationship between corporate governance and audit fees is economically and statistically significant in sample companies that grew moderately during the sample period, and mixed or insignificant in companies that experienced overly fast or negative growth.

  2. The adoption of integrated reporting principles by the Romanian companies listed at the Bucharest Stock Exchange

    Directory of Open Access Journals (Sweden)

    Ioana SOFIAN

    2016-12-01

    Full Text Available This paper aims to identify a company with Romanian capital that has potential to implement the integrated reporting principles, with real benefits in attracting investors and/or building an international reputation. To achieve this goal, we performed a study on companies listed at the Bucharest Stock Exchange that operate in different sectors. We analysed the investment opportunity, the reports published currently by the companies and their compliance with the International Integrated Reporting Framework in the view of preparing an integrated report. The case study revealed a high potential for the implementation of integrated reporting within Antibiotice Iași S.A. As compared to all the selected companies, this company’s reporting practices are currently the most similar to the integrated reporting. However, for the other companies, the option to publish an integrated report is viable under certain conditions, particularly in order to build a business card that is internationally recognized and universally comparable.

  3. Effecting Factors Delivered Financial Reporting Time Lines at Manufacturing Company Groups Listed IDX

    Directory of Open Access Journals (Sweden)

    Sunaryo

    2012-10-01

    Full Text Available The primary objective of this research is to learn the effect among ROA, Leverage, Company Size, and Outsider Ownership with time lines, either partially or simultaneously. Secondary data were collected by purposive sampling of manufacturing company groups listed on IDX and the preceding scientific research journals, using logistic regression to test the hypothesis simultaneously. The results of this research describe that ROA and Leverage do not significant effect to time lines, but company size and outsider ownership have significant effect to time lines. It is recommended that the topic of this research can be continued with merchandising company groups, or service company groups either general or special, like: hotels, insurances, bankings; or, with new independence variables added

  4. EFFECTING FACTORS DELIVERED FINANCIAL REPORTING TIME LINES AT MANUFACTURING COMPANY GROUPS LISTED IDX

    Directory of Open Access Journals (Sweden)

    Sunaryo Sunaryo

    2012-11-01

    Full Text Available The primary objective of this research is to learn the effect among ROA, Leverage, Company Size, and Outsider Ownership with time lines, either partially or simultaneously. Secondary data were collected by purposive sampling of manufacturing company groups listed on IDX and the preceding scientific research journals, using logistic regression to test the hypothesis simultaneously. The results of this research describe that ROA and Leverage do not significant effect to time lines, but company size and outsider ownership have significant effect to time lines. It is recommended that the topic of this research can be continued with merchandising company groups, or service company groups either general or special, like: hotels, insurances, bankings; or, with new independence variables added. 

  5. State ownership and corporate performance: A quantile regression analysis of Chinese listed companies

    NARCIS (Netherlands)

    Li, T.; Sun, L.; Zou, L.

    2009-01-01

    This study assesses the impact of government shareholding on corporate performance using a sample of 643 non-financial companies listed on the Chinese stock exchanges. In view of the controversial empirical findings in the literature and the limitations of the least squares regressions, we adopt the

  6. Audit Committee Practice in the Polish Listed Stock Companies. Present Situation and Development Perspectives

    Directory of Open Access Journals (Sweden)

    Piotr Szczepankowski

    2012-06-01

    Full Text Available The audit committee is one of the parts of corporate governance mechanism, which is understood as the relationship between corporate managers, directors and the providers of equity, people and institutions who save and invest their capital to earn the return. This study presents survey research results of audit committee activity in Polish public stock companies quoted on the Warsaw Stock Exchange (WSE. The purpose of this paper is to present the audit committee practice in Poland after 2009. The paper shows that the audit committee practice is still the most problematic issue of transitional Polish corporate governance rules. The survey has shown that the corporate needs and its implementation, and communication with listed companies leave a lot of room for improvement. The paper is based on the documents prepared in 2010 by PricewaterhouseCoopers, the Polish Association of Listed Companies and the Polish Institute of Directors.

  7. Compliance of Companies with Corporate Governance Codes: Case Study on Listed Belgian

    Directory of Open Access Journals (Sweden)

    Sven H. De Cleyn

    2014-09-01

    Full Text Available Listed and large companies become increasingly subject to internal and external pressure to comply with ethical and social standards. This article focuses on one aspect of this matter, namely the corporate governance issue. Within the framework of recent corporate scandals, this paper investigates whether and to which extent Belgian publicly listed SMEs comply with the Belgian Code on Corporate Governance after its first year of introduction, which has been constituted in the framework of the European Action Plan on Corporate Governance.In a sample of 78 Belgian listed SMEs, the compliance with the Code is analysed. After its first year of introduction, companies comply with on average 70% of the Code’s provisions. The most problematic topics in terms of disclosure of information seem to relate to (individual remuneration, private information and content of shareholders’ meetings.

  8. The Dutch 'Female Board Index 2009 : Female executive and non-executive directors on corporate boards of Dutch listed companies

    NARCIS (Netherlands)

    Lückerath – Rovers, M.

    2009-01-01

    The Dutch ‘Female Board Index 2009’ provides for the third year an overview of female representation on the Executive Boards and Supervisory Boards of 107 Dutch NV companies listed on Euronext Amsterdam. The study showed that in September 2009, 38 listed Dutch companies have one or more women on the

  9. EMPIRICAL STUDY OF THE PROBABILITY OF DEFAULT IN CASE OF ROMANIAN COMPANIES LISTED ON STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Marton Noemi, Racz Timea Erzsebet

    2011-07-01

    Full Text Available The importance of estimation of a firm's probability of default increased significantly during the economic and financial crisis for financial institutions, which can be explained by the fact that the share of nonperforming loans increased in this period. The probability of default can be estimated with structural models, which have on base the methodology developed by Merton (1974, methodology used by Moody's Corporation (known as KMV Merton model. The aim of this study is to estimate the probability of default of companies listed on Bucharest Stock Exchange using this methodology. This approach was widely used in the literature by many researchers (i.e., Kealhofer and Kurbat (2000, Crosbie and Bohn (2002, Duffie and Wang (2004, Bharath and Shumway (2004, 2008. In Romania this methodology was empirically tested by Codirlaşu (2007, who estimated using Merton's methodology the probability of default of companies listed on the Bucharest Stock Exchange, respectively by Bobircă et al. (2008, where the probabilities of default were estimated in case of 42 companies listed on the Bucharest Stock Exchange for 2000-2008 time period. In this paper we used Merton's model, which assumes that a company defaults if the value of its assets is less than the promised dept repayment at time T. The process of estimating the probability of default starts from the following firm specific variables: the market value of the firm's assets, the share prices, the value of the liabilities and the risk-free rate. The analyzed period is 2003-2010, containing the economic and financial crisis period, too. Analyzing the financial statements of the companies listed on the Bucharest Stock Exchange, we determined the input parameters of the model and calculated the quarterly probabilities of default of each analyzed company. According to our results the probabilities of default have a reduced value in the majority of the cases.

  10. Intellectual capital disclosure determinants and its effects on the market capitalization: evidence from Indonesian listed companies

    Directory of Open Access Journals (Sweden)

    Sudibyo Angga Arifiawan

    2017-01-01

    Full Text Available Currently, intellectual capital (IC is the main source of company’s competitive advantage. The role of IC has become one of the main factors of company’s value creation process. Since companies rely more on their intangibles (including IC, management must provide an appropriate annual report in which discloses information regarding IC in order to give better information to the related parties. The aim of this study is to examine variables that expected to have a significant influence to the level of intellectual capital disclosure (ICD practices in Indonesian listed companies’ annual reports. A content analysis method is used to examine the ICD level, based on the framework developed by [1]. The IC information was collected from 135 Indonesian LQ45 listed companies, which derived from their annual reports from the year 2012 to 2014. Sample companies are classified into two groups of industries: high- and low profile industries in order to analyze differences in IC reporting practices between the two groups. The empirical results proved that company size, industry type and market capitalization are significantly associated with the ICD, while the influence of company profitability on the level of ICD is not significant. Furthermore, it is revealed that there is no significant difference in the intellectual capital disclosure practices between companies in high- and low-profile industries.

  11. The Payout Decision-Making Process of Brazilian Listed Companies: A CFO Survey

    Directory of Open Access Journals (Sweden)

    Roberto Frota Decourt

    2012-12-01

    Full Text Available The purpose of this paper is to present the results of a survey with Brazilian listed companies CFOs` trying to identify how these companies determine and manage their payout policy. It was identified that the final decision about dividends is taken by the board of directors, taking into consideration a management proposal sent to them before. Main factors analyzed are net profit and cash generation during immediate previous period. The managers mainly consider interest on own capital (JSCP and dividends as instruments for payout policy. They believe that share repurchase is advantageous to shareholders; however, it is viewed more as an investment decision by the company than a dividend policy. The interest on own capital is broadly used because it provides a fiscal benefit to the company. It seems that management compensation policy affects dividends payout. This suggests an agency conflict between managers and shareholders.

  12. An analysis of strategic performance measures of companies listed on the JSE securities exchange South Africa

    Directory of Open Access Journals (Sweden)

    JHvH de Wet

    2014-07-01

    Full Text Available This study highlights the importance of economic profits (EVA and their long-term effects on shareholder value (MVA. South African companies listed on the JSE were analysed and it is evident that the relative measure of internal performance (spreads can be used to rank companies in terms of value creation. Individual companies and sectors were also placed on a financial strategy matrix, which evaluated companies according to spreads and cash management. The sales growth less the SGR percentage, was used to indicate cash management. Statistical tests (regression analysis were done on the data to test the validity of the financial strategy matrix model. The results showed that there is a positive relationship between spreads and shareholder value, but sales growth less the sustainable growth rate does not contribute significantly to shareholder value.

  13. Intellectual Capital: A Focus on Human Capital Reporting Practices of Top Malaysian Listed Companies

    Directory of Open Access Journals (Sweden)

    Norhayati Mat Husin

    2011-04-01

    Full Text Available This paper aims to examine the extent of human capital (HC reporting among top Malaysian companies and introduce an HC reporting guideline that can be used by Malaysian companies and regulator. It begins by developing the HC framework based on previous intellectual capital (IC frameworks. This framework is then used to examine each of the top 100 Malaysian companies listed on the Bursa Malaysia in year 2008. Using the content analysis method, it reviews the annual reports of these companies to determine the extent of HC reporting. The findings of this paper highlight the need for the development of IC framework particularly on HC. HC differences were also identified between Malaysia and other countries such as Sri Lanka and Australia, and it is argued that these differences can be attributed to the social, economic, and political factors.

  14. Case Study on the Accounting Policies Used by Companies Listed on the Bucharest Stock Exchange (BSE) Tier I

    OpenAIRE

    Tãnasã Florentin; Prodan-Palade Doina

    2013-01-01

    The study analyzes the differences between the accounting policies of the companies listed on the BSE group and showed that there are differences between the accounting policies used by companies in different fields of activity. Mainly, differences can be seen between companies providing financial and insurance services, on the one hand, and those working in industry, on the other hand.

  15. Determining Factors for Delisting of Companies Listed on BM&FBOVESPA

    Directory of Open Access Journals (Sweden)

    Patricia Maria Bortolon

    2015-08-01

    Full Text Available Traditionally, the capital market has attracted the interest of scholars and researchers, motivated to understand the process of going public and trading securities of companies on a stock exchange. In this research context, an aspect had been neglected, something which indi cates a gap in the body of knowledge about the capital market and corporate governance: delisting of companies. We aim to identify the determining factors for delisting companies from the Commodity & Futures Exchange BOVESPA (BM&FBOVESPA. Methodologically, this research has related a set of variables collected from secondary data available on the database of the Securities Commission of Brazil (CVM, BM&FBOVESPA, and Economatica. By analyzing 227 listing cancellations, between 2001 and 2012, the results indicate that de listing of companies from BM&FBOVESPA is determined by the following factors: (i greater concentration of ownership and control; (ii lower free float; (iii lower liquidity of shares; (iv greater availability of cash; and (v larger size. The fact that the controlling shareholder is a public or private company determines significant differences in the decision to delist. While in the first case cash availability is the most important factor, in the second liquidity is the main determining factor for delisting. From the academic viewpoint, this research extends the studies on delisting, still incipient in the Brazilian capital market context. For the capital market, identifying the characteristics of companies prone to cancel listing may prevent investors concerned about inherent risks at the time of acquiring shares by the controlling group interested in delisting.

  16. Electronics and Lithuanian Terminology

    Directory of Open Access Journals (Sweden)

    Stasys Zajankauskas

    2011-04-01

    Full Text Available It is found that the vacuum triode, transistor, monolithic circuit and microprocessor were the most important inventions of traditional electronics. Thus, the origins of the traditional electronics should be associated with the invention of the vacuum triode, but not with the invention of vacuum diode. It is shown that the science of electronics is not as young as computer science or up-to-date information technologies: electronics, including active electronics, had already celebrated the centenary, and the period of 2004–2008 is the period of numerous already solid jubilees. Thus, the terminology of electronics is not at initial stage of evolution as well – general terms should be already systematized and normalized. However, Lithuanian terms for electronic devices invented before tens of years and terms for old-defined notions associated with these devices are still varying, some are worsened. Especially, the incorrectly motivated terms used for variations of transistors and microcircuits are analyzed in the article. It is motivated which terms are preferable, systematic and exact. The paper is dedicated to the 50th anniversary of monolithic circuit, as well as the 60th anniversary of transistor, the 40th jubilee of microprocessor and centenary of electronics.

  17. Practices of Dividend Policies Adopted by Energy and Utilities Companies Listed on the BSE

    Directory of Open Access Journals (Sweden)

    Dorel Berceanu

    2013-11-01

    Full Text Available This paper aims to highlight how dividend practices are implemented by major energy and utility companies listed on the Bucharest Stock Exchange. The analyzed sector is of particular importance due to the fact that the firms in this category are always in the attention of investors, knowing that the obtained profits are quite consistent. In addition, for three of the five surveyed companies, the state is the majority shareholder and for the fourth, SNP, it still has a significant package. Therefore, it is interesting to see to what extent the majority and minority shareholders' interests are harmonized, given that the dividend decision is also a means of selecting the shareholder.

  18. DOES SHORT TERM DEBT AFFECT PROFITABILITY? EVIDENCE FROM THE ROMANIAN LISTED COMPANIES

    Directory of Open Access Journals (Sweden)

    MILOŞ LAURA RAISA

    2015-12-01

    Full Text Available This study aims at providing new empirical evidence on the influence of debt (both on short and long term on corporate profitability, with application to the Romanian companies listed on the Bucharest Stock Exchange. Panel data are analyzed for 50 companies belonging to different fields of activity during 2003-2014 using a fixed effect regression model. After we control for size, growth, liquidity, and tangibility of assets, the results reveal that short-term debt has a negative influence on corporate profitability.

  19. Business Ethics and Integrity a Case Study on 300 U.S. Listed Companies

    Directory of Open Access Journals (Sweden)

    Tinjala Diana-Maria

    2015-07-01

    Full Text Available Profit-maximizing behavior or moral integrity? Can companies have both? Our study takes a look at 300 U.S. based companies listed on the New York Stock Exchange and NASDAQ, and their way of dealing with business ethics. The research undertaken focuses on the content analysis method, using the corporate Codes of conduct and Corporate Social Responsibility (CSR reports. The study reveals the evolution of the corporate ethics policies and programs throughout the years 2010- 2014. We also take a look at the most frequent controversies concerning business integrity, by sectors of activity

  20. Association between firm characteristics and corporate voluntary disclosure: Evidence from Turkish listed companies

    Directory of Open Access Journals (Sweden)

    Ali Uyar

    2013-12-01

    Full Text Available Purpose: This paper empirically investigates the factors that impact voluntary information disclosure level of Turkish manufacturing companies listed in the Istanbul Stock Exchange (ISE. Design/methodology/approach: The methodology of the study is content analysis of annual reports of the corporations listed on the ISE for the year 2010. Findings: The findings provide evidence of a positive association between voluntary information disclosure level and the variables such as firm size, auditing firm size, proportion of independent directors on the board, institutional/corporate ownership, and corporate governance. However, leverage and ownership diffusion were found to have negative significant association with the extent of voluntary disclosure. The remaining variables, namely, profitability, listing age, and board size were found to be insignificant. Research limitations/implications: Since this study was conducted solely on listed manufacturing companies, the results may not be generalizable to non-listed and non-manufacturing industries. The study has some implications for firms, auditors, investors, and regulators. All these parties play an important role in improving the transparency and disclosure practices of corporations. Originality/value: We extend previous research on the determinants of voluntary information disclosure in the emerging market context.

  1. EVALUATION OF ENVIRONMENTAL REPORTING FOR COMPANIES LISTED ON THE LONDON STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Ienciu Ionel-Alin

    2011-12-01

    Full Text Available Environmental aspects have become significant for an increasing number of companies and can have, under certain circumstances, a significant impact on financial statements. A large number of studies can be outlined in time analyzing the variation of environmental reporting (Deegan et al, 2002; O'Donovan, 2002; Holland and Foo, 2003; Nyquist, 2003; Cormier et al, 2005; Yusoff et al, 2006; Jorgensen and Sodorstrom, 2006; Taylor and Shan, 2007; Sumiani et al, 2007. The main objective targeted by this study is the evaluation of environmental reporting for the European companies listed on the London Stock Exchange. In order to achieve the proposed objective, we have completed an longitudinal and transversal analysis of environmental reporting within companies listed on FTSE 100, monitoring first of all the way in which these companies report non-financial and financial aspects related to environmental impact as well as how these reports are being audited. For each annual statement or sustainable report, we have analized the level of environmental reporting. The evaluation of how information on environmental impact are being reported is based on four categories of information: information on indicators (technical, financial that would reflect the environmental impact (water, air, soil, information regarding the financial indicators (investments, assets and other environmental costs, debts and provisions, non-financial information (related to the company's comitment, objectives, programs, management, future perspectives etc, information on environmental audit. Analysing the results we have obtained, the following can be outlined a certain increasing trend on the level and relevance of environmental information supplied for the companies listed on FTSE 100. Only 22 of the analysed companies are reporting the environmental performance indicators recommended by accredited bodies such as the GRI Guidelines (the most complex guidance in this respect. 20 of

  2. Study on the Reasons and Countermeasures for Loss of Listed Companies in Manufacturing Industry

    Institute of Scientific and Technical Information of China (English)

    Yong; DU; Jun; DU; Bo; YAN

    2013-01-01

    In combination with the data of loss-making listed companies in manufacturing industry at capital market in 2008-2010,this paper analyzed the characteristics of loss of listed companies.Major reasons include the blind investment of management personnel,low operation and management level,blind pursuit of diversified operation,improper stock right structure,weak supervision of government,and imperfect delisting system.Finally,it came up with some countermeasures,including improving quality of management personnel,management personnel selecting proper investment projects,strengthening internal management of enterprise,implementing effective asset rearrangement,setting up effective incentive and restrictive mechanism,bringing into play regulation function of banks,improving delisting mechanism,reducing centralization of state owned stock right,and establishing and improving market information disclosure system.

  3. Grading the probabilities of credit default risk for Malaysian listed companies by using the KMV-Merton model

    Science.gov (United States)

    Anuwar, Muhammad Hafidz; Jaffar, Maheran Mohd

    2017-08-01

    This paper provides an overview for the assessment of credit risk specific to the banks. In finance, risk is a term to reflect the potential of financial loss. The risk of default on loan may increase when a company does not make a payment on that loan when the time comes. Hence, this framework analyses the KMV-Merton model to estimate the probabilities of default for Malaysian listed companies. In this way, banks can verify the ability of companies to meet their loan commitments in order to overcome bad investments and financial losses. This model has been applied to all Malaysian listed companies in Bursa Malaysia for estimating the credit default probabilities of companies and compare with the rating given by the rating agency, which is RAM Holdings Berhad to conform to reality. Then, the significance of this study is a credit risk grade is proposed by using the KMV-Merton model for the Malaysian listed companies.

  4. Research on the Dividend Policy of Listed Company and Fluctuation Effect of Stock Market

    Directory of Open Access Journals (Sweden)

    Wang Hua

    2015-01-01

    Full Text Available Based on the dividend policy and theory, this article takes the events that A stock of all the listed banking companies (16 in total issued dividend in the CSI stock market for 5 years from 2008 to 2012 as the investigation samples to inspect the relevance of dividend policy with the fluctuation of stock price and transaction volume, thus to prove the dividend policy is an efficient mechanism for information transmission.

  5. Determinants of Audit Fees and Non-audit Fees for Listed UK Companies

    OpenAIRE

    Zhu, Yan

    2010-01-01

    This study mainly examines the characteristics of financial distress, earnings management, executive remuneration and low balling simultaneously determine audit and non-audit fees. Single-equation models are utilized in this research for both audit and non-audit fee models by using a sample of listed UK companies in FTSE for the period 2001-2010. The empirical results reveal that financial distress has negative association with non-audit fees, and cannot fully explain audit fee model; ear...

  6. Financial crisis early-warning model of listed companies based on predicted value

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    To establish a financial early-warning model with high accuracy of discrimination and achieve the aim of long-term prediction, principal component analysis (PCA), Fisher discriminant, together with grey forecasting models are used at the same time. 110 A-share companies listed on the Shanghai and Shenzhen stock exchange are selected as research samples. And 10 extractive factors with 89.746% of all the original information are determined by applying PCA, which obtains the goal of dimension reduction without...

  7. Determinant Agents Analysis of Dividend Policies Practiced by Companies Listed in Great Britain and France

    OpenAIRE

    Raluca-Georgiana MOSCU

    2012-01-01

    Dividend policy is one of the most intriguing topics in financial research. Even now, economists provide considerable attention and thought to solving the dividend puzzle, resulting a large number of conflicting hypotheses, theories and explanations. This paper aims to determine the dividend policies for 209 listed on London Stock Exchange and Paris Stock Exchange in 2010 and to explain their dividend payment behavior. So this paper investigates why companies in different countries have estab...

  8. Diversification and Corporate Performance: Evidence from China’s Listed Energy Companies

    Directory of Open Access Journals (Sweden)

    Qiming Li

    2016-09-01

    Full Text Available Recently, China’s energy industry has been continuously depressed due to a slowdown in its economic development. China’s energy companies have made considerable efforts to promote their corporate performance to mitigate this performance decline and to ensure the sustainable development of China’s energy industry, macro economy, society and environment. In this paper, the effects of two business strategies—industrial diversification and international diversification—on the performance of listed energy firms are empirically investigated. The empirical results show the following: (1 industrial diversification hinders corporate performance; (2 for industrially-diversified energy companies, related diversified strategies are more effective than unrelated diversified strategies; and (3 international diversification improves the performance of renewable energy firms, but hinders the performance of conventional energy firms. These results suggest that as economic conditions are not currently optimal, China’s energy companies should pay more attention to their main businesses and generate more products to satisfy market demand.

  9. Voluntary disclosing cash flow statement in non-listed medium sized companies

    DEFF Research Database (Denmark)

    Schøler, Finn

    2012-01-01

    . For this reason we conducted a multiple-case study, where we formulated a structured questionnaire and made partly open-ended interview with each one of the case-companies’ accountably responsible persons, i.e. one of the guys who signed the annual report. Among the majority of the answers we found a common......In Denmark, like some other EU Member States, medium-sized companies are requested to present a cash flow statement, but there are exemption rules similar to those for subgroups’ exemption to their presentation of consolidated financial statements. In a sample consisting of the paper versions...... of annual reports from 385 Danish non-listed medium-sized companies who were disclosing a cash flow statement as part of their annual report, we found that in a few cases, the companies were exempted to presentation of consolidated financial statements, but disclosing the cash flow statement voluntarily...

  10. BOARD OF DIRECTORS, AUDIT COMMITTEE CHARACTERISTICS AND THE PERFORMANCE OF SAUDI ARABIA LISTED COMPANIES

    Directory of Open Access Journals (Sweden)

    Yahya Ali Al-Matari

    2012-01-01

    Full Text Available This study examines the relationship between the internal corporate governance mechanism related to the board of directors, the audit committee characteristics and the performance of the Saudi companies listed in the Saudi stock exchange (TADAWL in 2010, excluding financial companies. The statistical results of the study are not in line with the agency theory that board of directors and audit committee might mitigate agency problems leading to reduced agency cost by aligning the interests of controlling owners with those of the company. While audit Committee size (ACSIZE is found to have a significant relationship with firm performance (but in the opposite direction to expectation, other hypothesized variables, the proportion of non-executive directors (BODCOM, CEO Duality (DUAL, Board Size (BSIZE, Audit Committee Independence (ACIND, audit committee meeting (ACMEET were found to be as expected directions but insignificantly related to firm performance measure except the direction of the proportion of non-executive directors (BODCOM was opposite to the expectations.

  11. Environmental Disclosure of Electric Power Companies Listed in the Corporate Sustainability Index (CSI

    Directory of Open Access Journals (Sweden)

    Clésia Ana Gubiani

    2012-12-01

    Full Text Available The study aimed to verify the level of disclosure of environmental information in the administration reports of the energy companies listed in the Corporate Sustainability Index (CSI. A descriptive and quantitative research was done, using the content analysis technique on the administration reports from 2006 to 2008. The sample consisted of 11 electric power companies listed in the CSI. For quantitative analysis of the disclosure index, the data collection instrument was based on the study of Rover, Murcia and Borba (2008, which proposes eight environmental categories and 36 subcategories. For the whole analysis of the data were elaborated networks of the items disclosed in each company, using the software UNICET ®. The survey results showed that there is satisfactory disclosure in the categories of environmental policies and education, training and research environment. However, it was found that there is need for greater disclosure of categories of products impacts and processes in the environment, power polices and financial environmental information. It was concluded that the information disclosed in the administration reports of the companies surveyed about the environmental information do not respect the principle of full disclosure.

  12. Effects of Capital Structure and Profitability on Corporate Value with Company Size as the Moderating Variable of Manufacturing Companies Listed on Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Ela Mahdaleta

    2016-09-01

    Full Text Available This study aims to determine the effect of capital structure and profitability on the corporate value by company size as the moderating variable on manufacturing companies listed on Indonesia Stock Exchange from 2012 to 2014. Variables used in this research are the Capital Structure and Profitability as independent variables, company size as moderating variable and corporate value as the dependent variable. The corporate value in this study was measured using price to book value. This study was performed on manufacturing companies listed on the Indonesia Stock Exchange. This study was conducted on 46 companies that meet the sampling criteria of 135 companies listed on the Indonesia Stock Exchange. The research data were secondary data from the financial statements of 46 companies published in the Indonesia Stock Exchange. The data processing method in this study used multiple linear regression tests and moderating test using residual test by testing classical assumption test beforehand. The results show independent variables have simultaneous significant influence on the corporate value. Meanwhile, partially, Debt to equity ratio has significant negative effect on corporate value, and Return on assets has significant positive effect on corporate value. The moderating test result shows that company size is unable to partially moderate the relationship of debt to equity ratio on the corporate value, and unable to partially moderate the relationship of return on assets on the corporate value.

  13. The relationship between industry specialist auditors and IPO under pricing of the listed companies in Tehran stock exchange

    Directory of Open Access Journals (Sweden)

    Zahra Abbasi

    2016-12-01

    Full Text Available The goal of the current study is to examine the relation between inudstry specialist auditors and IPO underpricing of the listed companies in Tehran stock exchange. All listed companies in Tehran stock exchange have IPO were selected during 2009 to 2014. The research proposal is a kind of semi-empirical and was done using a post-event approach (through past information. The statistical population of the research includes all listed companies in Tehran stock exchange which have IPO during 2009 to 2014. In this research, purposive sampling method is used due to limited statistical population; 21 IPO firms were selected during the given period. The result showed that there is a significant relation between inudstry specialist auditors and IPO underpricing of the listed companies in Tehran stock exchange.

  14. Income Statements Transparency and Firms' Characteristics of Companies Listed on the Bursa Malaysia

    Directory of Open Access Journals (Sweden)

    Sazilah M. Saad

    2009-01-01

    Full Text Available Problem statement: This research was intended to contribute to the one of Corporate Governance mechanism on transparency and disclosure on the financial statements. Approach: As in the recent development of findings from Financial Statements Review Committee (FSRC that company did not disclose of Material expenses and not classified accordingly. Results: This study provides an evidence for the transparency level on income statements with regards of firms’ characteristics of 150 main and second boards companies listed on the Bursa Malaysia. The characteristics were grouped into three groups of variables: structural (firm size, leverage and number of shareholder, market related (listing type and industry type and performance (profit margin, return on equity and liquidity. The study was started with the development of a Transparency Index based on the percentage of the details of expenses disclosed in annual reports (notes to the accounts over the total expenses of the company. The findings suggested that this index on the average for the companies in the sample is about 64% with three companies scoring transparency index of 100%. Both univariate and multivariate statistical analysis were performed on the data. The stepwise regression method indicated that only one variable was significant at 5% which was the Number of Shareholders (LnNOSH. The other factors were not significant. Hence, this study will contributes to the enhancement of knowledge regarding income statements transparency and disclosure practices under new reporting regime in Malaysia. Conclusion/Recommendations: This study also served as a basis for further research in this area. This study also suggested that further research should be done on longitudinal study basis for several years of data with more appropriate or suitable variables to the model.

  15. Malaysian Code of Corporate Governance: One more perspective of scoring the best compliance of corporate governance by Malaysian listed companies.

    OpenAIRE

    Mok, Kam Wah

    2004-01-01

    Worldwide public listed company scandals, failures and breakdown in fair and truthful accounting had undermined investing public faith in corporate leadership, financial reporting by directors and external auditors, and the integrity of the securities markets.The general consensus view is that to attract foreign capital inflows into one economy it must have the basis elements of good corporate governance. Good corporate governance would secure a strong and health public listed companies which...

  16. Mandatory and voluntary disclosures of Serbian listed companies: Achieved level and some recommendation for improving their relevance

    OpenAIRE

    Denčić-Mihajlov, Ksenija; Spasić, Dejan

    2016-01-01

    Purpose - This paper investigates mandatory and voluntary disclosure practices of non-financial listed companies on the Belgrade Stock Exchange. The results help in determining the level of transparency of Serbian s listed companies and in formulating recommendations for improving the quality and relevance of disclosed information. Design/methodology/approach - We focus on modeling both mandatory and voluntary disclosure indices for financial and non-financial information in order to evaluate...

  17. Corporate Characteristics and Internal Control Information Disclosure- Evidence from Annual Reports in 2009 of Listed Companies in Shenzhen Stock Exchange

    Science.gov (United States)

    Xiaowen, Song

    Under the research framework of internal control disclosure and combined the current economic situation, the paper empirically analyzes the relationship between corporate characteristics and internal control information disclosure. The paper selects 647 A share companies listed in Shenzhen Stock Exchanges in 2009 as a sample. The results show: (1) the companies with excellent performance and high liquidity tend to disclose more internal control information; (2) the companies with the high leverage and also issued B shares are not willing to disclosure internal control information; (3) the companies sizes and companies which have hired Four-big accounting firms have no significant effects on internal control disclosure.

  18. THE EFFECTS OF OWNERSHIP CONCENTRATION ON PERFORMANCE OF PAKISTANI LISTED COMPANIES

    Directory of Open Access Journals (Sweden)

    Nouman Afgan

    2016-09-01

    Full Text Available This paper analyzes the effects of ownership concentration on investment performance in a large sample of Pakistani publicly-listed companies from 1997 to 2007. Special attention is directed to statistical methods from the field of panel-data econometrics, which are able to deal with endogeneity problems and with structural reverse causality. The preferred estimator that is based on firm fixed effects insinuates that the voting rights of ultimate shareholders affect Tobin’s q unambiguously negatively, whereas the squared voting rights affect it unambiguously positively. This implies a U-curved relationship between Tobin’s q and voting rights concentration with a turning point at 45%. More than 75% of the companies fall in the upward sloping part of the curve. While positive incentive effects are at work in Pakistan, financial market development is retarded by the reluctance of minority shareholders facing dominant shareholders to hold small stakes in listed companies. Consistently, institutional shareholders do not yet provide a positive monitoring role in Pakistan.

  19. The Investigation of Status Quo Bias Existance in Listed Investment Companies in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mahmood Yahyazadehfar

    2012-11-01

    Full Text Available The purpose of this study is investigating the Status Quo Bias (SQB from suggested biases in behavioral finance. People who are subject to a SQB tend to choose an alternative that was chosen previously (i.e., their status quo even if it is not the optimal choice any more. Status quo bias existence was investigated in this study using Ruenzi and Kempf (2005 model among investment companies listed in Tehran's Stock Exchange during 2003-2010. The data is collected quarterly from investment companies. Also, Stata10.0 software package is used for statistical analysis. The result shows the existence of a SQB is not found in Tehran Stock Exchange

  20. THE DETERMINANTS OF PROFITABILITY IN COMPANIES LISTED ON THE BUCHAREST STOCK EXCHANGE

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    SORANA VĂTAVU

    2014-10-01

    Full Text Available This research aims to establish the determinants of financial performance in 126 Romanian companies listed on the Bucharest Stock Exchange, over a period of ten-years (2003-2012. The analysis is based on cross sectional regressions. Return on assets is the performance proxy, while the variables expected to have a significant impact on profitability are debt, asset tangibility, size, liquidity, taxation, risk, inflation and crisis. Regression results indicate that profitable companies operate with limited borrowings. Tangibility, business risk and the level of taxation have a negative impact on return on assets. Although earnings are sustained by significant sales turnover, performance is affected by high levels of liquidity. Periods of unstable economic conditions, reflected by high inflation rates and the current financial crisis, have a strong negative impact on corporate performance.

  1. APPLICATION OF THE EU-PRINCIPLES IN ROMANIA AND HUNGARY CONCERNING THE BOARDS OF LISTED COMPANIES

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    Gabriella KECZER

    2009-01-01

    Full Text Available Corporate governance ensures that boards are able to exercise appropriate scrutiny over management and that shareholders, as owners of the company, are able to hold boards accountable. As such, a high level of corporate governance contributes significantly to investors' confidence and market stability, thus fostering business efficiency. In 2005 the European Commission launched a recommendation on the boards of listed companies and invited Member States to follow the guidelines. In 2008 both Romania and Hungary launched a new Code of Corporate Governance on the basis of the EU recommendations. In my paper I present the EU principles, and by examining the national codes of Romania and Hungary I analyze to which extent and in what issues these two countries have adopted the EU recommendations. I concluded that by the new codes of corporate governance issued in 2008 Romania and Hungary have followed to a large extent the provisions of the EU recommendation.

  2. The Relationship between Entrepreneurship and Corporate Governance The Case of Romanian listed Companies

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    Nadia Albu

    2015-02-01

    Full Text Available This paper offers an investigation at a micro-level of entrepreneurship in the business environment. More precisely, we conduct an empirical study of the relationship between corporate entrepreneurship and corporate governance in the case of the Romanian nonfinancial listed companies. We use publicly-available information (financial statements, annual reports and we mobilize a framework derived from the agency and signalling theories to interpret our findings from the statistical analysis based on correlations. Our results suggest that there are differences between industries and between the companies included or not in the new BET-TR index in terms of corporate entrepreneurship and corporate governance practices and disclosures. Agency theory partly explains our findings. Specifically, some corporate governance mechanisms, i.e. board independence and institutional ownership, are associated in our sample with corporate entrepreneurship. We thus document that corporate governance as a controlling and management technique fosters corporate entrepreneurship in Romanian companies. Signalling theory assumptions are generally not verified for the companies in our study. There are only a few associations between high values of corporate entrepreneurship and corporate entrepreneurship disclosures, and even fewer between corporate governance practices and corporate governance disclosures.

  3. Forced Adoption of IFRS by Czech Non-Listed Companies: An Assessment of Benefits and Costs

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    David Procházka

    2016-04-01

    Full Text Available The paper deals with the effects of IFRS adoption by a specific group of companies. It focuses on the so-called forced IFRS adopters, which are such private (non-listed companies that (a are forced to adopt the IFRS (because their parent prepares IFRS consolidated statements and simultaneously (b are not permitted by the regulatory framework of a given jurisdiction to apply the IFRS in their individual financial statements on a  voluntary basis. In particular, benefits and costs connected with the forced IFRS adoption by Czech private companies are assessed. The results, based on a  questionnaire survey among affected companies, confirm the intuitive presumption that accounting treatment of certain items significantly differs between Czech GAAP and IFRS, which requires the use of advanced methods for the conversion of financial statements. Regardless of which conversion method is used, perceptions of both benefits and appropriateness of incurred costs vary across entities. The benefit-to-cost ratio for the two most commonly used conversion methods (spreadsheets and dual accounting software is comparable, as the first method generates fewer benefits for lower costs and the second method is connected with more benefits, but at higher costs. Finally, the survey reveals that actual costs of IFRS adoption are higher than the expected costs regardless of the conversion method applied.

  4. Network of listed companies based on common shareholders and the prediction of market volatility

    Science.gov (United States)

    Li, Jie; Ren, Da; Feng, Xu; Zhang, Yongjie

    2016-11-01

    In this paper, we build a network of listed companies in the Chinese stock market based on common shareholding data from 2003 to 2013. We analyze the evolution of topological characteristics of the network (e.g., average degree, diameter, average path length and clustering coefficient) with respect to the time sequence. Additionally, we consider the economic implications of topological characteristic changes on market volatility and use them to make future predictions. Our study finds that the network diameter significantly predicts volatility. After adding control variables used in traditional financial studies (volume, turnover and previous volatility), network topology still significantly influences volatility and improves the predictive ability of the model.

  5. Top management team heterogeneity and firm performance: An empirical research on Chinese listed companies

    Institute of Scientific and Technical Information of China (English)

    ZHANG Ping

    2007-01-01

    An empirical study of the 2001-2002 data from 356 Chinese companies listed in the Shanghai and Shenzhen stock exchanges indicates that within the social context of China the characteristics of a firm's top management team have a different impact on firm performance from those of foreign countries. Also, the tenure heterogeneity and functional experience heterogeneity of the top management team are inversely related to firm performance. This paper analyzes and discusses the findings in detail and points out areas for future research.

  6. Study on Influencing Factors of Capital Structure of Energy Listed Companies

    Institute of Scientific and Technical Information of China (English)

    HUANG Guo-liang; LI Qiang

    2005-01-01

    Based on the determinative factors school of capital structure theory, this paper uses the data of 35 Chinese energy listed companies from 2000 to 2003, and adopts multi-variable regression method to make an empirical study of the influencing factors of their capital structure. The results indicate that the factors of size, income volatility, and the concentration of owner's equity have positive relation with the capital structure, while the relation between profitability and capital structure is negative. It is also found that the influencing of growth and secured asset on the capital structure are relatively insignificant.

  7. Web-Based Corporate Environmental Reporting in Nigeria: A Study of Listed Companies

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    Uwalomwa UWUIGBE

    2012-01-01

    Full Text Available This paper basically examined the utilization of the Internet for communicating corporate environmental information by listed financial and non-financial companies in Nigeria. The sample for the study consists of 30 firms listed on the Nigerian stock exchange. While the content analysis technique was used as a basis for eliciting data from the corporate websites of the selected firms, the student t-test statistics was used to find out whether there is a significant difference in the level of web-based corporate environmental disclosure between financial and non-financial firms in Nigeria. In addition, the linear regression method of data analysis was employed to investigate whether there is a relationship between the financial performance of firms and the level of corporate environmental disclosures of the selected listed firms in Nigeria. The paper as part of its findings observed that there is no significant difference in the level of web-based corporate environmental disclosure between listed financial and non-financial firms in the Nigeria stock exchange

  8. Human Capital Reporting and its Linkage with Key Performance Indicators of Companies: Evidence from Estonian Companies Listed on Nasdax OMX Baltic

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    Emilia Startseva

    2015-12-01

    Full Text Available Today the subject of non-financial accounting and reporting has become very popular. Human Capital Reporting (HCR has become a vital part of everyday business activities of companies across the world. Most companies declare that human capital is the most important factor of their competiveness, which is also reflected in their CSR reports by incorporated social disclosures. The subject of the present research is human capital reporting and its linkage with the performance indicators of companies. The aim of this research is to establish whether there is a linkage between HCR and financial performance indicators of Estonian companies listed on the Nasdaq OMX Baltic (Tallinn market. The authors calculated various ratios and carried out HCR scoring to examine the presence of linkage between HCR reporting and companies’ financial performance. The results demonstrate that there is no direct relationship between the level of HCR and the financial performance of selected companies.

  9. The Effect of Corporate Governance on Firms’ Capital Structure of Listed Companies in Sri Lanka

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    Bulathsinhalage Siromi

    2017-06-01

    Full Text Available There is a great awareness among the researchers to carry out researches on corporate governance and it contributes to the firms’ competitive advantage and business success. In today’s turbulent economic environment, competitiveness has become more important than ever for a firm’s survival and success. However, there is a gap in studies focusing on corporate governance and capital structure in the context of Sri Lanka. The aim of this study is to empirically investigate whether attributes of corporate governance affect decisions on capital structure of listed companies in Sri Lanka. The sample of the study consisted of 138 non-financial listed companies for five-year period from 2009 to 2013. Board size, board composition, leadership structure, board committees, and managerial ownership were used as corporate governance variables whereas debt ratio as the measure of capital structure and return on assets (ROA and firm size as control variables. The variables were empirically tested by multiple regression analysis. The findings revealed that there is no significant effect of corporate governance attributes except board composition & board committee on capital structure. The variable of board composition has a significant positive effect and board committee has a negative effect on capital structure.

  10. The Corporate Social Responsibility Disclosure: A Study of Listed Companies in Bangladesh

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    Md. Abdur Rouf

    2011-07-01

    Full Text Available This is an exploratory study designed to investigate the extant and nature of corporate social responsibility disclosure (CSRD in corporate annual reports (CAR of listed companies in Bangladesh. Specifically, the report examines the relationship between corporate attributes and firm-specific factors and corporate social responsibility disclosures. Data are taken from annual reports of 2007 of the listed companies of Dhaka Stock Exchanges. The study uses ordinary least squares regression model to examine the relationship between explanatory variables and corporate social responsibility disclosure and un-weighted relative disclosure index to measure voluntary disclosure. The extent of CSRD level is measured using 39 items of information. The result shows a positive association between proportion of Independent Directors (INDs and Corporate Social Responsibility Disclosure (CSRD. But, size of the firm does not affect the level of corporate social responsibility disclosure. Control variables suggest that Board Leadership Structure (BLS, Board Audit Committee (BAC and Percentage Return on Equity (PROE are positively associated with company’s corporate social responsibility disclosure (CSRD. The result shows that a higher proportion of independent non-executive directors on a board is positively related to the level of corporate social responsibility disclosure but the extent of corporate social responsibility disclosure is negatively related for firm’s size.

  11.  Transparency and quality of financial disclosures. The case of Romanian listed companies*

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    Nadia Albu

    2014-09-01

    Full Text Available  This paper addresses the transparency and the quality of financial disclosures of listed entities in the case of an emerging economy (i.e. Romania, in order to shed some light on the particular local context of the country and its impact on accounting practices. We analyze the entire population of non-financial entities listed in the first tier of the Bucharest Stock Exchange for the 2012 financial year. We are limited in our research by the size of the sample, which depends, however, on the small size of the Romanian stock market. In order to compensate for the small size of the sample, we assess 50 items related to disclosure, synthesized in two scores, i.e. transparency and quality. Also, we identify some factors associated with disclosure by investigating the correlation with several firm-related factors. Our results reveal a medium level of transparency and quality of Romanian listed companies, with significant variations between firms and between the sub-scores. The most important factors correlated with disclosure are company size and the presence of institutional investors. The results confirm to some extent most of the basic assumptions of the agency theory and also prove the importance of a new variable for emerging econo-mies, specifically the presence of institutional investors *This work was cofinanced from the European Social Fund through Sectoral Operational Programme Human Resources Development 2007-2013, project number POSDRU/159/1.5/S./134197 a Performance and excellence in doctoral and postdoctoral research in Romanian economics science domaina.

  12. Selected Ratio and Bankruptcy Early-Warning Method Analysis of Competitiveness of Wood Sector Companies Listed on Warsaw Stock Exchange

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    Justyna Biernacka

    2012-09-01

    Full Text Available This paper presents the analysis of economic conditions of wood sector companies listed on the Warsaw Stock Exchange. Among many measures of ratio analysis, the three most frequently used groups of indicators - profitability, debt and liquidity were selected. For a comprehensive presentation of the situation of each company, the Mączyńska & Zawadzki’s model was used as the bankruptcy early warning method. Two furniture industry companies, two wood-based panel industry companies, two pulp and paper industry entities, a representative of sawmilling industry and a company of wood-based panels and furniture industry were analyzed. The analysis showed that companies with stabile position in the market have the best economic conditions, and these were namely the pulp and paper industry and furniture industry.

  13. The Financial Performance and Corporate Governance Disclosure: A Study in the Annual Reports of Listed Companies of Bangladesh

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    Md. Abdur Rouf

    2012-06-01

    Full Text Available This research aims to test empirically the relationship between the Financial Performances (Profitability and the level of Corporate Governance Disclosure (CGD by the listed non-financial companies in Bangladesh. Data are taken from annual reports of the listed companies in the 2007. This paper is based on a sample of 94 listed companies and Used OLS as a method of estimation. The extent of corporate governance disclosure level is measured using 40 items of information and financial performance (profitability is measured by return on assets (ROA. Using an unweighted approach for measuringcorporate governance disclosure, this approach is most appropriate when no importance is given to any specific user-groups. After establishing the disclosure index, a scoring sheet was developed to assess the extent of corporate governance disclosures. The resultshows that the level of Corporate Governance Disclosure (CGD is positively correlated with the Financial Performances (Profitability. The study provides empirical evidence to policy makers and regulators in South Asia.

  14. FUNDAMENTAL INFORMATION, EARNINGS QUALITY,AND FUTURE EARNINGS: EMPIRICAL EVIDENCE FROM CHINA's A-SHARE LISTED COMPANIES

    Institute of Scientific and Technical Information of China (English)

    JianboZhou

    2004-01-01

    The earnings quality of listed companies is an issue of public concern. This paper conducts an in-depth and comprehensive analysis of how to measure the earnings quality of listed companies by using empirical methods. The indicators of earnings quality used in this paper include not only cash flow but also indicators that affect the growth of future earnings. We find that, firstly, in our stock return regressions, both specific and composite indicators of earnings quality have incremental explanatory power for stock returns after controlling for earnings per share, changes in earnings per share, and firm size. Secondly, in our future earnings regressions, both specific and composite indicators of earnings quality have incremental explanatory power for future earnings after controlling for earnings per share, changes in earnings per share, and firm size. Thirdly, listed companies with lower (higher) earnings quality have poorer (better) earnings performance in future years.

  15. THE USE OF VOLUNTARY DISCLOSURE IN DETERMINING THE QUALITY OF FINANCIAL STATEMENTS: EVIDENCE FROM THE NIGERIA LISTED COMPANIES

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    Oyerogba Ezekiel Oluwagbemiga

    2014-10-01

    Full Text Available The purpose of this study was to establish the use of voluntary disclosure in determining the quality of financial statements among the listed companies in Nigeria. Specifically the study investigated on the effects of voluntary disclosure on investor decision and performance of listed companies in Nigeria. This study adopted anexploratory design which is described as a method of collecting information by interviewing or administering a questionnaire to a sample of individuals. The instrument of data collection for this research was a questionnaire as the study used primary data. The study targeted all the 258 listed companies in Nigeria. The study population used in this research comprised of preparers (accountants, external auditors and users of accounting information (financial analysts, stockbrokers, bankers, regulators and educators. The sample of this study was 140 whereby twenty questionnaires were distributed in every category of the respondents.Descriptive statistics such as mode, median, mean, standard deviation, etc were used to perform data analysis. These measures were calculated using Statistical Package for the Social Sciences (SPSS 20 software. SPSS tool (Statistical Package for the Social Sciences was used to organize and analyze data. The study findings indicated that there was increased performance and investor decision making was easy to makedue to voluntary disclosure. The results indicate that voluntary disclosurewas satisfactory in explaining investor decision making and performance of listed companies. It was possible to conclude from the study findings that voluntary disclosure was statistically significant in explaining investor’s decision and performance of listed companies in Nigeria. It was also possible to conclude that there was high level of voluntary disclosure in Nigeria listed firms which led to high performance of the firms and made it easy for investors to make decision whether to invest in the companies or

  16. The Operation Efficiency Evaluation for Listed Companies of China Aviation Industry Based on DEA and Malmquist Index

    Institute of Scientific and Technical Information of China (English)

    XIA Wei-li; CHENG Jun-heng; WU Peng; GONG Shu-yan

    2012-01-01

    The data envelopment analysis (DEA) is used to evaluate operation efficiency of 17 listed companies in China aviation industry from 2006 to 2011, and make longitudinal analysis for the operation efficiency. In addition, the reason of changing efficiency is dynamically evaluated by Malmquist productivity index. The empirical results show that average operation efficiency of 17 listed companies in China aviation industry is less than 1, which means that the operation activities of aviation industry exist diseconomies characteristic, technological progress efficiency is a major influenced factor

  17. Building the Cash Dividend Policy Identification Model for China’s Agricultural Listed Companies Based on 2007 to 2010 Data

    Institute of Scientific and Technical Information of China (English)

    WANG Lei

    2012-01-01

    The dual agency relation and lack of effective incentive and restraint mechanism make stock right structure of China’s listed companies special.This special stock right structure will inevitably exert direct and profound influence on formulation of cash dividend policies.Based on the 2007 to 2010 data of China’s agricultural listed companies and focusing on the stock right structure,this paper selected 6 indicators and the BP ANN to build the cash dividend policy identification model,in the hope of helping investors accurately predict influence of stock right structure on cash dividend policies,so as to reduce investment risk to some extent.

  18. Experimental Polish-Lithuanian Corpus with the Semantic Annotation Elements

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    Danuta Roszko

    2015-06-01

    Full Text Available Experimental Polish-Lithuanian Corpus with the Semantic Annotation Elements In the article the authors present the experimental Polish-Lithuanian corpus (ECorpPL-LT formed for the idea of Polish-Lithuanian theoretical contrastive studies, a Polish-Lithuanian electronic dictionary, and as help for a sworn translator. The semantic annotation being brought into ECorpPL-LT is extremely useful in Polish-Lithuanian contrastive studies, and also proves helpful in translation work.

  19. Determinants of the Effectiveness of Capital Structure Management at Ukrainian Listed Power-Producing Companies

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    Mastiuk Dmytro O.

    2017-07-01

    Full Text Available This article is concerned with a theoretical and practical study on determinants of the effectiveness of capital structure management. The basic theories on the formation and management of the capital structure were allocated; other researches related to studying the capital structure of enterprises was considered. The author considers 19 independent variables of diverse effect level (micro, meso and macro levels and one dependent variable – economically added value, which was selected as an indicator of the effectiveness of capital structure management. The studied period is 14 years from 2003 to 2016 and is based on five listed power-producing companies. Eight key determinants of the effectiveness of capital management were defined. The highest positive impact among certain factors is the rate by the National Bank of Ukraine and profitability, while the strongest negative influences are the levels of competition in the market and of inflation. On results of the study, a series of recommendations for selected power-producing equity companies in Ukraine have been proposed, with the aim of reducing negative influences and enhancing positive effects through the development and selection of financial strategies.

  20. The Determinants of Capital Structure: an Empirical Study of Omani Listed Industrial Companies

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    Mawih Al Ani

    2015-06-01

    Full Text Available This study investigates five determinants of capital structure (leverage in three subsectors of the Omani Industrial companies (food, construction and chemical listed on Muscat Securities Market for the period 2008–2012. According to available information and literature review, the determinants are profitability measured by return on assets (ROA, risk measured by the standard deviation of return on assets, the size of the company measured by the natural logarithm of total assets, rate of growth measured by the market-book value ratio (P/E and assets tangibility measured by fixed assets to total assets ratio. The capital structure or leverage is measured by total debt ratio. In the industrial sector as whole; the findings of the study indicate that there is a statistically positive association between risk and tangibility and leverage. Also, there is a statistically negative association between growth rate and profitability and leverage, while there is no association with size. Regression analysis indicates that size, tangibility and risk have a statistically significant effect on leverage.

  1. THE LIBRARY OF THE LITHUANIAN CULTURAL INSTITUTE

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    Hermann, Arthur

    2006-12-01

    Full Text Available The Lithuanian Cultural Institute (Lietuviu Kulturos Institutas, LKI in Lampertheim-Hüttenfeld is an institution of the Lithuanian Community in Germany. It was founded 1981 in order to foster,conserve und study the Lithuanian cultural heritage in Germany. In the first years the institute has developed an archive and a library for Lithuanian literature. The library is based on extensive andvaluable collections of books donated by scholars in exile. Since 1991, an agreement assures the delivery of important new book releases by the National Library of Lithuania. Today the libraryconsists appoximately 10.000 titles. It includes an excellent selection of exile literature and literature of Lithuania since 1970. The library contains the largest collection of Lithuanian booksin Europe outside of Lithuania. The collection is databased in the Heidelberg library system HEIDI (http://www.uni-eidelberg.de/helios/kataloge/heidi/html. Since 1997, the library has been registered in the library system of southwestern Germany Südwestverbund (http://pollux.bsz-bw-de and is connected to the Karslruher Virtuellen Katalog (http://www.ubka-uni-arlsruhe.de/kvk.html, making it accessible online throughout the world. All titles can be ordered directly or via interlibrary loan. Since the library is staffed by volunteers, the hours of operation are irregular. The library of LKI is sonsidered as a supplement of other libraries in Germany which contain little or non Lithuanian literature. In addition, the library serves as important resource of information for the Lithuanian Cultural Institute and its conferences.

  2. Factors that Determine the Audit Fees Paid by the Companies Listed on the Novo Mercado of the BM&FBOVESPA

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    Itzhak David Simão Kaveski

    2016-04-01

    Full Text Available This study identifies the factors that influence the determination of the external audit fees paid by companies listed on the Novo Mercado segment of the BM&FBovespa stock exchange. The research carried out was descriptive and predominantly quantitative in nature, carried out by means of analysis of panel data. The sample consisted of the 83 companies listed on the Novo Mercado of the BM&FBovespa during 2010 and 2011. The finding of a positive relationship between firm size and audit fees suggests that the larger the size of the audited company, the greater the audit workload and, thus, the greater the audit fees charged, confirming hypothesis 1 of the research. Contrary to research hypothesis, leverage showed a negative relationship, suggesting that less leveraged companies pay more audit fees. Finally, with respect to the profitability of total assets and Market-to-Book, no significant relationships were found, resulting in rejection of research hypotheses 2 and 3. It is concluded that size and leveraging are the factors that determine the external audit fees paid by the companies investigated. Thus, the larger the size of the company and the less its leveraging, the higher the fees of the independent auditors of the companies in the Novo Mercado.

  3. DO TANZANIAN COMPANIES PRACTICE PECKING ORDER THEORY, AGENCY COST THEORY OR TRADE-OFF THEORY? AN EMPIRICAL STUDY IN TANZANIAN LISTED COMPANIES

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    Ntogwa Ng'habi Bundala

    2012-01-01

    Full Text Available The empirical study was focused predominantly on validity tests of the three theories on capital structures, the static trade-off theory, the pecking order theory (information asymmetry theory, and agency cost theory in the Tanzanian context. The study used secondary data from eight of the non-financial companies listed in Dar Es Salaam Stock Exchange (DSE from 2006-2012. The study used descriptive (quantitative approach to test the practicality of the theories in Tanzania. The multiple regressions model used to test the theoretical relationship between the financial leverage and characteristics of the company. The research found that there is no strong evidence for validation of static trade off theory, little support of pecking order theory, but the agency cost theory is confirmed to be valid and practiced in Tanzania. It recommended that Tanzanian companies should be adhering to the determinants of the capital structure in the Tanzanian context found by this study.

  4. The study of relationship between free cash flows and earnings management in companies listed in Tehran Stock Exchange

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    Mehdi Darvish Narenjbon

    2016-09-01

    Full Text Available The study aimed to the study of relationship between free cash flows and earnings management in companies listed in Tehran Stock Exchange. Free cash flows as an independent variable and earnings management, as a dependent variable. The statistical population consists of companies listed in Tehran Stock Exchange during the years 2010 till 2012, which based on the systematic removal method, 67 companies were sampled. In this study, to measure earnings management, Jones’ the modified model was used and to determine free cash flow, Len and Pelson’s model. In the present study, it was conducted to investigate first descriptive statistic of the research variables and then test variance heterogeneity and test F-Limaer; and finally carry with regression test to confirm or reject any of the research hypotheses. There is a significant relationship between free cash flows and earnings management.

  5. An Assessment of Risk and Risk Management Information Disclosure of Companies Listed in Nasdaq OMX Baltic and Euronext Brussels

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    Dalia Kolmatsui

    2016-09-01

    Full Text Available The main goal of this paper is to discuss theoretically and to evaluate empirically the differences of risk and risk management information disclosure (RRMID among companies listed in Nasdaq OMX Baltic and Euronext Brussels and to determine factors influencing such differences. The authors use analysis and systemization of scientific literature, induction, content analysis and coding procedure for risk and risk management information disclosure assessment, as well as correlation and regression analyses. The results suggest that companies listed in Euronext Brussels disclose more risk and risk management (RRM information; RRM related disclosures are more qualitative, focused on past or present events and have a neutral meaning in both markets. Companies also disclose more information about risks themselves than about risk management. Finally, only companies’ size and presence of audit committee are significant factors influencing RRMID.

  6. ANALYSIS OF HEDGING DETERMINANTS WITH FOREIGN CURRENCY DERIVATIVE INSTRUMENTS ON COMPANIES LISTED ON BEI PERIOD 2012-2015

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    Gatot Nazir Ahmad

    2015-09-01

    Full Text Available This study is conducted to see the effect of the company's firm size, growth opportunities, leverage and liquidity on the decision of hedging with foreign currency derivative instruments on manufacturing companies listed on the Indonesian Stock Exchange (BEI period 2012-2015. The Data that is used on this study is a set of data panel with purposive sampling method, and the criteria for the sample is: (1 manufacturing companies listed on the Stock Exchange period 2012 to 2015, (2 manufacturing companies that has transaction exposure ( liabilities and / or assets denominated in foreign currency, (3 manufacturing companies that has the data is needed for this study. The total sample of this study is 106 companies or 424 observation within 4 years. The Data analysis technique that is used on this study is logistic regression with z-statistic as hypotheses testing to test the regression coefficient with an alpha of 5%. The study result shows that firm size, growth opportunities and liquidity positively and Significantly Affect the decision of hedging with foreign currency derivative instruments, while leverage negatively and insignificantly Affect the decision of hedging with foreign currency derivative instruments.

  7. The Effects of Ownership Structure on Corporate Environmental Responsibility Disclosure among Public-Listed Companies in Malaysia

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    Mohd Rashdan Sallehuddin

    2014-12-01

    Full Text Available Currently, there is a growth in demands by stakeholders for companies to demonstrate greater transparency on environmental disclosure. The findings revealed from research conducted on corporate accounting indicated that the relationship of the environmental factors influences the disclosures practices. This paper examines the effect of ownership structure characteristics namely managerial ownership, ownership concentration, government ownership and foreign ownership on the extent of Corporate Environmental Responsibility (CER disclosure in the annual reports among public-listed companies (PLCs in Malaysia. For the purpose of this study, 254 company annual reports for the year 2010 were analyzed. The multiple regressions analysis is utilized in this study in order to achieve the research objectives. The conduct of testing is controlled by company size and industry profile. The findings show that ownership concentration and government ownership influenced the level of CER disclosure. Moreover, the company size as control variable has positive significant impact on the CER disclosure.Nevertheless, the managerial ownership and foreign ownership do not appear to have a significant impact on the extent of CER disclosure. The research shows that the level of CER disclosure is different across sectors and is relatively low. Finally, this study can clearly integrate the relationship between ownership structure mechanisms and CER disclosure and it can assist the relevant authorities in Malaysia to look further the policies on environmental disclosure among public-listed companies in Malaysia.

  8. Reflections of the Capitalization on Operational Leasing in Transport Subsector Companie's Structure Indicators Listed on Bovespa

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    Vinícius Gomes Martins

    2013-12-01

    Full Text Available Leasing is an alternative to financing the acquisition of assets for entities, and it has like modalities the operating procedures and financial leasing. This type of operation has caused several theoretical obstacles, among them the issue of off-balance sheet transactions. To reduce these accounting inconsistencies, the IASB and FASB have been working together to standardize the subject, this result was the publication of Exposure Draft 2010/09 (ED, which promises significant changes in the treatment of such transactions. Given this, this study aimed to analyze the impacts of the proposed changes contained in the ED, as the capitalization of operating leases, in the structure indicators at transportation subsector companies listed on the Bovespa. For this, we used the simulation methodology of the proposals in ED, confirming previous research. After the simulation accomplished, we proceeded with the Student's t test for paired samples, in order to check if the expected changes may cause significant differences in the indicators tested. The evidence points in the year of 2011, an amount of $ 3.8 billion, related to operating leases, not moved by the balance sheet (off-balance sheet of their respective companies. It was also observed that, on average, sample firms have operating leases to pay equivalent to 18.46% equity and 16.14% of debt. Finally, by simulating the proposals in the ED, it was found that the indicators of debt, equity and immobilization of the detention of non-current resources show significant variation from the statistical point of view, due to the capitalization of operating lease balances.

  9. An explanatory study of the use of e-mail investor communication by South African listed companies

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    Roelof Baard

    2016-04-01

    Full Text Available Background: Although research shows that almost all listed companies have corporate websites with dedicated investor relations (IR sections that enable companies to ‘push’ information to investors, it was argued that such an asymmetrical approach to communication is insufficient for companies wishing to exercise good IR. The purpose of this study was to test the effectiveness of the Internet to act as a mechanism to achieve more interactive communication between companies and investors.Objectives: The objectives of the study were to measure the responsiveness, timeliness and relevance of companies’ responses to e-mail requests, and to test for the determinants (size, market-to-book ratio, profitability, leverage and liquidity thereof.Method: The mystery investor approach and a content analysis were used to study the e-mail handling performance of companies. The associations between company-specific characteristics were statistically tested.Results: It was found that the e-mail handling performance of companies in this study was poor compared with previous studies. Significant relationships between company size and responsiveness and relevance, and between market-to-book ratio and relevance were reported, as well as between the contact method used to request information and relevance and the use of social media and timeliness.Conclusion: Specific areas where companies could improve their investor communications were identified. The need for further research was discussed to explain some of the relationships found, as well as those not found, in contrast to what was expected. Future research is warranted to examine the relationship between the e-mail handling performance of companies and information asymmetry and the cost of equity of companies.

  10. Lithuanian narrative language at preschool age

    OpenAIRE

    Ingrida Balčiūnienė

    2012-01-01

    The paper deals with the main linguistic indications of Lithuanian preschoolers’ narratives. The analysis is based on experimental data of 24 typically developing monolingual Lithuanian children (6–7 years of age) from middle-class families, attending a state kindergarten in Kaunas (Lithuania). During the experiment, the children were asked to tell a story according to the Cat Story (Hickmann 1993) picture sequence. The stories were recorded, transcribed and annotated for an automatic analysi...

  11. The Influence of Company Size on Accounting Information: Evidence in Large Caps and Small Caps Companies Listed on BM&FBovespa

    Directory of Open Access Journals (Sweden)

    Karen Yukari Yokoyama

    2015-09-01

    Full Text Available In this study, the relation between accounting information aspects and the capitalization level o companies listed on the São Paulo Stock Exchange was investigated, classified as Large Caps or Small Caps, companies with larger and smaller capitalization, respectively, between 2010 and 2012. Three accounting information measures were addressed: informativeness, conservatism and relevance, through the application of Easton and Harris’ (1991 models of earnings informativeness, Basu’s (1997 model of conditional conservatism and the value relevance model, based on Ohlson (1995. The results appointed that, although the Large Caps present a higher level of conservatism, their accounting figures were less informative and more relevant when compared to the Large Caps companies. Due to the greater production of private information (predisclosure surrounding larger companies, the market would tend to respond less strongly or surprised to the publication of these companies’ accounting information, while the lack of anticipated information would make the effect of disclosing these figures more preponderant for the Small Caps companies.

  12. Is There a Difference in Credit Constraints Between Private and Listed Companies in Brazil? Empirical Evidence by The Cash Flow Sensitivity Approach

    Directory of Open Access Journals (Sweden)

    Alan Nader Ackel Ghani

    2015-04-01

    Full Text Available This article analyzes the credit constraints, using the cash flow sensitivity approach, of private and listed companies between 2007 and 2010. According to this approach, the econometric results show that the credit constraints are the same for either private or listed companies. This paper seeks to contribute to the literature because the study of credit constraints of private companies based on cash flow sensitivity in Brazil has been rare.

  13. Impact of economic crisis on earnings management in European listed companies

    Directory of Open Access Journals (Sweden)

    Konrad Grabiński

    2016-07-01

    Full Text Available The aim of the paper is to investigate the impact of global economic crisis 2007–2009 on earnings man-agement in European listed companies. In the first section concepts of economic and financial crisis are explained from the perspective of economic theory. Then the concept of earnings management is present-ed. Hypothesis development constitutes the third part of the paper. The main hypothesis postulates that macroeconomic conditions of crisis restrain earnings management. The next section explains the meth-odology of empirical study. Using adapted Dechow model, earnings management is measured in more than 36 thousand firm-level observations from 27 European countries. Then using panel regression with fixed effects the magnitude of earnings management is investigated from the perspective of crisis and non-crisis period. The last section presents results of the study, which provide evidence that during the crisis period earnings management is curbed. Additionally, the analysis shows that macroeconomic con-ditions associated with economic crisis like GDP drop rates and increase of unemployment affect differ-ently the magnitude of earnings management.

  14. Dynamic Relation Mechanism between Cotton Future Price and Stock Price of Related Listed Companies

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    The Dynamic relation mechanism between ZCE cotton futures price and related listed company stock price has been studied based on the metastock historical data in January 1st,2007 to September 1st,2010,Johansen co-integration analysis,Vector error correction model,Granger causality test and variance decomposition method.The results indicated that:long-term equilibrium relationship existed between ZCE cotton futures price and Xinsai share stock price while which changed in the same tendency and speed in the long-term.Cotton futures price is the main reason for the changing of Xinsai share stock price.The lead-lag relationship in changing course had been confirmed that existed between ZCE cotton futures price and the Xinsai share stock price.Meanwhile,the forward pass mechanism of price changing information had been found only from the ZCE cotton futures market to the stock market while showing asymmetry.Conclusions of the study can be used for cotton and related corporate to hedge business risks by the cotton price changes.

  15. DETECTING ASSET IMPAIRMENT EARNINGS MANAGEMENT ON IFRS CONTEXT: SOME EVIDENCE FROM GREEK LISTED COMPANIES

    Directory of Open Access Journals (Sweden)

    Ekaterini C. Laskaridou

    2014-01-01

    Full Text Available The purpose of this study is two fold: (a to bring on issues of asset impairment manipulation in the IFRS context (b to examine, any statistical inference validating impairment discretionary charges and firms’ earning experience. The Impairment Accounting Standard (IAS 36, enters new requirements for asset impairment provided to satisfying accrued loss amounts. Earning Management through the use of asset impairments within constrains of taking accounting process results to income manipulation representing (a an external demand to meet earnings forecasts (b internal demand for communicating board’ level performance. We expect to present a critical view of the earnings discretion and provide an answer on the prevailing content of asset impairment. The sample constituted of 236 firms, listed in the Greek Stock Exchange Market on the basis of impairment observations. We analyze the earnings levels for impairer companies, for 2004-2012 years. Findings suggest (a firms recording impairment charges possess lower earnings than do their counterparts not recording write downs and (b the impairment losses are likely reported as timely opportunity to taking “big bath” and increasing future earnings. However we estimate that Greek firms’ operating performance is engaged to earning adjustments on (a taxable environment and (b new accounting rules liable to income strategies."

  16. The impact structure of social capital on corporate performance: Empirical evidence from listed companies in China

    Institute of Scientific and Technical Information of China (English)

    SHI Junwei; FU Haiyan; HU Lijun

    2007-01-01

    Vertical relationships with the government, particular relational capital and organizational social network capital, constitute corporate social capital (CSC). Using the empirical data of 97 listed companies in China, this paper examines the impact of CSC on corporate performance, finds that CSC has a positive impact on sales revenue but an insignificant impact on the improvement of ROA. More specifically, when a firm enlarges its sales revenue, the function of organizational network capital is stronger than that of a particular relational capital and that of governmental connections. The paper also finds that state-owned enterprises (SOEs) have more advantages in using governmental connections, therefore leading to better social status than non-SOEs do, who have fewer advantages in using any particular relational capital. The article suggests that managers should appraise carefully the effectiveness of CSC, and combine it with other resources; firms should distinguish the structure of the impact of CSC on performance improvement in a dynamic way. With respect to the implication of this paper, it could help in analyzing firm behaviors in the transitional China.

  17. The main categories of disclosures concerning control over financial reporting: The practice of companies listed on the Warsaw Stock Exchange

    Directory of Open Access Journals (Sweden)

    Gad Jacek

    2015-10-01

    Full Text Available The aim of this paper is to answer the question whether, and, if so, to what extent, control over financial reporting is exercised in practice. An attempt was made to measure the control by analysing the disclosures regarding the control over financial reporting which were included in the annual reports and statements on corporate governance. The annual reports of the companies listed on the WSE were the subject of the research. The research problems presented in this article with regard to the disclosures about the control over financial reporting have only been discussed to a limited extent in the literature. It seems that the list of disclosures is an important part of this paper. It can serve as a reference point for the development of a disclosure index and, additionally, provide a basis for a verification of research questions that may be posed in the future. The results of the study indicate that there was no single form of disclosing the information on internal control and risk management systems in relation to financial reporting in the reporting practices of the public companies listed on the Warsaw Stock Exchange in 2011. The disclosures were different both in terms of the degree of detail and the content. The companies listed on the WSE presented the information on control over financial reporting within 13 major categories of disclosures identified in the study.

  18. Market competitiveness, intangible assets and efficiency in combination of fixed assets in companies listed on the BM&Fbovespa

    Directory of Open Access Journals (Sweden)

    Geovanne Dias de Moura

    2013-12-01

    Full Text Available The study aimed to analyze, among companies listed on BM&FBovespa, what is the relationship between market competitiveness, proportions of intangible assets and efficiency in combination of fixed assets. To this end, descriptive research and quantitative in a sample consisting of 268 companies, with data collected through the database Economática, for the period 2008 to 2010. In relation to the competitiveness of the market results showed there is monopoly in the economic sector, oil and gas, biofuel sectors oligopoly of industrial goods, financial and basic materials and a structure of perfect competition with slight increase of competitiveness over time in other sectors. As to the proportion of intangible assets generally amounted to 7% of the total assets of the companies in the year 2008, 9% in 2009 and 17% in the year 2010, with highlight to the public utility industries and information technology. In terms of efficiency in combination of fixed assets realized that the economic sector of information technology and oil, gas and biofuels were with companies that had the best combinations. The results of the 2008 to 2010 period have also shown that among companies listed on the BM&FBovespa sample, those in competitive environments (contingency factor had the largest proportion of intangible assets and the best combinations of investments and assets related to its intangible.

  19. Research into Financial Position of Listed Companies following Classification via Extreme Learning Machine Based upon DE Optimization

    Directory of Open Access Journals (Sweden)

    Fu Yu

    2016-01-01

    Full Text Available By means of the model of extreme learning machine based upon DE optimization, this article particularly centers on the optimization thinking of such a model as well as its application effect in the field of listed company’s financial position classification. It proves that the improved extreme learning machine algorithm based upon DE optimization eclipses the traditional extreme learning machine algorithm following comparison. Meanwhile, this article also intends to introduce certain research thinking concerning extreme learning machine into the economics classification area so as to fulfill the purpose of computerizing the speedy but effective evaluation of massive financial statements of listed companies pertain to different classes

  20. 信息披露违规上市公司特征的实证分析%Experimental Analysis of Characteristics of Listed Companies Disobeying Information-Disseminating Regulation

    Institute of Scientific and Technical Information of China (English)

    汤立斌

    2004-01-01

    The paper firstly gives the hypothesis of the relationship between the different characteristics of listed companies and the activities of disobeying information-disseminating regulation, and then tests it by using the data of listed companies of China.

  1. Investigating the influence of risk management on earnings volatility of the listed companies in Tehran stock exchange

    Directory of Open Access Journals (Sweden)

    Jafar Akbari

    2016-12-01

    Full Text Available This invetigation aims to examine the impact of risk management practices on earnings volatility of the listed companies in Tehran stock exchange. All listed companies in Tehran stock exchange were selected as the statistical population of the research during 2005 to 2015. Risk management, liquidity risk management and operational risk management, and earnings volatility were selected as the independent and dependent variables of the study, respectively. Dechow & Tang (2008 model is used for measuring earnings volatility in this research. 130 firms were selected as the statistical population based on the systematic elimination method. The obtained results show that risk management doesn’t impact on earnings volatility. As well, liquidity risk management significantly and negatively impact on earnings volatility, and operational risk management positively and significantly influence on earnings volatility.

  2. Lithuanian energy security : annual review 2013-2014

    OpenAIRE

    2015-01-01

    The publication “Lithuanian Energy Security. Annual Review 2013– 2014” presents the problems of Lithuanian energy security, energy security research methods and methodology the application of which enables the determination of Lithuanian energy security level. The research is of interdisciplinary character – energy security problems integrate the aspects of energy, economics, politics and sociology. The dynamics of Lithuanian energy security level is covered and compared with the dynamics of ...

  3. Corporate social responsibility and corporate governance in Indonesian public listed companies

    Directory of Open Access Journals (Sweden)

    Ika Siti Rochmah

    2017-01-01

    Full Text Available This study aims to investigate whether theree has been a change in the level of corporate social responsibility (CSR disclosure and to examine whether corporate governance attributes influence CSR disclosure in corporate annual report of Indonesian public listed companies(PLCs. The annual reports of 115 PLC for two years (2011 and 2012 were analysed using content analysis. Multiple regression analysis was utilized to determine factors influencing CSR disclosure in annual reports. Consistent with expectations, the paired sample t-test showed that there was an increase (significant at the 1 percent level in the extent of CSR disclosure. The multiple regression analysis revealed that audit committee effectiveness and company’s size were positively associated with the extent of CSR disclosure (significant at 5 per cent level. The findings appear to suggest that The Indonesian Capital Market and Financial Institutions Supervisory Agency (Bapepam LK effforts in promoting CSR through the release of Regulation No X.K.6 in 2012 have had some positive impact on CSR disclosure in annual report. The results also suggest that the involvement of audit committee through its effectiveness in overseeing company’s financial reporting could lead to better concern in corporate social activities and hence disclosure in annual reports. This study however, has limitation that should be considered in interpreting the results. The regression model documented an R2 of 21.4 percent, which indicates that almost 80 percent of factors influencing CSR disclosure in Indonesian PLC have not been captured by the model. These other factors may perhaps be indentified in the next research.

  4. Study about the relevance and the disclosure of biological assets of listed companies in BM&FBOVESPA

    Directory of Open Access Journals (Sweden)

    Luciana Holtz

    2013-08-01

    Full Text Available The main objective this article is to verify that the information content of biological assets disclosed in the financial statements are relevant and, the secondary objective perform content analysis of the notes verifying the compliance of information supplied by entities with CPC 29. The study sample was composed of publicly traded stock companies listed on the BM & FBOVESPA with data for the year 2010 and 2011. The empirical tests were conducted applying relevance models, using observations of 347 active companies characterizing a study model pooled ordinary least squares – POLS, including companies that have reported biological assets into account specific .The companies that had values of biological assets posted have had analyzed explanatory notes referring to this account. The results provide empirical evidence that the information content of biological assets disclosed by companies is not relevant to the sample. In relation the content analysis of the notes was checked a partial compliance of the standard, there is a disparity in the information disclosure practices by the companies analyzed, as well as an omission of items required by the standard. Can be inferred that loss of the relevance has occurred, in part, by the poor quality of the notes, which may make it difficult for outside users in interpreting the information disclosed.

  5. The Financial Performance (Profitability and Corporate Governance Disclosure in the Annual Reports of Listed Companies of Bangladesh

    Directory of Open Access Journals (Sweden)

    Abdur Rouf

    2011-12-01

    Full Text Available This research aims to test empirically the relationship between the Financial Performances (Profitability and the level of Corporate Governance Disclosure (CGD by the listed non-financial companies in Bangladesh. Data are taken from annual reports of the listed companies in the 2007. This paper is based on a sample of 94 listed companies and Used OLS as a method of estimation. The extent of corporate governance disclosure level is measured using 40 items of information and financial performance (profitability is measured by return on assets (ROA. Using an unweighted approach for measuring corporate governance disclosure, this approach is most appropriate when no importance is given to any specific user-groups. After establishing the disclosure index, a scoring sheet was developed to assess the extent of corporate governance disclosures. The result shows that the Financial Performances (Profitability and Board Audit Committee are positively correlated with the level of Corporate Governance Disclosure (CGD. Percentage of Equity Owned by the Insiders is negatively associated with the Corporate Governance Disclosure. The study provides empirical evidence to policy makers and regulators in South Asia.

  6. An evaluation of corporate governance evaluation, governance index (CGINK) and performance: Evidence from Chinese listed companies in 2003

    Institute of Scientific and Technical Information of China (English)

    LI Wei'an; TANG Yuejun

    2007-01-01

    In the present paper, based on samples of 2003, empirical analyses of Corporate Governance Index (CGINK) and its six dimensions of listed companies in China, the index of controlling shareholders' behaviors, board governance index, top management governance index, information disclosure index, stakeholders' governance index, and supervisors committee governance index, are carried out and the results show that CGINK is positively associated with the return on assets (ROA), net assets per share (NAPS), earnings per share (EPS), operating cash flow per share (OCFPS), total assets turnover (TAV), rateof total assets growth (ITA) and Z-score. These indicate that good corporategovernance mechanisms improve profitability, stock expansion ability, operatingefficiency, growth and development potential, as well as financial flexibility andsafety of listed companies. Corporate governance mechanisms of controllingshareholders, board of directors, top management, information disclosure,stakeholders and supervisors committee are largely responsible for decision-making and decision-execution mechanisms, and furthermore, they have directand profound effects on the performance and value of listed companies.

  7. Assessment of the Knowledge Acquisition Process in Lithuanian Insurance Sector

    Directory of Open Access Journals (Sweden)

    Jurgita Raudeliūnienė

    2014-06-01

    Full Text Available Under the development of favourable globalization conditions, the demand for and importance of knowledge in the insurance sector are rapidly growing, which is characterized by the variety of insurance services and offered products as well as by a permanent change in efforts to efficiently meet the needs of society. Therefore, knowledge is becoming a unique factor that leads to the increased exclusivity of the organization in this particular sector when the recently acquired knowledge helps the employees of the company with efficiently performing work activities and creating for consumer advantages that can be hardly imitated by other insurance organizations. However, the process of knowledge acquisition will be worthless without efficient instruments for assessing the procedures leading to obtaining the necessary knowledge on demand and time. Every insurance organization in Lithuania tries to acquire the necessary knowledge on time in the most convenient way; however, researchers and business representatives feel a lack of tools for assessing and improving the knowledge acquisition process. According to scientific literature, a lack of complexity evaluating the knowledge acquisition process creates a precondition for developing instruments for the assessment of this process. The object of research is the evaluation of the knowledge acquisition process in the organizations of Lithuanian insurance sector. The goal of the article is to offer an integrated instrument of the knowledge acquisition process for the organization working in Lithuanian insurance sector. To achieve this goal, the following tasks have been implemented: the analysis of the theoretical aspects of the factors and methods of the knowledge acquisition process; the establishment of the factors specific to organizations in Lithuanian insurance sector for the purposes of assessing the knowledge acquisition process; the identification of the problematic areas of the knowledge

  8. THE ROLE OF ADVISORY COMMITTEES IN THE SYSTEM OF THE CORPORATE GOVERNANCE. CASE STUDY ON LISTED COMPANIES IN ROMANIA

    Directory of Open Access Journals (Sweden)

    GROSU MARIA

    2012-05-01

    Full Text Available Corporate governance concerns the way in which companies are managed and controlled. For efficient management of companies, these are recommended either to use the dual system of management, which, implicitly, assumes a board independent, supervisory board, respectively, or to establish independent advisory committees. Studies over time have shown that it is necessary to increase the role of BD and the establishment of specialized committees to advise the Board in its work. This study attempts to show, first, the need for advisory committees in addition to BD, with emphasis on the global situation. Second, to analyze is the situation and functioning of these committees at national level, we performed an empirical study of companies listed on the Bucharest Stock Exchange on tier I.

  9. Lithuanian narrative language at preschool age

    Directory of Open Access Journals (Sweden)

    Ingrida Balčiūnienė

    2012-05-01

    Full Text Available The paper deals with the main linguistic indications of Lithuanian preschoolers’ narratives. The analysis is based on experimental data of 24 typically developing monolingual Lithuanian children (6–7 years of age from middle-class families, attending a state kindergarten in Kaunas (Lithuania. During the experiment, the children were asked to tell a story according to the Cat Story (Hickmann 1993 picture sequence. The stories were recorded, transcribed and annotated for an automatic analysis using CHILDES software. During the analysis, the syntactic complexity, lexical diversity, and general productivity (MLUw and type/token ratio of the narratives were investigated. The results indicated the main microstructural tendencies of Lithuanian narrative language at preschool age.DOI: http://dx.doi.org/10.5128/ERYa8.02

  10. Evoliution of Castle Palaces in Lithuanian Renaissance

    Directory of Open Access Journals (Sweden)

    Inga Genytė

    2012-05-01

    Full Text Available The article author examines the problem of architecture history associated with the evolution of castle palaces in the current territory of Lithuania in the Lithuanian Renaissance period. The article is based on research papers thematically close to the publication, other literature and archive documents. After prehistory review of castle palaces at a theoretical level and clarifying the conditions for their occurrence, significant development trends of castle palaces during the Renaissance period in current Lithuania territory is revealed. At the beginning of the sixteenth century, Italian, Flemish and Flanders Renaissance reached Lithuania and merged with the local tradition; in the light of the Lithuanian Renaissance castle palaces reached their prosperity period in Lithuania. Castle palaces were distinguished by the diversity of their structural and architectural forms, relatively meaningful connection between function and artistic expression and a sustainable link with the components of environment.Article in Lithuanian

  11. CAPITAL ASSET PRICING MODEL METHOD USED IN MEASURING AND ANALYZING COMPANIES LISTED IN PEFINDO25 AT INDONESIA STOCK EXCHANGE PERIOD 2015

    Directory of Open Access Journals (Sweden)

    Francis M HUTABARAT

    2016-08-01

    Full Text Available The industry in Indonesia is an interesting business to capitalize. In Indonesia many companies were established since it is profitable. The capital market serves as an economic pillar in most countries. Indonesia is a rich country, rich in many ways especially in natural resources. However, the industry has its ups and downs in the stock market. It is interesting to see the performance of the companies listed in the Indonesia Stock Exchange.  This study aimed to measure and analyze companies listed in Pefindo25 at Indonesian Stock Exchange using Capital Asset Pricing Model. The sample used is 25 companies listed at Pefindo25 index. Based on the results of the study, it can conclude that after analyzing the companies listed in the Indonesian Stock Exchange using Capital Asset Pricing Model that based on Beta analysis, the companies have the type of stocks that are aggressive and defensive. With positive and negative return. The company with aggressive beta shows that the company tend to face higher risk, as JPFA find itself with positif return 15.47% expected return. And companies with defensive type of stocks tend to have positive return such as: FISH, STTP, AISA, APLN, and others since they are not sensitive to market changes. It is recommended for further research to look on this CAPM method in analyzing the stock investment.

  12. CSR Inflections: An Overview of CSR Practices on Financial Performance by Public Listed Companies in Malaysia

    Directory of Open Access Journals (Sweden)

    Bt Abdul Wahab Norwazli

    2017-01-01

    Full Text Available Of late, there has been growing demand for companies to intensify its corporate social responsibility (CSR. It is no longer one of the responsibilities of the companies but has become the responsibility of companies to give back to the society in which it has been operating and making huge profit. Unfortunately there appears to be a wide gap between the level of CSR awareness between companies from developed countries and those from the developing companies. Companies from developed countries have higher CSR level of awareness and faced no difficulty in disclosing their CSR activities relatively to the companies in the developing countries (including Malaysia. Thus, the aim of this paper is to examine the level of CSR disclosure of consumer products and trading and services industries from Malaysia. In addition, the study also would like to ascertain if the level of CSR disclosure influences the performance of the company in terms of its return on asset (ROA and firm value (Tobin’s Q. The study starts with the development of CSR disclosure index and using the index to determine if company’s performance is related to its contribution to the society. Panel data is used to achieve the second objective. Findings of the study provide positive, negative and insignificant results between CSR activities on the company performance.

  13. EMPIRICAL ANALYSIS OF THE PROFITABILITY AND INDEBTEDNESS IN LISTED COMPANIES – EVIDENCE FROM THE FEDERATION OF BIH

    Directory of Open Access Journals (Sweden)

    Dragan Gabrić

    2015-11-01

    Full Text Available Research on relationship between profitability and indebtedness is an interesting scientific and professional question because it is the basic criterion of performance and security in business. The aim of this paper is to examine and determine the level of correlation between profitability and indebtedness, and to research the differences in the level of indebtedness regarding company's profitability. The secondary data for the purposes of the empirical research were collected through the analysis of publicly available financial statements on a sample of companies listed on the quotation and free primary market on the Sarajevo Stock Exchange in the period from 2010. to 2013. The results of the correlation analysis indicate that there is a negative correlation between profitability indicators and indebtedness indicators within the researched companies in the observed period, which was specially indicated through the Total debt in the number of years and Interest coverage ratio. The results of testing the difference in indicators of indebtedness regarding profitability indicate that there is a difference in the indebtedness indicators measured by the Total debt in the number of years and Interest coverage ratio, between the companies that achieved positive financial result and the companies that achieved negative financial result.

  14. Investigating the relationship between auditor’s opinion and stock return in the companies listed at Tehran stock exchange market

    Directory of Open Access Journals (Sweden)

    Ali Akbar Farzinfar

    2013-01-01

    Full Text Available This research investigates the relationship between auditor’s opinion and stock return in the companies listed at Tehran stock exchange market. In this study, all required data are collected from aware shareholders and provide a sampling of 130 questionnaires, the data collected over the period 2010-2011 using test methods such as computer software, data analysis and statistical methods to answer research questions. According to research result through questionnaires and tests, there is a significant relationship between stock returns and the auditor's opinion, in fact, for aware shareholders of the company the auditor’s opinion has a special message. This message is based on the results of study hypothesis in comparison with previous research with regard to changes in the questionnaire and provides assumptions that are more detailed. The first finding is that unqualified audit report has a positive impact on stock returns of companies with a medium to low degree. Adverse audit report has a negative impact on stock returns of companies with medium to high degree. Disclaimer of audit report has a negative impact on stock returns of companies with medium to high degree. Finally, qualifying paragraphs, which modified the items of income statement items have more impact in comparison with qualifying paragraphs which modified the Balance Sheet items.

  15. A Study on Accounting Fraud Case of listed YGX Company%YGX上市公司会计舞弊案例研究

    Institute of Scientific and Technical Information of China (English)

    王强

    2015-01-01

    近些年来上市公司为了在资本市场上获取更多的利益也,管理层由于自身利益的驱动,不断爆出上市公司进行会计舞弊的事件. 出于上市公司内部和制度等外部等因素,上市公司会计舞弊事件在严厉打击夏依然时有发生. 本文以YGX上市公司财务舞弊为案例,探析了上市公司财务舞弊的成因,为减少上市公司财务舞弊事件的发生提供一定得参考意义.%In recent years,in order to get more interests in the capital market,driven by individual interests,there are continuous reveal of financial fraud in the management of the listed company.Due to the internal and external factors in the listed companies,financial fraud in listed company still occur now and then even though they are stricken seriously.This paper took the financial fraud of the listed YGX company for example,it investigated the causes resulting in accounting fraud in listed companies,hoping to provide reference for the attempt to reduce the occurrence of accounting fraud in listed companies .

  16. Human Capital Development (HCD) through Open, Distance and E-Learning: Evidence from Corporate Annual Reports (CARs) of Top South African Listed Companies

    Science.gov (United States)

    Adelowotan, Mo

    2014-01-01

    This paper discusses the role of open, distance and e-learning in the development of human resources by examining human capital development related disclosures in the corporate annual reports (CARs) of top South African listed companies. The study employed content analysis method to analyse the CARs of these companies with the aid of qualitative…

  17. Is there Needed an Industry Approach on Corporate Default Risk? Case Study on Companies Listed on Romanian Stock Exchange

    Directory of Open Access Journals (Sweden)

    Cristina Maria Triandafil

    2009-02-01

    Full Text Available This paper focuses on applying Black and Scholes structural approach on credit risk in the case of the companies listed on Romanian Stock Exchange. We conduct a case-study on 35 companies belonging to five industries (energetic, materials, chemistry, pharmaceuticals, equipments during a period of 10 years in order to highlight out default point/threshold and its essential factors evolution across industries. Research approach is concentrated also on the specific characteristics of the Romanian capital market (especially in terms of illiquidity and lack of transparency additional costs, macroeconomic environment and corporate finance decision process. We compute default point from the perspective of the arbitrage between assets and leverage; in accordance with the most recent theories on specific features corporate default within emerging countries (Galytskyy, 2006, a key element will be represented by the assets volatility which will be correlated with the country risk premium in order to highlight out a potential macroeconomic impact on corporate failure.

  18. Empirical Research on Factors Influencing Level of Environmental Protection Information Disclosure in Annual Reports by Listed Companies

    Institute of Scientific and Technical Information of China (English)

    Zhu Jinfeng; Xue Huifeng

    2009-01-01

    Taking 248 A-share manufacturing listed companies in 2006 Shanghai Stock Exchange as example,using "index method" to measure level of environmental protection information disclosure,this paper examines the factors influencing level of environmental protection information disclosure.The findings show that the disclosure level has improved,but the overall level is still low and unable to satisfy information users;there is positive correlation between corporate size,industry type,accounting firm's type and corporate environmental disclosure index.The companies of large scale and heavy pollution and those audited by international "Big 4" and domestic "Big 10" accounting firms have a high level of environmental disclosure,while the profitability and financial leverage has no impact on the disclosure level.Finally some suggestions are put forward to establish environmental information disclosure system in China.

  19. CURRENT STUDY ON THE FUNDING SOURCES COVERAGE OF CURRENT ASSETS TO COMPANIES LISTED ON THE BUCHAREST STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Teodor HADA

    2014-06-01

    Full Text Available This paper presents issues about the coverage with financing sources of current assets for 64 companies listed on the Bucharest Stock Exchange. The aim of the study is to see how to calculate indicators specific to current assets and the general framework offered as whole analysis of the financing sources of current assets. The introduction of the paper presents the objective, the research methodology and the novelties brought by this study. Further on, this study shows the various views of the authors about the concept of "current assets", financing sources of current assets, the calculation of net working capital, setting the limits of the normal working capital and determining the speed of rotation. After that was done, based on the theory, a case study was performed, for companies covered in this study. Conclusions focused on determining the final data about what was detailed in the previous paragraphs.

  20. A study on relationship between asymmetric information on dividend polices of companies listed in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Adineh Hayatbakhsh

    2013-07-01

    Full Text Available Explaining and the determinants of dividend policy is one of the biggest challenges that have long been the center of attention of accounting and financial researcher and theoreticians. There are many evidences that confirm the effects of dividend and there are a lot of other potential factors whose effects on the dividend policy have not been studied yet. In this study, the effects of four variables including asymmetric information, growth opportunities, cash holding and firm size in payout dividend policy are investigated, simultaneously. The study uses the information of 140 companies listed on Tehran Stock Exchange over the period 2005-2010. In this study, 4 hypotheses are proposed and investigated. There are positive and significant relationships between asymmetric information, growth opportunities, cash holding and company size on one side and payout dividend policy on the other side.

  1. ANALYSIS OF EFFECT OF PROFITABILITY, ASSETS STRUCTURE, SIZE OF COMPANIES, AND LIQUIDITY TO CAPITAL STRUCTURES IN MINING COMPANIES LISTED IN INDONESIA STOCK EXCHANGE PERIOD 2012 - 2015

    Directory of Open Access Journals (Sweden)

    Gatot Nazir Ahmad

    2017-09-01

    Full Text Available The purpose of this study is to analyze the effect of profitability, structure assets, firm size and liquidity to the capital structure of mining companies listed on the Indonesia Stock Exchange for the period 2012-2015. Sampling technique using purpose sampling. Data analysis technique used in this research is panel data regression. The results showed that partially profitability had negative and significant effect to capital structure, asset structure had positive and significant effect to capital structure, firm size had positive and significant effect to capital structure, and liquidity had negative and significant effect to capital structure. Simultaneously profitability, asset structure, firm size and liquidity have a significant effect on capital structure.

  2. Finding the Link between CSR Reporting and Corporate Financial Performance: Evidence on Czech and Estonian Listed Companies

    Directory of Open Access Journals (Sweden)

    Jiří Strouhal

    2015-09-01

    Full Text Available Despite the fact that obligations to publish reports on corporate social responsibility will come into force in the European Union from 2018, an increasing number of companies are starting to implement corporate social responsibility (CSR policy into their everyday business practices, and as a result the information of this activity is disclosed in CSR reports or within annual reports. As the disclosure of such information is currently voluntarily based, we believe that the growing popularity of CSR leads to a direct link between the sustainability of the company and its financial performance. The purpose of this paper is therefore to determine the linkage between CSR and financial performance within two countries in the CEE region – Czech and Estonia – using data from 2012 - 2013. We compare return on assets and normalized market value added of listed companies. Based on the results, we can state that the implementation of a standalone CSR report does not have any direct linkage with the financial performance of the tested companies.

  3. Board Composition and Financial Performance: Empirical Analysis of Companies Listed at the Nairobi Securities Exchange

    National Research Council Canada - National Science Library

    Vincent O Ongore; Peter O K; Martin Ogutu; Eric M Bosire

    2015-01-01

    .... Independent members, gender diversity and board size are some of the key attributes of boards that have been linked to financial performance of companies in industrialized countries, but which...

  4. The Determinants of Corporate debt maturity: a study on listed companies of Bombay Stock Exchange 500 index

    Directory of Open Access Journals (Sweden)

    Raveesh Krishnankutty

    2014-03-01

    Full Text Available The study was intented to identify the determinants of the debt maturity structure of listed firms in Bombay Stock Exchange 500 index. For the analysis we have taken 321 firms during the period 2002- 2011, comprising of a panel model with fixed effects. We also used GMM (1991 and GMM (1998 estimates of our analysis. The result of robustness tests confirms that past year debt maturity, leverage and growth opportunities are directly determined the debt maturity of Indian firms. Liquidity, effective tax and rate prime lending rate are negatively determining the debt maturity of Indian companies.

  5. The Dual Listing of Austrian Companies in Vienna and Frankfurt: Dependence Analysis

    Directory of Open Access Journals (Sweden)

    Lukasz Gurgul

    2015-03-01

    Full Text Available International capital flows can be hampered by a variety of barriers such as transaction costs, information costs, and legal restrictions. The solution in this situation can be dual listing. The framework of the research presented here assumes that domestic securities are dually listed on a foreign capital market, while none of the foreign securities is dually listed on the domestic capital market. This paper is concerned with a dependence analysis of the log-levels and returns of Austrian stocks listed in Frankfurt and Vienna. The important issue is dynamic linear and non-linear causality between log-levels (returns of prices and the indices ATX and DAX. In this context the important directions of causality are found along with the level of relations of the selected types of causality.

  6. 上市公司退市的若干法律问题探讨%Study on Some Legal Issues Arising from the Delisting of Listed Companies

    Institute of Scientific and Technical Information of China (English)

    蒋辉宇; 高海; 刘红

    2012-01-01

    The delisting of listed companies should experience such necessary procedures as deliberation of the listing committee,reviewing of the reviewing committee and judgment of the courts.After delisting,the listed companies will change to the general companies limited by shares or non-listed public companies.The delisting companies still have an obligation to disclose information,and the Stock Exchange and CSRC still have the power to supervise the delisting companies.The execution of the board transference of delisting companies should be given sufficient time and paid special attentions at all kinds of possible outcomes about reviewing and suit to the courts.The recover listing and the re-listing of delisting companies will face some special legal problems.%上市公司退市应经过上市委员会审议、复核委员会复核以及法院审判等必要程序。退市后上市公司将转变为普通股份有限公司或非上市公众公司,退市后仍负有信息披露的义务,证券交易所与证监会有权对其信息披露行为进行监管。退市公司股份转板的实施应给予充足的时间,并充分考虑退市公司申请复核和向法院提起退市诉讼的各种可能结果。退市公司在恢复上市与再上市时也将面临一些特殊法律问题。

  7. THE CONSIDERATION AND PURPOSE OF BORROWING: AN EMPIRICAL EVIDENCE FROM INDONESIA LISTED COMPANIES

    Directory of Open Access Journals (Sweden)

    Ventje Ilat

    2014-01-01

    Full Text Available Debt often graced in most of capital structure of companies, particularly in financial statement and became issues in context of trade off theory and pecking order theory in most studies. Debt usually related with profit matter, because it is always want to be achieved by every companies. It started when companies own equity is insufficient to create investment in company’s assets for making profit, then it make debt is one alternative fund for financing investments aimed at achieving the desired profit. The objective of this study is to give answers as empirical evidence for the questions about why companies need debt and what is the relevance capital structure theory to explain this behavioral tendency in these period of observation. Conducting path analysis with trimming model as method of analysis, the results shows that, degree of operating leverage is negatively significant to debt equity ratio and debt equity ratio is negatively significant to return on equity. The implication of this findings shows the application of pecking order theory, because most of companies depend their funding from internal, which is make them have more stable cash flow and beside that, the consideration of business risk is very important so they keep the capital structure in optimum debt that make them have low probability of bankruptcy.

  8. INVESTIGATING FINANCIAL INNOVATION AND EUROPEAN CAPITAL MARKETS. THE CASE OF CATASTROPHE BONDS AND LISTED REINSURANCE COMPANIES

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    CONSTANTIN LAURA-GABRIELA

    2014-12-01

    Full Text Available Focusing on the financial innovation – stock market interconnections, the present research studies the association between the insurance-linked market activity of European (reinsurance companies and their evolution on the capital markets. With the aim of emphasizing the connections from the perspective of the stock performance and their risk, the empirical analysis is based on vector autoregression (VAR and Granger causality analyses. The proposed examination is further developed by considering both impulse response functions and variance decomposition insights. The proxies of the catastrophe bond market, as financial innovation, there are employed both the size and the number of catastrophe bonds transactions, while the stock returns and their standard deviation stand for representatives of the evolution of the reinsurance companies on the capital markets in terms of financial performance and risk. The main results confirm other studies, suggesting that the effects of issuing cat bonds on the ceding companies is reflected rather in terms of stocks’ risk diminishing

  9. INVESTIGATING FINANCIAL INNOVATION AND EUROPEAN CAPITAL MARKETS. THE CASE OF CATASTROPHE BONDS AND LISTED REINSURANCE COMPANIES

    Directory of Open Access Journals (Sweden)

    CONSTANTIN LAURA-GABRIELA

    2014-12-01

    Full Text Available Focusing on the financial innovation – stock market interconnections, the present research studies the association between the insurance-linked market activity of European (reinsurance companies and their evolution on the capital markets. With the aim of emphasizing the connections from the perspective of the stock performance and their risk, the empirical analysis is based on vector autoregression (VAR and Granger causality analyses. The proposed examination is further developed by considering both impulse response functions and variance decomposition insights. The proxies of the catastrophe bond market, as financial innovation, there are employed both the size and the number of catastrophe bonds transactions, while the stock returns and their standard deviation stand for representatives of the evolution of the reinsurance companies on the capital markets in terms of financial performance and risk. The main results confirm other studies, suggesting that the effects of issuing cat bonds on the ceding companies is reflected rather in terms of stocks’ risk diminishing.

  10. EVA based model to estimate the Chinese listed company's intrinsic value

    Institute of Scientific and Technical Information of China (English)

    RAN Mao-sheng; ZHONG Tao; HU Guo-peng

    2005-01-01

    This article is based on traditionally intrinsic value assessment model. We employed the assumption on the differences in future increase rates of companies, taking into account of the expected Economic Value Added (EVA) discount and the capital investment, to establish a high increase model, a two-stage EVA discount model and a three-stage EVA discount model for the intrinsic value assessment. Those models eliminate the great fluctuation of free cash flow in calculating the capital expenditure by setting aside the cash flow of the company's investment in the year and considering only the capital cost. This method needs only to assess the EVA flow in different year in probing the intrinsic value of a company, thus give more consistent conclusion than conventional methods.

  11. Improving the prediction of going concern of Taiwanese listed companies using a hybrid of LASSO with data mining techniques.

    Science.gov (United States)

    Goo, Yeung-Ja James; Chi, Der-Jang; Shen, Zong-De

    2016-01-01

    The purpose of this study is to establish rigorous and reliable going concern doubt (GCD) prediction models. This study first uses the least absolute shrinkage and selection operator (LASSO) to select variables and then applies data mining techniques to establish prediction models, such as neural network (NN), classification and regression tree (CART), and support vector machine (SVM). The samples of this study include 48 GCD listed companies and 124 NGCD (non-GCD) listed companies from 2002 to 2013 in the TEJ database. We conduct fivefold cross validation in order to identify the prediction accuracy. According to the empirical results, the prediction accuracy of the LASSO-NN model is 88.96 % (Type I error rate is 12.22 %; Type II error rate is 7.50 %), the prediction accuracy of the LASSO-CART model is 88.75 % (Type I error rate is 13.61 %; Type II error rate is 14.17 %), and the prediction accuracy of the LASSO-SVM model is 89.79 % (Type I error rate is 10.00 %; Type II error rate is 15.83 %).

  12. Econometric analysis on the impact of macroeconomic variables toward financial performance: A case of Malaysian public listed logistics companies

    Science.gov (United States)

    Zakariah, Sahidah; Pyeman, Jaafar; Ghazali, Rahmat; Rahman, Ibrahim A.; Rashid, Ahmad Husni Mohd; Shamsuddin, Sofian

    2014-12-01

    The primary concern of this study is to analyse the impact against macroeconomic variables upon the financial performance, particularly in the case of public listed logistics companies in Malaysia. This study incorporated five macroeconomic variables and four proxies of financial performance. The macroeconomic variables selected are gross domestic product (GDP), total trade (XM), foreign direct investment (FDI), inflation rate (INF), and interest rate (INT). This study is extended to the usage of ratio analysis to predict financial performance in relation to the changes upon macroeconomic variables. As such, this study selected four (4) ratios as proxies to financial performance, which is Operating Profit Margin (OPM), Net Profit Margin (NPM), Return on Asset (ROA), Return on Equity (ROE). The findings of this study may appear non-controversial to some, but it resulted in the following important consensus; (1) GDP is found to be highly impacting NPM and least of ROA, (2) XM has high positive impact on OPM and least on ROE, (3) FDI appear to have insignificant impact towards NPM, and (4) INF and INT show similar negative impact on financial performance, precisely highly negative on OPM and least on ROA. Such findings also conform to the local logistic industry settings, specifically in regards to public listed logistics companies in relation to its financial performance.

  13. Energy conservation in Dutch offices of listed companies; Energiebesparing in Nederlandse kantoren bij beursgenoteerde bedrijven

    Energy Technology Data Exchange (ETDEWEB)

    Bakker, J.; Remmers, J.; Verstappen, R.

    2012-11-15

    Results are presented of a qualitative study of the ambitions of companies in the implementation of energy savings, and the extent to which they are reported. It appears that companies deal differently with taking energy saving measures and reporting on energy savings and CO2 emissions [Dutch] De resultaten worden gepresenteerd van een kwalitatief onderzoek naar de ambities van bedrijven bij de uitvoering van energiebesparingen, en de mate waarin hierover wordt gerapporteerd. Het blijkt dat bedrijven verschillend omgaan met het nemen van energiebesparende maatregelen en met het rapporteren over energie en CO2-emissies.

  14. Relationship between the Disclosure of Sustainability with the Corporate Governance: A Study in Companies Listed in Ibrx-100

    Directory of Open Access Journals (Sweden)

    Emanoel Truta do Bomfim

    2015-04-01

    Full Text Available The aim of this study was to investigate the relationship between the disclosure of sustainability with some features of corporate governance in publicly traded Brazilian firms. The characteristics of corporate governance studied were duality of CEO, level corporate governance, sustainability committee, independent directors, influences of the community, board interlocking and family management. The analysis was based in a sample of the 76 companies listed in IBRX-100 BM&FBovespa that were followed during the period 2009-2011. The technique of content analysis was used in corporate reports, financial statements and reports and social sustainability of the firms investigated in order to measure the level of disclosure of sustainability. The panel data model with fixed and random effects was used to assess the relationship between the disclosure of sustainability with the characteristics of the corporate governance of the companies investigated. The results show that the family administration, the age of the company, the influence of community, sustainability committee, the size and performance have positive effect on the disclosure of sustainability. However, participation in New Market (NM corporate governance of BM&FBovespa was negatively related to the level of sustainability disclosure, demonstrating that the insertion at this level differentiated corporate governance does not seem to influence the disclosure by enterprises investigated.

  15. Income smoothing and use of derivatives instruments in non-financial companies listed on BM&FBovespa

    Directory of Open Access Journals (Sweden)

    Henrique Portulhak

    2014-09-01

    Full Text Available This paper aims to investigate whether income smoothing and use of derivative financial instruments are related as substitute or complementary practices regarding organizational policies to reduce the volatility of corporate earnings. In order to reach this goal, 214 non-financial companies listed on BM&FBOVESPA stock exchange between 2005 and 2011were analyzed and Eckel (1981 model was applied in order to gather which companies present income smoothing evidences during this period, besides qualitative analysis on explanatory notes to investigate which companies used derivatives in the final year. Chi-square test with Yates correction was employed in order to verify the existence of correlations between income smoothing and derivative instruments. Results indicated, considering the impossibility of rejecting the null hypothesis of the chi-square test with Yates correction, evidence for an inverse relationship between the aforementioned variables. Through the results of this test, it is suggested that organizational policies for use of income smoothing and derivatives can be acting as resource substitutes for non-financial enterprises stock dealers on BM&FBOVESPA, thus meeting individual findings in other international researches.

  16. Analysis of Lithuanian Direct Investment into European Union Countries

    Directory of Open Access Journals (Sweden)

    Evelina Zigmantavičiūtė

    2015-05-01

    Full Text Available In this paper the valuation of macroeconomic factors influencing the Lithuanian direct investment into European Union was conducted. The problem of this paper is the different chosen macroeconomic factors influencing foreign direct investment. The object of this paper is Lithuanian direct investment. The methods of this paper include: comparative literature analysis, correlation regression analysis, paired regression analysis. After conducting a research of dependency of Lithuanian direct investment to EU countries from price changes, government sector income, gross domestic product, inflation, jobless rate results, it is found that gross domestic product and government sector income have the most influence on the changes of Lithuanian direct investment.

  17. "Sunrise" and "Sunset" of Lithuanian Agencies

    Directory of Open Access Journals (Sweden)

    Vitalis NAKROŠIS

    2011-12-01

    Full Text Available Based on the transformative approach, the NPM and post-NPM models this article explains the proliferation, autonomy, control and innovative behavior of Lithuanian agencies and other public sector organizations in the 1990-2010 period. While the expansion of governmental functions during Lithuania’s transition to democracy and its accession to the EU brought agencification in 1990-2004, the adoption of government-wide organizational reforms during the economic crisis marked the start of de-agencification in 2009- 2010. The degree of autonomy and control of the Lithuanian public sector organizations is largely explained by their legal basis and political salience of their tasks. Finally, in line with the post-NPM model, structural capacities and participation in networks have a strong impact on innovative behavior of these organizations.

  18. THE RELATIONSHIP BETWEEN ECONOMIC VALUE ADDED AND CASH CONVERSION CYCLE IN COMPANIES LISTED ON THE WSE

    Directory of Open Access Journals (Sweden)

    Monika Bolek

    2012-06-01

    Full Text Available Economic Value Added (EVA a profitability measure and a Cash Conversion Cycle a liquidity and profitability measure are presented in this article. These ratios represent the dynamic approach to management of companies. The relationship between them may be considered as an advanced approach to management in a current economy based on intangible assets and know- how and capital allocated fast and efficient according to information common access.

  19. The Major Obstacles of Correct Pronunciation: for Lithuanians Learning Spanish and for Spanish Learning Lithuanian

    Directory of Open Access Journals (Sweden)

    Loreta Alešiūnaitė

    2012-06-01

    Full Text Available When a person starts learning a new foreign language and tries to speak to a native speaker, it is a common situation when he/she is asked to repeat (sometimes more than once because the listener does not understand the speaker‘s pronunciation. As a consequence, the speaker’s confidence in his/her language competence is shaken as well as motivation for the use of this foreign language. This situation shows the importance of correct pronunciation which is one of the significant components of successful foreign language learning. Recently, the learning of Spanish and Lithuanian as foreign languages has become increasingly popular in Kaunas. From 2009 a quarter of LUHS foreign students are Spanish students, and Spanish is the first most chosen from 26 of those taught as a second foreign language at VMU. During the analysis of Spanish and Lithuanian phonetic similarities and differences, the main purpose is to discuss, compare and identify the major obstacles in pronunciation for Lithuanians learning Spanish and for Spanish students learning Lithuanian. The experimental mirror principle reveals the main obstacles to correct pronunciation which indicate the cases where Spanish students make pronunciation mistakes in the Lithuanian language, and, respectively, those cases are the same where the pronunciation obstacles for Lithuanians speaking Spanish arise. Learning of phonetics is one of the most important parts of communicative competence – that is why it is recommended to pay attention to the orthoepy in foreign languages and begin to develop pronunciation from the very first levels of language learning, because the positive results appear in the long run and after much practice.

  20. Propping by controlling shareholders, wealth transfer and firm performance: Evidence from Chinese listed companies

    Institute of Scientific and Technical Information of China (English)

    Qianwei; Ying; Liang; Wang

    2013-01-01

    Propping acts by controlling shareholders are common in Chinese listed firms In this paper, we use data on related-party transactions of all listed Chinese firms from 2002 to 2008 to investigate the motivation behind controlling share holders’ propping acts and subsequent wealth-transfer behavior and how both affect firm performance. We find that such institutional motivators as the maintenance of shell resources and qualification for refinancing have a significant effect on the propping behavior of controlling shareholders of Chinese listed firms and that such behavior is often followed by more serious tunneling when shareholders are driven by these motivators. Compared with non-state owned firms, state-owned firms with the motivation to qualify for refinancing exhibit more severe tunneling after engaging in propping behavior. We also find that while propping by controlling shareholders improves a firm’s current operating performance, in firms whose controlling shareholders’ are motivated by the desire to maintain shell resources or obtain a refinancing qualification their performance declines in the following year because of subsequent tunneling. The results presented in this paper provide us with a better understanding of the relationship between propping and tunneling, controlling shareholders engagement in both and the consequences of that behavior.

  1. Comparative Analysis of the Development of Agricultural Listed Companies%农业类上市公司发展状况比较

    Institute of Scientific and Technical Information of China (English)

    秦志岗; 傅立民; 马晨; 黎东升

    2011-01-01

    在中国证监会行业划分的基础上,将农副产品加工业和食品制造业上市公司也一并纳入农业类上市公司的范畴.分析了农业类上市公司发展差距,主要表现在,群体数量少、发展不快、成长能力不强、合规性较差、地域分布不均衡.造成这种局面的内因在于农业类上市公司本身的弱质性和发展动力不足,外因在于资本的逐利性和国家政策扶持不够均衡,因此,加快农业类上市公司发展速度的重心是内强素质,外争政策.提出了农业类上市公司发展的政策思路.%On the basis of industry division of China's Securities Regulatory Commission, listed companies in the processing industry of agroproducts and food production have also been incorporated in the category of agricultural listed companies. Developmental discrepancy of agricultural listed companies is analyzed, whose main manifestations are small population quantity, slow development, weak growing capacity, relatively poor rationality and unhalanced regional distribution. The internal canses of this kind of situations lie in the weak quality and inadequate developmental driving force of agricultural listed companies, while the external cause are the capital chasing and unbalanced political support of the country. Therefore, the key of quickening the development of agricultural listed companies is inner power and external competition. Thus, the political thought of the development of agricultural listed companies is proposed.

  2. Problems of Information Disclosure in China's Listed Companies%我国上市公司信息披露中存在的问题

    Institute of Scientific and Technical Information of China (English)

    武蕴

    2011-01-01

    本文主要是从当前我国上市公司信恩披露管理办法入手,分析上市公司会计信息披露中存在的问题,继而找出存在这些问题的原因。%Starting from the management method of information disclosure in the current listed company of our country, this article analyzes the problems in information disclosure of listed company to find the the reason for these problems.

  3. ASPECTS CONCERNING THE DETERMINATION OF BANKRUPTCY RISK BY SOLVENCY AND LIQUIDITY RATIOS IN THE COMPANIES LISTED ON THE BUCHAREST STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Teodor Hada

    2014-07-01

    Full Text Available This paper presents issues related to determining the bankruptcy risk for 64 companies listed on the Bucharest Stock Exchange.The purpose of this paper is to determine the percentage of companies falling within the normal range. In the introduction, we set the goal, the research methodology, and the novelty value of this work. Hereinafter, we presented different views of risk concepts, bankruptcy, solvency and liquidity. After that, based on theoretical presentations, a case study was conducted to determine the solvency and liquidity ratios. In the end, on the basis of the above considerations, the conclusions were established and some proposals were listed.

  4. A Growth Evaluation and Analysis of Companies Listed on GEM%我国创业板上市公司成长性评价分析

    Institute of Scientific and Technical Information of China (English)

    阮青松; 常乐

    2012-01-01

    Scientific evaluation of GEM listing companies' growth is an important precondition for the healthy development of China's GEM. Taking 183 companies listed on China's GEM as a sample, this article constructs a system of growth-evaluating indexes for GEM listing companies by theoretical analysis and makes an empirical research using factor analysis model. The results show that company' s capacity of risk-controlling, profitability, growth rate, operational efficiency and capacity of innovating mainly reflect the growth of companies listed on GEM.%科学地评价创业板上市公司的成长性是我国创业板市场健康发展的重要前提,通过理论分析构建了创业板上市公司成长性评价指标体系,并以在我国创业板上市的183家公司为样本,采用因子分析模型进行实证分析.研究结果表明:公司的风险控制能力、盈利能力、成长速度、经营效率和创新能力是创业板上市公司成长性的主要体现.

  5. Family Ownership, Firm’s Financial Characteristics and Capital Structure: Evidence from Public Listed Companies in Malaysia

    Directory of Open Access Journals (Sweden)

    Punitharaja NADARAJA

    2011-06-01

    Full Text Available Capital structure is identified as one of focal facet in corporate finance branch of learning. It provides comprehension on how firms choose to finance their operations and expansion. The objective of this study is to explore the determinants of capital structure of Malaysian public listed companies. The period of 2001-2006 was selected in this study, which reflected the post Asian financial crisis period. Firm’s financial characteristics consist of size, growth, profitability, liquidity and ability to service debt. Family ownership which was identified as a unique feature in the Malaysian corporate sector was used to measure the effect of corporate governance in capital structure decision. Using panel data approach, this study infers that the role of ownership structure in the form of family ownership though is not significantly related to capital structure, its inclusion in the empirical equation changes the significance of other variables. Except for growth, all other financial characteristics have significant relationships with capital structure.

  6. Effect of Family Ownership towards Tax Aggressiveness on Food and Beverages Industrial Company Listed in Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Sunaryo Sunaryo

    2016-05-01

    Full Text Available The primary objectives of this research were to learn the effects of family ownership, return on assets, leverage, property plant, and equipment with tax aggressiveness, either simultaneously or partially. This research used quantitative method with secondary data collected by purposive sampling from foods and beverages industrial companies group listed in IDX and preceding journals of scientific articles research. This research used simple regression to test the hypothesis simultaneously with F test and t test for testing the partial hypothesis. Results of this research show that family ownership, return on assets, leverage, and property, plat, and equipment have affected tax aggressiveness simultaneously and significantly. The family ownership and property, plant and equipment have significant effects to tax aggressiveness, but the return on assets and leverage do not have significant effects to tax aggressiveness.

  7. The implications of financial performance on stock exchange indicators of listed companies: empirical evidence for the Romanian capital market

    Directory of Open Access Journals (Sweden)

    Iulia-Oana ȘTEFAN(BELCIC-ȘTEFAN

    2016-08-01

    Full Text Available This paper examines and quantifies the implications of financial indicators of performance on the share return of companies listed on Bucharest Stock Exchange. These implications are even more relevant as the Romanian capital market could benefit from increased visibility with its reclassification as an emerging capital market in the near future. The research is conducted at the level of 33 companies listed on BSE for the time frame 2011-2013, building a multiple linear regression model that quantifies the variation in price to book value depending on the evolution of nine financial indicators of performance out of a total of 38 such possible indicators. Correcting the effects of serial correlation within the model led to its respecification resorting to the generalized differences procedure. The value of the R-squared coefficient of determination for the processed model is 0.543, eight of the nine independent variables being significant at the 1% level. The 0 probability associated to the F-test as well as its value confirm that the regression equation is globally significant. Also, all the assumptions for validating the estimated model are confirmed, both general ones, characteristic to the multiple linear regression procedure, and, in particular, according to the specific set of data under processing. The applied usefulness of the regression model is valued in the next step of the research, that of testing the effectiveness of the Romanian capital market, after which it was found that the influence of financial performance indicators was already incorporated into the market price since the end of the reporting period.

  8. OPPORTUNITIESFOR DETERMINING THE EFFICIENCY CURVE IN THE PORTOFOLIO OF COMPANIES LISTED ON BUCHAREST STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    HADA TEODOR

    2015-03-01

    Full Text Available This article is organized in four parts. The first part presents theoretical aspects on determining the efficiency curve and the steps to be taken on this. The second part begins with a case study presenting the methods of determining the efficiency curve of a stock portfolio, in the case of several entities listed on the Bucharest Stock Exchange. The third part shows how useful Microsoft Excel is to determine the Markovitz efficiency curve of a stock portfolio. On completion of this work, we present the findings on the methods of determining the Markovitz efficiency curve using Microsoft Excel, and their related interpretations.

  9. Market Reaction to the Approval of Stock Option Plans: an Event Study of Bovespa Listed Companies

    Directory of Open Access Journals (Sweden)

    Fernanda Finotti Cordeiro Perobelli

    2009-07-01

    Full Text Available This paper aims to verify market reactions to Employee Stock Options Plans (ESOP proposals and awards in the Brazilian Stock Exchange from July 1994 to March 2007. In order to achieve such objective, event studies methodology was applied and the original sample (comprised by all companies that adopted ESOP during the survey period was divided according to employees’ eligibility to ESOP and CEOs bargain power. Using non-parametric tests (Sign Test e Wilcoxon Rank Sum Test, we could verify that announcements of ESOP proposals and ESOP awards were not related to positive abnormal returns. As the opposite, returns around those announcements dates were negatives, in general. Such pattern could be explained by some theoretical consequences of ESOP plans: increase in the CEOs risky behavior, constrains in the dividend policy and CEOs opportunistic behavior by managing the timing of their voluntary disclosures around stock option awards. We also found evidences suggesting that employees´ eligibility is related to abnormal returns. When all employees are awarded, returns are even more negative. Possible explanations are indirect costs of capital pulverization and increase in the companies cost of capital due to the ESOP. Our findings suggest that an ESOP adoption in a poor governance environment can increase agency problems, instead of aligning CEOs and shareholders interests.

  10. DETERMINANTS OF INTERNAL VS. EXTERNAL CEO SUCCESSIONS IN MALAYSIAN PUBLIC LISTED COMPANIES

    Directory of Open Access Journals (Sweden)

    Rokiah Ishak

    2012-01-01

    Full Text Available Following a CEO turnover, a company may select an internal or external successor. The objective of this study is to determine if firm performance, board attributes, ownership structure and incumbent power influence the decision of whether to elect an internal or external candidate. Results from logistic regression analysis on 145 succession events over a four-year period (2002 to 2005 indicate that firms which are controlled by blockholders tend to select an outsider as the successor. Further, firms that are controlled by family members and position their former CEOs within the firms are more likely to select insiders as successors. However, firm performance, board composition, CEO duality and turnover type do not affect the selection choice. This study implies that poor firm performance does not necessarily lead to outside CEO selection choice. Further, boards of Malaysian PLCs are not effective in choosing outsiders as successors as both board composition and CEO duality do not necessarily select outsiders to become new CEOs. Another implication of this study is that former CEOs who continue their directorship in the same companies do have some power in naming new CEOs as the former tend to select insiders as successors.

  11. Financial Services Authority (OJK Policy on Debt Proportion and Its Impact on the Profitability of DES Listed Companies in Indonesia

    Directory of Open Access Journals (Sweden)

    Aida Nurul Hadiah

    2016-12-01

    Full Text Available The sharia capital market in Indonesia has different principles and criteria from the conventional capital market, and focuses on “ethics and justice”. The desired outcomes of capital market transactions should be in accordance with Islamic ethics and norms as managed in sharia. OJK (Otoritas Jasa Keuangan/ Financial Services Authority is supervisor and manager of financial service activities in the banking sector, the capital market sector, and the IKNB (Industri Keuangan Non-Bank/ Non-Bank Financial Industry sector. The research object is capital structure, leverage, and profit. They are managed by size, liquidity, growth, and active structure of the listed company at sharia stock. The research population is 24 companies excluded from the OJK due to a lack of criteria in their 2013-2015 quarterly financial reports. The data analyses used are descriptive statistics and inferential statistics. This analysis finds the effect of the independent variable, dependent variable and control variable simultaneously and partially. The research result shows that capital structure and leverage do not have significant effect.   Keywords: OJK (Otoritas Jasa Keuangan, Debt Proportion, DES

  12. Impacts of Firms’ Internal Information Environment on Tax Avoidance (Case Study: Companies Listed In Tehran’s Stock Exchange

    Directory of Open Access Journals (Sweden)

    Jahanbakhsh Ghafoori

    2017-04-01

    Full Text Available The main purpose of this study is to investigate the impacts of firms’ internal information environment on tax avoidance. The research method includes a data panel and is generally of semi-experimental fashion. The population of research is consisted of the entire companies and firms listed in Tehran’s stock exchange as 496 firms from the beginning of 2007 until the end of financial year of 2014. Among the population, a number of 86 firms were selected as the sample through systematic omitting method. For the purpose of data analysis, the tests of T and multivariate linear regression were incorporated into the study. Results indicate that impact of quality of internal information on tax avoidance is higher in those companies in which information play a more important role. Firms which operate under geographic dispersion make more use of the quality of their internal information, because this information helps them towards reduced tax avoidance. High quality of internal information and commercial dispersion force these firms towards avoiding larger taxes. In addition, quality of internal information is not effective on firms which are under reconstruction status.

  13. Lithuanian Students' Choice of University: A Consumer Value Approach

    Science.gov (United States)

    Bartkute, Darija

    2017-01-01

    Increasing competition within the Lithuanian educational market has paved the way for an analysis of the complex choice processes enrollees undergo in selecting a higher education institution. This research examines the concept of consumer value and its interpretation in the Lithuanian higher education setting. Based on data collected from 445…

  14. INTELLECTUAL CAPITAL REPORTING AND DISCLOSURE IN THE ANNUAL REPORTS OF ROMANIAN MANUFACTURING LISTED COMPANIES" THEORETICAL FRAMEWORK

    Directory of Open Access Journals (Sweden)

    Farcas Mariana

    2011-07-01

    Full Text Available One of the most researched topic regarding financial reporting and disclosure of today is the way intellectual capital or knowledge assets contributes to the improving of the quality of information disclosed and create or add value to business performance. Also, it is acknowledged that a company has access to a variety of tools for disclosing information on intellectual capital. In our study we have decided to investigate the concept, the measurement models and the intellectual capital disclosure practices using as the source of our documentation books, articles, working papers and online publications. So, in the first part of our research we have presented several points of view in respect to the concept of knowledge assets or intellectual capital and in the second part we have reviewed the literature on the topic highlightening several scholars opinion on reporting and disclosure issues.

  15. 我国上市保险公司内部控制评价研究%Evaluation on Internal Control of Listed Insurance Companies in China

    Institute of Scientific and Technical Information of China (English)

    黄娟

    2012-01-01

    保险公司内部控制为保险公司的稳健运营和可持续发展提供了基础架构与实践平台。本文构建了上市保险公司内部控制评价体系,运用层次分析法(AHP)对中国人寿、中国平安、中国太保三家A股上市保险公司的内部控制体系进行综合评价,并提出了相应的政策建议,以期为推进上市保险公司践行内部控制评价提供路径指引。%Insurance company internal control is the foundation and platform to realize sustainable development of the insurance company. The paper constructed an internal control evaluation system of listed insurance companies, and evaluated the internal control system of China Life Insurance Company Limited, Ping An Insurance Company of China and China Pacific Insurance Company Limited through the AHP evaluation methods. It then offered appropriate policy proposals in order to explore an effective and scientific way for the listed insurance company to carry out internal control evaluation.

  16. The Effect of Board Independence on the Earnings Quality: Evidence from Portuguese Listed Companies

    Directory of Open Access Journals (Sweden)

    Sandra Alves

    2014-09-01

    Full Text Available Agency theory suggests that independent outside board members may have an important monitoring function of the financial reporting process. As a result, boards with more independent directors have a tendency for increased monitoring and are therefore expected to insist on better earnings quality. This study examines whether board independence improves earnings quality by reducing earnings management in Portugal, a country with significantly different institutional and legal characteristics from the Anglo-Saxon countries. Using ordinary least square (OLS and two stage least squares (2SLS techniques to control potential simultaneity problems between board independence and earnings quality, we find evidence that independent board members improve earnings quality by reducing earnings management for a sample of Portuguese listed firms. This result suggests that strengthening the independence of boards by appointing more independent board members is a positive step toward improving earnings quality.

  17. Executive stock options and earnings management in the portuguese listed companies

    Directory of Open Access Journals (Sweden)

    Sandra Alves

    2012-07-01

    Full Text Available Theoretically, executive stock options align managers’ and shareholders’ interests. However, previous studies have indicated that stock options may engender manager-shareholder conflicts (Jensen, 2005 and create incentives for earnings management (e.g. Jensen, Murphy and Wruck, 2004; Burns and Kedia, 2006; Efendi, Srivastava and Swanson, 2007. Therefore, this paper examines the implications of stock option grants on earnings management. In particular, we address the following question: Does stock options grant induce incentives for earnings management? Using a sample of 33 non-financial listed Portuguese firms-year from 2003 to 2010, we find that managers are more likely to engage in earnings management when they hold stock options. This study suggests that stock options may not always be effective in aligning the interests of managers and shareholders. Rather, executive stock options seem to affect the informational quality of earnings negatively, and consequently reduce the quality and value relevance of published financial data.

  18. Macroeconomic control,political costs and earnings management:Evidence from Chinese listed real estate companies

    Institute of Scientific and Technical Information of China (English)

    Donghua; Chen; Jieying; Li; Shangkun; Liang; Guojun; Wang

    2011-01-01

    Firms in China have faced high political costs during China’s economic transition,because they are affected by macroeconomic policies.However,research to date has offered no consistent conclusions on the relationship between political costs and earnings management in China.This study tests whether real estate firms attempt to decrease earnings during periods of macroeconomic control,using variables related to the national real estate market as proxies for political costs.We find that political costs are negatively related to earnings management in listed real estate firms.In addition,we find that non-state-owned enterprises utilized more income-decreasing accruals during this period.Our results are consistent with the political costs hypothesis.

  19. Firms’ financial performances and economic recession: evidence from Macedonian listed companies

    Directory of Open Access Journals (Sweden)

    Rufi OSMANI

    2016-07-01

    Full Text Available The purpose of this paper is to analyze financial performance of 23 firms listed on the Macedonian Stock Exchange. Selected firms are non-financial entities. Analyzed period covers 2011-2015 and is divided into two sub-periods. The first sub-period presents the period in which positive growth rates have been evidenced in the country’s GDP, whereas the second one represents the respectively negative growth rate. Results denoted that, on the overall term, selected financial ratios are, statistically, not significantly different from the sub-periods perspective. But, whereas liquidity has a positive trend, profitability has a negative one. During the economic recession period, there is an emphasized decline of profitability. On the other hand, one year after the recession liquidity significantly increased. This implies that effects of economic recession were reflected in the respective ratios.

  20. Peculiarities of Customer Relationships Management: a Case of Lithuanian Companies

    National Research Council Canada - National Science Library

    Gintarė Bliujūtė; Renata Korsakienė

    2014-01-01

    ... decisions which product or service to buy. Inthis context, customer relationship management is becoming animportant tool creating preconditions to maintain loyal customersand improve company’s performance...

  1. CONSTRUCTING SERVICE DISCOURSES IN LITHUANIAN FAMILY SOCIAL WORK

    Directory of Open Access Journals (Sweden)

    Roberta Motiečienė

    2016-09-01

    active labour measures and the development of other services, which are still limited (European Commission Council, 2015. The main target problems and challenges of the current family social work are domestic violence against children, different kinds of addictions and lack of social and parenting skills. In this paper, service discourses in Lithuanian family social work are analysed through social workers’ accounts of their work and cases. In Lithuania, family social work is equated to social work with “families at risk”. The phrase “family at social risk” is associated with the phrase “family with multiple problems” that is used in the academic literature on social work. Lithuanian legal acts define a family at risk as one that needs basic or special social services, whose parents are raising children under 18 years old; are suffering from alcohol, drug or psychotropic abuse problems or a gambling addiction; lack certain skills to know how or be able to take care of their children; use psychological, physical or sexual violence against their children; and spend monetary support for expenses other than family interests, thus posing dangers to their children’s physical, mental, spiritual and moral development and safety (Žin., No. 17-589, 2006, Article 2, part 7. A family from which 13CONSTRUCTING SERVICE DISCOURSES IN LITHUANIAN FAMILY SOCIAL WORK a child is taken and placed under temporary care is also listed in the Register of Social Risk Families with Children. These definitions broadly describe how social issues connected to families are constructed in society and how social work’s role in social problems and families is perceived. Family lives form a moral area where people’s identities and professional aims are constructed. Moral understandings are shaped by social constructions of the child, the adult, parenthood and family life. A central moral imperative concerning the requirement for a responsible adult is to prioritise the needs of the

  2. Embracing an International Board A new international stock board will soon be established in Shanghai, allowing foreign companies to list their businesses and tap into the China market

    Institute of Scientific and Technical Information of China (English)

    WANG JUN

    2011-01-01

    China is moving closer to launching its own international stock board,a market for foreign companies to list their stocks in China,said Shang Fulin,Chairman of the China Securities Regulatory Commission (CSRC),at the Lujiazui Forum,an annual financial forum,in Shanghai on May 20,2011.

  3. TRADE-OFF VERSUS PECKING ORDER THEORY IN LISTED COMPANIES AROUND THE WORLD

    Directory of Open Access Journals (Sweden)

    SORANA VĂTAVU

    2012-01-01

    Full Text Available This paper provides an insight into the literature on capital structure and its determinants. The capital structure refers to the specific combination of debt and equity and their use in financing the corporate operations. Considering there are various determinants of corporate financing patters, many theories have been developed over time. From Modigliani and Miller theory, which was the first to examine the impact of capital structure on firm value, the trade-off theory and the pecking order theory are probably the most influential theories of corporate finance. The paper reveals the main financial indicators that have a significant impact on the capital structure of companies operating in both developed and under-developed financial markets. According to the particular preference for a capital structure theory, researchers showed that asset tangibility, profitability and tax shield are significant in the trade-off theory while in the pecking-order theory, the most influential factors are long-term profitability and investment opportunities. Regardless the presumed theory, most studies found firm size as essential to financing decisions.

  4. A Few Proposal On the Information Disclosure of Listed Companies%关于上市公司信息披露的几点建议

    Institute of Scientific and Technical Information of China (English)

    袁光建; 任云青

    2011-01-01

    上市公司的财务报告是传达公司信息的主要手段,我们在研读财务报告过程中对完善上市公司的信息披露产生一些想法,如披露独立董事的作为,公用事业、带有垄断性质的公司公开披露成本信息,创业板公司超募资金的信息,披露经济附加值指标等等,对上市公司的信息披露提出一点建议,一家之虑,希望引起适当的关注与探讨。%Finance report of listed companies is the main means to convey information. We have some ideas after studied the financial report on improving the information disclosure of listed companies, such as to disclose the independent directors; the cost information of monopoly nature companies; the excess funds information of the company on poineering work board; and disclosure of economic value added index and so on. We studied the information disclosure of listed companies to offer a bit proposal, a worry, and hope to draw the proper attention and discussion.

  5. An analysis of audit committee effectiveness at the largest listed companies in South Africa from a CFO and audit committee perspective

    Directory of Open Access Journals (Sweden)

    Ben Marx

    2009-12-01

    Full Text Available Purpose: The purpose of the study is to investigate and analyse the effective functioning of audit committees at the largest listed companies in South Africa.Problem investigated: The modern audit committee is often seen as the panacea of the corporate world and as such is looked upon to cure all the financial reporting and control-related problems of entities. Audit committees are, however, not always as effective as they are held to be, as is evidenced by the many well-known corporate scandals and business failures that occurred where audit committees existed and fraudulent financial reporting, audit failures, internal control breakdowns and other irregularities prevailed. The modern audit committee will be of value only if it is properly constituted, is functioning effectively and if its role is clearly understood by all the parties concerned. The research problem investigated stems precisely from this issue, and the paper therefore aims to analyse the effective functioning of the audit committees at the largest listed companies in South Africa. Methodology: The study empirically tested the audit committee practices at the largest listed companies in South Africa. This was done through questionnaires addressed to the CFOs and audit committee chairs. Findings: The study found that audit committees at the largest listed companies in South Africa are well established, properly constituted, have the authority and resources to effectively discharge their responsibilities and consist of members who act independently and who have the right mix of appropriate experience, financial literacy and financial expertise amongst their members. The audit committee's role was found to be generally well understood and supported by the board and the Chief Financial Officers. It was further found that the audit committees are effective in discharging their oversight responsibilities on the board's behalf, with the only real exception being their effectiveness

  6. State ownership and firm performance: Empirical evidence from Chinese listed companies

    Directory of Open Access Journals (Sweden)

    Mei Yu

    2013-06-01

    Full Text Available While the relationship between state ownership and firm performance has been widely researched, the empirical evidence has provided mixed results. This study applies panel data regression techniques to 10,639 firm-year observations of non-financial Chinese listed firms during 2003–2010 to examine the relationship between state ownership and firm performance. The results show that state ownership has a U-shaped relationship with firm performance. The Split Share Structure Reform in 2005–2006 played a positive role in enhancing the relationship between state ownership and firm profitability ratios. Although state ownership decreased significantly after 2006, it remains high in strategically important industry sectors such as the oil, natural gas and mining sector and the publishing, broadcasting and media sector. The findings reveal that a higher level of state ownership is superior to a dispersed ownership structure due to the benefits of government support and political connections. The Split Share Structure Reform made previously non-tradable shares legally tradable, improving corporate governance and reducing the negative effect of non-tradable state shares.

  7. Government Regulation,Enforcement,and Economic Consequences in a Transition Economy:Empirical Evidence from Chinese Listed Companies Implementing the Split Share Structure Reform

    Institute of Scientific and Technical Information of China (English)

    Dequan Jiang; Shangkun Liang; Donghua Chen

    2009-01-01

    In a changing transition economy, Chinese government regulations that adopt the relatively simple bright line rule formula are enforceable in practice. Taking the early reform-oriented policies of the China Securities Regulatory Commission(CSRC) as an example, we find that the CSRC did not consider local enthusiasm for reform when allocating IPO resources because of the high enforcement costs involved. We also find that CSRC listed company regulations were enforced due to the lower costs involved in verifying regulatory violations, and that listed companies that completed the reform process were given priority in public refinancing. We present empirical evidence supporting the theoretical basis for the hypotheses outlined above. We also conclude that companies that completed the reform process in 2005 were of significantly higher quality and that the SEO regulation did not affect stock market efficiency. These findings enhance our understanding of the efficiency of government regulation in a transition economy.

  8. 提升上市公司核心竞争力的有效途径%Effective Way to Enhance the Core Competitiveness of Listed Companies

    Institute of Scientific and Technical Information of China (English)

    宋炼

    2014-01-01

    随着市场经济的发展,上市公司的队伍不断壮大,它对国家和地区间的经济影响也日益显著。核心竞争力是上市公司发展的核心实力,因此,分析了提升上市公司的核心竞争力的办法。%With the development of market economy, the growing ranks of listed companies, the economic impact on the national and inter-regional increasingly significant. The core competence is the development of a listed company’s core strengths, therefore, analyzes of listed companies to enhance the core competitiveness approach.

  9. On the topological properties of the cross-shareholding networks of listed companies in China: Taking shareholders’ cross-shareholding relationships into account

    Science.gov (United States)

    Li, Huajiao; An, Haizhong; Gao, Xiangyun; Huang, Jiachen; Xu, Qun

    2014-07-01

    Shareholders are the owners of listed companies, and their relationships can directly affect the structure of the stock market. In this paper, we analyze the topological properties and evolution of the cross-shareholding networks of listed companies in the past 5 years in China from 2007 to 2011, an infrequently considered topic, by taking shareholders’ cross-shareholding relationships into account. This analysis arrives at a deeper insight into the inner characteristics of China’s stock market. We find that the cross-shareholding networks of listed companies with shareholders’ cross-shareholding relationships display statistical features that reveal the stock market’s complex relationships more precisely. In particular, the results show that when the shareholders’ cross-shareholding relationships are considered, first, the In-degree and Out-degree of the cross-shareholding networks follow power-law distribution and the R2 of the linear regression analysis of the cumulative degree distribution is relatively higher; second, the modularity of the communities is larger; finally, both the number of members of top-ranked communities and the number of communities that have a large number of members are larger than those of which only considering the relationships between shareholders and listed companies are taken into account. Such cross-shareholding networks analysis taking shareholders’ cross-shareholding relations into account would be a helpful tool for supervisory departments and for stock market researchers to grasp the inner cross-shareholding relationships of listed companies in China, and it will be also helpful for the further researches about the “agent problems” in the stock markets from a whole point of view.

  10. Diet and dyslipidemias in a Lithuanian rural population aged 25-64: the CINDI survey

    OpenAIRE

    Petkevičienė, Janina; Klumbienė, Jūratė; Ramažauskienė, Vitalija; Kriaučionienė, Vilma; Šakytė, Edita; Grabauskas, Vilius Jonas

    2012-01-01

    The aim of the study was to evaluate the dietary intake of a Lithuanian rural population and to assess the relationship between diet and dyslipidemias. Material and Methods. A cross-sectional health survey was carried out in 5 municipalities of Lithuania in 2007. The random sample was obtained from lists of 25- to 64-year-old inhabitants registered at primary health care centers (n=1739). The food frequency questionnaire and 24-hour recall was used for the evaluation of nutrition habits. The ...

  11. Comparability of Accounting Choices in Future Valuation of Investment Properties: An Analysis of Brazilian and Portuguese Listed Companies

    Directory of Open Access Journals (Sweden)

    Flaida Êmine Alves de Souza

    2015-08-01

    Full Text Available One of the main purposes for adopting the International Financial Reporting Standards (IFRS is the quest for comparability between financial statements within the same country, over time, and between different countries. IFRS have the feature of allowing accounting choices in most of their standards. However, the existence of such flexibility in the process for recognizing, measuring, and disclosing as sets and liabilities may impact on comparability. IFRS have been criticized both due to their accounting choices and the adoption of the fair value paradigm. This article examines these two issues, investigating the choice of the cost model versus the choice of the fair value model for investment properties (IPs, an option guaranteed under the terms of the International Accounting Standard (IAS 40. This research aimed to identify the comparability degree and the factors that determine the accounting choices made by managers of IPs, in Brazilian and Portuguese listed companies, within the periods from 2010 to 2012. Comparability, within and between countries, was identified by the T-index and the search for the determining factors of accounting choices made by managers was performed by means of a logistic re gression analysis. As a result, it was found that, despite the accounting choices allowed by IAS 40, there was a mean comparability between the accounting practices of firms in these countries, but showing a decrease in the index over the years. The explanatory factors identified were auditing by one of the big four (PricewaterhouseCoopers, Deloitte Touche Tohmatsu, KPMG, or Ernst & Young, companies' indeb tedness, relative importance of IPs' balance, net profit, and less experience of Brazil in using the fair value method to appraise IPs.

  12. The rise of non-financial performance measures in annual reports. An analysis of ATX-listed companies

    Directory of Open Access Journals (Sweden)

    Juergen Muehlbacher

    2016-05-01

    Full Text Available Purpose of the article: In the past, annual reports only include financial measures. More recently, this shareholder value approach has been criticized of leading to a strategic short-term orientation. Consequently, the use of strategic performance measurement systems (SPMSs, namely the Balanced Scorecard (BSC, is proposed to communicate non-financial measures to investors and stakeholders. Besides the distribution of critical information, the disclosure of non-financial measures should strengthen the employee's commitment to the long-term strategy. The purpose of the article is thus to reveal whether Austrian companies disclose their strategic performance measures in their annual reports. Methodology/methods: Two observation points, 2002 and 2012, were chosen to analyse the annual reports of companies listed on the ATX. This period of time allows to observe changes as well as new trends. The annual reports have been downloaded from the company’s homepage or received via email or post. A document and content analysis, followed by a frequency analysis, has been applied to identify several non-financial measures with regard to the following BSC derived perspectives: Customer perspective, internal business perspective and innovation and learning perspective. Scientific aim: The scientific aim of the following study is to examine the extent, to which non-financial performance measures are displayed in annual reports. Findings: The analysis of the annual reports showed a tremendous increase of non-financial measures in the time period between 2002 and 2012, which solely arose from the augmented disclosure activities of the innovation and learning perspective. On the other hand, the customer and internal perspective decreased in importance. Moreover, the top ten measures in 2002 have changed and are dominated by diversity and environmental issues in the year 2012. Conclusions: Similar findings in the literature as well as the influence of legal

  13. Executive stock options and earnings management in the portuguese listed companies

    Directory of Open Access Journals (Sweden)

    Sandra Alves

    2012-12-01

    Full Text Available Theoretically, executive stock options align managers’ and shareholders’ interests. However, previous studies have indicated that stock options may engender manager-shareholder conflicts (Jensen, 2005 and create incentives for earnings management (e.g. Jensen, Murphy and Wruck, 2004; Burns and Kedia, 2006; Efendi, Srivastava and Swanson, 2007. Therefore, this paper examines the implications of stock option grants on earnings management. In particular, we address the following question: Does stock options grant induce incentives for earnings management? Using a sample of 33 non-financial listed Portuguese firms-year from 2003 to 2010, we find that managers are more likely to engage in earnings management when they hold stock options. This study suggests that stock options may not always be effective in aligning the interests of managers and shareholders. Rather, executive stock options seem to affect the informational quality of earnings negatively, and consequently reduce the quality and value relevance of published financial data.RESUMENTeóricamente, las opciones sobre acciones para ejecutivos permiten alinear los intereses de la dirección con los de los accionistas. No obstante, los estudios anteriores han indicado que las opciones sobre acciones pueden provocar conflictos de intereses entre ejecutivos y accionistas (Jensen, 2005 y crear incentivos para la gestión de resultados (e.g. Jensen et al., 2004; Burns and Kedia, 2006; Efendi et. al., 2007. Así, este trabajo examina las implicaciones de la atribución de opciones sobre acciones en la gestión de resultados. En particular, planteamos la siguiente pregunta: ¿La atribución de opciones sobre acciones induce la práctica de gestión de resultados? Utilizando una muestra de 33 empresas portuguesas no financieras cotizadas para el período 2003-2010, observamos que los ejecutivos son más propensos a la adopción de prácticas de gestión de resultados cuando poseen opciones sobre

  14. Country Report: Citizenship Education: Lithuanian Mapping

    Directory of Open Access Journals (Sweden)

    Irena Zaleskene

    2011-10-01

    Full Text Available Some theoretical concepts of globalisation and citizenship are discussed in the article as well as changing role of citizenship education in transforming Lithuanian Society. The author points out that many problems in contemporary Lithuanian society arise from the fact that the relationship between individuals and the state is changing fundamentally. The state should broaden “positive” choices and support an individual by ensuring principles of equality in basic human rights and access to opportunities. On the other hand, an individual has to take the responsibility for his/her own life becoming a decisive factor in choosing personal life style and in building up civic community. In this respect, it is expected that Citizenship Education would lay an important role in educating competence and attitudes towards own responsibilities, in educating mental and practical skills for positive civic participation. Current status and new approaches of citizenship education in Lithuania are presented in the light of international developments. The article concludes that changing role of citizenship education has significant implications for professional development of teachers and for the national teacher training system as a whole.

  15. The effect of financial reporting frequency on information asymmetry and the cost of equity of companies listed on Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Fardin Khezri

    2016-06-01

    Full Text Available The subject of this article is study of the effect financial reporting frequency on information asymmetry and the cost of equity of companies. The research method is correlational –descriptive based on panel data. In this research, Financial data of 104 companies listed on Tehran Stock Exchange (TSE during the period 2009 to 2014 (624 Companies-Year are reviewed. Chow test is used to test the models to determine whether panel or pooled methods are used. Then, Hausman test is used to apply random or fixed effects panel. Finally, the model fitting is presented and the results of the regression assumptions are used in research models. Results of study show that there is a significant inverse relationship between financial reports frequency and information asymmetry and also there is a significant inverse relationship between financial report frequency and cost of equityin companies.

  16. Working capital management and its impact on profitability:A study listed manufacturing companies in Sri Lanka

    Directory of Open Access Journals (Sweden)

    Balasundaram Nimalathasan

    2010-12-01

    Full Text Available Main purpose of the study is to identify the impact of working capital management on profitability of selected listed manufacturing companies from financial year 2003-2007. Correlation and regression analysis were performed. Results reveals that cash conversion cycle (CCC and return on assets (ROA are negatively correlated the value of -0.127 which is highly significant at 1 percent level of significance, which means that as the cash conversion cycle increases ROA decreases. In addition inventory conversion period (ICP is highly significant at 1 percent level. It indicates that with increasing level of ICP, ROA will be increased -0.065 levels. Further the coefficient of the CCC variable is negative at a value of -0.0503 and p value is 0.006. This implies that an increase in the number of day’s cash conversion cycle by 1 day is associated with a decline in ROA by 5.03%. The results suggest that managers can increase profitability of manufacturing firms by reducing the number of day’s inventories and accounts receivable

  17. Role of Corporate Governance Application in Practice of Creative Accounting Methods-Applied Study on Listed Companies in Khartoum Exchange

    Directory of Open Access Journals (Sweden)

    Sayed A. Bala

    2013-12-01

    Full Text Available The purpose of the research is the definition of Corporate Governance and its principles, importance, objectives, and knowledge of its role in reducing the practice of Creative Accounting, as well as its role in raising the efficiency of companies’ performance and Quality of Accounting Information. In this regard, the researcher used a descriptive analytical approach and looked into the theoretical and field relevant studies of Arabs and foreigners with the induction and presentation of the most important results, and the development of what supports the development of Corporate Governance and it is use in raising the efficiency of companies’ performance, and reducing the practice of Creative Accounting, with a field Study on Listed Companies in Khartoum Stock Exchange. The research came up with several conclusions, such as the influential role of Corporate Governance in raising the efficiency of its financial and administrative performance. Besides, Corporate Governance has an effective role in determining the Quality of Accounting Information and reducing the practice of Creative Accounting.

  18. Do Financial Advisors Live Up to Their Reputation: The Case of Major Assets Restructurings of Chinese Listed Companies

    Directory of Open Access Journals (Sweden)

    Wu Cen

    2017-01-01

    Full Text Available We investigate whether top-tier advisors provide superior services by examining the relationship between reputation (measured by whether it is a top-10 advisor ranked on deal value of financial advisors on the bidder side and stock market-based/accounting-based performance of bidders. Using Chinese listed companies with major assets reorganizations (MARs, M&As with large-scale target, we find top-tier advisors are associated with higher excess returns (CARs, implying that reputation generates a verification effect on investors. But we find no significant relationship between the advisor reputation and bidders’ accounting-based performance post-MARs. The findings indicate that although advisor reputation can attract M&A business and sends positive signal to the market, it does not lead to stronger financial performance in the long run. That is, the so-called top-tier financial advisors fail to live up to their reputation. We also find that payment premium is an intervening variable between advisor reputation and the long-term accounting-based performance of bidders, suggesting that top-tier advisors fail in their duties to help clients achieve greater share of synergy gains.

  19. Investigating the factors affecting the disclosure of intellectual capital in companies listed on the Tehran stock exchange

    Directory of Open Access Journals (Sweden)

    A. Gilani

    2017-03-01

    Full Text Available The aim of the article. This research studies the effective factor of disclosing intellectual capital of firms listed in Tehran Stock Exchange. The results of the analysis. Intellectual capital is one of the most valuable assets of the organization. Despite numerous studies on intellectual capital and its effects in various aspects, the disclosure of intellectual capital is the missing ring in the areas of accounting studies. This research tries, through fill this gap, providing paving the way for the creation and expansion of this valuable asset. This research studies the effective factor of disclosing intellectual capital of firms listed in Tehran Stock Exchange. In order to measure intellectual capital disclosure, Li et.al [9] intellectual capital disclosure checklist was used. In order to test research hypotheses, a sample including 96 firms during years 2009-2013 was selected as statistical sample of research and research hypotheses were tested by using multivariate regression model based on the pooled data method. Findings indicated that there is a positive significant relationship between size of firm, profitability and leverage with intellectual capital disclosure level. However, there was no significant relationship between size of auditing firm and intellectual capital disclosure. The findings of surveys conducted research, filling gaps in this area, it can be helpful for managers, investors, policy makers Stock Exchange, and other users of accounting information in order to make better decisions. Conclusions and directions of further researches. This research aims at investigating the relationship between size of firm, profitability, leverage and size of auditing firm with intellectual capital disclosure. In order to reach this objective, sample consisted of 96 firms listed in Terhan Stock Exchange during 2009-2013 was considered. The relationship between size of auditing firm and intellectual capital disclosure was tested. Results of

  20. Impact of Disclosure of Intellectual Property Information on the Listed Company%知识产权信息披露对上市公司的影响

    Institute of Scientific and Technical Information of China (English)

    2015-01-01

    随着社会经济的发展,上市公司已成为企业规范化经营,增强市场竞争力的重要标志。截止目前我国共有各类上市公司3000多家,在推动我国经济增长中发挥着重要作用。但上市公司的发展还处于起步发展阶段,各类问题层出不穷,特别是由于知识产权信息披露不当对上市公司经济及名誉造成重大影响的案例也并不少见,由此可见知识产权信息正确的披露对于上市公司来说非常的重要。文章简单地说明了知识产权信息的定义及内容分类,并结合具体案例分析了目前存在的问题,最后阐述了知识产权信息的披露对于上市公司的重要意义。%With social and economic development,listed companies have become an important sign of standard operation and growth of market competitiveness of the enterprise. Up till now ,there are over 3000 listed companies in our country,which play an important role in promoting the economic growth in our country. However,the development of the listed companies is still in the initial stage of development ,and various problems emerge in an endless stream. There are many cases of improper disclosure of intellectual property right information having a significant impact on the economy and reputation of the listed companies. From this we can see that the correct disclosure of intellectual property right information is very important to the listed companies. This article briefly describes the definition and content classification of intellectual property right information and analyzes problems that exist at present by means of cases. Finally ,it elaborates on the significance of disclosure of intellectual property right information to the listed companies.

  1. LITHUANIAN CONSUMERS’ ATTITUDES AND PURCHASING BEHAVIOUR TOWARDS DOMESTIC LIVESTOCK PRODUCTS

    Directory of Open Access Journals (Sweden)

    Ovidija EIČAITĖ

    2014-12-01

    Full Text Available This study aimed to identify and analyze Lithuanian consumers’ attitudes and purchasing behaviour towards domestic livestock products. In order to get necessary information, Lithuanian residents were interviewed. A multi-stage stratified random sampling was used to select the respondents. This study draws on a survey of 1009 respondents. The analysis of collected data was performed using the methods of mathematical statistics. The results suggest that the vast majority of Lithuanian consumers regularly buy domestic livestock products. Among this group of respondents, the top reasons for purchasing are freshness, good taste and favourable prices. Only a small share of Lithuanian consumers rarely or never buys domestic livestock products. Among this group of respondents, the top reasons for not purchasing are unfavourable prices, short shelf-life and insufficient range of products. Domestic livestock products buyers tend to be older, higher educated and have higher level of income than non-buyers.

  2. Historical Concept of the Representativeness of Lithuanian City Squares

    Directory of Open Access Journals (Sweden)

    Gintautas Tiškus

    2015-05-01

    Full Text Available The article gives an overview of the historical development of the town squares from antiquity to the present day: patterns, location in the city plan structure, functions and the change in its architectural environmental. It examines the spatial structure of Lithuanian historic cities, shape of squares, dimensions and architectural environment. Finally, the change in functions and artistic expression of Lithuanian squares is discussed as well as attributes that determine representativeness.

  3. Androgenesis in anther culture of Lithuanian spring barley cultivars

    OpenAIRE

    Asakavičiūtė, Rita; Pašakinskienė, Izolda

    2006-01-01

    The method of anther culture was used for the production of doubled haploids in Lithuanian spring barley cultivars. Two methods, (i) regeneration from callus (Szarjeko’s method) and (ii) direct regeneration from embryoids (Caredda’s method) were applied to determine the androgenic potential according to the green regenerant yield and other morphogenetic factors. Green double haploid regenerants were obtained in four Lithuanian spring barley cultivars (‘Aura’, ‘Aidas’, ‘Alsa’ and ‘Auksiniai’) ...

  4. Evidence of probable tuberculosis in Lithuanian mummies.

    Science.gov (United States)

    Piombino-Mascali, D; Jankauskas, R; Tamošiūnas, A; Valančius, R; Gill-Frerking, H; Spigelman, M; Panzer, S

    2015-10-01

    Tuberculosis has affected Europe for millennia and continues to be a burden upon modern society. It is estimated that one-third of the world's population is infected with Mycobacterium tuberculosis, the causative agent of this condition. Despite the introduction of control strategies, the disease continues to be one of the most common causes of death globally. Within the framework of the Lithuanian Mummy Project, seven spontaneously mummified human bodies from a church crypt in Vilnius, dating from the 18th and 19th century, were CT-scanned to assess the presence of tuberculosis or other lung diseases. We encountered pulmonary lesions suggestive of cases of pulmonary tuberculosis. In addition, one case might have been affected by extra-pulmonary tuberculosis. This report replicates the image findings from previous studies on ancient mummies that provided evidence of tuberculosis in soft tissues, thus helping reconstruct the history of this disease over time.

  5. Management changes in the Lithuanian energy sector

    Energy Technology Data Exchange (ETDEWEB)

    Vaclovas Miskinis; Rimantas Deksnys [Kaunas University of Technology (Lithuania). Lithuanian Energy Institute

    2003-07-01

    Lithuania was invited at the end of 2002 to become a member of the European Union and to join NATO. The country, being in transition from a centrally planned to a free market economy, is experiencing fundamental transformations. Lithuania has inherited an energy sector with a comparatively good technical infrastructure but inappropriate for a small independent state. In order to transform the management in the energy sector, it was necessary to perform a lot of significant changes. Positive changes are based on the implementation of experience in other Central and Eastern European countries and many studies prepared by national specialists in cooperation with foreign experts. This paper describes the main alterations in management of the Lithuanian economy and energy sectors and recent changes in the power sector. The paper aims to analyse the country's progress in transition to a free market economy and necessary improvements in the near future. (author)

  6. The Volatility of Market Risk In Viet Nam Listed Public Utilities Company Groups during and after the Financial Crisis 2007-2009

    Directory of Open Access Journals (Sweden)

    Dinh Tran Ngoc Huy

    2014-03-01

    Full Text Available This study estimates market risk of total 45 listed companies in Viet Nam public utilities, natural gas and oil industry during the financial crisis period 2007-2009. Firstly, we found out in the research sample that there are 82% of firms, of total listed firms, with beta values lower than ( 1, meaning having stock returns fluctuating more than the market benchmark. Thirdly, among three (3 groups, the systemic risk in the electric power industry is the smallest, shown by estimated values of equity and asset beta mean, and asset beta variance in this industry is also the smallest. Finally, this paper generates some analytical outcomes that enable companies and government to have more evidence in establishing their policies in investments and in governance

  7. Correlation Between Tobin Q of Listed Company and Enterprise Performance%上市公司托宾Q与企业业绩相关性研究

    Institute of Scientific and Technical Information of China (English)

    董峰

    2015-01-01

    经济学家詹姆斯·托宾于1969年提出了托宾Q理论,托宾Q值常常被用来作为衡量公司绩效表现或公司市场价值的工具性指标。为验证托宾Q值在我国资本市场的适用性,选取2010年沪深两市所有数据完整上市公司1331家为研究样本,构建数据模型研究托宾Q值与上市公司业绩之间的关系。研究证明,在我国现今资本市场托宾Q值与上市公司业绩之间存在明显的正相关关系,用Q值作为评价企业绩效的指标具有一定的适用性。 Q值与上市公司盈利能力之间存在明显正相关关系,但Q值与上市公司的增长能力并不具有明显正相关关系。结论证明Q值在我国资本市场具有一定的适用性,但还需要进一步探讨。%Economist James Tobin proposed Tobin Q theory in 1969 , Tobin's Q value is often used as a measure of corporate performance or the performance of the company's market value tools indicators .Tobin's Q in order to verify the applicability of China 's capital market , select all the data in 2010 in Shanghai and Shenzhen listed companies in 1331 for the full sample , build the data model of the relationship between Tobin's Q and between the performance of listed companies .Studies have shown that in today's capital markets presence of a significant positive correlation between Tobin 's Q and the performance of listed companies , with a Q value as evaluating corporate performance indicators have some applicability .Between the Q value and profitability of listed compa-nies was significantly positively correlated , but the Q value of the listed company's ability to grow and does not have a significant positive correlation.Conclusion prove Q values have some applicability in China's capital market, but also need to be further ex-plored.

  8. The Financial Indicators’ and Listed Company‘s Stock Price Link Determining the Value

    Directory of Open Access Journals (Sweden)

    Rima Tamošiūnienė

    2016-06-01

    Full Text Available The demand for value determination increased after rising of the Lithuanian economics. The joint-stock company value depends on the stock price and the company’s profit according to the “stock pricing for profit” method. The purpose of this scientific paper is the financial indicators’ and listed company’s stock price link determining the value. The analysis methods are: the research of scientific literature, data analysis, summarizing and graphic visualization. The link between financial indicators and the stock price is determined on the basis of correlation regression analysis. The analysis showed that listed on the stock exchange company’s stocks already have some value as they raise the capital. The research results revealed the stock price’s direct dependence on the fixed asset turnover and the debt-to-asset ratios.

  9. DO FINANCIAL STATEMENTS PROVIDE ADEQUATE INFORMATION ABOUT THE CAPITALIZATION OF COSTS RELATED TO INTANGIBLE ASSETS?: AN EMPIRICAL RESEARCH ON ITALIAN LISTED COMPANIES

    OpenAIRE

    Vignini, Stefania

    2015-01-01

    The aim of our research is to verify if Italian listed companies financial statements provide adequate information about the capitalization of costs related to intangible assets and if the information provided are reliable. Moreover, we investigated if they merely comply with law or provide additional information on cost capitalization and reveal if internal control systems (especially managerial accounting systems) or other information systems are applied to support the measurement proces...

  10. On the Choice of the Accounting Policy of Chinese Listed Company%我国上市公司会计政策选择研究

    Institute of Scientific and Technical Information of China (English)

    李辉

    2015-01-01

    The related accounting standards, the incompleteness of the system and flexibility make the listed company has the space of choice of accounting policy. So it is important to recognize, on the one hand, that the listed company can choose more appropriate accounting policies according to their production and operation objectives and characteristics to ensure that the accounting information true and fair. On the other hand, the new accounting standards increase the possibility which conclude earnings management of listed companies, statements whitewash and even of profit manipulation by the use of choice of accounting policy. The paper analyses the problem of choice of accounting policy in Chinese listed companies, and provides some related polices.%会计准则、制度的不完备性和灵活性使上市公司有了进行会计政策选择的空间,一方面上市公司可以根据其生产经营目标和特点选择更适宜的会计政策,以保证会计信息的真实与公允,另一方面,新会计准则增加了上市公司利用会计政策选择进行盈余管理、报表粉饰甚至利润操纵的可能性。分析了我国上市公司会计政策选择的现状及问题,并提出相关政策建议。

  11. The value–based management and share price relationship for companies listed on the banking sector of the JSE Ltd. / Louis Arthur Fourie

    OpenAIRE

    Fourie, Louis Arthur

    2010-01-01

    After the market exuberance of the dot com bubble in the late 1990's, the sobering period that followed the burst brought with it a renewed interest in the concept of shareholder value. Since then, all kinds of companies have been publicly proclaiming their commitment to increasing long–term value for their shareholders. One look at the statements of directors or chief executives in annual reports can confirm this. To a certain extent this is old news. The aim of publicly liste...

  12. Intrinsic Value and IPO Pricing of Listed Companies in GEM%创业板上市公司的内在价值与IPO定价效率

    Institute of Scientific and Technical Information of China (English)

    张剑峰; 于健

    2012-01-01

    The first 28 listed companies in growth enterprise market (GEM) were chosen as samples, the modified F-O model is selected to calculate the inherent value of listed companies by the real earnings data and forecasting data, in order to analyze the efficiency of IPO pricing of listed companies in GEM. The results show that the IPO pricing of listed companies in GEM was 50~ more than the intrinsic value, the IPO pricing in GEM has obvious premium features. The conclusions can improve IPO pricing efficiency in GEM which have important theoretical value and practical signi{icance.%以创业板首批28家上市公司为研究样本,选择修正的F-O模型,利用上市公司的实际盈利数据和分析预测数据,对上市公司IPO定价前的内在价值进行测算,据此分析创业板上市公司IPO定价的效率。研究结果发现,样本创业板上市公司的IPO价格高于其内在价值50%以上,创业板IPO市场存在明显的溢价发行现象。该研究结论对于提高我国创业板IPO市场的定价效率具有重要的理论价值和现实意义。

  13. 我国上市公司 SEO 效率研究%On Efficiency of SEO of Listed Companies in China

    Institute of Scientific and Technical Information of China (English)

    王雪

    2015-01-01

    Non-tradable shares is a system of enterprise ownership with Chinese characteristics ,and there is non-full circulation shareholding structure in Chinese listed companies .Under this special shareholding structure ,there is obvious equity financing tendency in Chinese listed companies .However ,the equity refinancing is inefficient ,which results in the landslide phenomenon of performances and poses a serious impact on the development of Chinese stock market .Based on the present situation of refinancing of listed companies in China , and focusing on the efficiency of equity refinancing of Chinese listed companies ,this paper analyzes the causes of low efficiency of SEO , and puts forward the corresponding policy suggestions .%股权分置是一个具有中国特色的企业所有权制度,我国上市公司存在非全流通股权结构。在这种特殊的股权结构下,中国上市公司有着明显的股权融资倾向,但股权再融资的效率低下,从而会造成业绩滑坡现象,严重影响中国股市的发展。从我国上市公司再融资的现状出发,通过重点研究我国上市公司股权再融资效率问题,对SEO低效率问题进行了原因分析,并提出了相应的政策建议。

  14. Research on the relationships of the domestic mutual investment of China based on the cross-shareholding networks of the listed companies

    Science.gov (United States)

    Ma, Yuan-yuan; Zhuang, Xin-tian; Li, Ling-xuan

    2011-02-01

    Enterprises are the core power and the carriers to promote the country's economy developing sustainably and rapidly; the listed enterprises are the outstanding companies which can represent the economic level at the places where the enterprises are located, so we establish the cross-shareholding networks of the listed companies between 2002 and 2009, and then analyze the mutual investment at company-level, province-level and region-level. We have researched the overall trend of economic development and the overall tendency of capital flow of China in the recent 8 years based on the cross-shareholding networks, the influence of a global economic crisis on the stock markets and the overall economics of China in 2008 and the recovery of the economy after the economic crisis. Moreover, we analyze the variations of the cross-shareholding networks and the influence of the state-owned large and medium enterprises listing frequently on Chinese stock markets. We divide the provinces of China into 3 main categories according to their industrial situations. Though the analysis, we find that the wealth gap between the different areas is not significantly reduced even though the government has carried out strategies such as the Development of the West Regions and the Rejuvenation of Old Industrial Bases in Northeastern China. We analyze the cumulative distribution function of the degree of the vertices and use large amounts of data to do empirical analysis. The methods used include the hierarchical cluster analysis, regression analysis, etc.

  15. 上市公司盈余调节手段的分析%Analysis of Means of Regulation of Listed Companies Earnings

    Institute of Scientific and Technical Information of China (English)

    胡星辉

    2011-01-01

    上市公司盈余管理的目的是为了完成或超过市场对它的盈利预期或风险效应,从而提高股票价值。本文从会计政策的选择、经营中关联交易的规划和非经营性损益等方面对上市公司盈余调节的手段进行了分析,其目的是使其遵守国家有关法律法规政策,减少上市公司的风险。%Management of earnings of listed companies is intended to complete or exceed its earnings expecta- tions or market risk effect, thereby enhancing shareholder value. In this paper, the choice of accounting policies, business plans and related party transactions in non-operating gains and losses in terms of surplus agricultural listed companies regulated by means of the analysis, the aim is to make it comply with relevant state laws and regulations and policies to reduce the risk of a listed company

  16. The Volatility of Market Risk In Groups of Viet Nam Listed Computer and Electrical Company Groups during the Financial Crisis 2007-2009

    Directory of Open Access Journals (Sweden)

    Dinh Tran Ngoc Huy

    2013-09-01

    Full Text Available During the financial crisis 2007-2009 with certain impacts on the Viet Nam economy and especially, the stock exchange, there is un-diversifiable risk that influences the whole computer and electrical industries. Hence, the risk re-estimation for the listed firms in these industries becomes necessary. First of all, by using quantitative and analytical methods to estimate asset and equity beta of four (4 groups of listed companies in Viet Nam electrical, software, hardware and telecommunication industries with a proper traditional estimating model, we found out that the beta values, in general, for most companies are acceptable, excluding just a few cases. There are 88% of listed firms with lower risk, among total 64 firms, whose beta values lower than ( 1and have stock returns moving more than the market benchmark. Ultimately, this paper generates some results that could provides both internal and external investors, financial institutions, companies and government more evidence in establishing their policies in investments and in governance.

  17. A Study on the Financial Risk Assessment of Agricultural Listed Companies%农业上市公司财务风险评价研究

    Institute of Scientific and Technical Information of China (English)

    王兆东

    2015-01-01

    以农业类上市公司为样本,选取2010年至2013年的财务指标数据,利用因子分析法对这些农业上市公司的财务风险进行了综合评估,通过分析评估看出,我国农业类上市公司的财务风险水平主要受企业盈利能力及其所在行业特点的影响,财务风险水平极不稳定.%This paper selected agricultural listed companies as samples,based on the financial indicators data from 2010 to 2013 ,then comprehensively evaluated the financial risk of the agricultural listed companies by using factor analysis method. Through the analysis of evaluation,the financial risk level of the listed companies in our country is mainly influenced by the corporate profitability and industry characteristics.

  18. STOCK PERFORMANCE ANALYSIS OF LISTED ENTITIES AT THE BUCHAREST STOCK EXCHANGE. CASE STUDY ON THE ENERGY AND RELATED UTILITIES SECTOR COMPANIES

    Directory of Open Access Journals (Sweden)

    Ioana Anghel

    2016-12-01

    Full Text Available Financial performance, as a multi-criteria economic category, constitutes a current topic broadly investigated by authors and experts in finance, financial management, accounting, evaluation and general management. In this ever more competitive capital market, because investors are increasingly better informed, it becomes essential for a company to know and periodically evaluate its stock performance in order to compare it at economic branch level. This present research study analyses six companies that activate in the energy and related utilities sector, listed at the Bucharest Stock Exchange, between 2004 and 2015, with the aim of identifying branch similarities regarding the evolution of the key stock growth ratios and indicators used in stock performance analysis. Furthermore, the authors deemed appropriate to correlate their results with the evolution of the main rates of return of the same companies

  19. The Influence of Good Corporate Governance Mechanism on Earnings Management: Empirical Study in Indonesian Stock Exchange Listed Company for Periods of 2006-2010

    Directory of Open Access Journals (Sweden)

    Hermiyetti Hermiyetti

    2013-01-01

    Full Text Available The purpose of this research is to examine the influence of good corporate governance mechanism about earnings management in companies listed in Indonesian Stock Exchange during 2006 to 2010. The independent variables include the size of commissioner board, independent commissioner board percentage, size of audit committee, and commissioner meeting frequency. The dependent variable is earnings management which is measured by discretionary revenue model (Stubben, 2010. Size of company is used as the control variable in this research. The population of this research is 465 samples from companies listed at Indonesian Stock Exchange during 2006 to 2010. The sampling method used in this research is purposive sampling method. In addition, the data analysis method used is regression analysis and descriptive statistics. The result of this research indicates that the mechanism of good corporate governance which is represented by the size of commissioner board, independent commissioner board percentage, size of audit committee, and commissioner meeting frequency do not have any significant impact on earnings management. However, the result shows that company size gave positive influence toward earning management. Keywords: Good corporate governance, size of commissioner board, independent commissioner board percentage, size of audit committee, commissioner meeting frequency, earnings management

  20. The impact of financial strategies on various docile of the profitability of listed companies on Tehran Stock Exchange; quintiles regression approach

    Directory of Open Access Journals (Sweden)

    Sara Sohrabi

    2016-04-01

    Full Text Available Profitability is measured by different criteria, and different factors may be influenced on it. The aim of this study is to evaluate the effect of financial strategies on docile of the profitability of listed companies on Tehran Stock Exchange.The statistical sample of this research includes companies listed on Tehran Stock Exchange during the period of2008 to 2013.To test the hypothesis of the study, multivariate regression model is used based on panel data in accordance with quintilesregression method.The results showed a positive and significant impact of financing strategies and investment in the top docile of ROAon rofitability,and dividends on the bottom docile of ROA on company’s financial performance,While, the strategy of working capital have no significant effect on the financial performance in anydocile .In addition, the increased size of the company, the market to book value ratio and cash holdings in companies with higher profitability have more positive impact on profitability, and this impact will be increasingly influential

  1. Interoperability Guidelines for Lithuanian E-Learning Management Systems

    Directory of Open Access Journals (Sweden)

    Eugenijus Kurilovas

    2013-08-01

    Full Text Available Purpose – the paper aims to analyse e-learning content and repositories along with the problems of learning organisation interoperability. The main objective of the paper is to analyse scientific research results and the newest international experience in the area and to provide interoperability guidelines and recommendations for the implementation of appropriate Lithuanian state programmes. The learning content and repositories recommendations are designed for the implementation of the Lithuanian education portal project as well as Lithuanian Virtual University (LVU programme’s information services’ (LABT / eLABa and e-learning services’ (LieDM sub-programmes. The whole education institution recommendations are designed for the maintenance and development of LVU programme’s management services’ (LieMSIS system.Design/methodology/approach – methods used for the general analysis of proposed interoperability guidelines (reccomendations were bibliographic research and comparative analysis of Lithuanian and foreign scientific works published in periodicals and large-scale EU-funded interoperability projects deliverables. System analysis and comparative analysis methods were used in order to formulate and analyse systems’ interoperability guidelines and recommendations. The author employed the experimental research method while working in the appropriate EU-funded interoperability projects to form the guidelines (recommendations. In order to summarize the results, the evaluative research method was used.Findings – the international guidelines and recommendations presented in the paper could be suitable for implementation while developing Lithuanian state education information systems such as the Lithuanian education portal, the Lithuanian academic libraries’ (eLABa system, the Lithuanian distance learning system (LieDM, and the Lithuanian universities’ management system (LieMSIS.Research limitations/implications – the paper

  2. Economic Importance, Environmental and Supply Risks on Imported Resources in Lithuanian Industry

    Directory of Open Access Journals (Sweden)

    Milda Knašytė

    2012-06-01

    Full Text Available Secure raw material supply is one of the most important topics for industry. Growing economies such as China, India, Brazil and others increase the global demand and in the same time the competition for resources. In order to undertake appropriate actions the most important raw materials should be identified. The aim of this study was to identify the most important raw materials for Lithuanian economy in terms of economic importance, supply and environmental risks. The methodology used in the study relies on three sustainability dimensions accordingly expressed by three indicators: Economic Importance (Economic dimension; Supply Risk (Social dimension; Environmental Country Risk (Environmental dimension. The methodology used to define these indicators on imported resources for Lithuanian industry was adapted from report on critical raw materials for European Union (Report of the Ad-hoc Working Group on defining critical raw materials 2010 published by European Commission in June 2010. Critical raw materials are considered to be economically important and the subject to a higher risk of supply interruption. All materials investigated in this study were combined into five groups: chemicals, metals, building materials, paper, paperboard and wood, other materials. Only the imported raw materials were selected for further analysis. The significance of raw material import was considered as important according to the ratio of production and consumption of certain material. After the analysis of statistical information about raw materials import in Lithuania and the actual countries of origin of these resources twenty one raw material was selected for further investigation. According to the results of assessment the list of critical raw materials for Lithuania was indentified. Results of the investigation showed that top five materials in terms of economic importance, supply and environmental country risks for Lithuanian economy are: crude oil, natural

  3. 管理层权力与上市公司薪酬业绩敏感性的实证研究——来自国有上市公司的经验证据%An Empirical Study of Management Power and Sensitiveness of Listed Company Compensation Performance ---from the Experimental Evidence of State- Owned Listed Company

    Institute of Scientific and Technical Information of China (English)

    王旭晨; 叶争雄

    2012-01-01

    本文在对国内外文献进行充分回顾的基础上,立足于中国资本市场的特殊制度背景,以国有上市公司为研究样本,检验了管理层权力对上市公司薪酬业绩敏感性的影响。在此基础上,本文利用回归模型对上市公司的业绩进行了分离,经验证据发现,在管理层权力的影响下,高管薪酬与上市公司非正常业绩之间存在显著的正相关关系,与此同时,高管薪酬与上市公司的正常业绩之间的相关性却明显减弱。%Based on a review of documents home and abroad, based on the special system background of Chinese capital market, with state - owned listed companies as sample, this paper testifies the effect of management power on the sensitiveness of listed company compensation performance. On this basis, this paper separates the listed company performance with regression model. The results show that under the influence of management power, the relationship between executive compensation and abnormal performance of listed company is positive. Meanwhile, executive compensation and listed company's normal performance is obviously weakening.

  4. Health assessment for Fairchild Semiconductor Corporation Proposed National Priorities List Site, Intel Corporation National Priorities List Site, Raytheon Company National Priorities List Site, Mountain View, California, Region 9. CERCLIS No. CAD095989778. Final report

    Energy Technology Data Exchange (ETDEWEB)

    1989-02-07

    The Fairchild Semiconductor Corporation, the Intel Corporation, and the Raytheon Company each have a facility located approximately 3 miles south of San Francisco Bay in Mountain View, California. The Intel and Raytheon facilities are on the National Priorities List (NPL) while the Fairchild facility is a proposed NPL site. Within the one-half square mile area containing the three sites, 37 potential and two inferred sources of contamination have been identified. The major contaminants for the three sites include trichloroethene, 1,1,1-trichloroethane, 1,1-dichloroethene, 1,2-dichloroethene, 1,1-dichloroethane, chloroform, tetrachloroethene, 1,2-dichlorobenzene, trichlorotrifluoroethane (Freon 113), and vinyl chloride. These contaminants are attributed to the sites and have been found primarily in the ground water and subsurface soil on the sites and in ground water off the sites. Contaminant concentrations in surface soils were within the normal range of background values. Volatile organic compounds (VOCs) have been found in surface water west of the study area in Stevens Creek, an intermittent stream. The source of these contaminants is suspected to be treated ground water that has been pumped from the Fairchild and Raytheon sites and discharged to Stevens Creek under a permit.

  5. Integration of Economics and Information Terminology into the Lithuanian and International Market

    Directory of Open Access Journals (Sweden)

    Elvyra Tadauskienė

    2011-04-01

    Full Text Available The article considers the integration of economics and information terminology into the Lithuanian inter-national market. The occurrence of the terminology was predetermined by the historical conditions, i. e., the expansion of international economical links with foreign countries. Economics and information terminology gets integrated when translating international words into Lithuanian with the help of adequate Lithuanian substitutes or borrowings. As long as the borrowing has not completely taken root, its Lithuanian equivalent is considered to be more preferable.

  6. Seasonal Trends in Lithuanian Stock Market

    Directory of Open Access Journals (Sweden)

    Žaneta Simanavičienė

    2013-11-01

    Full Text Available Purpose of the article is to disentangle different calendar effects which leave efficiency holes in Lithuanian market. This paper presents and tests if commonly described seasonal patterns exist in Lithuanian stock market. Analysis of three different sections: period-of-the-year; week-of-the-month and day-of-the-week, suggests that calendar effects do exist in this market. The multitude of explanations for the seasonal effect leaves the reader confused about its primary cause(s: is it tax-loss selling, window dressing, information, bid-ask bounce, or a combination of these causes? The confusion arises, in part, because evidence has generally been presented in support of a particular hypothesis though the same evidence may be consistent with another hypothesis. Methodology/methods are logical and systemic analysis of research literature based on the comparative and generalization methods as well as statistical methods. Scientific aim of the article is the lack of arguments questioning if market prices operating system is fully effective. Novelty of the paper is to the answer to the question what seasonal anomalies are also present in the stock market of new open economy countries. Findings show that using this modified strategy investor could achieve 20.7% compounded annual growth rate versus 7.8% achieved using simply holding stocks throughout. The hypothesis asserts that returns generally will be greater following the “January effect”. There is limited amount of data for constructing robust seasonal strategies so we modified Buy and Hold strategy with simple rules of using best and worst months to show how they influence OMXV index performance. In the conclusions, empirical results using stock index returns for 2000 - 2010 support the hypothesis in Lithuaian stock market. Abnormal activity of OMXV index’s performance is found in the end of summer and throughout autumn. August is best performer of the year while October is

  7. Stable isotopes in Lithuanian bioarcheological material

    Science.gov (United States)

    Skipityte, Raminta; Jankauskas, Rimantas; Remeikis, Vidmantas

    2015-04-01

    Investigation of bioarcheological material of ancient human populations allows us to understand the subsistence behavior associated with various adaptations to the environment. Feeding habits are essential to the survival and growth of ancient populations. Stable isotope analysis is accepted tool in paleodiet (Schutkowski et al, 1999) and paleoenvironmental (Zernitskaya et al, 2014) studies. However, stable isotopes can be useful not only in investigating human feeding habits but also in describing social and cultural structure of the past populations (Le Huray and Schutkowski, 2005). Only few stable isotope investigations have been performed before in Lithuanian region suggesting a quite uniform diet between males and females and protein intake from freshwater fish and animal protein. Previously, stable isotope analysis has only been used to study a Stone Age population however, more recently studies have been conducted on Iron Age and Late medieval samples (Jacobs et al, 2009). Anyway, there was a need for more precise examination. Stable isotope analysis were performed on human bone collagen and apatite samples in this study. Data represented various ages (from 5-7th cent. to 18th cent.). Stable carbon and nitrogen isotope analysis on medieval populations indicated that individuals in studied sites in Lithuania were almost exclusively consuming C3 plants, C3 fed terrestrial animals, and some freshwater resources. Current investigation demonstrated social differences between elites and country people and is promising in paleodietary and daily life reconstruction. Acknowledgement I thank prof. dr. G. Grupe, Director of the Anthropological and Palaeoanatomical State Collection in Munich for providing the opportunity to work in her laboratory. The part of this work was funded by DAAD. Antanaitis-Jacobs, Indre, et al. "Diet in early Lithuanian prehistory and the new stable isotope evidence." Archaeologia Baltica 12 (2009): 12-30. Le Huray, Jonathan D., and Holger

  8. Comparative Study on Internal Control Information Disclosure of Listed Companies%国内外上市公司内部控制信息披露的比较研究

    Institute of Scientific and Technical Information of China (English)

    蔡丛光

    2011-01-01

    This paper compares the internal control information disclosure of listed companies in some countries, and gives some suggestions on internal control information disclosure of Chinese listed companies.%本文对美国、英国等国家的内部控制信息披露进行了梳理和比较,对中国内部控制信息的披露提出了政策建议。

  9. 基于上市公司定期报告的企业竞争情报%The Competitive Intelligence in Enterprise Based on the Periodic Reports of the Listed Companies

    Institute of Scientific and Technical Information of China (English)

    汤文仙; 李会明

    2003-01-01

    In the competition-related activities among various companies, more and more attention has been paid to the successful collection and analysis of competitive intelligence. Amongst the broad sources to obtain information about rivals and competing industries, the periodic reports of the listed companies are the most important intelligence source. This paper explores the characteristics of the periodic reports of the listed comapnies as a source of competitive intelligence, depicts the techniques to collect such information and puts forward some practical methods.

  10. Achievement Persistence Study on the Listed Company of GER of China%我国创业板上市公司业绩持续性研究

    Institute of Scientific and Technical Information of China (English)

    阮素梅; 岳海燕

    2012-01-01

    创业板市场为高新技术企业和高成长型中小企业上市融资提供了便利。选取了145家创业板上市公司作为研究样本,采取层次分析法(AHP)和模糊综合评价模型(FCE)相结合的方法,构建创业板上市公司业绩持续性评价指标体系,对创业板上市公司业绩持续性进行定量评价。结果发现:创业板上市公司在盈利能力、资产管理能力、股东收益、无形资产、外部环境等评价要素层次的业绩持续性评价值相对一般,对应的业绩持续性能力、动力等基本要素层次的评价值也相对不足。%The Growth Enterprise Market assists Hi-tech companies and the high-grown medium-small-sized manufactories in financing.Taking 145 listed companies of GER as samples,by using the combined method of analytic hierarchy process and fuzzy integrative evaluation method,the paper attempts to establish an index evaluation system of persistence on the listed company of GER and has a quantitative evaluation on the achievement of the listed company of GER.The results showed that the listed company of GER only have a moderate achievement persistence evaluation on profitability,ability of asset management,share holders' benefits,intangible assets and external environment,and was insufficient in the evaluation of basic element level,ie,the correspondent ability of achievement persistence and motive force.

  11. Relationship between Lithuanian Sovereign Credit Risk and Equity Market

    Directory of Open Access Journals (Sweden)

    Aistė Abazoriūtė

    2015-12-01

    Full Text Available We analyse relationship between Lithuanian sovereign credit risk and equity market. The aim of the paper is to find the impact of the sovereign credit risk, which is expressed in the terms of Credit Default Swaps (CDS, on the movements of stocks prices of Lithuania. We use VAR (vector autoregression model in order to find the relationship between Lithuanian CDS spread and OMX Vilnius index. We use impulse reaction method to investigate the impact of CDS spreads on the OMX Vilnius index. After analysis of equity index OMX Vilnius and Lithuanian CDS price relationship it was found out that there exists an opposite relationship between these two variables. When the CDS prices are rising, the equity prices decrease and vice versa. The main finding is that Lithuanian capital market returns reacts immediately to the changes of credit risk of Lithuania which is set by the global capital market and expressed by the CDS prices and Lithuanian capital market is under the great foreign pressure.

  12. An Evaluation on Competitive Competence of IT Industry Listed Companies in China%我国IT产业上市公司竞争力评价研究

    Institute of Scientific and Technical Information of China (English)

    陈奕伶

    2013-01-01

    This thesis on the basis of factor analysis from profitability factor and scale factor performs an empirical study of companies competitive competence. The competitive competence scores and rankings about 24 IT industry listed companies from A - shares on the Shanghai Stock Exchange are figured out. The advantages and disadvantages of these enterprises are analyzed. This analysis will provide correlative development suggestion for the IT industry listed companies to constitute effective competitive strategy and improve the competitive competence in the field.%运用因子分析法从盈利因子和规模因子两个方面对企业竞争力进行实证研究,得出上证A股中24家IT产业上市公司的竞争力得分及排名,分析各企业存在的优势和劣势,并给出相应的发展建议,为IT产业上市公司制定有效的竞争策略和提高行业竞争力提供决策性参考.

  13. Characteristics and Trends of Foreign Capital Merging China's Listed Companies%外资并购我国上市公司的特征与趋势

    Institute of Scientific and Technical Information of China (English)

    周凤莺

    2011-01-01

    近年来,外资以跨境并购我国上市公司的方式已经成为中国利用外资的一条新途径,论文在分析外资并购我国上市公司特征的基础上,对外资并购我国上市公司的趋势进行了展望,指出:在全球经济逐步恢复,国内产业结构调整加速的背景下,国外资本必将掀起对我国上市公司进行股权投资与并购的新浪潮.%In recent years, that foreign investment merge listed companies in China has become a new way of using foreing capital for China. On the basis of analying its characteristics, the paper outlooks the future trend of foreign inverstment merging listed companies in China, and points out that under the context of gradual recovery of the globa1 economy and acceleration restructuring of the domestic industrial, the foreign capital will set off a new wave of mergers and acquisitions on the 1isted companies in China.

  14. Sustainable Development of Lithuanian Seacoast Recreational Objects

    Directory of Open Access Journals (Sweden)

    Jonas Abromas

    2011-04-01

    Full Text Available Recreational architecture is a branch of architectural activity whose main object is formation of recreational spaces (territories, buildings, complexes and equipment. The goal of recreational architecture is to create optimal (comfortable, lovely and realizable environment for all recreation types and forms. This goal is realized by projects which are based on scientific research and recommendations. This activity needs more than casual work and living environment. It needs special space and equipment: territory, water area, buildings, and rooms. Everything can be called recreational environment. Recreational environment can be of various dimensional scales: enormous seaside or lake areas intended for recreation, resorts, recreational institution complexes and many single buildings, beaches, forest parks, pools. Recreational environment is possible not only out of town but in town as well. Beginning of recreational architecture is observed in antique cultures, but as a separate specific architectural activity branch it rapidly began to spread in last century first half and in Lithuania – in the last four decades. In this work, analysis of evaluating recreational architecture is made seeking to reveal recreational architecture evaluating criteria and their use .Article in Lithuanian

  15. Lithuanian export competitiveness before economic recession

    Directory of Open Access Journals (Sweden)

    Jone Kalendiene

    2011-01-01

    Full Text Available The research paper discusses the concept of competitiveness of economy and analyzes export as an indicator of it. The analysis is started by the historical review of export development. Statistical data show that three Baltic countries have been following different path of export growth since Russian crisis. Different export market orientation and manufacturing sector's longer reorientation process provide an explanation. Furthermore, the historical analysis shows that export growth relation with foreign demand growth and GDP growth is not as strong as it might be expected. In order to estimate possible long-run GDP growth prospects, the structural analysis of trade is performed. The conclusions of the latter revealed high dependence of trade on conjuncture in foreign markets and supported the need of further price and non-price competitiveness analysis. Surprisingly, the results of the former indicate that price indicators do little to explain export development. Conversely, the results of the latter, based on CMSA methodology, show that market orientation of Lithuanian exports adds the most to its competitiveness; meanwhile the product orientation is generally unfavorable. Finally, the relation between FDI structure by countries and trade flows of processed industrial supplies is analyzed. Although data analysis does not reject the existence of such hypothesis, a more detail analysis should be conducted in the future.

  16. The Analysis on a Phenomenon in Chinese IT Listed Company%现象背后的逻辑--IT业上市公司治理结构探析

    Institute of Scientific and Technical Information of China (English)

    杨建君; 夏冬

    2001-01-01

    @@ 1. Introduction Stock prices of IT listed companies in Chinese stock A market have slumped by a big margin since their sudden rise in early 2000. Since then, the performance of almost all these companies isn't very good, and the stock prices of the majority have greatly dropped down.

  17. On Quality Intensification Expression Means in German And Lithuanian

    Directory of Open Access Journals (Sweden)

    Ernesta Račienė

    2013-12-01

    Full Text Available The paper presents the analysis of German Adjectives’ derivational means, which intensify the meaning of quality, and which are compared with functional equivalents in Lithuanian. The intensification of quality is treated as the functional semantic category, implemented in various language levels. This semantics may be expressed morphologically, by lexical and syntactic means, as well as by stress and intonation. The German language has many first components of compound adjectives, representing the intensification of quality, such as: stock-, blitz-, hoch-, brand-, grund-, etc. The rendering function of this semantics is typical of German adjectives prefixes erz-, ur- as well as prefixes of foreign origin super-, ultra-, extra-, mega-, hyper-, top-. In the Lithuanian language, the intensifying meaning of quality is realized by syntactic com-pounds, while on the morphological level it can be conveyed by diminutive suffixes. The paper presents the comparison of German and Lithuanian quality intensification expression means in order to highlight typological similarities and differences.

  18. Lithuanian Education System Problems: Senior Class Students' Position

    Directory of Open Access Journals (Sweden)

    V. Lamanauskas

    2010-11-01

    Full Text Available Various changes are taking place in Lithuanian comprehensive schools in recent years. Not all of them can be considered positive and making the system’s work effective. The changes taking place encourage natural interest in them. It is necessary not only to fix the current state, but to search for the ways how to optimize the changes taking place and to control them. Education is a complex, manifold phenomenon, the researches of which are complicated and complex as well. In this article Lithuanian comprehensive school senior class pupils’ position on current education questions is analysed: preparation and teaching/learning process evaluation, the identification of advantages and disadvantages of education system and other. It is revealed how Lithuanian comprehensive school pupils value current education system, teacher provided knowledge quality and ability to prepare students for further studies at universities and other higher schools.

  19. Liquidity Risk and its Management in Lithuanian Banking System

    Directory of Open Access Journals (Sweden)

    Erika Bareikaitė

    2014-04-01

    Full Text Available Banks are the main part of financial sector in each economy and strength of banking system becomes vital for ensuringfavourable economic stability and growth. Recent failure of two commercial banks in Lithuania showed that managershaven’t evaluated liquidity risk or haven’t dealt with it properly. The tasks of the paper are to investigate Lithuanian banksposition towards liquidity risk, analyse what kind of management tools banks use for ensuring favourable position towardsliquidity and to explore the liquidity influence to profitability in Lithuanian banking sector. The article examines liquidity andits management processes in Lithuanian banking sector. Description of liquidity importance is presented. Liquidity risk and itsmeasurement as well as the ways of managing the above mentioned risk is analysed in the article. In order to analyse the relationshipbetween liquidity risk and profitability of banks, analysis of scientific literature, research synthesis and generalizationshave been made.

  20. Pecularities of French Pronoun on Usage in Lithuanian Scientific Discourse

    Directory of Open Access Journals (Sweden)

    Lina Dubikaltytė-Raugalienė

    2015-12-01

    Full Text Available Scientists studying personal identifiers in French scientific discourse incorporate the personal indefinite pronoun “on” into the paradigm. The semantics of the pronoun depends on the genre of scientific discourse. The pronoun “on” can acquire four meanings denoting or including the author. The current paper, based on two databases of native French and Lithuanian authors’ articles, aims at comparing the tendencies of the pronoun “on” usage and its functions in scientific discourse. The analyses has shown that the Lithuanian authors use the personal pronoun almost twice less frequently to mark an author or authors’ denotative or inclusive meaning. In the articles of Lithuanian authors, the pronoun “on” performs fewer pragmatic functions than in scientific discourse of French authors.

  1. 上市公司会计信息披露的问题、原因和对策研究%Study on the problems, reasons and countermeasures of accounting information disclosure of listed companies

    Institute of Scientific and Technical Information of China (English)

    张燕; 汪卫霞

    2014-01-01

    Shareholders of listed companies and creditors know the situation of listed companies and decide to invest or not are based on the disclosure of accounting information of listed companies. It serious influence the efficiency of the capital market and led to the people outside have great doubts on the information that listed companies published because of the accounting information disclosure of listed companies is not perfect in China at present. This article lists problems and its causes in the accounting information disclosure of listed companies in order to find out countermeasures to solve the problems in the process of accounting information disclosure of listed companies.%上市公司的会计信息披露是股东和债权人了解上市公司经营情况,决定投资与否的基础。但由于我国上市公司会计信息披露目前还不完善,严重影响了资本市场的有效性,进而导致外界对上市公司所披露的信息产生重大疑虑。文章列出了上市公司会计信息披露过程中存在的问题并对其进行原因分析,试图找出解决上市公司会计信息披露过程中存在的问题的对策。

  2. STUDY ON DISCLOSURE LEVEL OF COMPANIES LISTED ON THE BUCHAREST STOCK EXCHANGE IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS: THE CASE OF INTANGIBLE ASSETS

    Directory of Open Access Journals (Sweden)

    CĂTĂLINA GORGAN

    2014-05-01

    Full Text Available In the context of economic globalization, the need for high quality financial information has become a desiderate. Accounting met such needs through a set of high quality standards, the International Financial Reporting Standards. Their global imposing, either through adoption or convergence, make its contribution to proper functioning of capital markets and even of the entire economy. The quality of financial reporting, however, is the result of how they are applied in each country or company. The objective of our study is to analyze the disclosure level of companies listed at Bucharest Stock Exchange (BSE in compliance with the presentation requirements of the international accounting standard IAS 38 “Intangible assets”. The empirical study revealed a significant level of non-compliance. In order to determine the degree of compliance with international accounting referential we built a disclosure index. Four hypothesis were tested in order to identify the factors that influence the disclosure level.

  3. The Effect of Financial Performance and Environmental Performance on Firm Value with Islamic Social Reporting (ISR Disclosure as Intervening Variable in Companies Listed at Jakarta Islamic Index (JII

    Directory of Open Access Journals (Sweden)

    Ratri Rahma Frida

    2017-01-01

    Full Text Available This study examined how far ISR disclosure as the intervening variable could mediate the effect of financial performance and environmental performance on the firm value. The subjects of this study were the companies listed in Jakarta Islamic Index (JII in 2012-2014. The samples of the study were sixty companies chosen by purposive sampling method, and the analytical technic used path analysis. The results of this study proved that: (1 financial performance had positive effect to the firm value, (2 environmental performance had no effect to the firm value, (3 financial performance had positive effect to the ISR disclosure, (4 environmental performance had positive effect to the ISR disclosure, (5 ISR disclosure had positive effect to the firm value, (6 ISR disclosure could mediate the effect of financial and environmental performances on the firm value.

  4. 全流通市场中上市公司市值管理探析%Research on Market Value Management of Chinese Listed Companies

    Institute of Scientific and Technical Information of China (English)

    姚电; 易云鹏

    2011-01-01

    On the background of accomplishment of shareholder structure reform,the interests of all shareholders are fully reflected in the market value of listed companies.Market value management will become strategic management practices of a listed company.There is a necessity of Market value management in China's current capital market.The accomplishment of shareholder structure reform and the improving of the market effectiveness provides the initial conditions of Market value management.The framework of market value management of Chinese listed companies based on three links of value creation,value operation and value realization.We must handle the relationship between these three areas and other questions%在股改后的中国股市,全体股东利益都集中反映在上市公司的市值上,市值管理将成为上市公司的战略管理行为。当前我国上市公司已有开展市值管理的需要,全流通的实现和市场有效性的提高也为上市公司的市值管理提供了初步条件。具体的市值管理可从价值创造、价值实现和价值经营三个方面展开。市值管理要处理好这三个方面关系和其他一些问题。

  5. Is Executive Compensation of Chinese Listed Tourism Companies Sticky?%我国旅游上市公司高管的薪酬存在粘性吗

    Institute of Scientific and Technical Information of China (English)

    荆亚宇; 周春梅

    2015-01-01

    In recent years, the endless executives "astronomical salaries" phenomenon caused the public to question the rationality of executive compensation. In order to alleviate the public controversy and discontent, our government promulgated "salary limit order" and other policies to intervene executive compensation. After that , whether the executive compensation of Chinese listed tourism companies stickiness still exist? This paper conducted theoretical and multiple regression analysis of executive compensation stickiness for Chinese listed companies in the tourism sector during 2009-2013. All financial data and relevant information on compensation and firm performance used in this study came from annual financial reports of listed tourism companies. The results show that: executive compensation and firm performance showed a significant positive correlation, which indicated that it has been established a compensation system associated with the firm performance; further found that when the firm performance rise, the increase of executive compensation was greater than it reduce when the firm performance decrease , but the result was not significant. Finally, according to the results, the paper puts forward that the executive compensation mechanism of listed tourism companies should have the functions of incentive and constraint, implement equity incentive, and the government should strengthen supervision measures.%以2009-2013年23家旅游上市公司作为研究样本,通过多元回归模型检验我国旅游上市公司高管薪酬是否存在粘性特征. 实证结果表明:当公司业绩上升时高管薪酬增加的幅度大于公司业绩降低时高管薪酬减少的幅度,说明高管薪酬存在粘性特征,但回归结果在统计上不显著. 根据研究结论,文章建议旅游上市公司的高管薪酬机制设定须兼具激励与约束之功能、实施股权激励,应强化政府监管和舆论监督并行措施.

  6. Effects Of Comprehensive Income On ROE In A Context Of Crisis: Empirical Evidence For IBEX-35 Listed Companies (2004-2008)

    OpenAIRE

    Francisco Sousa Fernandez; María Mercedes Carro Arana

    2010-01-01

    Comprehensive income is becoming increasingly important as an indicator of corporate performance at an international level [SFAS 130 by the FASB (1997) and NIC 1 by the IASB, revised in 2007, among others]. Given this importance, this paper intends to assess its impact on the Return on Equity (ROE), as opposed to the more traditional net income, for the period 2004-2008 for the select group of the Spanish IBEX-35 listed companies. Moreover, working on this period will also allow us to verify ...

  7. 山西省上市公司市值管理可行性研究%Feasibility Study of Market Value of Listed Companies in Shanxi Province

    Institute of Scientific and Technical Information of China (English)

    马保明

    2012-01-01

    我国资本市场进入全流通时代后,出现市值管理这一全新命题。开展市值管理对于以上市公司为核心的山西资源型经济转型尤为重要。由于受到多方制约,事实上导致山西上市公司市值管理方面的不作为。借鉴中信证券反周期运作的成功经验,依据市值管理框架,本文在保持原有大股东控股权的前提下,筛选出12家便于市值管理的山西上市公司。最后提出要尽快制定市值管理政策,增强价值创造和价值实现的关联度,积极培养市值管理人才,做好投资者关系管理等相关政策建议。%When China's capital market goes into full circulation times,market value management as a new topic turns up.To carry out the market value management for listed company as the core of Shanxi resource-based economies transition is particularly important.Due to various constraints,in fact market value management of the listed company is of nonfeasance.Drawn into lessons from the CITIC Securities successful experience of reverse cycle operation,according to market value management framework,firstly,the paper choose 12 Listed Companies in Shanxi to facilitate market value management.Then,under the premise of maintaining the right of the original major shareholders,it pointed out that the government sector should develop market value management policy as soon as possible.Lastly,it discussed that Listed Companies need to enhance relevance between the value creation and value realization of,to cultivate actively the market value management talent,improve investor relations management.

  8. Manager Buy Off, Payout Policies and Agency costs of Listed Companies%管理层持股、股利政策与上市公司代理成本

    Institute of Scientific and Technical Information of China (English)

    廖理; 方芳

    2004-01-01

    Choosing all 1075 listed companies of share A which pay out dividends in cash as sample units, the paper tests how manager pay off(MBO) affects payout in cash. Regression analysis shows MBO could increase agency costs of listed companies. The authors further consider that the problems of “absence of owners” sharpen the conflict between managers and stockholder agency. The analysis also shows the positive regression relationship between MBO and payout for the companies with high percentage of state owned shares. So MBO is an effective way to solve the conflict of stockholder agency.

  9. Teaching Lithuanian as a second/foreign language: Current practicies

    Directory of Open Access Journals (Sweden)

    Meiluté Ramoniené

    2006-05-01

    Full Text Available Following the restitution of the independence of Lithuania in 1990, one of the key questions of the national language policy in Lithuania was the development and enforcement of a successful language education model. Newly emerging needs have encouraged re- form in learning Lithuanian as a second language at all levels. This paper provides a broad overview of teaching, learning and assessment of Lithuanian as a second/foreign language – an important educational element of the language policy in Lithuania. It focuses on general principles and main problems as well as real practices and changes in 1990–2005.

  10. 我国酒店类旅游上市公司财务现状研究%A financial study of hotel Tourism listed Companies in China

    Institute of Scientific and Technical Information of China (English)

    任一博; 于丽

    2012-01-01

    随着我国经济的不断发展,“十一五”规划已提前圆满完成,如今是“十二五”规划的时代,旅游业发展也面临着好的发展机遇,产业优势逐渐被社会认同。在这样的背景下,旅游上市公司也和其他产业一样,寻求发展的机遇、通过运用SPSS软件对部分旅游上市公司财务指标进行主成分分析,以反映所选取旅游上市公司的投资价值,同时运用主成分综合评价函数对旅游上市公司的投资价值进行研究。通过对我国酒店餐饮类旅游上市公司的财务状况分析,以期为旅游行业投资者及潜在投资者的投资决策提供参考。%With the economy continues developing, Eleventh Five Year Plan has been successfully completed ahead of schedule, now is the second Five-Year Plan era, the development of tourism is also facing a good opportunity, industrial advantages have been gradually recognized by society. In this background environment, tourism companies and other industries also begin to seek development opportunities. The article use SPSS software to take principal component analysis about financial indicators of tourism companies, the integrated use of these factors can reflect more fully the value of tourism investment in listed companies, and comprehensive evaluation functions using principal component of tourism investment value of listed companies. By a financial situation analysis of hotel Tourism listed Companies ,we look forward to conclude the investment value and the reasons for the tourism industry to investors and potential investors to provide some reference for investment decisions.

  11. 我国上市公司财务舞弊手段识别%Identification of Listed Company's Financial Fraud Means in China

    Institute of Scientific and Technical Information of China (English)

    施金龙; 万东敏

    2011-01-01

    财务舞弊案件的发生,给社会和公众利益带来了极大侵害,使得人们对上市公司的盈利能力和会计师事务所的客观独立性产生了质疑.上市公司财务舞弊现象已经演变为一个备受关注的社会问题,鉴于此文章认真总结近几年来上市公司受处分情况,结合实例系统分析了我国上市公司财务舞弊常用手段.为加强会计信息的真实性和可靠性提供了理论基础,同时为会计师事务所如何及时识别这些舞弊行为提供了参考.%The incidence of financial fraud cases brings great harm to the social and public, making people question the listed company’s profitability and CPA firm’s objective independence.The listed company’s financial fraud phenomenon has turned into a problem with social concern, so this article summarized recent year’s punishment examples of listed companies, and made systematic analysis on financial fraud method commonly used by the listed company, which can strengthen the authenticity and reliability of accounting information, and at the same time provide a theory basis for accountants to recognize these frauds timely.

  12. Application of Discounted Cash Flow Method to Listing Coal Company%贴现现金流量法在煤炭上市公司价值评估中的应用

    Institute of Scientific and Technical Information of China (English)

    张朋程

    2012-01-01

    The paper introduced the discounted cash flow rate method applied to evaluate the resources value of a listing coal company and thus further to realize the evaluation of the listing company value.Meanwhile think this method was applied to evaluate the resource value of Jingyuan Coal and Electric Power Company and the listing company value.%介绍了采用贴现现金流量法评价煤炭上市公司资源价值,从而进一步实现对上市公司价值的评价的方法。同时使用该方法对靖远煤电公司的资源价值以及上市公司价值进行了评估。

  13. Protection of Minority Interests in the Acquisition of Listed Companies%上市公司收购中少数股东利益保护

    Institute of Scientific and Technical Information of China (English)

    王鹏鹏

    2012-01-01

    上市公司收购是指收购公司通过要约收购、协议收购或者其他合法方式取得目标公司一定比例有表决权的股票,从而达到控制目标公司目的的法律行为。由于少数股东持股处于弱势地位、理性选择以及外部监管不力等原因,致使少数股东利益在上市公司收购过程中极易受到损害,而这些损害主要来自于目标公司和收购公司。对于少数股东利益的保护不仅有利于保障证券市场健康发展,而且也是股东权平等的必然要求。少数股东利益受到损害时,可以通过直接诉讼和代表诉讼来维护即的合法权益。%Acquisition of Listed Companies acquired company by tender offer, acquisition agreement or other legal means to obtain the target company a certain percentage of the voting stock, thereby to control the target company the purpose of legal acts. Due to minority shareholders in a weak position, rational choice, as well as external weak reasons, resulting in highly vulnerable to damage regulatory the interests of the minority shareholders of listed companies in the acquisition process, and these damage from the target companies and buyout firms. The protection of minority share- holders' interests will not only help protect the stock market healthy development, but also an inevitable requirement of the shareholders' level. Minority shareholder interests are damaged by direct action and representative action to safeguard that is the legitimate rights and interests.

  14. The Influence of Environmental Disclosure on Capital Structure of Brazilian Companies listed on the BM&FBovespa

    Directory of Open Access Journals (Sweden)

    Sheila Mendes Fernandes

    2012-12-01

    Full Text Available The objective of this study to verify the relationship between environmental disclosure and the capital structure of companies classified according to Law 10165 which provides for the National Environmental Policy for the period 2006 to 2010. To meet the proposed objectives were used as proxies for capital structure debt to verify the cost of debt and to verify the CAPM cost of equity. To measure the level of environmental disclosure content analysis was carried out in the notes, the management report and the report of the environmental information contained in the report of the Annual Information (IAN. We analyzed 89 companies with 95,020 sentences, and 5279 relating to environmental events, such 4819 relating to environmental information regarding positive and 460 negative environmental information. To investigate the relationship between these variables was used in the analysis panel with random effects adjusted by robust tool. The findings of this study demonstrate that environmental disclosure does not affect the cost of debt, ie, in the Brazilian market, the environmental information whether positive or negative does not drive the market to influence positively / negatively the cost of debt. However, the results showed that the positive environmental disclosure adversely affects the cost of equity demonstrating that "good environmental image of the company" leverage the company's credibility this crucial factor in reducing the risk of the company since the engagement with sustainability and generate savings for the effective and efficient use of resources eliminates and / or reduces the incidence of government regulations.

  15. The Analysis on the Effect of the New Policy of Listed Companies Withdrawing from Shanghai and Shenzhen Stock Exchanges on Listed Companies%沪深交易所上市公司退市政策新风向对上市公司的影响分析

    Institute of Scientific and Technical Information of China (English)

    闫恺媛

    2012-01-01

    本文在深入剖析上海证券交易所《关于完善上海证券交易所上市公司退市制度的方案(征求意见稿)》和深圳证券交易所《关于改进和完善主板、中小企业板上市公司退市制度的方案(征求意见稿)》的基础上,对陕西省上市公司的相关退市风险和存在问题提出了可行对策和政策建议,为促进和引导资本市场健康有序发展提供参考。%On the basis of the deep analysis on the "the Program (draft) on Improving the System of Listed Companies Withdrawing from Shanghai Stock Exchange" published by Shanghai Stock Exchange and "Program (draft) on Improving and Perfecting Companies Listed on the Motherboard and the SME Board Delisting System" published by Shenzhen Stock Exchange, the paper presents delisting risk and problems of the 38 listed companies in Shaanxi province and puts forward feasible strategies and policy recommendations in order to strive to further standardize and guide the healthy and orderly development of Shaanxi capital markets.

  16. 新会计准则对上市公司盈余管理的影响分析--来自制造业上市公司的经验证据%An Analysis of the Impact of the New Accounting Standards on Earnings Management of Listed Companies--Empirical Evidence from the Manufacturing Listed Companies

    Institute of Scientific and Technical Information of China (English)

    张凯文

    2013-01-01

      本文选取A股制造业上市公司2004—2011年的数据为样本,实证研究发现,在新会计准则下,制造业上市公司的盈余管理水平高于旧会计准则下的盈余管理水平。在此基础上,进一步对新会计准则下制造业上市公司盈余管理的新手段进行分析。%  This paper selects A-share Listed Manufacturing Companies data (2004-2011) as samples,the empirical research finds that,under the new accounting standards,the level of earnings management is higher under the new accounting standards than under the old ones in the manufacturing listed companies. On this basis,the paper analyzes the new means of earnings management in manufacturing listed companies under the new accounting standards.

  17. China listed company overseas acquits ion performance analysis%中国上市公司海外并购绩效分析

    Institute of Scientific and Technical Information of China (English)

    徐静

    2012-01-01

    This study,using a sample of 210 Chinese listed companies' data,which take cross-border MA between 2005-2009,examines the performance change of the acquiring firms from post-merger period to pre-merger period.Using accounting indicators analysis to analyse the long term performance of the companies,we find that the overall samples' performances have suggested an insignificantly decrease.Additionally,the study suggests that it would be easier for Chinese companies to merge with enterprises in Hong Kong and Taiwan than with pure overseas companies.In conclusion,depending on their practical circumstances,Chinese companies have to be very cautious with every step in acquiring overseas companies,starting from the easiest one,in order to improve success rate.%本文利用2005~2009年间进行海外并购的210家中国上市公司的数据,检验了我国上市公司进行海外并购前后绩效的变化情况。利用会计指标法研究公司并购后的长期绩效发现,并购后整体样本绩效出现了不显著的先降后升的情况。另外,对港澳台资企业的并购比对单纯的外国企业的并购更容易取得成功。结合企业面临的现实条件,中国企业对待海外并购应抱审慎的态度,先易后难,以提高成功率。

  18. An Index to Measure Sustainability of a Business Project in the Construction Industry: Lithuanian Case

    Directory of Open Access Journals (Sweden)

    Nomeda Dobrovolskienė

    2015-12-01

    Full Text Available The continuous growth of the world population, resource scarcity and the threat of climate change pose numerous environmental and social problems to the world. Therefore, much hope is put in the concept of sustainability. Companies are increasingly coming under strong global pressure to incorporate sustainability considerations into their project decision-making process. Business projects in the construction industry are among the most important, as this sector is one of the largest sectors and of major importance for the national economy and therefore has a huge impact on the environment and society. Thus, we have to explore ways to integrate sustainability into the management of those projects. This paper presents a composite sustainability index of a project (CSIP which has been created following a review of existing literature and a pilot research study. A pilot research study was conducted in the Lithuanian construction industry between January 2015 and June 2015. Sustainability criteria were chosen and grouped on the basis of the analysis of the literature and different standards relating to sustainability applicable in the construction industry. A survey was used to select and rank the most important sustainability criteria. The index was constructed using multi-criteria decision-making methods. The results of the pilot study revealed that practitioners in the Lithuanian construction sector attach most importance to 15 sustainability criteria. A composite sustainability index of a project combining all these criteria may be useful in assessing the sustainability of a business project and making decisions regarding project portfolio selection and financial resource allocation. When addressing the issue of financial resource allocation in a project portfolio, the decision-maker could take into account not only the project’s return and risk, but also its sustainability. The understanding of this study should enable companies to execute

  19. INTELLECTUAL CAPITAL REPORTING AND DISCLOSURE IN THE ANNUAL REPORTS OF ROMANIAN MANUFACTURING LISTED COMPANIES – METHODOLOGY AND DISCUSSION OF RESULTS

    Directory of Open Access Journals (Sweden)

    Bogdan Victoria

    2011-12-01

    Full Text Available In our study we have proposed to measure the extent of intellectual capital disclosure using annual reports as the source of our documentation. The empirical analysis is twofold: firstly we are interested in analyzing the value of intellectual capital using a value-based approach, through the evolution of market to book value ratio over the selected period and secondly we carry out a content-based analysis of the complete annual reports of the selected companies over the five year period and calculate an intellectual capital disclosure index. Looking at the figures we can conclude that only 50% of Romanian manufacturing companies hold intellectual capital assets for the period analysed and also they are mostly disclose information that refers to relational capital. The intellectual capital voluntary disclosure index for the 2005-2009 years for the sampled companies is on average almost 19%, considered very low.

  20. 我国创业板上市公司治理问题研究%Research of China GEM listed company governmance problem

    Institute of Scientific and Technical Information of China (English)

    蔡玉龙

    2011-01-01

    In our securities market.The equity stru-cture of listed companies on GEM have the characteristics of shareholding ratio with controlling shareholders comparative relatively low,this will emerges different problems of corporate governance from the mainboard listed companies.To solve this problem,We should perfect the relevant regulations to protect minority shareholders,strengthen the law enforcement and establish the restriction mechanism of reputation and increase penalties for the discreditable behavior.%由于我国证券市场创业板上市公司股权结构具有控股股东持股比例相对较低的特点,这将产生不同于主板上市公司的剥夺型公司治理问题。要解决这一问题,就必需完善保护中小股东的有关法规,加强执法力度,建立声誉约束机制,并加大对失信行为的处罚力度。

  1. 安徽上市公司综合业绩实证分析%Comprehensive Performance Evaluation of Listed Companies in Anhui Province

    Institute of Scientific and Technical Information of China (English)

    夏雪峰

    2011-01-01

    Comprehensive performance evaluation of listed companies can be constructed in aspects of profitability,solvency,growth ability and operating capacity.With aid of factor analysis method and statistical software SPSS17,the statistical analysis on corresponding financial indicators of 50 Anhui listed companies in Shanghai and Shenzhen Stock Exchanges in 2010 can objectively reflect their comprehensive performance to some extent.%上市公司综合业绩评价体系可从盈利能力、偿债能力、成长能力、营运能力等四个方面进行构建。采用因子分析法,运用SPSS17统计软件,对2010年沪深股市50家安徽上市公司的相应财务指标进行数理统计分析,可以较客观地反映它们的综合业绩。

  2. 上市公司财务报告网上披露的研究%Research on the Online Disclosure of Financial Report of Listed Companies

    Institute of Scientific and Technical Information of China (English)

    杨彦开

    2012-01-01

    随着互联网的普及,上市公司财务报告的网上披露已成为一种新的披露方式,财务报告的网上披露具有公开性、动态性、时效性、全面性、可靠性等特点。但在新的网络环境下,财务报告网上披露也还存在一定的缺陷,因此必须要加强对上市公司财务报告网上披露的研究,以推动其在我国进一步的发展。%With the popularity of the Internet technology,online disclosure of the financial reports of listed companies has become a new way to release information.Mobility,openness,effectiveness,comprehensiveness and reliability are some typical characteristics of the online disclosure system.But,in the new Internet environment,this system has its limitations.Therefore,research must be reinforced on online disclosure of the financial reports of listed companies so as to promote its further development in China.

  3. 中国非上市股份公司制度价值研究%On the Theoretical Value of Non -listed Stock Companies in China

    Institute of Scientific and Technical Information of China (English)

    王丹

    2014-01-01

    Developing compatibly with multi -level capital market , non -listed stock company is an important form of commercial association , which has met the needs of the market -oriented economy . The author of this paper explores the definition of non -listed stock company in the Chinese context firstly . On this basis , the author then studies in depth the theoretical value of the legal system from the perspectives of commercial association law , economics and capital market development , and analyzes the practical value of the legal system for businessman creating value and meeting the needs of social investors .%非上市股份公司是与多层次资本市场相适应、满足市场经济不同需要的一种商事组织形式。在中国语境下对非上市股份公司做出概念界定和制度定位,并在此基础上从商事组织法、经济学和资本市场发展三个不同视角深入探讨了非上市股份公司法律制度的理论价值,分析了这一制度对于商人创造价值和满足社会投资者需求的现实价值等基本理论问题。

  4. 医药类上市公司会计政策选择研究%Research on Accounting Policy Choices of China’s Pharmaceutical Listed Companies

    Institute of Scientific and Technical Information of China (English)

    彭爱群; 石盈芳; 蒋盼盼

    2014-01-01

    Whether accounting policy choices are made properly results the qualities of accounting information, and influences the decisions madeby external information. This paper use the data of three consecutive years’ Annual Reports, from 2011 to 2013 of pharmaceutical listed companies in the Shenzhen and Shanghai Stock Exchange issued to analyze current situation and existing problems in accounting policy choice of pharmaceutical listed companies, and then countermeasures are proposed.%会计政策选择能否恰当,直接影响着企业所提供的会计信息质量,进而影响外部信息使用者的决策。文章以沪深两市医药类上市公司2011到2013连续三年的会计年报的数据为样本,统计分析了医药类上市公司会计政策的选择情况和存在的问题,对规范医药类上市公司会计政策选择提出了相关对策。

  5. Analysis on the environmental information disclosure of Chinese coal listed companies%煤炭行业上市公司环境信息披露研究

    Institute of Scientific and Technical Information of China (English)

    李强; 朱杨慧; 冯波

    2013-01-01

    Using content analysis method,this paper studies the quantity and quality of envi-ronmental information disclosure of Chinese coal listed companies from 2008 to 201 1 It analyzes the reasons of quantitative fluctuation Then,it makes comparison of quality with SINOPEC from integrity,readability,comparability and objectivity Finally,it gives some suggestions to improve the environmental information disclosure of coal listed companies.%采用内容分析法,对煤炭行业上市公司2008-2011年环境信息披露的数量和质量进行研究,剖析其数量上发生波动的可能原因,并从完整性、可读性、可比性和客观性4个方面与同属能源行业的中国石化进行质量比较,最后提出完善煤炭行业上市公司环境信息披露的对策。

  6. 创业板上市公司会计信息质量研究%Accounting Information Quality of Companies Listed on GEM

    Institute of Scientific and Technical Information of China (English)

    梁利辉; 陈一君; 万吉琼

    2014-01-01

    本文采用倾向配对法对创业板上市公司会计信息质量进行研究,认为我国虽然对创业板上市公司会计信息披露作出了较中小板更严格的市场监管要求,但是创业板上市公司会计不稳健、会计信息质量不高;完善我国当前创业板市场的会计监管制度势在必行,尤其需要建立反映创业板上市公司高成长、高技术和高风险特征的会计计量和会计确认方法,建立公司主动自觉提高会计信息质量的内在激励机制,改变“合规有余,激励不足”的现象,促进公司和创业板市场的健康发展。%In this paper , we study the quality of accounting information of companies listed on GEM with propensity matching method .Studies find that China makes more stringent market supervision on GEM accounting information dis -closure than on the requirements of SMEs board , but accounting of companies listed on GEM is not conservative , ac-counting information quality is lower; China′s current regulatory regime for GEM accounting needs to be further im-proved, in particular, needs to construct the accounting measurement and recognition reflecting high -tech, high -growth and high-risk characteristics of companies listed on GEM , and improves accounting incentives inherent quality of information to change the “more than compliance , lack of incentives” phenomenon , in order to promote the company and GEM market′s healthy development .

  7. 中国上市公司现金股利决策模型%Decision-making models for cash dividend policies for Chinese listed companies

    Institute of Scientific and Technical Information of China (English)

    姜琪; 宋逢明

    2012-01-01

    Data for listed companies in the Shanghai and Shenzhen Stock Exchanges was used to analyze the factors contributing to the propensity for cash dividend distributions and the cash payout ratio of Chinese listed companies.Regulatory changes in the CSRC refinancing policy significantly increased the listed companies' propensity to pay cash dividends.Cash dividends have become the major channel for profit distributions in the Chinese stock market.Companies with higher retained earnings ratios have higher propensity to pay cash dividends,which supports the life-cycle theory of dividends.However,higher profitability and higher growth rates lead to lower payout ratios suggesting that some high-quality companies choose lower payout ratios to meet regulatory requirements,which may be the major driving force for the low ratio of aggregate cash dividends to aggregate profits in the Chinese stock market.%该文从是否现金分红和现金股利支付水平2个维度,建立公司现金股利决策模型,分析确定影响中国沪深两市A股上市公司现金股利政策的因素。2001-03中国证监会再融资政策的调整,显著提高了上市公司现金分红的意愿,现金股利已成为中国上市公司利润分配的主要形式。公司留存收益的比例越高,则现金分红的可能性越大,支持了股利的生命周期理论。而从现金分红公司的股利支付水平来看,盈利水平越高,成长性越好的公司,现金股利的支付率却越低,其原因在于中国部分优质上市公司为达到再融资的监管要求而勉强分红,从而导致了中国A股市场现金股利总额占净利润总额的比例偏低。

  8. Improving the Evaluation Model for the Lithuanian Informatics Olympiads

    Science.gov (United States)

    Skupiene, Jurate

    2010-01-01

    The Lithuanian Informatics Olympiads (LitIO) is a problem solving programming contest for students in secondary education. The work of the student to be evaluated is an algorithm designed by the student and implemented as a working program. The current evaluation process involves both automated (for correctness and performance of programs with the…

  9. Genetic Loci Associated with Allergic Sensitization in Lithuanians.

    Directory of Open Access Journals (Sweden)

    Ingrida Šaulienė

    Full Text Available Allergic rhinitis (AR is a common and complex disease. It is associated with environmental as well as genetic factors. Three recent genome-wide association studies (GWAS reported altogether 47 single nucleotide polymorphisms (SNPs associated with AR or allergic sensitization (AS in Europeans and North Americans. Two follow up studies in Swedish and Chinese replicated 15 associations. In these studies individuals were selected based on the self-reported AR, or AR/AS diagnosed using blood IgE test or skin prick test (SPT, which were performed often without restriction to specific allergens. Here we performed third replication study in Lithuanians. We used SPT and carefully selected set of allergens prevalent in Lithuania, as well as Illumina Core Exome chip for SNP detection. We genotyped 270 SPT-positive individuals (137 Betulaceae -, 174 Poaceae-, 199 Artemisia-, 70 Helianthus-, 22 Alternaria-, 22 Cladosporium-, 140 mites-, 95 cat- and 97 dog dander-sensitive cases and 162 SPT-negative controls. We found altogether 13 known SNPs associated with AS (p ≤0.05. Three SNPs were found in Lithuanians sensitive to several allergens, and 10 SNPs were found in Lithuanians sensitive to a certain allergen. For the first time, SNP rs7775228:C was associated with patient sensitivity to dog allergens (F_A=0,269, F_U=0.180, P=0.008. Thus, careful assessment of AS allowed us to detect known genetic variants associated with AS/AR in relatively small cohort of Lithuanians.

  10. Genetic Loci Associated with Allergic Sensitization in Lithuanians.

    Science.gov (United States)

    Šaulienė, Ingrida; Greičiuvienė, Jūratė; Šukienė, Laura; Juškevičiūtė, Neringa; Benner, Christian; Zinkevičienė, Auksė; Ripatti, Samuli; Donner, Kati; Kainov, Denis

    2015-01-01

    Allergic rhinitis (AR) is a common and complex disease. It is associated with environmental as well as genetic factors. Three recent genome-wide association studies (GWAS) reported altogether 47 single nucleotide polymorphisms (SNPs) associated with AR or allergic sensitization (AS) in Europeans and North Americans. Two follow up studies in Swedish and Chinese replicated 15 associations. In these studies individuals were selected based on the self-reported AR, or AR/AS diagnosed using blood IgE test or skin prick test (SPT), which were performed often without restriction to specific allergens. Here we performed third replication study in Lithuanians. We used SPT and carefully selected set of allergens prevalent in Lithuania, as well as Illumina Core Exome chip for SNP detection. We genotyped 270 SPT-positive individuals (137 Betulaceae -, 174 Poaceae-, 199 Artemisia-, 70 Helianthus-, 22 Alternaria-, 22 Cladosporium-, 140 mites-, 95 cat- and 97 dog dander-sensitive cases) and 162 SPT-negative controls. We found altogether 13 known SNPs associated with AS (p ≤0.05). Three SNPs were found in Lithuanians sensitive to several allergens, and 10 SNPs were found in Lithuanians sensitive to a certain allergen. For the first time, SNP rs7775228:C was associated with patient sensitivity to dog allergens (F_A=0,269, F_U=0.180, P=0.008). Thus, careful assessment of AS allowed us to detect known genetic variants associated with AS/AR in relatively small cohort of Lithuanians.

  11. Sickly Americans, Kindly Portuguese, and Lithuanian Couch Potatoes.

    Science.gov (United States)

    Bracey, Gerald W.

    2000-01-01

    Of 27 countries in a World Health Organization survey, American children report the most physical complaints, Portuguese children are most kind to one another, and Lithuanians watch more TV. U.S. and Czech teens are great dieters. Northern Irish, Scottish, and Finnish youngsters love computer games. (MLH)

  12. The application of “fair value” accounting standards to the income statements of companies listed in the Portuguese Stock Index-20 (PSI-20

    Directory of Open Access Journals (Sweden)

    Tiago Cardão-Pito

    2016-06-01

    Full Text Available Purpose – “Fair value” accounting standards are not consensual. Supporters claim that they offer a methodology to find the “correct” value of accounting items, whereas critics contend that “fair value” accounting reduces the reliability of financial statements through a complex and unpractical method based on subjective information. Still, the impacts of “fair value” accounting upon taxes and public revenues are rarely discussed. Design/methodology/approach – The Portuguese case allows us to study taxation and public revenues. Through European Union norms, “fair value” standards have become mandatory after 2005 for companies listed in European stock-exchanges. Nevertheless, Portuguese corporate tax law was reformulated in 2010 to strongly restrict the use of “fair value” for taxation purposes. We study the use of “fair value” in the Income Statements of the largest companies listed in the Portuguese exchange between 2005 and 2012. Findings – If Portugal had not adopted “fair value” standards, its tax revenue would have been higher. Over all analyzed years and in almost all studied companies, average “fair value” adjustments are negative. Although a statistical association between negative adjustments and the economic cycle was found, this statistical association is not very strong. Therefore, the economic cycle cannot be used as the only explanation for the use of “fair value”. Originality/value – This paper demonstrates that discussions concerning the “fair value” accounting method must not ignore its possible impacts on government taxes and public revenue.

  13. THE INFLUENCE OF PROFITABILITY, LIQUIDITY, AND DEBT TO THE DIVIDEND PAYOUT RATIO IN MANUFACTURING COMPANY (LISTED IN INDONESIAN STOCK EXCHANGE FROM 2008-2010

    Directory of Open Access Journals (Sweden)

    Putri Kartika Sari

    2015-11-01

    Full Text Available AbstractThis research analyzes the influence of profitability, liquidity, and debt to dividend payout ratio in manufacturing companies in Indonesia. The samples consist of 102 companies listed in Indonesian Stock Exchange during the period of 2008-2010. This research tests three hypotheses related to the influence of profitability, liquidity, and debt toward the dividend payout ratio (DPR. Data obtained were analyzed by using multiple regression analysis. The results of this research indicate that: (1 profitability ratio (ROI has positively significant influence to dividend payout ratio. (2 Liquidity ratio (QR does not significantly influence to dividend payout ratio. (3 Debt ratio (DER does not significantly influence to dividend payout ratio.Keywords: profitability, liquidity, debt, Dividend Payout Ratio (DPR, manufacturing company.AbstrakPenelitian ini bertujuan untuk menganalisis pengaruh profitabilitas, likuiditas, dan utang terhadap rasio pembayaran dividen dalam perusahaan-perusahaan manufaktur di Indonesia. Sampel terdiri dari 102 perusahaan yang terdaftar di Bursa saham Indonesia selama periode tahun 2008-2010. Penelitian ini menguji tiga hipotesa yang berkaitan dengan pengaruh profitabilitas, likuiditas, dan utang terhadap rasio pembayaran dividen (DPR. Data yang diperoleh dianalisis dengan menggunakan analisis regresi. Hasil dari penelitian ini menunjukkan bahwa: (1 profitabilitas rasio (ROI memiliki pengaruh positif dan signifikan terhadap rasio pembayaran dividen. (2 rasio likuiditas (QR tidak berpengaruh terhadap rasio pembayaran dividen. (3 Rasio hutang (DER tidak berpengaruh atas rasio pembayaran dividen.Kata kunci: profitabilitas, likuiditas, utang, rasio pembayaran dividen (DPR, manufaktur perusahaan.

  14. 关于上市公司信息披露的战略思考%A Study on Information Disclosure Strategy of Listed Companies

    Institute of Scientific and Technical Information of China (English)

    黄中生; 董必荣

    2015-01-01

    信息披露是上市公司实现战略目标的一个重要工具,为此上市公司需要对信息披露进行战略管理。上市公司信息披露的战略效应主要表现为对公司融资约束、融资成本、市场竞争、公司形象与声誉、与投资者关系管理等方面的影响。因此,上市公司应从战略角度出发,遵循长期性、全局性和互动性的原则对信息披露进行管理,并按照战略管理的要求对信息披露的内容和时机等进行战略规划。%Information disclosure should be managed strategically, which is the important tool to achieve strategic objectives of listed companies. The strategic effects of listed companies’ information disclosure mainly include corporation financing con-straints and financing cost, market competition, the company’s image and reputation, and investor relationship management and so on. From a strategic point of view, listed companies should manage information disclosure by following long-term prin-ciple, overall effect principle and interactive principle and plan how and when to disclose information strategically.

  15. ANALYSIS OF THE INDICATORS SPECIFIC TO ENTITIES LISTED ON THE CAPITAL MARKET AND THEIR ROLE IN QUANTIFYING COMPANY PERFORMANCE

    Directory of Open Access Journals (Sweden)

    Maria Daniela BONDOC

    2014-06-01

    Full Text Available The paper aims at presenting certain indicators specific to entities listed on the capital market and their analysis based on the financial statements of C.N.T.E.E. Transelectrica S.A., listed on the Bucharest Stock Exchange: growth stock exchange indices (market capitalization, earnings per share, price to book ratio, price to sales ratio, price earnings ratio, cash EPS and dividend stock exchange ratios (dividend per share, dividend yield, and dividend payout ratio. The research methodology involved studying the financial statements of the entity for the 2009-2013 period. The case study method was used to study the evolution of the stock exchange indices and opinions were formulated concerning the performance reflected by the analysed indices.

  16. Research on Evaluating Innovative Talents of Listed Companies in Anhui Province%上市公司创新型人才评价研究

    Institute of Scientific and Technical Information of China (English)

    兰玉杰; 刘义鹃; 卞振平

    2011-01-01

    Innovative talents are the most scarce human capital and embodies the core competent capability of listed companies. Evaluation on those talents makes a difference in developing their potentials and effectiveness. Based on the related research literature reviews, the paper endeavors to build index system and make empirical research on evaluating innovative talents from listed companies. The results show that knowledge, ability, quality and innovations of innovative talents have a significant positive correlation with individual performance. The paper makes policy suggestions on improving the selecting and training mechanism, evaluation mechanism and incentive mechanism for innovative talents to make the evaluation work more scientific, systematic and feasible, which aims to enhance the rapid and healthy development of listed companies.%创新型人才是上市公司最为稀缺的人力资本和核心竞争力的集中体现,创新型人才的评价直接影响其潜能、效能的发挥。本文在创新型人才研究文献综述的基础上,以安徽省上市公司为例,通过问卷调查和因子分析,构建创新型人才评价的指标体系,对上市公司创新型人才评价进行实证研究。研究结果表明:创新型人才的知识、能力、素质、创新成果与个人绩效呈现显著正相关。本文提出:要进一步完善创新型人才选用培养机制、评价机制和激励机制等政策建议.使上市公司创新型人才的评价更具科学性、系统性和可操作性,促进上市公司健康快速发展。

  17. Research on audit approach under the new accounting standards for listed companies' financial fraud%新会计准则下上市公司财务舞弊的审计方法研究

    Institute of Scientific and Technical Information of China (English)

    陈先国

    2015-01-01

    The new accounting standards are currently working to adapt the financial foundation of the market economy, especially for the listed company's accounting and financial work has a direct role in guiding. Currently listed companies' financial fraud prone to problems, which will lead to a listed company's economic work flaws, listed companies and the economic system to pose a serious threat. We can not Research on the concept of new accounting standards and financial fraud to start, but also the main reason for the financial analysis of listed companies 'financial fraud exists in the new accounting standards on the basis of good listed companies' financial audit system, Research on fraud prevention strategies and methods.%新会计准则是当前财务工作适应市场经济的基础,特别对于上市公司的会计和财务工作有着直接的指导作用。目前上市公司财务容易出现舞弊问题,这会导致上市公司经济工作出现纰漏,给上市公司和经济体系带来严重威胁。我们不能单从研究新会计准则和财务舞弊的概念入手,还应分析上市公司财务存在财务舞弊的主要原因,在新会计准则基础上,做好上市公司财务审计制度,研究预防舞弊现象的策略与方法。

  18. Lithuanian Consumer`s Willingness to Pay and Feed-in Prices for Renewable Electricity

    Directory of Open Access Journals (Sweden)

    Dalia Streimikiene

    2014-05-01

    Full Text Available The paper aims to assess the willingness to pay (WTP for renewable electricity of Lithuanian households and to compare WTP of Lithuanian consumers with support provided for renewable by Lithuanian government in terms of Feed-in prices. The paper reviews the situation of renewable electricity generation and consumption in Lithuania and presents the results of empirical study aiming at assessment of Lithuanian household’s willingness to pay for electricity produced from renewables. The results of study indicated that the WTP of Lithuanian households is significantly lower than subsides for renewable electricity provided in the form of Feed-in prices in Lithuania. Therefore feed-in prices need to be revising taking into account WTP of Lithuanian consumers

  19. Diet and serum lipids: changes over socio-economic transition period in Lithuanian rural population

    Directory of Open Access Journals (Sweden)

    Kriaucioniene Vilma

    2011-06-01

    Full Text Available Abstract Background Since regaining of independence in 1990, Lithuania has been undergoing substantial political, economic, and social changes that affected the nutrition habits of population. Dietary changes might have impact on the trends of dietary related risk factors of chronic diseases. The aim of the study was to compare trends in diet and lipid profile of Lithuanian rural population aged 25-64 during two decades of transition period (1987-2007. Methods Four cross-sectional surveys were conducted within the framework of the Countrywide Integrated Noncommunicable Diseases Intervention Programme in five regions of Lithuania in 1987, 1993, 1999, and 2007. For each survey, a stratified independent random sample was drawn from the lists of the inhabitants aged 25-64 years registered at the primary health care centres. Altogether 3127 men and 3857 women participated in the surveys. 24-hour recall was used for evaluation of dietary habits. Serum lipids were determined using enzymatic methods. Predicted changes of serum cholesterol were calculated by Keys equation. Results The percentage of energy from saturated fatty acids has decreased from 18.0 to 15.1 among men and from 17.6 to 14.8 among women over the period of 20 years. The average share of polyunsaturated fatty acids in total energy intake increased from 5.3% to 7.1% among men and from 4.9% to 7.3% among women. The mean intake of cholesterol declined among women. Favourable trends in fatty acids composition were caused by increased use of vegetable oil for cooking and replacement of butter spread with margarine. Since 1987, the mean value of total cholesterol has decreased by 0.6 mmol/l. Total dietary effect accounts for a 0.26 mmol/l (43.3% decline in serum cholesterol among men and 0.31 mmol/l (50.8% decline among women. Conclusions Improvement in the quality of fat intake was observed in Lithuanian rural population over two decades of transition period. Positive changes in diet, mainly

  20. The Use of the Lexical Exponents of Hypothetical Modality in Polish and Lithuanian

    Directory of Open Access Journals (Sweden)

    Danuta Roszko

    2016-12-01

    Full Text Available The Use of the Lexical Exponents of Hypothetical Modality in Polish and Lithuanian In this article the author focuses on the issue of hypothetical modality[1] in Polish and Lithuanian. A list of the basic exponents of hypothetical modality in both languages is presented. However, the focus is mainly placed on the lexical exponents. On the basis of one of the six groups, which describes a high degree of probability (H5, the differences between the use of the lexical exponents in both languages are examined. In the study, multilingual corpora resources, including The Polish-Lithuanian parallel corpus Clarin-PL., are utilized. [1] [In the academic literature, for the notion described herein, the term of epistemic modality is also used.  Nevertheless, in this paper I will continue to use the term of hypotheticality, which I borrowed from the studies on modality, conducted in Polish-Bulgarian cooperation (Slavic Institute of Polish Academy of Sciences and Institute for Bulgarian Language of the Bulgarian Academy of Sciences.]   O użyciu wykładników leksykalnych modalności hipotetycznej w językach polskim i litewskim W artykule autorka porusza zagadnienie modalności hipotetycznej[1]  w językach polskim i litewskim. Przedstawia wykaz podstawowych wykładników modalności hipotetycznej w obu językach. Główną uwagę skupia jednak na wykładnikach leksykalnych. Na przykładzie jednej z sześciu grup, opisującej wysoki stopień prawdopodobieństwa (H5, omawia różnice użycia wykładników leksykalnych w obu językach. W badaniach wykorzystuje wielojęzyczne zasoby korpusowe, w tym Polsko-litewski korpus równoległy Clarin-PL. [1] [W literaturze przedmiotu na oznaczenie opisywanych tu treści stosowany jest również termin epistemiczności. Niemniej jednak w tej pracy autorka pozostaje przy terminie hipotetyczności, który zapożycza z badań nad modalnością, prowadzonych we współpracy polsko-bułgarskiej (Instytut Slawistyki PAN i

  1. 国内上市公司债务融资效率的实证分析%Empirical Analysis on the Efficiency of Domestic Listed Companies' Debt Financing

    Institute of Scientific and Technical Information of China (English)

    陈一洪

    2012-01-01

    经典公司理论表明,作为硬约束,债务融资能够在一定程度上降低公司内在的代理成本,从而提高公司经营效率。文章利用上海证券交易所A股上市的522家上市公司2003-2008年的财务报表相关数据对此做一个实证研究。时间固定效应模型回归的结果显示,我国上市公司的资产收益率与债务融资率之间呈负相关关系,国内上市公司的债务融资并不能有效控制经营者为最大化自身收益而采取的机会主义行为,代理成本的存在一定程度上降低了公司经营效率。%The classic company theory indicates that as a hard constraint for companies, debt financing can reduce the internal agency cost of the companies and increase their operational efficiency. Using Shanghai A-Share 522 listed companies' financial statements from 2003 to 2008, time fixed effect model shows a different result that China's listed companies' returns on assets (ROA) are negatively correlated with their debt financing rates. China's listed companies' debt financing cannot effectively manage the opportunistic behavior of the companies' operators, who maximize their own interests. Agency costs reduce efficiency of listed companies to some extent.

  2. Exploration on Listed Companies' Earnings Management and Its Effect%企业盈余管理及其效应探研

    Institute of Scientific and Technical Information of China (English)

    胡婕

    2012-01-01

    With the development of capital markets , more and more people pay attention to the listed companies'earnings management. This paper analyzes the effects of the earnings management from both the positive and negative aspects, and finds the result is thai almost all the Chinese enterprises have earnings management. Finally, this article puts forward some suggestions to deal with the earnings management.%随着我国资本市场的发展,上市公司的盈余管理行为逐渐被人们所关注.本文对盈余管理进行论述,从正反两方面分析了盈余管理的效应,得出我国企业普遍存在盈余管理的结论,并进一步提出了改善盈余管理的建议.

  3. 上市房地产公司股票价值分析方法%Method for Analyzing the Value of Stocks of Listed Real Estate Companies

    Institute of Scientific and Technical Information of China (English)

    陈兆东; 任宏; 黄永伟

    2001-01-01

    The new listed real estate companies will greatly influence the real estate stocks in Shenzhen and Shanghai Stock Exchanges. Based on this special background, this paper established an operable model by comprehensively applying the Grey Theory, DEA Appraisement and its sequence arrangement method to compare various values of real estate stocks.%新的房地产试点企业上市将给深沪两市整个房地产板块带来巨大影响,基于这一特殊背景,本文综合运用了灰色理论、DEA评价及其排序方法建立了一个操作性极强的模型,用来比较房地产板块股票的价值。

  4. 上市公司可转债融资问题研究%Study on Convertible Bond Financing of Listed Companies

    Institute of Scientific and Technical Information of China (English)

    徐鹏

    2011-01-01

    Listed companies debt-to-equity swap has obvious advantages in low cost. How to make good use of this financing tool to achieve financing goal and also take into account the interests of the majority of investors needs carefully solving from many aspects.%上市公司债转股具有非常明显的低成本优势,如何利用好这一融资工具达到融资目的,同时又要兼顾广大投资者的切身利益。这个问题需要从多个方面着手解决。

  5. Estimating beta of Viet Nam listed public utilities, natural gas and oil company groups during and after the financial crisis 2007-2011

    Directory of Open Access Journals (Sweden)

    Dinh Tran ngoc Huy

    2013-03-01

    Full Text Available There comes a need for analyzing riskiness of many industries in Viet Nam stock market during the financial crisis period 2007-2011. Among these industries, the Viet Nam public utilities, natural gas and oil industries, specifically, also has to re-evaluate the risk level. First, we found out in the research sample that there are 84% of firms, of total 45 listed firms, with beta values lower than ( 1, meaning having stock returns fluctuating more than the market index. Third, among three (3 groups, the systemic risk in the electric power industry is the smallest, and asset beta variance in the gas and oil industry is the smallest, shown by estimated values of equity and asset beta mean. Finally, this paper generates some analytical outcomes that enable companies and government to have more evidence in establishing their policies in investments and in governance.

  6. Using Benford’s Law to detect data error and fraud: An examination of companies listed on the Johannesburg Stock Exchange

    Directory of Open Access Journals (Sweden)

    A Saville

    2014-06-01

    Full Text Available Accounting numbers generally obey a mathematical law called Benford’s Law, and this outcome is so unexpected that manipulators of information generally fail to observe the law. Armed with this knowledge, it becomes possible to detect the occurrence of accounting data that are presented fraudulently. However, the law also allows for the possibility of detecting instances where data are presented containing errors. Given this backdrop, this paper uses data drawn from companies listed on the Johannesburg Stock Exchange to test the hypothesis that Benford’s Law can be used to identify false or fraudulent reporting of accounting data. The results support the argument that Benford’s Law can be used effectively to detect accounting error and fraud. Accordingly, the findings are of particular relevance to auditors, shareholders, financial analysts, investment managers, private investors and other users of publicly reported accounting data, such as the revenue services

  7. Evaluation of leadership competencies of executives in Lithuanian public health institutions.

    OpenAIRE

    Stankūnas, Mindaugas; Sauliūnė, Skirmantė; Smith, Tony; Mark Avery, -; Šumskas, Linas; Czabanowska, Katarzyna

    2012-01-01

    Background and Objective. Lithuanian and international public health experts emphasize the importance of leadership in public health. The aim of this study was to explore the self-assessed level of leadership competencies of executives in Lithuanian public health institutions. Material and Methods. Data were collected in a cross-sectional survey of executives of Lithuanian public health institutions in 2010. The total number of returned questionnaires was 55 (response rate, 58.5%). Respondent...

  8. Predictive Power and Value Relevance of Comprehensive Income Statement: an analysis of Brazilian companies listed on the BM&FBovespa

    Directory of Open Access Journals (Sweden)

    Marcello Angotti

    2016-09-01

    Full Text Available The study aimed to analyze if the information about comprehensive income (CI and its individual components have predictive power to determine the Operating Cash Flow of the subsequent period (OCFt+1 at the Brazilian capital market companies. The research methodology has used financial data collected from Economatica® and CVM databases. The sample selection was performed considering the availability of variables: OCFt+1 and share prices. The period analyzed comprehended the years 2012-2014. It were used quantitative valuation techniques, establishing two moments of study: the first moment by testing the hypothesis that CI has greater predictive power than Net Income (NI for forecasting OCFt+1 (528 firms/years; and the second moment by testing the hypothesis that CI and its components have a value relevance at the Brazilian capital market (605 firms/years. The results suggest that the analysis of the consolidated CI individually would not be incremental for forecasting OCFt+1. However, an increase was observed in the predictive capacity for OCFt+1, with the inclusion of Other Comprehensive Income (OCI. Could not be verified, with aggregate disruption of the individual items of OCI, incremental capacity to determine the OCFt+1. It was observed that the Equity and NI have value relevance, but that is not confirmed to consolidated CI. Added to that, only the cash flow hedge was significant to explain the market value of the company, indicating there is informational benefit to stakeholders that employ the CI in their analysis.

  9. The Effect of Cash Dividend, Retained Earnings, and Stock Price of Manufacturing Company Listed In Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Farah Margaretha

    2015-03-01

    Full Text Available This study aims to determine the effect of cash dividends per share, retained earnings per share, earnings per share, and leverage on the stock price of manufacture industry in Indonesia from 2008-2012. Research used secondary data in which the source was obtained indirectly through an intermediary medium or data processed from literatures and reports associated with this research. Independent variables in this study (x are cash dividends per share, retained earnings per share, earnings per share, and leverage, while the dependent variable (y is stock price. The samples used were 23 companies with purposive sampling method. The empirical results of this study indicate that cash dividends per share, retained earnings per share, earnings per share, and leverage has significant effect on the stock price. It is therefore the higher stock price will attract investors to invest their money. Hence, companies and investors need to attend cash dividends per share, retained earnings per share, earnings per share, and leverage as factors that affect the increase or decrease of the stock price. 

  10. Audit Quality in Brazil: A Study of the Judgment of the Independent Auditors on Adoption of the Adjustment to Present Value in Construction and Engineering Companies Listed on BM&F-Bovespa

    Directory of Open Access Journals (Sweden)

    Felipe da Silva Moreira

    2015-04-01

    Full Text Available Audit quality is a complex issue and difficult to measure on the audit quality level in the Brazilian stock exchange. Most of the companies listed on the on the stock exchange are audited by companies called the Big Four and in this context, the market assigns to them pretext of higher quality in their performances when compared with the non-Big Four companies. In Brazil, recent financial scandals while international accounting and auditing standards were been adopted. This provides an opportunity to analyze the adequacy of audit services to the convergence process. Given the scenario, the problem arises: Have the audit firms uniform quality, based on the technical criteria of their judgment when the proper adoption of CPC 12 – adjustment to present value by Brazilian listed companies? The objective of this study is to investigate the uniformity in the quality of services performed by audit firms in Brazil about Brazilian listed companies based on adoption to CVM deliberation number 564/08. This paper consists on the analysis of the accounting reports, reference form and the Auditors of the companies of the construction and engineering sector in years 2010 and 2011, revealing among its main findings the absence of uniform quality in the independent auditor’s report based on the adoption to the adjustment to present value.

  11. The Development of the Standard Lithuanian Language: Ecolinguistic Approach

    Directory of Open Access Journals (Sweden)

    Vaida Buivydienė

    2014-06-01

    Full Text Available The theory of standard languages is closely linked with the standardization policy and prevailing ideology. The language ideology comprises its value, experience and convictions related to language usage and its dis - course being influenced at institutional, local and global levels. Recently, in the last decades, foreign linguists have linked the theories of the development of standard lan- guages and their ideologies with an ecolinguistic approach towards language standardization phenomena. The article is based on Einar Haugen ’s theory about the development of standard languages and ecolinguistic statements and presents the stages of developing the standard language as well as the factors having an influ - ence on them. In conclusion, a strong political and social impact has been made on the development of the standard Lithuanian language. The stages of the progress of the standard Lithuanian language have rapidly changed each other, some have been held very close to one another and some still have been taken part.

  12. FPGA-Based Implementation of Lithuanian Isolated Word Recognition Algorithm

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    Tomyslav Sledevič

    2013-05-01

    Full Text Available The paper describes the FPGA-based implementation of Lithuanian isolated word recognition algorithm. FPGA is selected for parallel process implementation using VHDL to ensure fast signal processing at low rate clock signal. Cepstrum analysis was applied to features extraction in voice. The dynamic time warping algorithm was used to compare the vectors of cepstrum coefficients. A library of 100 words features was created and stored in the internal FPGA BRAM memory. Experimental testing with speaker dependent records demonstrated the recognition rate of 94%. The recognition rate of 58% was achieved for speaker-independent records. Calculation of cepstrum coefficients lasted for 8.52 ms at 50 MHz clock, while 100 DTWs took 66.56 ms at 25 MHz clock.Article in Lithuanian

  13. Holding-based network of nations based on listed energy companies: An empirical study on two-mode affiliation network of two sets of actors

    Science.gov (United States)

    Li, Huajiao; Fang, Wei; An, Haizhong; Gao, Xiangyun; Yan, Lili

    2016-05-01

    Economic networks in the real world are not homogeneous; therefore, it is important to study economic networks with heterogeneous nodes and edges to simulate a real network more precisely. In this paper, we present an empirical study of the one-mode derivative holding-based network constructed by the two-mode affiliation network of two sets of actors using the data of worldwide listed energy companies and their shareholders. First, we identify the primitive relationship in the two-mode affiliation network of the two sets of actors. Then, we present the method used to construct the derivative network based on the shareholding relationship between two sets of actors and the affiliation relationship between actors and events. After constructing the derivative network, we analyze different topological features on the node level, edge level and entire network level and explain the meanings of the different values of the topological features combining the empirical data. This study is helpful for expanding the usage of complex networks to heterogeneous economic networks. For empirical research on the worldwide listed energy stock market, this study is useful for discovering the inner relationships between the nations and regions from a new perspective.

  14. Voluntary Financial Reporting on the Internet: Analysis of the Practice of Stock-Market Listed Croatian and Slovene Joint Stock Companies

    Directory of Open Access Journals (Sweden)

    Ivica Pervan

    2006-03-01

    Full Text Available An investigation into Internet financial reporting carried out in June 2005 that focused on stock-market listed Croatian and Slovene joint-stock companies has two basic aspects, comparative and explanatory. The comparative aspect of the research showed that Slovene corporations have a statistically significant higher level of financial reporting (as measured with IFR score. The average IFR score for 55 corporate entities from Croatia came to just 6.85, while the average IFR score for 30 Slovene firms was 17.63. The second aspect of the investigation was explanatory, and at the level of each state and sample the intention was to find the variables that affect IFR scores significantly. With respect to the Croatian sample it was shown that the IFR score was statistically significantly and positively correlated with size, profitability, number of shareholders, and amount of traffic on the stock markets. Then regression analysis showed that majority foreign ownership had a positive effect on the IFR score. A statistically significant but negative correlation was established for two sectors, tourism and marine transport. For the Slovene sample, comprising 30 firms, the size, profitability and number of stockholders were not significant variables. However, official listing, proportion of market capitalisation and ratio of market to book values of shares were statistically significantly and positively correlated with the IFR score. Only one sector, transport, was significantly and negatively correlated with the IFR score.

  15. Identification and classification of open book accounting dimensions by considering inter-organizational cost management: A case study of petrochemical companies listed in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Leila Sadeghi

    2014-02-01

    Full Text Available This study aims to identify and to classify Open book accounting (OBA dimensions according to inter-organizational cost management (IOCM in petrochemical companies listed in Tehran Stock Exchange. In this research, there are 18 statistical society financial and accounting experts listed in Tehran Stock Exchange. By studying the theoretical literature and conducted investigations inside and outside of the country and also the experts’ comments, the OBA dimensions were identified and then classified by analytical hierarchy process technique. According to the studies and experts’ ideas, four dimensions including nature of data and accounting data disclosure practices, uses of disclosed accounting data, conditions of OBA, cost implementation of OBA were identified as OBA dimensions. The results of examinations were shown that, considering the comments on dimensions of nature of data and accounting data disclosure practices, the form of data disclosure plays a more important role. In uses of disclosed accounting data dimension, coordination and planning among team members play the most important role. According to conditions of OBA dimension, trust is the most important one and in cost implementation of OBA dimension, the cost of the other party plays the most important role.

  16. A comparison of the Lithuanian and Russian Biotechnology sectors

    OpenAIRE

    Vincentas Giedraitis; Alina Alekseyko

    2012-01-01

    The goal of this paper is to compare the development of the Lithuanian and Russian biotechnology sectors. In case of Lithuania we tried to uncover what are the circumstances surrounding the favorable development of the biotechnology sectors in Lithuania. In case of Russian Federation we looked at encouraging as well as discouraging circumstances surrounding this segment of economy. Drawing upon Schumpeter’s ideas of innovation and Porter’s business cluster theory, we argue that Lithuania is “...

  17. Information Disclosure of Related-Party Transaction among Listed Companies%上市公司关联方交易的信息披露

    Institute of Scientific and Technical Information of China (English)

    黄莹; 黄甜

    2014-01-01

    Related-party transaction is transferring obligation or resources between listed company and its related-party or holding subsidiary company no matter collection of price or not. Related-party transaction represents a special form of transaction, whose feature is disguised, unfair and difficult to supervise. To enhance practical comparability of listed company public information, it is necessary to help the users of accounting statement understand the transaction exposure of related-party transaction more accurately in detail. Certified Public Accountants should try their best to supervise through auditing. At the same time, it is important to reinforce self-regulation and supervision of regulation structure, and at last, increase the punishment intensity of illegal disclosure.%关联方交易是指上市公司和它的关联方以及控股子公司之间发生的转移义务或资源的事项,且不论是否收取价款。关联方交易是一种独特的交易,具有隐蔽性、非公允性和难监管性等特点。随着企业集团规模的扩大,企业间关系的日益复杂,资本市场的快速发展,关联方交易不可避免地普遍存在于现代上市公司的日常经营生活中。结合我国上市公司关联方交易的信息披露现状,为增强上市公司信息披露的实用可比性,必须制定相关制度,帮助会计报表使用者更详细准确地了解关联方交易的风险。要更好地发挥注册会计师的审计监督作用和加强行业自律以及监管结构的监督,并且区别处罚无意和故意的违规披露行为,加大对违规披露行为的处罚力度。

  18. Weaves and Colours of Lithuanian Folk Skirts Fabrics

    Directory of Open Access Journals (Sweden)

    Eglė KUMPIKAITĖ

    2013-09-01

    Full Text Available In the article weaves and colours of Lithuanian folk skirts fabrics are analysed. The investigation objects are the skirts from funds of three Lithuanian Museums: 258 skirts from National M. K. Čiurlionis Museum of Art, 85 skirts from Lithuanian Open Air Museum and 16 skirts from A. and A. Tamošaitis gallery “Židinys”. Distribution of skirts fabrics according to weaves was estimated, and it shows, that fabrics of plain weave are most widespread (53 %, combined and twill weaves are less popular (19 % and 18 %, respectively. The weaves of fabrics are determined during investigation and plans of weave were made proposing recommendations for manufacturing of similar fabrics. Also distribution of colours and number of colours in the fabrics were analysed. The biggest number of colours is in fabrics of simple weaves (plain and twill, and the most characteristic are green, red, black and blue colours. DOI: http://dx.doi.org/10.5755/j01.ms.19.3.5240

  19. Improving the Evaluation Model for the Lithuanian Informatics Olympiads

    Directory of Open Access Journals (Sweden)

    Jūratė SKŪPIENĖ

    2010-04-01

    Full Text Available The Lithuanian Informatics Olympiads (LitIO is a problem solving programming contest for students in secondary education. The work of the student to be evaluated is an algorithm designed by the student and implemented as a working program. The current evaluation process involves both automated (for correctness and performance of programs with the given input data and manual (for programming style, written motivation of an algorithm grading. However, it is based on tradition and has not been scientifically discussed and motivated. To create an improved and motivated evaluation model, we put together a questionnaire and asked a group of foreign and Lithuanian experts having experience in various informatics contests to respond. We identified two basic directions in the suggested evaluation models and made a choice based on the goals of LitIO. While designing the model in the paper, we reflected on the suggestions and opinions of the experts as much as possible, even if they were not included into the proposed model. The paper presents the final outcome of this work, the proposed evaluation model for the Lithuanian Informatics Olympiads.

  20. An Analysis on the Problem of the Internal Control Information Disclosure of the Listed Company in Shandong Province%上市公司内部控制信息披露问题分析

    Institute of Scientific and Technical Information of China (English)

    于亚敏

    2013-01-01

    The internal control is the key to development of the listed company. Therefore, the problem of the internal control information disclosure of the listed company is focused by the experts in the field of theory and practice. In this paper, the list company in Shandong Province is studied by sample, the present state, the problems and theirs reseasons are analyzed, then the countermearsures are put forwarded, in order to provide some theory for constructing the system of the internal control for the listed company.%内部控制制度建设的完善与否是企业成功发展的关键,因此,上市公司内部控制信息披露问题得到理论界和实务界的普遍关注。本文以山东省上市公司为研究样本,对内部控制信息披露的现状、存在的问题及其原因进行了剖析,并提出了相应的完善措施,以期对上市公司的内部控制建设提供一些理论支持。

  1. 变迁中的非上市公众公司治理法律规则%Changing Legal Rules of Corporate Governance concerning Non-listed Public Companies

    Institute of Scientific and Technical Information of China (English)

    傅穹; 关璐

    2011-01-01

    非上市公众公司因其灵活的治理结构和较低的融资成本,成为公司上市前重要的组织形式。受交易效率与融资成本限制,非上市公众公司治理的相关规则必将以降低交易成本为基本理念。本文从非上市公众公司的制度特性入手,以准入、信托、退出三规则为线索,对非上市公众公司特殊的治理结构进行剖析,梳理治理脉络,完善治理规则。%Because of flexible governance structure and low financing costs,non-listed public company has become an important organization form before IPO.Owing to the restrictions of trading efficiency and financing costs,governance rules of non-listed public companies need to uphold the basic concept of reducing the transaction costs.Based on the institutional characteristics of non-listed public companies and the rules of access,trust and exit,this paper studies the governance structure of non-listed public companies and summarizes the governance context in order to perfect governance rules.

  2. An Empirical Study of Voluntary-Disclosure of the Assurance Report on Internal Controls for Listed Company%上市公司自愿披露内部控制的实证分析

    Institute of Scientific and Technical Information of China (English)

    林丽花

    2011-01-01

    This paper deals with the voluntary-disclosure of the assurance report on internal controls for listed company in China.The result shows that the internal control quality,which is measured by the company size,listing period,auditors and equity ratio of major shareholders,will pose impact on whether the listed company disclosure the internal controls report.The company size and equity ratio of major shareholders have the positive impact while the auditor size and listing period have the negative impact.%对沪深两市2009年度上市公司财务报告中自愿性披露内部控制鉴证报告情况进行的理论分析和实证检验结果表明:上市公司内部控制质量如公司规模、上市年限、审计机构、大股东股权比例都对公司是否披露内部控制鉴证报告产生影响。其中,规模越大,大股东股权比例越高的公司越愿意披露内部控制鉴证报告;相反,审计机构规模越大,上市年限越长,越不愿意披露。

  3. 中美上市公司高管薪酬差距与公司绩效的比较研究%A Comparative Study of Executive Compensation Gap and Firm Performance between U. S. and Chinese Listed Companies

    Institute of Scientific and Technical Information of China (English)

    胡玲; 黄速建

    2012-01-01

    This research referred to theoretical and empirical studies on executives' compensation gap by Chinese and foreign researchers. Considering the cultural differences between China and U. S. , the research raised several assumptions on the relationship between executive compensation gap and firm performance. In addition, through comparative analysis, it tested the application of Tournament Theory and Behavior Theory to Chinese and U.S. listed companies. The paper collected year 2008 -2010 data from Chinese and U. S. listed companies in Information Technology industry, including 310 valid samples from 170 Chinese listed companies and 93 valid samples from 31 U.S. listed companies. It deployed multiple linear regressions as its research method. The research found that, firstly, the compensation gap among the five highest compensated executives (calculated by subtracting the fifth highest compensation from the top compensation as the absolute value or dividing the fifth highest by the top compensation as the relative ratio) of U. S. listed IT companies was much more widely distributed than that of the Chinese companies'. The 50th percentile of the relative total cash ratio of the fifth highest compensation to the top compensation of the U. S. companies is 0.37, while the 50th percentile of the same ratio of the Chinese companies stands at 0.64. Thus, U.S. listed IT companies' executives earn a greater amount of tournament prize via promotion than that of executives in Chinese companies. Secondly, for U.S. companies, in the cases of ROA and ROE as the dependent variables respectively, both correlation tests and multiple linear regressions results prove that executive base salary gap had negative correlation with firm performance, while total cash gap had positive association with firm performance, no matter the gap calculated in terms of absolute value or relative ratio. The result suggested the relationship of U. S. companies' executve total cash

  4. The Identification of the Financial Reporting Fraud of Listed Companies Based on SPSS%基于SPSS的上市公司财务报告舞弊的识别

    Institute of Scientific and Technical Information of China (English)

    陈鹏鹏

    2013-01-01

    With the development of economic globalization, most companies want to raise more money in order to strive for better development through the way of listing. However, these listed companies are regardless of the constraint of the laws and regulations, they use a variety of financial fraud means to obtain illegitimate interests. At present, the listed company's financial fraud has become the focus of global issues, and its harm is self-evident. So identifying and managing the listed company's financial frauds has great significance. Based on the collected data and using SPSS software, the article analyzes how to identify the listed company's financial fraud. Finally, it puts forward some countermeasures and suggestions on the issue of dealing with the financial reporting fraud of listed companies in our country, in order to provide reference for the identification and governance of listed company's financial fraud.%  随着经济全球化的发展,大多数企业都想通过上市的方式来筹集更多的资金以求企业更好的发展。然而这些上市公司却不顾法律法规的约束,通过多种财务舞弊手段来获得不正当利益。目前,上市公司财务舞弊问题已成为全球性的焦点问题,其危害性不言而喻。因此对于上市公司财务舞弊行为的识别与治理具有重大意义。本文通过搜集数据并采用SPSS软件分析了如何识别上市公司财务报告舞弊,最后提出应对我国上市公司财务报告舞弊问题的几点对策和建议,以期能够对我国当前上市公司财务舞弊行为的识别和治理提供借鉴。

  5. Relevance between the degree of industrial competition and fair value information: Study on the listed companies in China

    Directory of Open Access Journals (Sweden)

    Xuemin Zhuang

    2015-05-01

    Full Text Available Purpose: The purpose of this article is to study whether there exists natural relationship between fair value and corporate external market. A series of special phenomenon in the application of fair value arouses our research interests, which present evidences on how competition affects the correlation of fair value information. Design/methodology/approach: this thesis chooses fair value changes gains and losses and calculate the ratio of DFVPSit as the alternative variable of the fair value. In order to effectively inspect the mutual influence between the degree of industry competition and the value relevance of fair value, and reduce the impact of multi-collinearity, we built a regression model on the hypothesis, which supposes that if other conditions are the same, the fair value information has greater value relevance if the degree of the industry competition is greater. To test the hypothesis, we use the comparison of the DFVPSit coefficient absolute value to judge the value relevance of fair value information, and the greater the absolute value is, the higher relevance between the changes in fair value per share profits and losses with the stock prices. Findings: The higher the degree of competition in the industry is, the more fair value information relevance is. Also, there are evidences representing that fair value information often presents negative correlation with the stock price. Originality/value: The main contribution of the article is to show that not only need we make the formulation and implementation of the high quality of fair value accounting standards to suit for both the national conditions and international practice, but also need we further to improve the company's external governance mechanism to promote fair value’s information correlation.

  6. 行业特征对我国上市公司现金股利分配的影响研究%Impact of Industrial Characteristics on Cash Dividend Distribution of China's Listed Companies

    Institute of Scientific and Technical Information of China (English)

    陈立泰; 杨新锋; 林川

    2011-01-01

    根据中国证监会于2001年发布的,对我国沪深A股上市公司进行行业分类,并对我国上市公司现金股利分配的行业特征进行实证研究.研究结果表明:行业特征对中国上市公司现金股利分配具有一定影响;不同行业的上市公司的现金股利分配具有显著差异,但这种差异在行业间并非普遍存在;同一行业上市公司的现金股利分配具有稳定性;相对于行业因素,公司特征对上市公司现金股利分配的影响更为显著.%According to The Guidance for Industry Classification of Listed Companies issued by China Securities Regulatory Commission, this paper classifies A share listed companies in Shanghai and Shenzhen stock market,and studies the industrial characteristics on cash dividend distribution of China's listed companies. The results show as follows:industry characteristic is one of important influence factors of cash dividend distribution;there is obvious difference in cash dividend distribution among listed companies from different industries, but this discrepancy is not commonly found among different industries; there isn't significant difference among different sub-industries in the same broader industry; the cash dividend distribution of listed companies in the same industry is stable;compared with other industry factors, the influence of firm's characteristicson cash dividend distribution is more obvious.

  7. An Empirical Study on the Impact of Financial Derivatives to the Risk Management of Listed Companies%金融衍生产品对上市公司风险管理影响实证研究

    Institute of Scientific and Technical Information of China (English)

    刘词; 王玲

    2014-01-01

    This paper selects 229 listed companies in nonferrous metal industry, mineral industry and energy industry, transportation industry as samples and uses derivatives as explanatory variables, also cited a series of control variables. Through the empirical analysis to determine whether the listed companies use derivative products can reduce the risk of the company effectively. The process involves parameter test, non-parametric test, correlation analysis and regression analysis. The empirical results show that China's listed companies use derivative products will reduce the risk of the company, which is consistent with the mainstream of western financial management theory and research and contrary to the empirical results of scholars in China. It is speculated that China's listed companies' using derivative products are becoming skilled gradually.%论文选取有色金属矿产行业以及能源交通运输行业229家上市公司作为样本,以上市公司是否使用衍生产品为解释变量,同时引用一系列控制变量,通过实证分析上市公司使用衍生产品是否会有效降低公司风险。实证过程涉及参数检验、非参数检验、相关性分析和回归分析,实证结果显示我国上市公司使用衍生产品会降低公司风险,这与西方主流的财务管理理论相一致而与我国学者以前的研究相反,由此推测我国上市公司运用衍生产品的能力逐渐娴熟。

  8. 上市公司财务舞弊的风险识别与证据收集%Risk Identification and Evidence Collection of Financial Fraud on the Listed Companies

    Institute of Scientific and Technical Information of China (English)

    熊方军; 张龙平

    2016-01-01

    针对中国上市公司广泛存在的财务舞弊事件,本文构建逻辑(Logistic)财务舞弊识别模型进行回归分析。结果表明:财务指标和非财务指标都是影响上市公司财务舞弊的因素,都能在整体上对上市公司财务舞弊行为进行风险识别;一般而言,舞弊公司财务指标的波动性比非舞弊公司财务指标的波动性要大,审计人员可以从财务指标的波动性入手,去寻找上市公司是否真正存在财务舞弊的审计证据。%For the financial fraud events of listed companies in China,this paper builds the logistic financial fraud identification model for regression analysis.The results show that both financial and non-financial indicators affect the financial fraud of listed companies,which can identify the listed companies' financial fraud risk on the whole.Generally speaking,the volatility of financial indicators in fraud companies is generally larger than that of the same financial indicators in non-fraud companies.The auditors should start from the volatility of the financial indicators to find whether the listed companies have the evidence on financial fraud.

  9. 上市公司现金股利政策影响因素实证研究--以建筑业上市公司为例%An Empirical Study of Influential Factors of Cash Dividend Policy of Listed Companies- Taking the Example of Listed Construction Companies

    Institute of Scientific and Technical Information of China (English)

    李娟; 廖宜静

    2015-01-01

    以2009年~2013年建筑业的22家上市公司的数据为样本,分析了我国建筑业现金股利的分配情况以及每股现金股利的主要影响因素。利用 Excel 和 Eviews 6.0对建筑业上市公司的现金股利分配政策的影响因素进行实证研究,得出了建筑业上市公司每股现金股利主要受每股收益、净资产收益率、净资产增长率、流动比率、应收账款周转率、每股净资产、产权比率等因素影响的结论。%Based on the 2009 -2013 data of the 22 listed construction companies as samples,this paper analyzed the cash dividend distribution of the listed construction companies and the main influential factors of cash dividend per share,conducted an empirical research on influential factors of the cash dividend distribution policy of the com-panies by using excel and eviews6.0,and got the result that the cash dividend per share had been mainly affected by the influential factors of the earnings per share,return on net assets,net growth rate and liquidity ratio,ac-counts receivable turnover,net asset per share,equity ratio etc.

  10. Attitude of Lithuanian residents to confidentiality of adolescent sexual and reproductive health care

    DEFF Research Database (Denmark)

    Jaruseviciene, Lina; Lazarus, Jeff; Zaborskis, Apolinaras

    2011-01-01

    To assess the attitudes of Lithuanian residents towards the protection of confidentiality in the sexual and reproductive health care of adolescents.......To assess the attitudes of Lithuanian residents towards the protection of confidentiality in the sexual and reproductive health care of adolescents....

  11. Acculturation and adaptation among Lithuanian workers in Norway (a case study)

    OpenAIRE

    Kmite, Liuda Jr

    2011-01-01

    In a new culture, migrants experience acculturation. Through acculturation migrants may choose which acculturation strategy to use. In 2010, emigration from Lithuania increased four times. Lithuanians account for several per cent of all migrants in Norway. The study aims to assess the acculturation strategies which Lithuanian workers in Rogaland area (Norway) adopt.

  12. Acculturation and adaptation among Lithuanian workers in Norway (a case study)

    OpenAIRE

    Kmite, Liuda Jr

    2011-01-01

    In a new culture, migrants experience acculturation. Through acculturation migrants may choose which acculturation strategy to use. In 2010, emigration from Lithuania increased four times. Lithuanians account for several per cent of all migrants in Norway. The study aims to assess the acculturation strategies which Lithuanian workers in Rogaland area (Norway) adopt.

  13. 上市公司过度投资行为的实证研究——基于安徽上市公司的面板数据%Listed Companies over the Investment Behavior of Empirical Research——The Anhui-based panel data of listed companies

    Institute of Scientific and Technical Information of China (English)

    王晓晖; 王德赢

    2012-01-01

    Manager's opportunism led to the occurrence of acts of over-investment,inefficient over-investment issues related to corporate interests,especially the interests of shareholders,this article from the investment cash flow as the inspection object,Anhui,listed in 2006-2009the relevant data Empirical Analysis of the over-investment is to generate investment cash flow correlation of the main reasons,the results show that the listed companies in our province there is a certain degree of over-investment behavior,the findings indicate the problem can invest in listed companies to increase efficiency and improve business performance.%经理人的机会主义导致过度投资行为的发生,低效率的过度投资问题关系到企业的利益特别是公司股东的利益,本文将从投资现金流相关性作为考察对象,采用2006—2009年安徽上市公司相关数据实证分析了过度投资是产生投资现金流相关性的主要原因,结果表明安微省上市公司存在着一定的过度投资行为,研究结果可以为上市公司提高投资效率和改善企业绩效指明问题所在。

  14. 影响上市公司资本结构的因素分析%Analysis of Factors Affecting the Structure of Listed Companies

    Institute of Scientific and Technical Information of China (English)

    苏剑

    2012-01-01

    以2006年深圳证券交易所上市的发行A股的公司作为研究样本,首先利用因子分析的方法从15个分别代表破产成本、代理成本以及节税效果的财务指标中选取了6个能够对资本结构决策产生影响的因子,然后运用多元回归分析证明这6个因子都对资本结构具有显著影响。分析发现,样本企业的融资行为基本遵循了融资优序理论所定义的先内部资金后外部资金的融资顺序。这也说明即使中国的资本市场尚待完善,中国企业的融资原则也已经与国际资本市场的惯例接轨。%It is exemplified that the sample data of companies is listed on Shenzhen Stock Exchange by the factor analysis in 2006.First,six indicators are selected from fifteen financial ones representing bankruptcy costs,agency costs and controlled tax effect.Then,it is found that the sample of companies can follow principles of the pecking order theory and show that although Chinese capital market has many matters,Chinese enterprises have already accepted the principle of international capital markets.

  15. City Size and CEO Compensation---Evidence from Chinese Listed Company%城市规模与 CEO 薪酬

    Institute of Scientific and Technical Information of China (English)

    王军辉

    2014-01-01

    We discuss the impact of city size on CEO compensation.Based on the data for Chinese listed companies from the CSMAR database,we find the city size contributes to the CEO compensation greatly.Furthermore,we find that the city size premium for the CEO compensation comes from the human capital accumulation in big cities.The city wage premium is robust to various model specifications.This study contributes to the understanding of high CEO compensation.More and more companies are headquartered in the big cities with high density of human capital,which is conductive to the learning and improvement of CEO’s skill.This trend may be a explanation of the rising CEO compensation.%利用 CSMAR 上市公司数据研究了中国城市规模对 CEO 薪酬的影响,发现城市规模能显著提高 CEO 的薪酬,其原因是大城市内部存在显著的人力资本积累效应,该结论对于不同的模型设定都非常稳健。研究结果有助于理解目前普遍较高的 CEO 薪酬,越来越多的公司为了便于经营而把总部设立在大城市中,而大城市往往是人力资本密集度最高的地区,极利于 CEO 的社会交流、学习和技能提升,从而在公司经营管理中发挥更大的作用,这是 CEO 薪酬快速上升的一个重要原因。

  16. Occupational safety and health aspects of corporate social responsibility (CSR) in Japanese companies listed on the Tokyo Stock Exchange (TSE) first section.

    Science.gov (United States)

    Kawashita, Futoshi; Taniyama, Yukari; Hwi, Song You; Fujisaki, Takeshi; Kameda, Takashi; Mori, Koji

    2005-11-01

    Recently, corporate social responsibility (CSR) is becoming widely recognized as an issue for Japanese companies. Corporate responsibility for employees is considered important by various stakeholders, and occupational safety and health is regarded as one of these responsibilities. The present authors examined this issue from the viewpoint of corporate management by analysis of statements found in CSR-related reports. For companies listed on the First Section of the Tokyo Stock Exchange (TSE), we searched for CSR-related reports, and titles and contents, based on two established guidelines: the GRI Sustainability Reporting Guidelines 2002 as the international reference and the Environmental Reporting Guidelines of the Ministry of the Environment, Government of Japan, as the domestic reference. Corporations that published CSR reports were 26.3% (416/1,581) of the total, and large differences were recognized by type of industry. Comparing the numbers of pages for various contents, more concern was shown about the environment than about social activity, indicating the environment to be the main issue of CSR in Japan. In the items included in the guidelines, many matters about occupational accidents were mentioned, but it was found that statements regarding HIV/AIDS, which is not of such strong social concern in Japan, and statements regarding the costs of safety that are difficult to calculate were few. However, statements regarding mental health, which is of high interest socially, were many, even though this issue is not included in the two guidelines used. In revising the guidelines, these matters should be reviewed. In the future, continuance of analysis of CSR-related reports with regard to changes and comparisons with overseas reports will help improve occupational safety and health.

  17. Study on Internet Financial Reporting System Evaluation of Listed Company%上市公司网络财务报告系统评价研究

    Institute of Scientific and Technical Information of China (English)

    王海林; 张书娟

    2012-01-01

    This paper analyzes the evaluation of intemet financial reporting system (IFRS). We think IFRS is afinancial reporting system based on modem information technology. From the view of Listed Company, IFRS includes designing, creating, disclosure and maintaining of IFR. From the view of users, IFRS includes information, tools and safeguard. It is useful to evaluate IFRS for Listed Companies to improve the intemet financial disclosure, further to increase openness of security market in China. This study constructs the indexes system of IFRS evaluation, and examines the information technology industry and manufacturing industry, then puts forward suggestions of developing IFRS in China.%网络财务报告系统是一种基于现代信息技术条件下的财务报告系统。从发布公司的角度看,它包括网络财务报告的设计、生成、披露和支持维护;从使用者的角度看,它包括网络财务报告信息、网络财务报告工具和网络财务报告安全体系三部分。对上市公司网络财务报告系统进行全面系统评价对提高上市公司网络财务信息披露水平,提高我国证券市场的透明度以及完善资本市场都有积极作用。本文构建了上市公司网络财务报告系统评价指标体系,以上海证券交易所制造业和信息技术业上市公司为样本进行了评价分析,在此基础上提出了发展我国上市公司网络财务报告系统的建议。

  18. Differences in adult L2 grammars of Lithuanian: The case of gender agreement

    Directory of Open Access Journals (Sweden)

    Simona Mačiukaité

    2008-05-01

    Full Text Available This article presents results obtained from an empirical investigation into the acquisition of gender agreement in Lithuanian as a second language (L2. A total of 59 L2 learners of Lithuanian and 10 Lithuanian native speakers, as controls, took part in this study. The participants came from diverse rst language (L1 backgrounds (i.e., Russian, Ukrainian, Belorussian, Latvian, and English. The data were collected using a written translation task. The results of the study showed some statistically significant differences between English speaking learners of Lithuanian and non-native English speaking learners of Lithuanian. The findings support the Full Transfer Full Access hypothesis (Schwartz, Sprouse 1994, 1996 which argues for the interaction of L1 transfer and Universal Grammar in the development of adult L2 grammars.DOI: http://dx.doi.org/10.5128/ERYa4.06

  19. Study on Incentive Pattern of Senior Executives' Compensation of Chinese listed Companies%我国上市公司高管激励型薪酬模式研究

    Institute of Scientific and Technical Information of China (English)

    杨刚; 王磊; 由雯

    2011-01-01

    The ultimate aim to regulate and manage the listed companies' executive compensation is to make the executive compensation decision mechanism consistent with the enterprise's development strategy,so that the level of compensation and compensation structure can be more effective to attract and motivate executives.This paper puts forward incentive compensation model of listed company executives through the analysis of top executive compensation of listed company by the board of directors of subjective pricing system defect.It intends to make subjective pricing model into an objective pricing model.At the same time,the paper is trying to make contrast selection and proper modification to executives equity incentive mode of listed companies,and analysing the EVA defects incentive pattern and corresponding correction incentive mode and the hierarchy model of top executive compensation of listed company.The paper thinks that the pay gap between the CEO of listed company and other top executives(and not all executive pay gap) contributes to enhance the sense of responsibility,operating pressure and management authority of CEO of listed company.%对上市公司高管薪酬的调控与管理,最终目的是为了使高管薪酬的决策机制符合企业发展战略,使薪酬水平和薪酬结构能够更有效地吸引和激励高管人员。本文通过分析上市公司高管薪酬由董事会主观定价的制度性缺陷,提出了上市公司高管激励型薪酬模型,意在促使主观定价模式转变为客观定价模式。同时,对上市公司高管股权激励模式作了对比选择和适当改进,分析了EVA激励模式的缺陷和相应的修正激励模式以及上市公司高管薪酬的层级模式,提出了上市公司CEO与其他高管的薪酬差距有助于增强CEO的责任感、经营压力和管理权威。

  20. The Financing and Personnel of the Lithuanian Army

    Directory of Open Access Journals (Sweden)

    Jokubauskas Vytautas

    2015-12-01

    Full Text Available In 2014, at the beginning of the crisis in Ukraine and Russia‘s aggression against this neighboring country, Lithuania became concerned about the strengthening of its military capabilities, augmenting the National Defense System (NDS budget by almost 50% in two years. This may be considered unprecedented, if seen against the background of the presidential elections and those to the European Parliament, the fiscal discipline, the introduction of euro, as well as Russia‘s economic sanctions, the political decision in the course of 2014 on increasing the defense assignation by 130 million litas and in 2015 the increase by planned additional 356 million litas. This article analyzes two closely related problems of the Lithuanian NDS capabilities. First of all, changes in the NDS financing are explored in the context of permanent agreements of Lithuanian political parties concerning the allocation of 2% of the GDP for defense. This is followed by the discussion of the issues of military personnel staffing and training of the reserve as well as future challenges. This research contributes to the assessment of the critical NDS financing and staffing not only within academic circles but particularly among politicians and society in general. Additionally, it contributes to the awareness of the problems the army encountered in seeking to implement the objective set for it: to ensure the military security of the state. In the presence of the emerging threats in the region, this is of particularly great significance to the demilitarized and pacifist society of Lithuania. The article aims at identifying financing and personnel planning problems throughout a quarter of the century, ranging from the restoration of the Army of the Republic of Lithuania to 2014 inclusively. At the same time, the study encourages a discussion by the academic community on issues of the military security of the Lithuanian State and provides analyses as well as possible

  1. An Exploration on the Delisting System of Listed Companies in China%我国上市公司退市制度探析

    Institute of Scientific and Technical Information of China (English)

    叶育甫

    2015-01-01

    unsatisfactory Effect of delisting of listed companies in our country, not only cause the delisting system can be evaded, and increase the risk of securities investment, much of the deepening slump in the stock market boom, and puts forward some countermeasures to perfect the delisting system speciifc measure, is to reduce the securities investment risk, protecting the legal rights and interests of securities investors, and promote the sustained and healthy development of the securities market of China demands.%我国上市公司退市效果差强人意,不仅导致退市制度形同虚设,而且在相当程度增大了证券投资风险,加剧了证券市场暴涨暴跌。探索退市制度存在的问题及其原因,针对性地提出完善退市制度的对策措施,是降低证券投资风险,保护证券投资者合法权益,促进我国证券市场持续健康发展的迫切要求。

  2. 中国高校上市公司经营状况的分析%Analysis on Operating Conditions of China High Educational Listed Companies

    Institute of Scientific and Technical Information of China (English)

    韩树全

    2013-01-01

    This report demonstrates the phenomenon how the high educational listed company stock shares have been turn into a"dilemma between capital of stock and knowledge"from the admired eye-catching"high ed-ucation institution conceptional stock share".The study illustrates that, as the most common module of high educa-tional investment industry,the high education university conceptional stock share benefits a par of the high educa-tional institutions partially in the short term. Overall, it will be against the benefits of most high educational institu-tion in the long run, it's even against the marketing principles.%本文通过论证高校上市公司从被追捧的“高校概念股”陷入到“在知本和资本中间进退两难的怪圈里”这一现象,试图说明高校上市公司作为中国高校产学合作的主要模式,从短期以及局部来看对一部分高校是有利的,不过从长期以及全局来看对绝大多数高校是不利的,更有悖于市场经济原理。

  3. Assessing Efficiency of D-Vine Copula ARMA-GARCH Method in Value at Risk Forecasting: Evidence from PSE Listed Companies

    Directory of Open Access Journals (Sweden)

    Václav Klepáč

    2015-01-01

    Full Text Available The article points out the possibilities of using static D-Vine copula ARMA-GARCH model for estimation of 1 day ahead market Value at Risk. For the illustration we use data of the four companies listed on Prague Stock Exchange in range from 2010 to 2014. Vine copula approach allows us to construct high-dimensional copula from both elliptical and Archimedean bivariate copulas, i.e. multivariate probability distribution, created from process innovations. Due to a deeper shortage of existing domestic results or comparison studies with advanced volatility governed VaR forecasts we backtested D-Vine copula ARMA-GARCH model against the VaR rolling out of sample forecast from October 2012 to April 2014 of chosen benchmark models, e.g. multivariate VAR-GO-GARCH, VAR-DCC-GARCH and univariate ARMA-GARCH type models. Common backtesting via Kupiec and Christoffersen procedures offer generalization that technological superiority of model supports accuracy only in case of an univariate modeling – working with non-basic GARCH models and innovations with leptokurtic distributions. Multivariate VAR governed type models and static Copula Vines performed in stated backtesting comparison worse than selected univariate ARMA-GARCH, i.e. it have overestimated the level of actual market risk, probably due to hardly tractable time-varying dependence structure.

  4. Analysis of the Influence of Accounting Information Fraud on Listed Companies%浅析会计信息欺诈对上市公司的影响

    Institute of Scientific and Technical Information of China (English)

    董利

    2012-01-01

    With the rapid economic development in the world, a variety of economic crimes are common, in which, undoubtedly the most common one is accounting information fraud. Whether the accounting information is true or not, exist accounting fraud or not affects the interests of the majority of investors, creditors, regulators and other stakeholders. Accounting information fraud not only dampens investor's enthusiasm for investment, while also causes the unprecedented crisis of credibility for the entire accounting industry. Therefore, to reduce and eliminate the accounting fraud of listed company is concerned by the community.%随着世界经济的快速发展,各种经济犯罪活动屡见不鲜,其中,最为常见的当属会计信息欺诈事件.会计信息是否真实,是否存在会计欺诈问题,影响到广大投资者、债权人、监管机构等利益相关者的利益.会计信息欺诈不仅挫伤了投资者的投资热情,同时使得整个会计行业遭遇了前所未有的信誉危机.因此,减少并杜绝上市公司会计信息欺诈事件,是社会大众关心的问题.

  5. Lithuanian female physicists: Reality and plans for the future

    Science.gov (United States)

    Šatkovskienė, Dalia; Giriunienė, Ramutė; Ruželė, Živilė; Rutkunienė, Živilė

    2013-03-01

    Changes in the issue of women in physics in Lithuanian in the three years since the 3rd IUPAP International Conference on Women in Physics are discussed on the basis of statistics as well as an exploratory study recently conducted among women physicists. The situation has changed slowly since 2008. However, the study shows that women physicists more clearly understand the inequities and the need for changes, including an active European Union mainstreaming policy targeted to ensure gender equality in the sciences, which gives hope for accelerating changes. Continued plans for improving women physicists' situation in Lithuania are discussed.

  6. Lexical exponents of hypothetical modality in Polish and Lithuanian

    Directory of Open Access Journals (Sweden)

    Roman Roszko

    2015-11-01

    To analyse both the languages there is used the method of theoretical contrastive studies, which the most important features are: (1 orienting the studies from the content grounds to the formal grounds, (2 using a semantic interlanguage as tertium comparationis. First of all, the content of hypothetical modality and its definition and paraphrase is given here. Next, the gradational character of this category is discussed. There are distinguished six groups of lexemes expressing the corresponding degrees of hypothetical modality — from a shadow of uncertainty (minimal degree of probability to an almost complete certainty (maximum degree of probability. The experimental Polish-Lithuanian corpus is widely applied in the studies.

  7. 酿酒造酒业上市公司盈利能力分析%Profitability Analysis of Wine Industry Listed Companies

    Institute of Scientific and Technical Information of China (English)

    谢淑萍; 顾洪梅; 汪蓉

    2014-01-01

    Carrying out factor analysis of the profitability of wine industry listed companies by means of financial data of A shares of Shen-zhen and Shanghai in 2012, the results show that the influence factors are total assets, total asset turnover, equity concentration, and the operating cash flow per share. The greater size of the company and the greater natural logarithm of total assets mean the comprehensive profitability is stronger;the greater turnover and the faster speed also mean the profitability is stronger;which reflects the operating margin is closely related with total asset turnover, that is the faster speed of total assets will occupy less resources, produce great value and in-crease operating margin significantly, while the operating margin and the total asset turnover are both closely related with the profitability. The listed companies should control the scale and improve the total asset turnover and comprehensive profitability, control ownership con-centration, keep a moderate amount of cash and improve the operating flexibility.%通过选取深市和沪市2012年A股酿酒造酒业上市公司的财务数据,对酿酒造酒业上市公司的盈利能力进行因子分析。分析结果显示影响酿酒造酒业上市公司盈利能力的主要因素是总资产、总资产周转率、股权集中度和每股经营现金流量。公司的规模越大即总资产的自然对数越大,则公司的综合盈利能力越强;总资产周转率越大,总资产周转速度越快,则公司的综合盈利能力越强;总资产周转率越快,公司的经营盈利能力就越强,这体现出营业毛利率与其总资产周转率密切相关,总资产周速度快,占用的资源少,产生的价值大,营业毛利率将显著提高,而营业毛利率与盈利能力密切相关,总资产周转率与综合盈利能力亦密切相关。为提高酿酒造酒业上市公司的盈利能力,应控制公司规模,提高公司总资产周

  8. 基于深市上市公司IPO盈余管理实证研究%Empirical Study of IPO Earnings Management Based on Listed Companies in Shenzhen Stock Exchange

    Institute of Scientific and Technical Information of China (English)

    孟云凤; 李刚

    2012-01-01

    On the basis of analyzing IPO earnings management motivation, this paper studies the means and influence of IPO companies earnings management. Regarding the 71 companies listing in Shenzhen stock exchange as the object of the re- search, through the research of 2006-2010 economic data and using the improved Jones model could draw two conclusions: there are significant differences of the performance of listed companies before and after IPO, the performance of two years, before listing is higher than those years and two years after listing; the listed companies manipulate earnings through adjustment accrued profits.At last, in view of the analysis results, this paper puts forward corresponding countermeasures, in order to strengthen the securities market supervision, perfect the corporate governance structure, help investors to make investment deci- sion.%在分析IPO盈余管理动机的基础上,研究了IPO公司进行盈余管理的手段及其影响。以2008年在深圳证券交易所上市的71家公司为对象,通过研究其2006-2010五年的经济数据,运用改进后的Jones模型,得出两个结论:上市公司的业绩在IPO前后存在明显的差异,并且上市前两年的业绩高于IPO当年及IPO后两年;上市公司通过调整应计利润进行盈余的操纵。最后针对分析结果提出相应对策,以期对加强证券市场监管,完善公司治理结构,帮助投资者进行投资决策做出贡献。

  9. Financing Risk Assessment and Control of Marine Fishery Listed Companies%我国海洋渔业上市公司筹资风险评估与控制

    Institute of Scientific and Technical Information of China (English)

    耿庆峰; 陈颐

    2015-01-01

    对全国仅有的8家海洋渔业上市公司进行比较分析,归纳海洋渔业上市公司的基本特征,并从内部因素和外部因素视角剖析海洋渔业上市公司筹资风险的现状及形成原因.对8家上市公司筹资风险的影响因素进行主成分分析,结果发现,海洋渔业上市公司筹资风险的影响因素主要包括偿债能力、盈利能力、汇率风险、资产管理能力和成长能力,并对8家渔业上市公司筹资风险进行评估.%Through the comparative analysis on the basis of only eight of the national Marine fishery listed companies,we summarized the basic characteristics of the Marine fishery of the listed company.From the internal factors and external factors we analyze the present status of the financing risk and the reasons of Marine fishery listed companies.Through the analysis,it is found that the influence factors of the financing risk of marine fishery listed companies mainly include debt paying ability,profit ability,exchange rate risk,asset management ability and growth ability,and then sorting the financial risk of 8 listed Corporation,to determine the size of the financial risk.

  10. The shareholding similarity of the shareholders of the worldwide listed energy companies based on a two-mode primitive network and a one-mode derivative holding-based network

    Science.gov (United States)

    Li, Huajiao; Fang, Wei; An, Haizhong; Yan, LiLi

    2014-12-01

    Two-mode and multi-mode networks represent new directions of simulating a complex network that can simulate the relationships among the entities more precisely. In this paper, we constructed two different levels of networks: one is the two-mode primitive networks of the energy listed companies and their shareholders on the basis of the two-mode method of complex theory, and the other is the derivative one-mode holding-based network based on the equivalence network theory. We calculated two different topological characteristics of the two networks, that is, the out-degree of the actor nodes of the two-mode network (9003 nodes) and the weights of the edges of the one-mode network (619,766 edges), and we analyzed the distribution features of both of the two topological characteristics. In this paper, we define both the weighted and un-weighted Shareholding Similarity Coefficient, and using the data of the worldwide listed energy companies and their shareholders as empirical study subjects, we calculated and compared both the weighted and un-weighted shareholding similarity coefficient of the worldwide listed energy companies. The result of the analysis indicates that (1) both the out-degree of the actor nodes of the two-mode network and the weights of the edges of the one-mode network follow a power-law distribution; (2) there are significant differences between the weighted and un-weighted shareholding similarity coefficient of the worldwide listed energy companies, and the weighted shareholding similarity coefficient is of greater regularity than the un-weighted one; (3) there are a vast majority of shareholders who hold stock in only one or a few of the listed energy companies; and (4) the shareholders hold stock in the same listed energy companies when the value of the un-weighted shareholding similarity coefficient is between 0.4 and 0.8. The study will be a helpful tool to analyze the relationships of the nodes of the one-mode network, which is constructed based

  11. On the Compulsion and Voluntariness of the Information Disclosure from the Listed Companies%论上市公司信息披露的强制性与自愿性

    Institute of Scientific and Technical Information of China (English)

    朱继祥

    2013-01-01

    The quality of the financial information disclosure from the listed companies has a close tie with not only the interests of the investors and predictors but also the stable development of state-owned stock markets. In order to protect the interests of the investors and maintain the stable market order, a series of the laws and regulations about the compulsive accounting information disclosure have been issued and carried out successively in China, and meanwhile some other economic information from the listed companies has been encouraged to be disclosed on the voluntary basis. The practical performances of the compulsion and voluntariness of the information disclosure from the listed companies have not been greatly satisfied by the investors both abroad and home. In this paper, the relationship of the compulsion and voluntariness of the information disclosure from the listed companies is stated, the status of the information disclosure from the listed companies is also analyzed and some constructive suggestions are put forward to improve the quality of the information disclosure from the listed companies at the same time.%上市公司财务信息披露的质量,既关系着投资者和债权人的利益,又关系着国家证券市场的稳定发展。为保护投资者的利益和更好维持市场秩序,国家先后颁布和实施了一系列关于强制披露会计信息的法律法规,同时也鼓励上市公司按照自愿性的原则披露一些其他经济信息。但在实际工作中,无论是国内还是国外,对于信息披露的强制性和自愿性执行的结果还不是十分的令投资者满意。文章叙述了上市公司信息披露的强制性与自愿性二者的关系,分析了我国上市公司信息披露的现状,提出了提高上市公司信息披露的强制性与自愿性质量的建议。

  12. The Economic Ethics Research of Listed Company's Over-financing Issue%基于经济伦理视角的我国上市公司过度融资问题研究

    Institute of Scientific and Technical Information of China (English)

    牛文浩

    2013-01-01

    There are lots of Chinese listed company's over-financing issues, which take a important value under the view of economic ethics. We can analysis the listed company's over-financing issue from the view of duty and benefit: stockholder disorder the duty and benefit view, which will let company's benefit down; the listed company disorder the duty and benefit view, which will make company's administration worse; governmental department's losing of supervision under the confusion of duty and benefit view will have negative effects in social and economic development. The worse stock structure is the basic reason of the listed company's over-financing, the inside and outside reasons are the listed company's losing of ethics duty and the disorder of governmental economic ethics' view. Only improve stockholders' and governments' economic ethics, and build up regulation which takes career manager market and supervising system as representative, can really change situation of over-financing, and make macro economy and micro economy's interaction come true.%上市公司过度融资现象在我国普遍存在,基于经济伦理的视角,上市公司过度融资的危害体现在以下方面:控股股东在义利观方面的倒置导致公司经营业绩下降;上市公司义利关系的扭曲恶化了公司治理机制;义利观模糊状态下政府监管不到位严重阻碍经济社会的健康发展。上市公司过度融资产生的根本原因是不健全的股权结构安排,上市公司伦理责任的缺失和政府经济伦理意识的不健全分别是其产生的内外原因。只有有效增强公司股东和政府部门经济伦理意识,并不断健全以职业经理人市场及相应监管制度为代表的制度安排,才能克服企业过度融资现象,实现宏观与微观经济的良性互动。

  13. 中国上市公司经理管理防御指数的设计及应用研究%Designing of Managerial Entrenchment Index of Chinese Listed Companies and Application Analyses

    Institute of Scientific and Technical Information of China (English)

    李秉祥; 姚冰湜; 李越

    2013-01-01

    With listed companies as the study objectives,the indicators are selected from such three dimensions as the manager personal factors,the corporate internal governance factors and the external market environmental factors.The CRITIC method is employed to determine the index weight of foundation lager.The AHP is used to construct the managerial entrenchment index model of the Chinese listed companies,on the basis of which this model is adopted to carry out the measurement of the managerial entrenchment degrees of 783 sample companies in 2011.It can be known from this that the managers of the Chinese listed companies have had the managerial entrenchment behaviors in general,and the managerial entrenchment index of ST shares and * ST shares is higher than the managerial entrenchment degrees of the normal listed companies.Also,there exist differences in the managerial entrenchment indexes among the undertakings.There are obvious differences in the internal control mechanism of the listed companies among the undertakings.Accordingly,the regional economic development level and competitive degrees may have an important impact upon the managerial entrenchment degrees of the companies.%以上市公司为研究对象,从经理人的个人因素、公司内部治理因素和外部市场环境因素三个维度选取指标,运用CRITIC法确定基础层指标权重,采用层次分析法构建了中国上市公司经理管理防御指数模型.在此基础上,应用该模型对783家样本公司2011年经理管理防御程度进行测度,得到如下结论:(1)我国上市公司经理人普遍存在管理防御行为;(2)ST股以及*ST股公司的经理管理防御程度高于正常上市公司经理管理防御程度;(3)行业间经理管理防御指数存在差异,行业内上市公司间内部控制机制差异明显;(4)地区经济发展水平、竞争程度影响公司经理管理防御程度.

  14. 2011年上半年日化行业上市公司分析%Analysis of listed company of daily chemical industry in the first half of 2011

    Institute of Scientific and Technical Information of China (English)

    沙克

    2011-01-01

    介绍了日化行业的发展状况,从上市公司的2011年上半年报业绩、产品竞争力、项目进展情况、公司的财务状况以及投资可行性方面给予深入的分析。%State of development of daily chemical industry was introduced.Half annals performance of listed company,product competitiveness,state of play of investment project,financial situation of company and investment feasibility were analyzed in depth.

  15. 农业上市公司多元化经营对其企业价值影响的实证研究%An Empirical Research about the Effect of Diversification of Agricultural Listed Companies on Enterprise Value

    Institute of Scientific and Technical Information of China (English)

    柴斌锋

    2013-01-01

      我国农业上市公司由于其行业本身的异质性以及受到中国特殊的市场环境的影响,多元化经营是一种普遍现象。研究选用2005—2009年我国所有农业上市公司数据作为样本,实证分析了我国农业上市公司多元化经营与企业价值之间的关系。结果表明,我国农业上市公司的多元化程度与企业绩效之间是呈倒U的关系;企业规模对多元化经营程度和企业绩效之间的关系起正的调节作用;农业上市公司负债程度对多元化经营和企业绩效之间的关系有负的调节作用;我国农业上市公司所在地区市场机制完善程度对多元化经营和企业绩效和市场价值之间的关系起着负的调节作用。%Due to the Chinese agricultural listed companies’ heterogeneous nature of the industry and the impact of China's market environment, it is common to see the phenomenon of diversification. In this paper we made an empirical analysis the relation of the value and diversification of a company selecting the 2005—2009 data of all agricultural listed companies as the study sample. The results show that the diversification of agricultural listed companies of its achievement present an inverse-U shape. The size of company still plays a role as positive adjustment to the relationship between the relation of the value and diversification of a company. The debt level of company still plays a role as negative adjustment to the relationship between the relation of the value and diversification of a company. The maturing market mechanisms of the location of the company still plays a role as negative adjustment to the relationship between the relation of the value and diversification of a company.

  16. The Main Drivers of Environmentally Responsible Behaviour in Lithuanian Households

    Directory of Open Access Journals (Sweden)

    Dalia Streimikiene

    2015-08-01

    Full Text Available Preserving environmental and natural resources is one of the most important challenges for ensuring the sustainability of well-being over time. One can notice that measuring of environmental indicators related to environmentally responsible behaviour is complicated and demanding task. It is also important to define the main drivers of environmentally responsible development. The objective of this paper is to provide comparatives analysis of indicators of environmentally responsible behaviour in the Baltic States by comparing and assessing them in terms of the EU-28 average and to present the main drivers of environmentally responsible behaviour in Lithuania. Environmentally responsible behaviour is related to resource and energy savings, use of renewable energy sources, waste sorting and recycling, wastewater disposal etc. Comparative assessment of environmentally responsible behaviour indicators in the Baltic States indicated that all these indicators are bellow the EU-average, except the use of renewable energy sources. The main drivers of consumption behaviour in Lithuania were assessed by applying households surveys in order to define the major issues of concern and to develop relevant policies targeting these issues. Age, gender, education, and income of Lithuanian residents do not have impact on environmentally responsible behaviour in Lithuanian households (energy saving, buying energy efficient electric appliances, willingness to pay electricity from renewable energy sources use of biofuels. Only environmental awareness has impact on energy saving behaviour at home and use of biofuels in cars and waste recycle.

  17. Equivalence of Lease and Tenancy Terminology in English and Lithuanian

    Directory of Open Access Journals (Sweden)

    Rackevičienė Sigita

    2016-12-01

    Full Text Available Prompted by globalization and the importance of international communication in the legal sphere, legal language acquires an increasing importance. Contract law draws special attention in the EU and worldwide, and raises a demand for harmonization of the legal terminology of different languages and legal systems. Contracts in Anglo- Saxon and Lithuanian law have similar basic elements; however, they also contain significant differences which are determined by the regulations of the legal systems in which contracts are formed. The terminology used in the contracts also presents important peculiarities. The article focuses on the terminology of lease and tenancy agreements and provides results of the contrastive semantic analysis, the aim of which is to establish the degree of equivalence of the collected English terms and their Lithuanian counterparts. All investigated English terms have synonyms, which makes the task even more complex, as most of such synonyms have certain semantic differences and may be used interchangeably only in certain contexts. The findings of the research are believed to be valuable to legal translators, as well as compilers of legal dictionaries and databases.

  18. Implementation of CLIL in Lithuanian Secondary Schools: a Case Study

    Directory of Open Access Journals (Sweden)

    Vilma Bijeikienė

    2015-06-01

    Full Text Available In view of the existing research into the implementation of CLIL in Lithuania, it can be claimed that this wellestablished and globally applied teaching and learning methodology has already had some due appreciation in Lithuanian secondary schools. Nevertheless, there still exist numerous obstacles to the broader and more intensive application of CLIL which is strongly lagging behind in comparison to many other countries in Europe and world-wide. The present study aims at exploring the rich experience in CLIL implementation accumulated by Šiauliai Didždvario gymnasium and examining their multifaceted CLIL module which could be an important source of knowledge and practical know-how for other Lithuanian secondary education institutions planning to start implementing CLIL. The research follows a synthesis of qualitative and quantitative methodology including interviews with CLIL teachers, students and school administration. The study results in a SWOT analysis of implementing CLIL in Lithuania on the basis of CLIL practices at Šiauliai Didždvario gymnasium and sets forth some guidelines for its further advancement.

  19. Listed But Less Profitable

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    For the first time in the last three years, China’s listed companies reported lower profit growth By October 31, most of the companies listed in China’s A-share market had published their performance for the third quarter. Reports or corporate ann

  20. On the Existence of Tunnel Effect of Relative Guarantee Listed Companies and its Implementation Way - Analysis on Preference Reason of Relative Guarantee Listed Companies%关联担保上市公司隧道效应的存在性与实施路径——上市公司关联担保偏好原因探析

    Institute of Scientific and Technical Information of China (English)

    陆正华; 钟婉怡

    2011-01-01

    In order to make a research on relative guarantee tunnel effect, in this paper, we ob tain a formula of shareholders pursuing hidden benefit by relative guarantee. And it turns out that shareholders of listed companies that have a relationship with shareholders, subsdiary and sharing companies,have hidden benefit. Therefore, it concludes that the preference reason of relative guarantee lies in cash occupation instead of control power plunder.%为了研究关联担保隧道效应行为,本文推导了控股股东通过关联担保追求隐性收益的公式,分析投资效率、应收项目和关联担保的关系。实证结果表明,只与控股股东关联担保上市公司和只与子公司、参股公司关联担保上市公司,其控股股东都通过关联担保获得了隐性收益,说明上市公司关联担保偏好的原因主要来自资金侵占而非控制权掠夺。

  1. 公司治理风险与证券市场安全%An Analysis on Corporate Governance Risk of Listed Companies and Stock Market Security

    Institute of Scientific and Technical Information of China (English)

    宫玉松

    2012-01-01

    Corporate governance risk is the biggest risk of the stock market. Companies face even more special, complex and diverse corporate governance risk in the backdrop of the internationalization, the full circulation and multi- level of Chinese stock market. In particular, due to the " great leap forward" development, there are even higher corporate governance risks in the Small Board and Growth Board markets than in the Main Board market. Now the all - at - once appearance of corporate governance risks, the complication of corporate governance and the domi- nation of potential risks pose a big threat and challenge to the security of the stock market. Corporate governance risk is a focal reflection of an unsound legal system, a weak protection of investors, a weak supervision and defects of listed companies and markets. Since corporate governance reform is a systematic project, the palliative approach can not fundamentally solve the problem of corporate governance risk.%在中国证券市场国际化、全流通、多层次的背景下,上市公司面临着更加特殊、复杂、多样的公司治理风险。尤其中小板和创业板"大跃进"式发展使其隐藏着比主板市场更大的公司治理风险。目前是公司治理风险集中凸显的时期,治理问题复杂化、潜在风险显性化,对证券市场的安全构成了很大威胁和挑战。公司治理风险是法律体系不健全、投资者保护弱、监管薄弱、公司与市场缺陷的集中体现。公司治理改革是一项系统工程,治标不治本的做法不能从根本上解决公司治理风险。

  2. 我国上市公司盈余管理的成因、手段及识别%Causes, Means and Identification of Earnings Management of Listed Companies in China

    Institute of Scientific and Technical Information of China (English)

    王芳

    2012-01-01

    The listed companies cover up the business losses and whitewash accounting reports through earnings management, resulting in distortion of accounting information, hindering the healthy development of the securities market. The paper put forward the identification methods of earnings management through the analysis of the causes and means of the earnings management of listed companies in China.%上市公司通过盈余管理掩盖企业亏损,粉饰会计报告,造成会计信息失真,阻碍了证券市场的健康发展.本文通过对我国上市公司盈余管理的成因,手段分析,提出了识别盈余管理的方法.

  3. Demonstrative research of listed company information disclosure quality's influence on shares floating%上市公司信息披露质量对股票流动性影响的实证研究

    Institute of Scientific and Technical Information of China (English)

    赵杰强; 毛慧瑾

    2011-01-01

    本文以深圳证券交易所信息披露的考评度量上市公司的信息披露质量,采用换手率衡量上市公司股票流动性。本文的研究发现信息披露的质量越高,市场流动性越好,并且公司的规模与公司股票流动性呈负相关关系,公司的盈利能力与公司股票流动性呈正相关关系。%In this paper,the evaluation of the Shenzhen Stock Exchange disclosure measure of quality of information disclosure of listed companies,shares of listed companies by turnover measure of liquidity.This study found that the higher the quality of information

  4. 上市公司财务报告舞弊的三元素理论探析%Brief introduction on the three elements theory of the fraud of listed company financial reporting

    Institute of Scientific and Technical Information of China (English)

    王秀梅

    2012-01-01

    进入90年代以来,上市公司财务报告舞弊行为愈演愈烈,如何消除此类“公害”成为困扰世界经济界的难题。文章分析了上市公司财务报告舞弊行为的三种元素,为识别舞弊行为提供了清晰、可行的思路。%Since the 1990s, with the fraud behavior of listed company financial reporting intensified, it is a problem feazing economic circles of the world to clear up this kind "public hazard". This paper analyzes the three elements of fraud behavior of listed company financial reporting, and it provides a clear , doable thought for identifying the fraud behavior.

  5. 基于优序融资理论的中国农业上市公司融资偏好实证研究%Empirical Research of Agricultural Listed Companies Financing Preference Based on the Pecking Order

    Institute of Scientific and Technical Information of China (English)

    张雨

    2013-01-01

      The author uses the financial data of the 52 agricultural listed companies in Shanghai and Shenzhen cities during 2009—2011 as samples,pays attention to the distribution of the financing of agricultural listed companies in China,and does an empirical research of agricultural listed companies about the relationship among the financing methods and the size and stock trading volume of the company. The result shows that the financing of agricultural listed companies in China during 2009—2011 had the trend of equity financing preference,and as time goes on,the debt financing preference is strengthen and the equity financing preference is weakened. It is found that the pecking order theory can not fully explain the financing preference of listed companies in China’s agriculture,while in the article the author analyzed this result from the perspective of internal staff participation.%  以2009—2011年沪深两市52家农业上市公司的财务数据为样本,具体分析了我国农业上市公司融资方式的分布情况,实证研究了我国农业上市公司2009—2011年的融资偏好与公司规模及股票交易量之间的关系。结果表明,2009—2011年我国农业上市公司的融资方式表现出股权融资偏好的趋势,随着时间的推移,债务融资偏好加强,股权融资偏好减弱。研究发现优序融资理论并不能完全解释我国农业上市公司的融资偏好,本文尝试从公司内部人员交易和信息传递理论的参与角度进行解释。

  6. Research on the Influence of Internal Control on Earnings Management of Listed Companies%上市公司内部控制对盈余管理的影响研究*

    Institute of Scientific and Technical Information of China (English)

    李绮; 何萍; 张静玲

    2013-01-01

    The paper selects 1434 listed companies in 2010 as the research sample data,then analyzed the influence that internal control makes on earnings management,and divide earnings management into accounting earnings management and real activities earnings management .Quality of internal control of listed companies are the important factors that affect the degree of earnings management,high quality of internal control can not only reduce the accounting choice of earnings management of listed companies,also can inhibit real earnings management behavior.So it is necessary to quantify the internal control evaluation,in order to improve the level of internal control of listed companies.%文中以2010年1434家A股上市公司作为研究样本,通过对内部控制指数与盈余管理进行回归分析,研究内部控制指数与盈余管理的相关性。上市公司内部控制质量是影响盈余管理程度的重要因素,高质量的内部控制不仅能够减少上市公司的会计选择盈余管理,也能抑制真实活动盈余管理行为。因此有必要对内部控制进行量化评价,以提高上市公司的内部控制水平。

  7. The Analysis of Guangxi Dividend Distribution Policies of Listed Companies and the Influential Factors%广西上市公司股利分配政策及其影响因素分析

    Institute of Scientific and Technical Information of China (English)

    王伟

    2015-01-01

    股利分配政策是上市公司财务管理的重要内容,受到投资者和管理层的共同关注.当前,我国资本市场尚不完善,上市公司股利分配的稳定性和持续性还比较差,股利政策引导资本市场资源配置的效应还有待加强.本文试以广西上市公司为例,分析其在2009—2013年股利分配政策的现状和特点,从盈利能力、负债水平和成长性等视角深入挖掘公司制定股利分配政策的影响因素,并针对广西上市公司股利政策存在的问题提出了相关建议.%Dividend distribution policies are the important content of the financial administration in listed companies,which is paid close attention by both investors and managers. Nowadays,because of the imperfection of China's capital marker,the instability and non?continuous of listed companies'dividend distribution,the efficiency of allocating capital market funds that is guided by dividend policy all remains to be strengthened. Taking Guangxi listed companies as examples,the paper analyzes the current situations and characters of the dividend distribution policies during the years from 2009 to 2013,describes the influential factors from profitability,debt levels and growth,and finally puts forward some suggestions for Guangxi listed companies.

  8. Study on Directors' Liability for Information Disclosure in Regular Reports of Listed Companies%上市公司定期报告信息披露违法董事责任认定研究

    Institute of Scientific and Technical Information of China (English)

    甘培忠; 周淳

    2012-01-01

    中国证监会对上市公司信息披露违法案件中董事责任的追究,是遏制信息披露违法、促使上市公司规范运作的重要手段。中国证监会对上市公司定期报告披露违法的行政处罚案例的分析和整理表明:中国证监会在对董事行政责任中责任主体的认定、归责原则的确立、具体行为标准的产生和应用等方面,补充和完善了现有法律规定的不足,丰富了我国信息披露制度和上市公司治理规则。%As an important means to defeat illegalities in information disclosure and enhance the normalized operation of listed companies, the CSRC ( China Securities Regulatory Commission) is in charge of imposing liabilities on directors of listed companies for their violation of laws on information disclosure. Based on the case analysis of administrative penalties by CSRC for violation of regulations on information disclosure of listed companies, this paper finds that in light of directors' administrative liabilities imposition, the CSRC has supplemented and improved the imperfection of current regulations, in such aspects of determining liability subjects, setting up imputation principles, and formulating specific conduct standards and the corresponding application, which has greatly enriched our country' s information disclosure system and code of corporate governance for listed companies.

  9. 创业板上市公司会计信息披露质量评价研究%Quality Evaluation of Accounting Information Disclosure of Companies Listed on GEM

    Institute of Scientific and Technical Information of China (English)

    王福胜; 韩鹤

    2013-01-01

    Only we transform the qualitative evaluation into quantitative evaluation , can we achieve real evaluation when we consider the quality of information disclosure of companies listed on GEM .According to membership degree theory of fuzzy math, fuzzy comprehensive evaluation model can transform qualitative evaluation into quantitative evaluation and in this way both of them can be well combined .The paper takes the quality of information disclosure of companies listed on GEM as the research object and constructs GEM listed companies accounting information disclosure quality evaluation system and fuzzy comprehensive evaluation model .Then, we evaluate the quality of information disclosure in 2011of one companies listed on GEM on Shenzhen Stock Exchange , showing that the evaluation model has good practicability and feasibility .%  只有将影响创业板上市公司信息披露质量的定性评价转为定量评价才能实现真正的评价。根据模糊数学的隶属度理论,模糊综合评价模型能把定性评价转化为定量评价,使定性评价与定量评价能很好地结合。本文以创业板上市公司会计信息披露质量为研究对象,构建了创业板上市公司会计信息披露质量评价体系和模糊综合评价模型,并对在深圳证券交易所创业板上市的某公司其2011年的会计信息质量进行评价,结果显示该评价模型具有较强的实用性和可行性。

  10. Empirical Analysis of Large Shareholders Overweight and Listed Companies Performance%上市公司大股东增持与公司业绩的实证研究

    Institute of Scientific and Technical Information of China (English)

    王建文; 葛磊

    2012-01-01

    大股东增持股份是其向市场发出的公司价值信息,有利于增强投资者的持股信心,同时因委托代理关系的加强而应有利于公司经营业绩的提升。本文以中国A股市场发生大股东增持行为的上市公司为研究对象,对大股东发布增持公告前后上市公司主要业绩指标进行实证研究,发现我国上市公司大股东增持后公司业绩不仅没有显著性提升,反而损害了股东利益,其主要原因应该是大股东增持仅为一种短期市场行为。%The behavior that large shareholders of the listed companies increase their shareholdings is a kind of valuable information about corporation value which increases their investors" confidence and meanwhile promotes the company's performance because of the strengthened principal-agent relation- ship. This paper takes listed companies in China's A stock market whose shareholders have increased their share as research object, and analyzes the main performance indicators of these listed companies before and after their large shareholders overweight. It is found that the large shareholders" increasing share hurts the interests of the shareholders badly instead of promoting the listed company perform- ance. The main reason of it is that the large shareholders overweight is only a short-term market activity.

  11. Comparative Study of the Influencing Factors of the financing structure of Guangdong Province and Jilin Province listed companies%广东与吉林省上市公司融资结构影响因素比较

    Institute of Scientific and Technical Information of China (English)

    邱百鸣; 王峥

    2012-01-01

    Taking the 146 listed companies in Guangdong Province and Jilin Province as the study sample,we made a comparative study of the financing structure and its influencing factors of the listed companies in two provinces.We find: there are significant differences in the financing structure of the two provinces and Guangdong Province prefers debt financing,and long-term debt ratio of listed companies in Guangdong Province is also significantly higher than in Jilin Province;in terms of influencing factors,the tax rates of actual income tax and cash holdings rates have different effects on the financing structure of the listed companies.%以广东省和吉林省146家上市公司作为研究样本,我们对两省上市公司融资结构及其影响因素进行比较研究。发现:两省的融资结构存在着显著的差异,总体来说广东省更偏好于债务融资,并且广东省上市公司的长期债务比率也要显著高于吉林省;在影响因素方面,企业的实际所得税税率和现金持有率对两省上市公司的融资结构有着不同的影响。

  12. Financial analysis of phosphate chemical industry listed companies in China%我国磷化工行业上市公司财务分析

    Institute of Scientific and Technical Information of China (English)

    张海波; 刘颖

    2012-01-01

    从财务的角度,对我国磷化工行业主要上市公司2006--2010年度的财务报表分别从偿债能力、营运能力、盈利能力和发展能力四个方面进行了分析。分析结果表明,兴发集团在最近5年内对流动资产的管理水平是同类企业中最高的,偿债能力在不断提高,权益净利率保持稳定,企业的规模也在不断扩大。此外,杜邦分析体系分析表明,兴发集团的权益净利率的波动主要受销售净利率的影响。%Based on financial perspective, 2006--2010 annual financial statement of main listed company of phosphate chemical industry in China are analyzed from the debt paying ability, operation ability, profitability and development ability. The analysis results show that, in recent five years management level of current assets in Xingfa Group is the highest, its solvency is ceaselessly risen, the return rate on equity is stable and the enterprise scale is expanding continually. In addition, the DuPont analysis system shows that the return rate on equity of Xingfa Group is mainly affected by the sales net rates.

  13. Problems on Stock Option Incentive in Public Listed Companies%上市公司股权激励问题研究

    Institute of Scientific and Technical Information of China (English)

    王春雷

    2012-01-01

    以管理学理论及人力资本理论为基础,对上市公司股权激励问题进行研究,发现上市公司在实施股权激励过程中普遍存在的问题是:股权激励实施受限,股权激励对象考核方法单一,激励对象存在辞职套现行为等。问题产生的成因在于股票期权行权价设定不当影响激励效果,企业的业绩评价体系不完善,股权激励约束机制不健全等方面。解决上市公司股权激励问题的对策,主要包括完善公司治理结构,健全独立董事制度,实施企业文化理念激励等措施。%Based on management science and human capital theory,the author analyzes the stock option incentive in listed companies and finds that problems prevail including the implementation limitation of the incentive project,the oversimplified assessment for the incentive parties,and some incentive recipients' resigning and cashing their stock.Causes to these problems are the unsuitable exercise price of stock option,which impacts the incentive result;the imperfect performance assessment system in enterprises;and the unsound incentive restraint mechanism,etc.Coping strategies are proposed in terms of improving the corporate governance structures,setting up a sound systemof independent director of the board,conducting inspiration strategies bymeans of enterprise culture.

  14. EMPIRICAL STUDY ON CAPITAL STRUCTURE OF LISTED COMPANIES IN CHINESE STOCK MARKET%上市公司资本结构的实证分析

    Institute of Scientific and Technical Information of China (English)

    郝丽萍; 谭庆美

    2001-01-01

    如何达到最佳的资本结构,是公司理财中需要面对的首要问题.以上市公司为样本,采用因子分析方法和岭回归方法对公司资本结构的影响因素进行实证分析研究.结果表明,企业规模、获利能力、营运风险与总负债比例成正相关;成长机会、非负债类避税与总负债比例成负相关;抵押价值与长期负债比例成正相关.%Capital structure decision is an important issue of corporate finance.Theories show that,the corporate debt ratio is determined by many factors.This study conducts empirical work on capital structure theories,focusing on the corporate data of Chinese listed companies,by considering the intrinsic characteristics,utilizing the principal factor analysis and the ridge regression method.Our results suggest that a firms debt-ratio has a positive relationship with its size,profitability and operating risk and has a negative relationship with its growth and non-debt tax shield,while the long-term leverage has a positive relationship with its collateral value of assets.

  15. 我国新材料上市公司绩效评价研究%Performance Evaluation Research of New Materials Listed Companies

    Institute of Scientific and Technical Information of China (English)

    谢江龙; 齐捧虎; 刘思佳

    2013-01-01

    "Twelfth Five Year Plan" classifies new materials into strategic new industries,and new materials enterprises are facing unprecedented challenges and opportunities.However,new material industry development started late in our country and the operating efficiency level is varied.By using data envelopment analysis techniques (DEA),this paper evaluates operational efficiency of 35 new materials listed companies in China from two dimensions of technology and scale.The results of new materials overall operating performance are better.But in the allocation of resources scale and structure,the problem of different degrees of dislocation phenomenon still exists.And the segmentation industry operating performance is different obviously.Finally the paper gives some corresponding countermeasures.%“十二五”规划将新材料纳入战略新兴产业,新材料企业面临前所未有的挑战和发展机遇.然而我国新材料产业的发展时间较短,企业经营效率水平不一.运用数据包络分析法(DEA模型)从技术和规模两个维度,对我国35家新材料上市企业的运营效率进行整体评价和分级评价.结果显示我国新材料上市公司整体经营绩效较好,但在资源配置的规模及结构上仍存在不同程度的错位现象,细分行业的经营绩效分化明显.进而提出相应的改进对策.

  16. An Empirical Study on the Determinants of Management’s De cision for Reporting Long Term Non - Financial Assets at Fair Value in Companies Listed on Borsa Istanbul Equity Market

    Directory of Open Access Journals (Sweden)

    Hikmet Ulusan

    2014-03-01

    Full Text Available This study is to examine the determinants of management’s fair value choice decision for reporting long term non-financial assets in companies listed on “Borsa Istanbul Equity Market” whose financial statements have to be prepared under International Accounting Standards / Inte rnational Financial Reporting Standards and thus Turkey Accounting Standards / Turkey Financial Reporting Standards. In this study, Watts and Zimmerman’s Positive Accounting Theory methodology is adopted, and Mann -Whitney U test and logistic regression analysis have been used to analyze data. As a result of analysis, it has been identified that companies reporting property, plant and equipment at revalued amount are funded by more debtand to besmaller companies than companies reporting those assets at amortized historical cost. However, the results indicate that debt contracting, political cost and information asymmetry factors are not the determinants of management’s decision for reporting long term non-financial assets at fair value. The company size explains the management’s decision for reporting property, plant and equipment at revalued amount,but contrary to what is predicted, the evaluation method is chosen by small companies

  17. 基于因子分析与聚类分析的我国传媒类上市公司信用评级模型%Credit Risk Rating Model of China's Media Industry Listed Company

    Institute of Scientific and Technical Information of China (English)

    孙瑞丽

    2014-01-01

    The credit rating model established in listed companies is an important means to prevent financial risks especially credit risk. In this paper , based on the financial data of Shanghai and Shenzhen exchanges' 26 A-share listed companies in the media industry in 2012, using SPSS through methods of factor analysis and cluster analysis to establish the credit risk rating models. The four and five-level credit risk models based on factor scores and composite score were assessed with a strong guiding role to measure the credit risk of listed companies.%上市公司信用评级模型的建立是防范金融风险特别是信用风险的重要手段。本文以沪、深两家交易所A股传媒行业26家上市公司2012年年度财务数据为样本,运用SPSS统计分析软件采用因子分析和聚类分析相结合的方法建立企业信用风险评级模型。经检验分别基于因子得分和综合得分所建立的四级和五级信用风险模型对上市公司进行信用风险评估具备较强的指导作用。

  18. Countermeasures of Incentive Effect on Lifting Operators Executive Stock Options for Listed Companies%上市公司提升经营者股票期权激励效果的对策

    Institute of Scientific and Technical Information of China (English)

    方光正; 王坤

    2015-01-01

    With the promulgation of the “Equity Incentive Measures for the Administration of Listed Companies(Trial)”,more and more listed companies choose stock options to motivate operators,attracting and retaining talented people,improve the overall performance of enter-prises,but the effect is not satisfactory.Listed companies should formulate scientific and ra-tional exercise price and stock investing amount,improve operator performance evaluation sys-tem,strengthen the stock option incentive mechanism for operators,and enhance the incentive effect.%随着《上市公司股权激励管理办法(试行)》的颁布,越来越多的上市公司选择用股票期权来激励经营者,吸引和稳定优秀人才,提高企业整体绩效,但实施效果却不尽如人意。上市公司应科学合理地制定行权价和行权量,完善经营者业绩评价体系,健全经营者股票期权激励机制,提高激励效果。

  19. Analysis of the Operating Performance of Listed Companies Based on Equity Incentive Mechanism%基于股权激励机制的上市公司经营绩效分析

    Institute of Scientific and Technical Information of China (English)

    白天

    2016-01-01

    Through empirical analysis of the listed companies which have implemented encouragement scheme of the stock option, this article studies the function of equity incentive mechanism, and comes to the conclusion that the shareholding ratio of the enterprise manager has nothing to do with the enterprise performance. The conclusion shows that there is no obvious positive correlation relationship between the equity incentive mechanism of listed company and operation performance. Finally, through simple analysis of the state-owned listed companies in China, suggestions are proposed from the restriction and deficiency of capital market, professional manager market and corporate governance.%本文通过对目前已经实施股权激励方案上市公司的实证分析,研究股权激励机制的作用,得出企业经理人的持股比例与企业业绩不相关的结论。结论显示:我国上市公司股权激励机制与经营绩效之间不存在显著正相关关系。最后通过对我国国有上市公司的简单分析,从资本市场、职业经理人市场、公司治理方面的制约与缺陷提出建言。

  20. The research about the optimal model of raising capital for the listed company based on market value management%基于市值管理的上市公司最优筹资模型研究

    Institute of Scientific and Technical Information of China (English)

    黄青; 何登志

    2011-01-01

    明确了股权分置改革与全流通背景下上市公司市值管理的必要性,并诠释了市值管理的基本内涵,以及指出寻求最优资本结构以降低资本成本是市值管理的当前核心任务,辨析了上市公司的资本构成,给出了资本成本计量方法,构建了基于市值管理的上市公司最优筹资模型,提出了不同资本成本率条件下的筹资决策方案。%The share - trading reform and the necessity of the listed company market value management in the fuU circulation part were defined. The basic meaning of market value management was illustrated. Seek the optimal capital structure to reduce the cost of capital is the core task of market value management,which was pointed out. The capital structure of the listed company was analyzed. The cost of capital measure method was given. The optimal model of raising capital for the listed company based on market value management was constructed. The fund raising decision plan under different cost of capital conditions was offered.

  1. Strength and weakness of tax planning in listed company mergers and acquisitions%上市公司并购纳税筹划的优劣势分析

    Institute of Scientific and Technical Information of China (English)

    李绍萍; 高玮茁

    2013-01-01

      针对上市公司并购纳税问题,采用SWOT方法,分析了上市公司并购过程中的纳税筹划的优势和劣势,提出合理运用税收优惠政策、研究税收政策与会计政策之间的差异、提高企业内部管理人员的素质等策略。研究结果为上市公司并购纳税筹划提供参考。%To address the taxation in listed company mergers and acquisitions, SWOT was adopted to analyze the strength and weakness of tax planning in listed company mergers and acquisitions. Strategies were provided in making reasonable use of tax preferential poli-cies, researching the difference between the tax policy and the accounting policy and im-proving the quality of enterprise managing staff. The results will provide reference for tax planning in listed company mergers and acquisitions.

  2. Impact of the intellectual property on the performance of listed companies of pharmaceutical industry%知识产权对制药行业上市公司经营绩效的影响

    Institute of Scientific and Technical Information of China (English)

    王庆华; 关锐; 王伶

    2012-01-01

    知识产权是现代企业可持续发展,形成自身核心竞争力的重要元素之一.本文通过实证分析,探讨国内制药行业上市公司知识产权对企业经营绩效的影响,本文实证研究的结论表明制药行业上市公司知识产权的投入与经营业绩成负相关的关系;而知识产权管理效率与经营业绩成正相关的关系.%Intellectual property (IP) is one of the core elements of competitiveness and a sustainable development resource for modern enterprise.In this paper, an empirical study was performed to analyze the IP's impact on the performance of listed companies of pharmaceutical industry.The result showed that the relationship between the performance of listed companies of pharmaceutical industry and the investment in IP is negative correlation ; however, the performance of listed companies of pharmaceutical industry and the efficiency of IP management is positive correlation.

  3. Governança Corporativa e Beta de Empresas Listadas na BM&FBOVESPA = Corporate Governance and Beta of Listed Companies at BM&FBOVESPA

    Directory of Open Access Journals (Sweden)

    Roberto Bomgiovani Cazzari

    2015-12-01

    . Additionally, these same investors would keep the same market portfolio for all risky assets. Therefore, in this view, an idiosyncratic risk as the risk of poor governance should already have been diversified in the previous step and should not be directly related to the beta of a given company. In this view, the beta would represent only risks linked to the systemic aspect. However, Parigi, Pelizzon and von Thadden (2013 proposed a model that includes corporate governance to the CAPM. Unlike seen by the classical theory of the CAPM, these authors developed a model that predicts that the quality of corporate governance is positively correlated with beta and idiosyncratic volatility, but negatively correlated with the return on assets. To test which theory has better explanatory power for the Brazilian scenario, we tested the hypothesis of independence between the beta and the quality of corporate governance of companies listed at BM&FBOVESPA. The findings of this paper have not shown that the quality of corporate governance is positively related with the beta, but that they are independent. This seems to be a strong indication that the beta in the Brazilian scenario does not reflect an idiosyncratic risk as the risk of bad governance, but a systemic risk which relates better to the classical theory of CAPM.

  4. 上市公司经营业务分布是否影响盈余质量?——基于上市公司及其整体子公司相对业务规模的考察%Does Business Distribution of Listed Companies Affect Earnings Quality? Evidence from Listed Companies and Relative Business Scale of Their Whole Subsidiaries

    Institute of Scientific and Technical Information of China (English)

    张会丽; 陆正飞

    2012-01-01

    文章以2000--2009年我国A股上市公司为样本,以上市公司的整体子公司经营业务占集团业务的比重衡量子公司相对业务规模,考察“一控多”集团型上市公司的经营业务在母子公司上下级法人间的分布对上市公司整体盈余质量的影响。研究发现,子公司业务规模与公司整体盈余质量呈显著的负相关关系。具体而言,子公司业务规模越大,则公司整体的盈余管理程度越高、盈余反应系数越小。进一步的研究表明,母公司在集团中整体的控制水平能够显著降低子公司业务规模对盈余质量的负向影响。%Using a sample of A-share listed companies in China from 2000 to 2009,this paper regards the proportion of whole business of subsid- iaries of listed companies in group business as relative business scale of sub- sidiaries and investigates the effect of business distribution of listed compa- nies as a group between parent company and subsidiaries on overall earnings quality of listed companies. It indicates that the business scale of subsidiaries is negatively related to overall earnings quality of listed companies, that is to say,larger business scale of subsidiaries results in higher degree of overall earnings management and smaller earnings response coefficient. Further study shows that the control level of parent company in the group can signif- icantly weaken the negative effect of business scale of subsidiaries on earn- ings quality.

  5. Research on the Economies of Scale of List Companies in the Broadcasting, TV and Film Industries in China%我国广播影视业上市公司规模经济效应研究

    Institute of Scientific and Technical Information of China (English)

    潘苗; 金雪涛

    2014-01-01

    Economies of scale are the important criteria which reflect the broadcasting, TV and film company's resource utilization efficiency and their operating situations. This paper employed the financial data from 16 those listed companies to compute elasticity of economies of scale, and established the Translog Production Function Model through whether the effect of economy of scale in radio and television companies by calculating the scale elasticity coefficient. The research shows that there is strong positive correlation between assets scale of listed companies and their elasticity of economies of scale.%广播影视企业是否存在规模经济效应直接反映了公司资源利用效率以及整体经营状况,基于16家广播影视业上市公司财务数据,建立超越对数生产函数模型,通过计算规模弹性系数判断广播影视企业是否存在规模经济效应。研究表明:现阶段我国广播影视业上市公司的经营均不存在规模经济效应,资产规模与规模收益弹性之间有极强的正相关性。

  6. 中国物流上市公司成本效率的收敛牲%Convergence Research of Cost Efficiency of Logistics Listed Companies in China:Analysis Based on Metafrontier Function

    Institute of Scientific and Technical Information of China (English)

    张毅; 刘维奇; 李景峰

    2011-01-01

    This paper applies the metafrontier function to measure the cost efficiency of 32 logistics listed companies from 2000 to 2009, and studies the convergence trend and direction of cost efficiency of logistics listed com- panies by panel/~-convergence and a-convergence and PAM model. The re- sults show that the cost efficiency of logistics listed companies in the latest decade have a convergence trend which reflects the degradation of efficiency level. Domestic logistics market openness results in the convergence of the cost efficiency level of logistics listed comt)anies to efficiency frontlor%文章采用共同前沿方法对32家上市物流公司2000~2009年的成本效率做了测算,并在此基础上应用面板G收敛、d收敛和PAM模型考察了物流上市公司成本效率的收敛趋势和收敛方向。结果显示,32家物流上市公司的成本效率在10年中存在收敛趋势,但反映的是效率水平的退化。国内物流市场开放促进了物流企业成本效率水平向效率前沿的收敛。

  7. An empirical study on the influencing factors of capital structure of the listed companies in the Gem Board%创业板上市公司资本结构微观影响因素实证研究

    Institute of Scientific and Technical Information of China (English)

    翟丽娜

    2014-01-01

    The capital structure is the key contents of finance and financing decision of enterprises, which plays a crucial role on their survival and development. The gem stock market can provide convenient financing channels for small and medium enterprises, as well as create a normal exit mechanism for the untrue capital. Therefore, there is an important theory value and practical significance to study the micro factors influencing on capital structure of the growth enterprise market of listed corporation. This paper selected the first batch of the 28 listed companies on the gem market of the Shenzhen Stock market during the period of 2009-2012 panel data. Then it made an empirical analysis on the micro factors influencing on the capital structure of the growth enterprise market listed companies, and put forward some suggestions for promoting the growth of enterprise market of listed corporation healthily and rapidly.%本文选取创业板市场首批28家上市公司2009-2012年面板数据,对创业板上市公司资本结构微观影响因素进行了实证分析,并给出了一些有针对性的建议,以期促进创业板上市公司健康、快速发展。

  8. 基于财务状况多分类的上市公司财务危机预警%Financial Distress Prediction of Listed Companies Based on Classified Financial Positions

    Institute of Scientific and Technical Information of China (English)

    卢永艳; 王维国

    2011-01-01

    目前的财务危机预警模型大多局限于二分类研究,而公司陷入财务危机往往会经历一个逐步衰败的过程,简单的二分类有时会掩盖某些上市公司财务状况逐渐变差的事实.为了更准确地判断公司的财务状况,将公司分为财务稳定公司、潜在危机公司、财务危机公司和破产公司四类,运用t-2年的财务数据构建了有序多分类logistic回归模型.实证结果表明,模型的预测能力较好,误判成本较低,能提供更加准确的信息.%Recently the studies on financial distress prediction are mostly limited to binary classification. But the process of companies' getting into trouble is slow, simple binary classification sometimes can cover up the facts that companies' status of getting worse.ln order to judge companies' financial status exactly, the authors classify the listed companies into four categories: financial healthy companies, potential distress companies, financial distress companies and financial failure companies. On the basis of categories, They apply ordinal logistic regression to construct the financial distress prediction model which is based on the data of year-2 . The empirical research results indicate that the financial distress early warning model based on ordinal Logistic model with good forecast ability and low misjudge costs can supply more definite information on financial status of the corporation.

  9. Soil sustainability study in Lithuanian alien forest stands

    Science.gov (United States)

    Čiuldiene, Dovile; Skridlaite, Grazina; Žalūdiene, Gaile; Askelsson, Cecilia; Armolaitis, Kestutis

    2016-04-01

    Tree species are shifting their natural ranges in response to climate changes (Saltré et al., 2013). Northern red oak has originated from North America, but was planted in Europe already in twentieth century. At present, it is considered as invasive species in Poland and at invasive stage in the Lithuanian forests (Riepsas and Straigyte, 2008). European larch naturally grows in Central Europe, but its range has been extended by planting it as far as the Nordic countries. According to a pollen study in peat soils, European larch naturally grew in Lithuania in the sixteenth century and was reintroduced 200 years ago (Jankauskas, 1954). Therefore, the global warming could accelerate the expansion of European larch and Northern red oak into Lithuanian forests. An urgent need appeared to evaluate an impact of those warmth-tolerant species on soil mineral chemistry and quality. New results on the determination of mineral weathering rates in alien forest stands using a PROFILE soil chemistry model were obtained during a doctoral study at the Institute of Forestry. Soil minerals were studied by a Scanning Electron Microscopy at the Institute of Geology and Geography. The results provided a lot of new information on soil weathering rates in Lithuania. The 47 and 157-year-old European larch (Larix decidua Mill.), 45 and 55-year-old Northern red oak (Quercus rubra L.) plantations and adjacent perennial grasslands were chosen for this study. The soils were classified as Luvisols and were developed from glaciofluvial deposits. The PROFILE model requires data of climate conditions (mean annual temperature and precipitation), chemical parameters of atmospheric deposition, forest plantation dendrometric and chemical (wood, foliage litter fall) characteristics, soil physical characteristics and mineral composition. A cation weathering rate (sum of Ca+Mg+ K) is 30% higher in a soil under the Northern red oak than in adjacent perennial grassland. Meanwhile, cation weathering rates

  10. On "Hollowed out" Behavior of the Major Shareholders In Listed Company and Regulation of Information Disclosure%上市公司大股东“掏空”行为与信息披露监管

    Institute of Scientific and Technical Information of China (English)

    黄秀华

    2012-01-01

    The interest conflict between the major shareholders of listed companies and minority shareholders has become a second class of agency problems in corporation. Major shareholders use power to hollow out listed companies and harm the interests of minority shareholders. Based on related "hollowed out" behavior research, the paper analyses the disclo- sure of listed companies "hollowed out" behavior and summarizes the characteristics of "hollowed out" behavior informa- tion disclosure and use information disclosure timely, integrity and authenticity as criterion, proposes the prior disclosure strengthening the regulatory role of the securities exchange, improving the civil compensation system, establishing a rat- ing system of information disclosure and construction of ethical cuhure. It can further standardize the information disclo- sure system in listed companies and strengthen the listed company information disclosure regulation to effectively control major shareholders' "hollowed out" behavior%上市公司大股东(或控股股东)与中小股东之间的利益冲突已成为公司治理中的第二类代理问题。大股东凭借其实际控制权“掏空”上市公司,损害中小股东的利益。本文在相关学者“掏空”行为方式研究的基础上,通过对已披露的上市公司“掏空”行为方式的研究,发现、总结“掏空”行为信息披露的特征,并以信息披露的及时性、完整性和真实性为准绳,提出通过事前披露、强化证券交易所的监管作用、完善民事赔偿制度、建立信息披露评级制度以及诚信文化建设等进一步规范上市公司信息披露制度,强化上市公司信息披露监管,以有效制约大股东的“掏空”行为。

  11. The status quo of China’s listed companies based on the statistical analysis%基于统计分析法的我国上市公司发展现状分析

    Institute of Scientific and Technical Information of China (English)

    曾妮妮; 永春芳

    2015-01-01

    分析1990—2013年我国上市公司数量和股票交易额的时间序列数据,结果表明我国上市公司数量呈线性增长,股票交易额呈指数增长;搜集、整理全国2489家上市公司所属省份、行业及2013年年度的主要财务指标,分别从地域分布、行业分布和行业竞争力分析,研究表明我国上市公司地域分布差异大,行业分布不均匀,金融业,制造业,房地产业和信息传输、软件和信息技术服务业竞争力较强,而农、林、牧、渔业,建筑业及住宿和餐饮业竞争力较弱,针对现状提出相关建议。%First of all,the article analysis the number of China’s listed companies and the amount of stock trading in1990—2013.Results show that the number of listed companies in China is on a linear growth trend,the stock traded exponential growth trend;Second,the paper collect the industries and the provinces what 2 489 listed companies across the country belong to and sort out the annual main financial indicators of the listed companies in2013.Then respectively from the regional distribution,industry distribution and the industry competitiveness analysis,Studies have shown that China’s listed companies have large difference of regional distribution and their industry distribution is not uniform.At the same time,the results found that competitiveness of finance,manufacturing,real estate and information transmission,software and information technology service industry is stronger .But competitiveness of farming,forestry,animal husbandry, fisheries,construction and accommodation and catering industry is weak.And then some thinking is triggered by the results .Finally in view of some thoughts on the corresponding Suggestions are put forward .

  12. The Empirical Research about the Influence of the Related Party Transactions on Earnings Management of Listed Company%上市公司关联交易对盈余管理影响的实证研究

    Institute of Scientific and Technical Information of China (English)

    赵向龙; 胡海文; 王雨; 贾艳艳; 李美瑛; 金芳; 梁倩; 侯倩倩

    2013-01-01

      On the basis of studying relevant theory and research from home and abroad, combined with the status of the related party transactions of listed company in our country, the article proposes four hypotheses. Then the article uses modified cross-sectional Jones model to measure the earnings management of the listed company. Through empirical test, confirmed Chinese listed companies are still associated with related party transactions earnings management, a large proportion of related party purchase and sale of goods and services in previous as the form of earnings management tend to become more and more diluted, and listed companies shows a significant positive correlation relations between earnings management and related party transactions funds used, also reflects the current type of related party transactions in earnings management of listed companies is changing, that is more inclined to Implement earnings management activity through related parties of funds used, and confirmed the debt ratio and earnings management show significant positive correlation.%  本文在对国内外相关理论及研究成果分析的基础上,结合我国上市公司关联交易的现实情况,提出四个假设,采用修正的横截面 Jones 模型度量上市公司的盈余管理程度,通过实证检验,证实了目前我国上市公司中仍存在关联交易盈余管理行为。实证结果显示,以往占很大比例的关联方商品和劳务购销形式的盈余管理越来越趋于淡化,而关联方资金占用与盈余管理呈显著的正相关,反映出目前我国上市公司利用关联交易进行盈余管理的方式正在发生变化。同时,实证结果表明,资产负债率与盈余管理存在着显著的正相关关系。

  13. Mediatization of Lithuanian politics on social networking sites and its compatibility with social media logic

    OpenAIRE

    Povilaitytė, Živilė

    2014-01-01

    Given the novelty of political campaigning on social networking sites in Lithuania and the critique, it has received from social media experts, the object of the master thesis encompasses mediatization of Lithuanian politics on Facebook, when social media logic becomes adapted in political campaigning and integrated into the political agenda. Accordingly, the MA thesis developed its aim to define in what ways mediatization of Lithuanian politics manifests on Facebook and if public-relatio...

  14. 我国创业板上市公司综合成长性评价%An Analysis of the Comprehensive Growth Ability of Listed Company in Growth Enterprises Market in China

    Institute of Scientific and Technical Information of China (English)

    满向昱; 左静; 曹灿; 陈思佳; 刘浩然

    2014-01-01

    At present, the growth enterprise market (GEM) is in a comprehensive plan implemented step by step , the premise of the healthy development of the growth enterprise market is to evaluate the comprehensive growth ability of listed company in GEM scientifically and reasonably .This paper focuses on the GEM listed company comprehensive growth evaluation method and the re -search of the present situation of the gem growth , then constructs an evaluation index system , using partial least squares method to empirical analysis , with 117 companies listed in 2010 as the sample .The result shows that the comprehensive growth ability of listed company in GEM is different .The comprehensive growth ability of listed company of Communication and cultural industry in GEM is perfect , while that of listed company of other industries in GEM is in general;the main factors that cause the differ-ence are the growth ability , capital operation ability and enterprise scale .Therefore , this article holds that real timely assistance policy should be given to the enterprises , strengthen the internal management of enterprises , encourage enterprises to technologi-cal innovation and transformation of achievements in order to improve the comprehensive ability of listed company in GEM .%现阶段创业板市场正处于一个全面规划和逐步推开的阶段,科学合理的评价创业板上市公司的综合成长性是创业板市场得以健康发展的前提。本文从构建企业综合成长性评价指标体系入手,并以2010年上市的117家公司为样本,选取其2011年和2012年财务数据,采用偏最小二乘法进行实证分析。结果表明:上市公司综合成长性存在差异,传播与文化业上市公司表现突出;其他行业上市公司成长性表现一般。形成这种差异的影响因素主要为成长能力、资金运营能力和企业规模。为此,本文认为应给予企业实适时帮扶政策,加强企业的内部管理,

  15. Morphological modifications in Lithuanian child-directed speech

    Directory of Open Access Journals (Sweden)

    Laura Kamandulyte

    2007-05-01

    Full Text Available Child-directed speech (CDS is very important for the language development of a child. When talking to children adults modify their language by simplifying it and adapting it to the language acquisition stage of the child. Words and constructions that are used in CDS are aqcuired earlier by the child.This paper analyses the morphological modifications of Lithuanian CDS.The analysis proves that the most frequent morphological modifications of CDS include: 1 the higher frequency of verb tokens over noun tokens, 2 the low frequency of indefinite pronouns, demonstrative pronouns, and adjectives, and 3 the high frequency of diminutives and interjections.Prevalence of the denominative parts of speech has been influenced by the cognitive function; the abundance of verbs is conditioned by short utterances. The high frequency of diminutives is related to pragmatic function, intimacy, and emotions.

  16. Lithuanian on-line periodicals on the World Wide Web

    Directory of Open Access Journals (Sweden)

    Lina Sarlauskiene

    2001-01-01

    Full Text Available Deals with Lithuanian full-text electronic periodicals distributed through the World Wide Web. An electronic periodical is usually defined as a regular publication on some particular topic distributed in digital form, chiefly through the Web, but also by electronic mail or digital disk. The author has surveyed 106 publications. Thirty-four are distributed only on the Web, and 72 have printed versions. The number of analysed publications is not very big, but four years of electronic publishing and the variety of periodicals enables us to establish the causes of this phenomenon, the main features of development, and some perspectives. Electronic periodicals were analysed according to their type, purpose, contents, publisher, regularity, language, starting date and place of publication, and other features.

  17. Preparedness of Lithuanian general practitioners to provide mental healthcare services

    DEFF Research Database (Denmark)

    Jaruseviciene, Lina; Sauliune, Skirmante; Jarusevicius, Gediminas

    2014-01-01

    BACKGROUND: A large unmet need for mental healthcare in Lithuania is partially attributable to a lack of primary care providers with skills in this area. The aim of this study was to assess general practitioners' (GPs) experience in mental healthcare and their perceptions about how to increase...... their involvement in the field. METHODS: In this cross-sectional study, a 41-item questionnaire was distributed to a random sample of 797 Lithuanian GPs in order to investigate current practices in their provision of mental healthcare as well as their suggestions for the improvement of mental healthcare services...... specialists with whom 32% of the respondents discuss the management of their patients with a mental disorder. Collaboration with psychologists and social workers was almost threefold lower (11.6% and 12.5%). Capacity-building of GPs was found to be among the most promising initiatives to improve mental health...

  18. Modern Lithuanian foreign policy: the adjustment of traditional policy

    Directory of Open Access Journals (Sweden)

    Batorshina Irina

    2011-12-01

    Full Text Available The authors consider the core areas of Lithuanian foreign policy. Special attention is paid to the adjustment of the major foreign policy vector, which concentrated earlier on the cooperation with the United States of America and strategic partnership with the Republic of Poland. The article analyses the attempts of Lithuanian president Dalia Grybauskaitė to formulate the so-called «new foreign policy» based on the multivector approach to the intergovernmental cooperation. This research is timely because of an increasing influence of small states on foreign policy decision-making within the European Union. It emphasizes the need to analyse foreign policy priorities of the Baltic States and Central and Eastern European countries and to identify the dominant trends in the international policy in the region in order to forecast further development at European and global levels. This objective is achieved with the help of an integrated approach with elements of interdisciplinary research. Special attention is paid to the comparative-historical approach, which facilitates the analysis of the relations between the Republic of Lithuania and the neighbouring states and its principal partners. Alongside traditional methods of historical research, this work employs such methods as participant observation, content and event analysis, and simultaneous and comparative analysis. The research and practical significance of this work is explained by its emphasis on the need to apply an additional theoretical framework to studies into the foreign policy initiatives of the Republic of Lithuania in the international arena. While earlier they were determined by the value (democratic approach, which was a reflection of American realism, today an increasingly important factor is the personality of the president, who does not always positively influence the changing policy of the country. The results of the research contribute substantially to the understanding of

  19. Media Literacy Education: Global Tendencies and Search of Lithuanian Path

    Directory of Open Access Journals (Sweden)

    Lilija Duoblienė

    2011-04-01

    Full Text Available This article analyzes the influence of information technologies on education. Different viewpoints on information literacy education, which is often assimilated to media literacy education, are presented in the paper. The article investigates both advantages of media literacy, which involve its positive influence on education, and disadvantages, which encompass dishonest ideological purposes of media literacy that are hidden behind the notion of efficient teaching. This work defends the idea that media literacy education is inevitable in modern schooling and that it is step by step replacing traditional ways of learning. Several media education paradigms are discussed: protectionist, media arts education, media literacy education and critical media literacy education. Some of them teach how to utilize modern technologies and develop creativity, whereas others educate how to recognize ideologies and be publicly engaged. The paper evaluates media literacy in Lithuania by exploring the context of media education, i.e. by analyzing Wiki culture, didactic approach of media literacy, relationships among participants of learning process, and influence of information technologies on the development of educational techniques. Prominent questions about Lithuanian readiness for changes in schooling methods are asked. It is argued if the country has a clear and coherent media literacy education philosophy. Answers are found by investigating information literacy programs and media literacy projects in Lithuanian secondary schools. The article arrives to a conclusion that in Lithuania media literacy education is only at the early stage of development, but its progress is quite rapid and omits several stages which were underwent in Western countries. Nevertheless, the work determines that Lithuania lacks new and brave mindset which should be spread together with critical pedagogy and critical media literacy (i.e. transforming education.

  20. Professional burnout and its correlates in Lithuanian neurosurgeons.

    Science.gov (United States)

    Pranckeviciene, Aiste; Tamasauskas, Arimantas; Deltuva, Vytenis Pranas; Bunevicius, Adomas

    2016-08-01

    This study aimed to evaluate prevalence and severity of professional burnout in a sample of Lithuanian neurosurgeons and to analyze its personal, interpersonal, and organizational correlates. Thirty-one out of 79 (response rate 39 %) Lithuanian neurosurgeons participated in the study. Professional burnout was evaluated using the Maslach Burnout Inventory - General Survey. Participants also answered questions about professional stressors, sources of professional dissatisfaction, life-style factors, sickness absenteeism/presenteeism, and professional practice. The majority of neurosurgeons were between 41 and 60 years of age (48 %), were married (97 %), had children (84 %). Most neurosurgeons had 20 or more years of professional experience (54.9 %), worked from 41 to 60 h per week (58 %), and performed up to 150 surgeries per year (77.4 %). Eight (26 %) neurosurgeons reported a high level of emotional exhaustion, five (16 %) reported high level of cynicism, and eight (26 %) reported low professional efficacy. Correlation analyses revealed that higher number of surgeries per year, more hours devoted to clinical work, opportunities for professional development, intellectual challenges at work, appreciation by the patients and prestige of the profession were related to lower level of burnout. Greater general workload, unpredictability of the work schedule, lack of necessary technical equipment, dissatisfaction with colleagues, and uncertainty about the future were related to a higher level of burnout. Burnout was reported by one-quarter of neurosurgeons who chose to participate in the study. Personal, interpersonal, and organizational factors arising while fulfilling professional duties were important correlates of neurosurgeons' burnout. Due to the moderate response rate, our results should be interpreted with caution. Larger studies evaluating burnout among European neurosurgeons are needed.

  1. A Case Study on Prediction of Financial Risk of the Listed Companies Based on PCA%基于PCA的上市公司财务风险预测的实证研究

    Institute of Scientific and Technical Information of China (English)

    闫丹丹; 夏虹

    2014-01-01

    从上深证券交易所选取60家规模相近的上市公司,利用2010年的财务状况来预测2013年上市公司是否有财务危机出现,通过主成分分析并建立预测模型进行检验,实证研究发现:该预测模型在预测上市公司财务风险方面具有较高的精度,能够科学客观的对主成分进行赋权,并准确的反映上市公司的财务风险状况,其准确率达到了86.67%。基于主成分分析法的财务风险预测模型可以用于上市公司财务风险的预测和评价,对为管理层以及投资者提供决策具有很大的参考价值。%60 listed companies in the same size at Shenzhen Stock Exchanges are sampled. Possibilities of financial risks of those com-panies in 2013 are predicted by their financial data in 2010. Key elements of financial condition are analyzed and a prediction model is developed. The study finds that the prediction model is quite accurate in forecasting financial risks to accuracy rate of 86.67%as it can allocate weight to key elements objectively and reflect financial conditions of the listed companies. The model can be used to forecast and evaluate financial risks of listed companies and provide management and investor with references.

  2. Study on the Influence Factors of Private Benefits of Control Rights in Chinese Family-listed Company%我国家族上市公司控制权私人收益的影响因素研究

    Institute of Scientific and Technical Information of China (English)

    雷星晖; 王寅

    2011-01-01

    The separation of the benefits of clan and the listed-company often highlights the importance of private benefits of control rights. Measured by the premium difference of the controlling transition and non-controlling transition, the explored level of the private benefit of control in Chinese family-listed companies is 30.56%. Further study shows that the debt ratio and the transference ratio of the controlling transition are positively related to the private benefits of control rights. Company scale is negatively related to the private benefits of control rights. No evidence supports that the decentralization of share and the balance power of shareholders should have influence over the private benefits of control rights. Conclusions show the unreasonable allocation of the control rights in Chinese family-listed companies.%当家族利益与上市企业利益相分离时,家族有动机攫取控制权私人收益.采用控股股权转让与非控股股权转让的溢价差来度量控制权私人收益的方法,实证研究发现我国家族上市企业的控制权私人收益水平达到30.56%;控制权私人收益水平与资产负债率显著正相关,与企业规模显著负相关,与控股股权转让比例存在不稳定的正相关关系,与股权离散度和大股东制衡不相关.研究结果说明我国家族上市企业的公司治理存在着结构形式完整,控制权配置不合理的缺陷.

  3. A Study of the Operation Performance Evaluation System of Listed Companies in Hubei Province%湖北省上市公司经营业绩的评价体系研究

    Institute of Scientific and Technical Information of China (English)

    郜元兴; 武丽红

    2012-01-01

      The listed company is the foundation of the development of securities market and its management per⁃formance evaluation has become an important proposition in the process of securities investment theory and prac⁃tice. On the basis of setting up the comprehensive evaluation index system of operation performance in the listed companies, this paper rechooses the index about the primary index by means of cluster analysis and correlation method. Besides, the paper chooses the factor analysis method to make the empirical study of that operation per⁃formance by using the selected reporting data of 80 listed companies and acquires the comprehensive evaluation result that it is easy to find out the relative competing advantages of different companies, as a decision-making basis for different stakeholders.%  上市公司是证券市场发展的基石,其经营业绩的评价已成为证券投资理论和实践研究的一个重要命题。本文在构建上市公司经营业绩综合评价指标体系的基础上,应用聚类分析和相关分析方法对初选指标进行再选取,然后用因子分析方法对湖北省80家上市公司的经营业绩进行实证分析,得到综合评价结果。

  4. 我国上市公司并购长期绩效实证研究%The Empirical Research on Long-term Performance of China’s Listed Companies Merger and Acquisition

    Institute of Scientific and Technical Information of China (English)

    李森林

    2014-01-01

    公司并购是现代公司发展过程中最值得研究的活动之一,本文从沪、深股市上市公司中选取2010年117起并购样本,通过超常收益法对长期并购绩效及其影响因素进行研究。研究显示院公司并购两年内的累计超常回报为负,资产收购与资产剥离的财富效应不同,而公司规模与并购绩效具有负向关系。%The company mergers and acquisitions is one of activities worthy of research in the development process of modern companies. The paper selects 117 M&A samples from listed companies in Shanghai and Shenzhen stock markets in 2010, and makes a research on long-term performance of M&A and its influencing factors by means of abnormal return method. The research shows that the accumulated abnormal return of the company M&A within two years is negative, the wealth effect of asset acquisitions and divesti-tures is different, and the company scale has a negative relation with M&A performance.

  5. The spatial distribution of the listed real estate company%房地产上市公司空间分布特征研究

    Institute of Scientific and Technical Information of China (English)

    赵思敏; 杨海娟

    2013-01-01

    Aim To sum up the pattern of expansion and influencing factors of the real estate industry, in order to forecast the future development trend of real estate industry and enhance the competitiveness of cities. Methods The qualitative and quantitative methods are used at the same time, the date is also analyzed by the SPSS software of Multiple linear regression analysis method. Results The listed real estate companies mainly distribute in eastern cities, followed by the central cities and western cities at least, in which the Yangtze River Delta, Pearl River Delta and Bohai Rim region are the most crowded. The form of the spatial expansion is the establishment of the corporations before 2000, but after 2000, the main form of the spatial expansion is to the set up of branch companies. The initial expansion is mainly concentrated in the coastal cities, and in recent years, the expansion to the Province of Hubei, Sichuan and Chongqing is becoming more, but not so much to the other inland cities. Also the expansion to the second-tier cities gradually appears. Conclusion The spatial distribution of real estate industry is closely related to the developing speed of region economy, the expansion will continue according to the economic gradient along the eastern, middle and western regions. Also the second-tier cities with the rapid economic development will gradually be an important area of the real estate expansion.%目的 研究房地产业的扩张规律及影响因素,以期为预测房地产未来发展趋势和提升城市竞争力提供参考.方法 定性与定量相结合,并采用SPSS多重线性回归等分析方法.结果 中国房地产上市公司主要分布于东部沿海城市,中部次之,西部最少,其中长三角、珠三角、环渤海地区最为集中;房地产上市公司空间扩张在2000年前以成立总公司的形式为主,2000年以后,主要以成立分公司的形式进行扩张.最初扩张主要集中在沿海城市,近几年向湖北

  6. THE ADVERTISING-VALUE-EQUIVALENT (AVE METHOD IN QUANTIFYING ECONOMIC VALUES OF PUBLIC RELATIONS ACTIVITIES: EXPERIENCE OF A PUBLIC-LISTED COMPANY IN MALAYSIA

    Directory of Open Access Journals (Sweden)

    Musa Abu Hassan

    2006-01-01

    Full Text Available Why should public relations (PR not be evaluated for its economic value? Despite the point of its social or intangible values, the argument goes on and on in most management meetings where PR practitioners always face the challenges of justifying their worth – often in monetary terms. In an open dialogue with Grunig during his visit to Malaysia in 2004, this renowned PR guru also expressed the difficulty of quantifying the actual PR worth. It is best to qualify PR values by assessing its priceless relationships with the company’s stakeholders. However, in our routine business life, especially at the middle management level, the above question seems unavoidable. In enhancing excellence for PR and communication management, Ehling (1992 placed the logic underlying the economic values of PR on the relationship between benefits and costs associated with the implementation of a PR programme. The above question and problem serve as the main objective of this article. In exploring the solutions for the quantification of PR values in Malaysia, economic education is taken as a remedy for the absence of knowledge and skills in making intelligent decisions in the marketplace (Baskin et al., 1997; Lattimor et al., 2004. In this research context, the researchers (a combination of a practitioner and an academician respectively confined the scope to the experience of a selected public-listed company for its PR campaign implemented in 2004. Quantification was attempted by evaluating the assessment in print media exposures. All earned media coverage for that particular PR campaign was measured for the media type, space, position, and the corresponding advertising rate. Monetary value was assigned to every single piece of PR news in the way disbursements are made to paid media for advertising activities. The explication of this advertising-value-equivalent (AVE method in quantifying economic values for PR news with regard to the selected campaign was made

  7. 内部控制缺陷信息披露与公司业绩的关系——来自中国A股上市公司的数据%On the Relationship between Disclosure of Internal Control Weakness and Performance of the Company -Based on Data of A--share Listed Companies in China

    Institute of Scientific and Technical Information of China (English)

    盛常艳

    2012-01-01

    利用我国2010年A股上市公司的数据,检验内部控制缺陷信息披露与公司业绩之间的相关关系后发现,披露内部控制缺陷信息的公司相对没有披露的公司业绩高;内部控制缺陷信息披露越充分的公司业绩越高。那么如何正确理解披露内部控制评价报告的经济后果?对此应予关注,这有助于我国上市公司更好地实施内部控制规范。%Based on the data of A-share listed companies of 2010 in China, I testify that disclosure of internal control weakness is relevant to the performance of the company, and the performance of disclosure of internal control weakness is higher than the companies of no disclosure of internal control weakness. How to correctly understand the economic consequence of disclosure of internal control evaluation report? We should pay attention to it, and it is beneficial for the listed companies to better carry out internal control regulations.

  8. The Analysis of the Effect of the Gender Differences of Executives on the Listed Company Investment%高管性别差异对上市公司投资行为的影响分析

    Institute of Scientific and Technical Information of China (English)

    赵冰梅; 吴会敏

    2013-01-01

      在现在这个激烈竞争的时代,高管对上市公司投资行为的影响越来越大。高管是公司投资决策的制定者和执行者,但是已有关于高管特征的研究仅涉及年龄、教育、任期、职业背景、社会经济地位等几个方面,较少涉及高管性别差异对上市公司投资行为的影响。而高管性别差异又可能是影响上市公司投资行为的重要因素之一,所以关于高管性别差异对上市公司投资行为的影响分析是必不可少的。本文从固定资产投资、无形资产投资、长期股权投资这三个方面进行考察,计算、分析由于高管性别差异对这三个方面投资比率的影响。从而得出优秀的女性高管和男性高管一样,可以为上市公司做出正确的、适当的投资决策。所以在任用高管时不应有性别歧视,应提高女性在上市公司高管中的比例,从而有利于高管做出对上市公司有利的投资决策、投资行为。%The influence of executives on the listed company becomes larger and larger with the present era of fierce competition. Executives of the company are the investment's decision-makers and implementers, but the existing researches on the characteristics of the executives only involved in age, education, tenure, professional background and socio-economic status, less involved in the effect of the gender differences of executives on the listed company investment. And the gender differences of executives on the listed company may be one of the important factors in investment behavior, so the analysis of the effect of the gender differences of executives on the listed company investment is very essential. This paper made an inspect on three aspects, namely investment in fixed assets, intangible assets, investments, long-term equity investments, then calculated and analyzed the influence of gender differences of executives on them. So it turns out that outstanding females can

  9. 山西省上市公司促进区域经济发展研究%Research on Problems of Improving Development of Regional Economy of Shanxi Listed Company

    Institute of Scientific and Technical Information of China (English)

    翟原

    2014-01-01

    Shanxi Province is the largest energy areas of central China. GDP hit the 1 trillion marks for the first time by 2011, the national economic aggregate ranked NO. 22. Although the capital market development in Shanxi Province was ear-lier, Shanxi Fenjiu listed on the Shanghai stock exchange in 1994, has nearly 20 years of development, but by the end of 2011 in Shanxi Province only 34 companies listed with other provinces in central China has a big gap. Small scale capital market, slow development and unreasonable industrial distribution serious are the current situation of the listed companies in Shanxi Province. By using methods of adopting the combination of theory and empirical and calculating GDP of listed com-panies in Shanxi Province for the regional economic contribution, the author expounded status and role of the listed compa-nies in Shanxi Province to regional economic development.%山西省是我国中部地区的能源大省,截至2011年, GDP首次突破1万亿大关,全国经济总量排名第22位。虽然山西省资本市场发展较早,从1994年山西汾酒在上海证券交易所挂牌上市以来,已经有近20年的发展,但是截至2011年山西省仅有34家公司上市,与中部地区其他省份还有着不小的差距。资本市场规模小、发展速度慢、产业分布严重不合理是山西省上市公司的现状。采用理论与实证相结合的方法,通过计算山西省上市公司对于区域经济的GDP贡献,阐述了山西省上市公司对于区域经济发展的地位与作用。

  10. 基于主成分分析的上市物流公司财务绩效%The Study on the Financial Performance of Listed Logistics Company Based on Principal Component Analysis

    Institute of Scientific and Technical Information of China (English)

    刘金萍

    2012-01-01

    Determining the weights is a key role in the fnancial performance evaluation of listed logistics company. This paper first describes the basic theory and practical steps of principal component analysis. Secondly it takes nineteen listed logistics com- pany as an example to construct the index system, select 12 financial indexes, extract 4 principal components, and calculate the four principal component of the comprehensive value. Based on the above results 19 logistics of financing performance of listed companies is scheduled. The results show that the financing performance of listed companies is unsatisfactory. Debt paying ability, profitability, capacity development, operation ability still needs to improve. Finally some suggestion to promote the financial performance evaluation of listed logistics company is put forward.%指标权重的确定是上市物流公司财务绩效评价的关键问题,在阐述主成分分析的基本原理及实际操作步骤的基础上,以19家上市物流公司作为研究的样本,构建上市物流公司财务绩效的评价指标体系,选取12个财务指标,利用主成分分析法提取4个主成分,并计算出4个主成分的综合值。据此对19家物流上市公司财务绩效进行综合排序。结果表明,物流上市公司综合财务绩效不是很理想,偿债能力、盈利能力、发展能力、营运能力仍需提升。在此基础上提出了上市物流公司财务绩效提升的对策建议。

  11. An Empirical Study of Relation Between Equity Incentives and Earnings Management of Listed Companies%上市公司股权激励与盈余管理关系的实证研究

    Institute of Scientific and Technical Information of China (English)

    宋嵘

    2012-01-01

      本文以在2006-2008年间公布实施高管股权激励方案的79家上市公司为样本,利用修正的Jones模型来估计盈余管理程度,建立面板数据多元回归模型,实证检验了股权激励对我国上市公司盈余管理的影响,结果表明:股权激励程度与盈余管理程度呈正相关关系,但统计上不显著。%  his paper takes 79 listed companies between 2006 and 2008 who implemented a release of the executives equity incentive plan of companies as the sample, and uses the amended Jones model to estimate the extent of earnings management and establishes panel data multiple regression models to testify the impact of the equity incentives towards earnings management of listed companies in China. The empirical results show that the degree of earnings management incentive stocks a positive correlation with that of earnings management, but it is not obvious from the statistics.

  12. 我国互联网企业海外上市的研究-基于无形资产视角%The study of china’s internet companies listing overseas is based on intangible assets perspective

    Institute of Scientific and Technical Information of China (English)

    崔东顺

    2015-01-01

    现有的专家学者大部分基于上市条件、融资、结果确定性等角度分析互联网企业海外上市,但鲜有学者从无形资产角度进行研究。本文基于无形资产在互联网企业中的重要性,以及国内外对无形资产估值差异和研发费用资本化的差异进行了深入分析,并针对海外上市潮的现象提出了一些建议,以便互联网企业海外上市潮回流。%Experts and scholars analyze Internet companies listing over⁃seas ,basing on existing market conditions ,financing,the deterministic re⁃sults and so on. However, few scholars study from the perspective of intan⁃gible assets. The author analyze differences, basing on the importance of in⁃tangible assets in internet companies,as wel as valuation of intangible assets at home and abroad, and capitalized research and development costs. So this article puts forward some suggestions so that internet companies listing overseas wave reflux from overseas.

  13. 电力上市公司负债融资对公司绩效影响的实证分析%Empirical Study on the Impaction of Debt Financing on Performance of Power Listed Companies

    Institute of Scientific and Technical Information of China (English)

    倪银珠

    2012-01-01

    本文以选取的48家样本公司2005~2009年的财务数据作为研究对象就负债融资对公司绩效影响进行了实证分析,实证分析的结果表明电力上市公司负债融资与公司绩效显著负相关,说明电力上市公司没有充分发挥负债融资的积极作用来提高公司绩效。在实证分析的基础上,结合电力行业的特点,最后提出了改善我国电力上市公司负债融资效应的相关对策建议。%An empirical study on the impaction of the debt financing on performance of 48 sample companies selected as the research object is conducted in the article.The empirical study shows a negative relationship between debt financing and corporate performance,it also shows that power listed companies have not given full play to the positive role of debt financing in improving corporate performance.Finally,considering features of electric power industry,ideas for improvement of electric power listed companies are proposed and implemented on the basis of empirical analysis.

  14. 基于主因子分析法的化纤行业上市公司投资价值评析%Investment value of listed companies in chemical fiber industry based on principal factor analysis

    Institute of Scientific and Technical Information of China (English)

    马娇

    2013-01-01

    In view of the problems in listed company's intrinsic investment value, factor analysis was adopted to study the investment value of listed companies of the chemical fi-ber industry from an investor's perspective in order to get a reasonable judgment on the in-vestment value of these companies. Results will help construct a suitable portfolio to re-duce investment risk.%  针对上司公司的内在投资价值问题,从投资者的角度出发,采用因子分析方法,对化纤行业上市公司投资价值进行研究,从而得到关于中国化纤行业上市公司投资价值的合理判断,有利于构造出适合的投资组合来降低投资风险。

  15. Study of the motivation of informatization strategy of listed companies in hotel industry%酒店业上市公司信息化战略的动机研究

    Institute of Scientific and Technical Information of China (English)

    王璋; 尹美群; 张继东

    2015-01-01

    Many listed companies of hotel industry begin to implement the informatization strategy.Based on the strategic leadership theory and competition theory,it is found that coping with market competition and maintaining its competitive advantages is the main motivation for implementation of informatization strategy,but these company's financial performances do not change sig-nificantly.There is a significant relationship between the research conclusion and operational characteristics of listed companies in hotel industry,and the main contents of informatization strategy of hotel industry are reservations and management systems.At present,foreign leading companies take this system as the products of company's profitability and core competitiveness.In conclu-sion,the main motivation for the informatization strategy of the listed companies in hotel industry is to integrate resources,maintain the leading position in market and occupy more market resources in the market consolidation.%许多酒店业上市公司开始实行信息化战略。基于战略领先理论和竞争理论,发现酒店类公司信息化战略的主要动机是应对市场竞争与保持竞争优势,而其公司财务绩效各个方面却没有显著变化。研究结论与酒店业上市公司的运营特征有显著关系,即酒店业上市公司信息化的主要内容是订房与管理系统。目前国外领先公司都以此系统作为公司的盈利产品和核心竞争力。因此,整合资源、保持市场领先地位并且在市场整合机会中占领更多市场资源是酒店业上市公司信息化的主要动机和目的。

  16. 房地产上市公司现金持有水平的实证研究%An Empirical Research on the Cash Holdings of Listed Real Estate Companies

    Institute of Scientific and Technical Information of China (English)

    黄翔

    2012-01-01

    Choosing 120 listed real estate companies in Shanghai Stock Exchange and Shenzhen Stock Exchange as researching object, using 2009 -2011 year financial report's data, this paper analyzes the cash holdings status of listed real estate companies through the descriptive statistics and independenet-samples T test. Setting up regression models to analyze the influence factors and effect of decision-making of cash holdings. The re suit shows that: high cash holdings exist in the listed real estate companies; profitabily has significantly positive relation with cash holdings; debt level is negatively correlated with cash holdings; cash holdings have significant positive influence on performance.%选取沪深两市120家A股房地产上市公司作为样本,研究其20092011年的财务数据,运用描述性分析、双样本T检验分析房地产上市公司现金持有的现状,并构建回归模型探求房地产上市公司现金持有水平的影响因素及其决策效果。研究结果显示:目前房地产上市公司存在高额现金持有情况,盈利能力和现金持有水平呈显著正相关,负债水平和现金持有水平呈显著负相关,其现金持有水平对公司业绩有着显著的正向效应。

  17. Study on Behaviors of Profit Manipulation of Listed Companies Based on New Accounting Standards%基于新会计准则对上市公丽利润操纵行为影响的研究

    Institute of Scientific and Technical Information of China (English)

    黎羊

    2011-01-01

    上市公司利润操纵是个系统工程,涉及会计准则制定与完善、上市公司会计监管系统、公司治理结构、市场经济环境、法律环境等方面内容。在我国市场经济体制尚不完善的情况下,上市公司利润操纵有其存在的必然性与可能性,短期内利润操纵现象很难根除。我国应从政府部门、社会舆论等多个角度全面加强对会计的监督,出尽企业加强内部的监督,加大对利润操纵行为的处罚力度,以求达到对利润操纵现象的有效遏制。%Profit manipulation of listed companies is a system engineering, involving stipulation and perfection on accounting standards, accounting supervision system on listed companies, structure of corporate governance, environment of market economy, and legal environment, Since socialist market economy with Chinese characteristics is not perfect, it is inevitable and possible for listed companies to manipulate profits, and it is hard to eliminate it in a short term. We should increase overall supervision on accounting from government sectors and public opinions, and increase internal supervision and punishment to control profit manipulation effectively.

  18. 基于中国房地产上市公司的负债融资治理效应实证研究%The Effect of Debt Financing on Chinese Listed Real Estate Companies

    Institute of Scientific and Technical Information of China (English)

    2015-01-01

    It draw Richardson investment model to measure the relationship between debt financing and overinvestment of Chinese listed real estate companies based on samples of listed real estate companies in Shanghai and Shenzhen A-shares stock market during 2008-2013 in this paper.After that,it analyzed re-al estate investment exists in the listed company in China ,the relationship between debt finance and over-investment ,and found that debt may act as a disincentive to overinvestment as a whole .From the perspec-tive of debt term ,short-term loans have a strong refraining effect on overinvestment ,whereas the long-term loans have a weak effect .Therefore , strengthening the extent of commercial bank credit , shortening the debt maturity are conducive to inhibit the excessive investment behavior .%以沪深两市2008-2013年A股上市的房地产企业为样本,借鉴Richardson的过度投资模型,检验我国房地产上市公司债务融资与过度投资之间的关系。研究发现,我国房地产上市公司存在过度投资现象,债务融资可以有效抑制房地产企业的过度投资行为。从债务期限的角度分析,短期借款对过度投资的抑制作用较强,长期借款对过度投资的约束作用较弱。增强银行信贷的商业化程度、缩短债务期限,有利于抑制我国房地产企业的过度投资行为。

  19. 民营上市公司内部控制信息披露状况及影响因素%A Research on the Disclosure Situation of Internal Control Information of Listed Private Companies and its Influencing Factors

    Institute of Scientific and Technical Information of China (English)

    王璐; 胥月

    2011-01-01

    以2008年与2009年深市主板民营上市公司为例,对内部控制信息的披露现状进行研究发现,我国民营上市公司内部控制信息披露在《企业内部控制基本规范》出台后,披露的合规性及自觉性提高,但披露的水平仍旧较低,披露动机不足。同时还发现,民营上市公司的董事会特征、公司规模以及独立审计监督机制、市场竞争机制对于内部控制信息披露行为具有显著影响。%Taking the listed private companies of Shenzhen board market in 2008 and 2009 as example,in this essay,we make a research on the present disclosure situation of internal control information,and find out that with the formulation of the Promulgation of Standards of Internal Control,the compliance and consciousness of the listed private companies'internal control information disclosure have been enhanced,but the disclosure still remain in a low level and the motivation is insufficient.And we also find out that the features of the board of directors,the scale of the company,the independent audition and supervision mechanism,and the market competition mechanism has a remarkable influence on the internal control information disclosure of the listed private companies.

  20. 本土服装上市公司的多元化发展困境与解决思路%Research on the Diversiifed Development of Locally Listed Apparel Companies:Dilemma and Solutions

    Institute of Scientific and Technical Information of China (English)

    王革非

    2014-01-01

    Along with the step-by-step withdrawal of U.S. QE, the contraction of China’s banking credit scale and also the weakening financing function of the real estate market and capital market, locally listed apparel companies are facing increasing constraints when extending their business to the high-profit fields such as the real estate industry. However, under the background that the apparel industry is losing competitive advantages and the difficult situation of the apparel industry is hardly improved, the diversified development model adopted by clothing listed companies will exist in a very long period of time, and comparatively speaking, the incremental related diversification strategy could be used as the preferred strategic choice for listed apparel companies.%随着美国QE逐步退出、我国银行信贷规模收紧、房地产及资本市场融资功能转弱,本土服装上市公司向地产等高收益领域的多元化发展受到制约。然而在服装业比较优势走弱不可逆转、行业大环境难以改善的背景下,服装上市公司的多元化发展模式依然会长期存在,但相较而言,增量式同界异业相关多元化发展模式或可作为服装上市公司的战略首选。

  1. A relative study on assets structure and firm performance of listed companies in Hunan Province%湖南省上市公司资产结构与公司绩效的相关性研究

    Institute of Scientific and Technical Information of China (English)

    杨远霞

    2014-01-01

    以2003-2012年间湖南省上市公司为样本,采用多元线性回归对其资产结构与公司绩效之间的关系进行了实证研究。结果表明,湖南省上市公司流动资产比率与公司绩效呈微弱的正相关关系,固定资产比率对公司绩效的影响不显著,总资产周转率与公司绩效呈显著正相关关系。研究还发现,公司规模与公司绩效呈显著正相关关系,资产负债率与公司绩效呈显著负相关关系。%In recent years, the capital structure is increasingly concerned by scholars, and becomes a hot issue. But study of the relationship between capital structure and corporate performance is not enough, and the object of current study in China is mainly the whole of listed companies or an industry, instead of in a provincial area. Based on the listing corporations in Hunan Province from 2003 to 2012, this paper uses multiple linear regression to study the relationship between the assets structure and Firm Performance. The results show that there is weak positive correlation between current assets ratio and corporate performance, the effect of fixed assets ratio on corporate performance is not significant, and that there is significantly positive correlation between the total assets turnover and the company performance. The study has also found that there is significantly positive correlation between the scale of the company and company performance, and significantly negative correlation between debt ratio and corporate performance is found as well.

  2. 大股东侵害与上市公司资产评估偏差%Tunneling motivation of large shareholder and the bias of asset valuation of listed companies

    Institute of Scientific and Technical Information of China (English)

    周勤业; 夏立军; 李莫愁

    2003-01-01

    Using the data of the abstracts of asset valuation reports disclosed during 2001 and 2002 by the liated companies of Shanghai Stock Exchange, this paper investigates the relationship between the tummeling motivation of large shareholder and the bias of asset valuation. Our result shows that, when the listed compenies receive the asset to be valuated, the value increase rate of asset valuation is significantly higher in the transaction with large shareholder than it in the transaction with other parties, implying that the tunneling behavior of large shareholder through manipulating the asset valuation is prevalent.

  3. 我国高科技上市公司无形资产现状令人担忧%The Warrying Situation of Intangible Assets of Listed High Technology Companies of China

    Institute of Scientific and Technical Information of China (English)

    梁莱歆

    2003-01-01

    The intangible asset is an important one for exist and development of High-tech enterprises. This paper based on the annual financial report of listed companies in 2001, disclosed and analyzed the intangible assets' level and its proportion in total assets. Making statistical analysis on the spreading of intangible assets and its structure by statistical target such as average and standard deviation. Point out the chief problems in present situation of intangible assets. Thinking that the enterprises should change idea and strengthen the management of intangible asset by improves evaluation method of intangible asset, setting up the periodic evaluation system and benefit evaluation system.

  4. Construction of Financial Crisis Predicting Model for Listed Companies Based on Logistic Regression%基于Logistic回归的上市公司财务预警模型构建

    Institute of Scientific and Technical Information of China (English)

    吴英

    2011-01-01

    The paper passes certain finance index sign and the finance index sign data to construct the predicting model for listed companies by logistic regression analysis.Through examination,the model has proved to be of actual application value.%通过一定的财务指标,采用我国上市公司的财务数据,基于Logistic回归方法构建上市公司财务危机预警的模型,经过检验,具有一定的实际应用价值。

  5. Lithuanian health care in transitional state: ethical problems

    Directory of Open Access Journals (Sweden)

    Žekas Romualdas

    2005-11-01

    Full Text Available Abstract Background Throughout the economic and political reforms in post-communist countries, significant changes have also occurred in public morality. One of the tasks of the Lithuanian health policy is to create mechanisms for strengthening the significance of ethical considerations in the decision-making processes concerning health care of individuals and groups of individuals, as well as considering the positions of physicians and the health care system itself in a general way. Thus, health care ethics could be analyzed at two levels: the micro level (the ethics of doctor-patient relationships and the macro level (the ethics of health policy-making, which can be realized by applying the principles of equal access, reasonable quality, affordable care and shared responsibilities. To date, the first level remains dominant, but the need arises for our attention to refocus now from the micro level to the patterns of managing and delivering care, managing the health care resources, and conducting business practices. Discussion In attempting to increase the efficiency of health services in Lithuania, a common strategy has been in place for the last fifteen years. Decentralization and privatization have been implemented as part of its policy to achieve greater efficiency. Although decentralization in theory is supposed to improve efficiency, in practice the reform of decentralization has still to be completely implemented in Lithuania. Debates on health policy in Lithuania also include the issue of private versus public health care. Although the approach of private health care is changing in a positive way, it is obvious that reduced access to health services is the most vulnerable aspect. In the Lithuanian Health Program adopted in July 1998, the target of equity was stressed, stating that by 2010, differences in health and health care between various socio-economic groups should be reduced by 25%. Summary The restructuring of health care system

  6. Lithuanian health care in transitional state: ethical problems.

    Science.gov (United States)

    Jakusovaite, Irayda; Darulis, Zilvinas; Zekas, Romualdas

    2005-11-09

    Throughout the economic and political reforms in post-communist countries, significant changes have also occurred in public morality. One of the tasks of the Lithuanian health policy is to create mechanisms for strengthening the significance of ethical considerations in the decision-making processes concerning health care of individuals and groups of individuals, as well as considering the positions of physicians and the health care system itself in a general way. Thus, health care ethics could be analyzed at two levels: the micro level (the ethics of doctor-patient relationships) and the macro level (the ethics of health policy-making, which can be realized by applying the principles of equal access, reasonable quality, affordable care and shared responsibilities). To date, the first level remains dominant, but the need arises for our attention to refocus now from the micro level to the patterns of managing and delivering care, managing the health care resources, and conducting business practices. In attempting to increase the efficiency of health services in Lithuania, a common strategy has been in place for the last fifteen years. Decentralization and privatization have been implemented as part of its policy to achieve greater efficiency. Although decentralization in theory is supposed to improve efficiency, in practice the reform of decentralization has still to be completely implemented in Lithuania. Debates on health policy in Lithuania also include the issue of private versus public health care. Although the approach of private health care is changing in a positive way, it is obvious that reduced access to health services is the most vulnerable aspect. In the Lithuanian Health Program adopted in July 1998, the target of equity was stressed, stating that by 2010, differences in health and health care between various socio-economic groups should be reduced by 25%. The restructuring of health care system in Lithuania should be based on a balance between

  7. Research on Motivation Selection of Cash Flow Manipulation in Listed Companies%上市公司现金流操控动机选择研究

    Institute of Scientific and Technical Information of China (English)

    郭慧婷; 张俊瑞; 李彬

    2011-01-01

    Cash flow management is a new research topic on management fraud after earnings management. Based on previous research on cash flow threshold manipulation, this paper examines the managers'selection on cash flow thresholds by conditional distribution method, using statistics r and z to calculate frequency distribution and showing the results using histograms with the data from Chinese listed companies during 2004 - 2009, which include the analysts forecast value. According to the statistical results and distribution frequency histograms, it is found that there is hierarchy in the three thresholds selected by managers. That is the positive cash flow threshold is the most important, that is to say managers prefer to report the slight positive cash flow; the threshold of beyond previous period's cash flow is the second, and the threshold of analyst forecast is hard to find. This study also finds that managesr have multiple manipulation motivations, that is to say the managers are prone to make efforts to exceed another threshold when they have manipulated the cash flow to meet one threshold, which can be regarded "to be better".%对现金流管理的研究是继盈余管理后兴起的管理层舞弊行为研究.在已有关于现金流操控阈值点研究的基础上,以2004年至2009年有分析师预测值的中国上市公司为样本,运用条件分布法,采用统计变量Τ和z计算分布频率,并以分布频率直方图直观显示,分析上市公司在现金流量阈值点操控行为的动机选择.从统计结果和分布频率图可知,公司管理层对3个现金流阈值点确实存在不同选择.操控现金流微正的动机最强,即公司管理层更注重报告“微正”现金流量,其次是超越往年现金流量动机,而迎合分析师预测的动机最弱.研究还发现,管理层存在多重操控动机,即在控制已达到某一个阈值点之后,公司管理层更倾向达到另一个阈值点,存在“好上加好”的心理.

  8. Upstream Threat, Corporate Governance and Company Performance---Evidence from GEM Listed Companies%上游威胁、公司治理和公司绩效--基于创业板上市公司的经验证据

    Institute of Scientific and Technical Information of China (English)

    杨风

    2016-01-01

    本文以深圳证券市场2009-2014年创业板上市公司为研究样本,检验上游威胁、公司治理和公司绩效之间的关系,结果发现合理的公司治理机制安排能够提高公司的绩效,而上游威胁对某些公司治理机制产生了互补和替代作用。因此,要提高公司绩效、实现股东利益最大化,一方面要继续完善上市公司的治理机制,另一方面要发挥好上游威胁的治理作用,通过其与内部公司治理机制的配合来更有效地提高公司绩效。%By taking companies listed on Growth Enterprise Market ( GEM) in Shenzhen Stock Exchange between 2009 and 2014 as a sample, this article tests the relationship between upstream threat, corporate governance and the perform-ance of company. The result shows that reasonable corporate governance arrangement can improve the performance of company. Meanwhile, upstream threat has a complementary and alternative effect on corporate governance. Therefore, to improve corporate performance and maximize shareholders′ interests, it is necessary to continue to improve the govern-ance mechanism of listed companies. By the way, the governance of upstream threat can more effectively improve the per-formance of company through cooperation with the internal corporate governance mechanism.

  9. 交叉上市对现金持有与现金持有价值的影响——来自我国上市公司的经验证据%The Impact of a Cross-listing on the Level and the Value of Cash Holdings——Evidence from Chinese Listed Companies

    Institute of Scientific and Technical Information of China (English)

    张俊瑞; 程子健; 张健光

    2011-01-01

    Based on Fama-French(1998) and Fresard-Salva(2010) firm value regression model,using the sample of Chinese listed companies between 2005 and 2009,the impact of a cross-listing on the level and the value of cash are analyzed in this paper.The authors find that because of the improvement of shareholders' protection and the decrease of capital cost,the A+H cross-listed companies tend to hold less cash,while this phenomenon doesn't appear in A+B cross-listed companies.Besides,because of better growth opportunities and lower capital cost of cross-listed companies,less cash holdings and more investment are reasonably encouraged for these companies in order to enhance corporate value.%以2005~2009年我国上市公司为研究样本,借鉴Fama-French(1998)和Fresard-Salva(2010)的企业价值回归模型,考察了交叉上市对于企业现金持有及现金持有价值的影响。结果表明,在公司实现A+H股交叉上市后,由于投资者保护水平的提升以及融资成本的下降,企业的现金持有水平显著降低;而在A+B股交叉上市公司中,现金持有水平并没有显著降低。同时,由于交叉上市公司比非交叉上市公司的发展机会更好、融资成本更低,投资者更希望企业减持现金,适度加大投资,以进一步提升企业价值。

  10. The historical aspects and current issues of the development of Russian-Lithuanian economic relations

    Directory of Open Access Journals (Sweden)

    Kretinin Gennady

    2012-12-01

    Full Text Available This article focuses on development of Russian-Lithuanian economic ties. The research and practical significance of this study lies in the identification of the sources of modern Russian-Lithuanian economic cooperation and the prospects of future mutually beneficial economic relations. The first attempt at establishing economic relations was made in 1919. However, young Lithuanian Republic gravitated towards the West, severing ties with the Russian market. However, the initiatives of Lithuanian authorities did not result in successful state building, and the economic situation remained unchanged. The USSR leadership made an effort to improve the living conditions in post-war Lithuania. There were some mistakes made in the relations with the local population that resulted in Lithuanians’ resistance to sovietisation. However, in the conditions of post-war restoration of national economy and acute deficit of material and human resources, the Soviet leadership managed not only to reform and develop a socialistic economy in Lithuania but also to turn it into an industrial republic with developed agriculture and modern manufacturing facilities, whose major industries manufactured products used in nuclear and space technologies, aviation and navigation. The research shows that the post-Soviet period led to a dramatic change in Russian-Lithuanian economic relations; however, these relations retained potential for future development.

  11. Applying the Communicative Methodic in Learning Lithuanian as a Second Language

    Directory of Open Access Journals (Sweden)

    Vaida Buivydienė

    2011-04-01

    Full Text Available One of the strengths of European countries is their multilingual nature. That was stressed by the European Council during different international projects. Every citizen of Europe should be given the opportunity to learn languages life long, as languages open new perspectives in the modern world. Besides, learning languages brings tolerance and understanding to people from different cultures. The article presents the idea, based on the experience of foreign language teaching, that communicative method in learning languages should be applied also to Lithuanian as a foreign language teaching. According to international SOCRATES exchange programme, every year a lot of students and teachers from abroad come to Lithuanian Higher Schools (VGTU included. They should also be provided with opportunities to gain the best language learning, cultural and educational experience. Most of the students that came to VGTU pointed out Lithuanian language learning being one of the subjects to be chosen. That leads to organizing interesting and useful short-lasting Lithuanian language courses. The survey carried in VGTU and the analysis of the materials gathered leads to the conclusion that the communicative approach in language teaching is the best to cater the needs and interests of the learners to master the survival Lithuanian.

  12. Analysts Forecasts and Earnings Forecasts Strategy of Listed Companies in China%分析师预测与上市公司业绩预告策略选择

    Institute of Scientific and Technical Information of China (English)

    白雪莲; 张俊瑞; 王鹏

    2012-01-01

    Earning forecast is an important form of company information disclosure, providing future earnings information for in- vestors. However, some listed companies are forced to issue earnings forecasts in China. Therefore, there are only a few researches fo- cusing on the motivation to disclose the earnings forecasts for Chinese companies. Taking analysts' forecasts data during 2004 to 2010 as sample, this paper investigates whether institutional factor and analysts' forecasts could affect earnings forecasts strategy of listed companies in China. The results indicate that, most Companies choose to issue earnings forecasts when they meet the mandatory condi- tions; the companies with larger dispersion of analysts' forecasts will be more likely to release forecasts; the relationship between ana- lysts' forecasts error and the release probability of companies' earnings forecasts is positive, and the negative error enhances this posi- tive relationship.%业绩预告是上市公司信息披露的一种重要形式,能够为投资者提供有关公司未来业绩的信息。然而,由于我国业绩预告具有一定的强制性特征,因此国内关于业绩预告发布动机的研究较少。本文选取2004~2010年的分析师预测样本,研究了制度因素及分析师预测特征因素对业绩预告策略选择的影响。研究发现,大部分满足强制性发布条件的上市公司都能按规定发布预告;分析师预测分歧度越大的公司越倾向于发布预告;分析师预测误差与业绩预告发布的概率正相关,负向误差加强了两者之间的正相关关系。

  13. 我国上市公司微利区间的盈余管理行为%Earnings Management of Listed Companies in the Range of Meager Profits

    Institute of Scientific and Technical Information of China (English)

    侯剑平; 张颖

    2014-01-01

    为了规避监管以及提高市场形象的需要,国内上市公司尤其是微利上市普遍存在着盈余管理行为,盈余管理行为影响了投资者对公司真实价值的判断。为了更好的判断公司真实盈利,文中将盈余分布法与应计利润分离法相结合,研究了上市公司为避免出现亏损而进行盈余管理的行为,证实了净资产收益率在略高于零的区间内分布频数显著偏高的事实,并进一步揭示了微利上市公司盈余管理的程度。在盈余分布的修正中,创新性地采用样条插值的方法,克服了主观假设真实盈余分布的盲目性。研究结果表明国内上市公司在微利区间存在着明显的盈余管理行为,这种行为具有政策驱动的特征。研究丰富了盈余管理的理论,完善了上市公司盈余管理的研究方法。%In order to avoid regulation and to improve their market image ,earnings management is prevalent in China’s listed companies ,especially in the meager-profit companies .Earnings management affects investors’ judgments about the company ’ s true value .In order to better determine the true profitability of the company ,the paper presents a method w hich combine the earnings frequency distribution with the accrual separation .By this method ,the behavior of earnings management for some listed companies to avoid loss is studied .The study confirms that the frequency of ROE is significantly high in the range just above zero ,and reveals the level of earnings management of these meager-profit companies .The spline interpolation method is applied in the correction of the earnings frequency distribution ,which overcomes the blindness of subjective assumptions real earnings distribution .The results show that China’s listed companies have significant earnings management in the meager profit interval ,and this behavior has a policy-driven feature .T he study enriches the theory on earnings management ,and

  14. 债务重组对上市公司盈利的影响、特征和规律——公允价值计量模式下会计政策选择对上市公司的影响%The Characteristics and Rule of Debt Restructuring and Its Influence to the Earning of Listed Companies:The Impact of Accounting Policy Choice on Listed Companies under the Fair Value Measurement Model

    Institute of Scientific and Technical Information of China (English)

    翟胜宝

    2012-01-01

    Under the current system of accounting standards,the financial statements of listed companies which has debt restructuring in China 2007-2010 are used to study the impact of accounting policy choice,characteristics and laws on the quality of earnings of listed companies in the fair value measurement model.The research shows that the listed companies who implement the debt restructuring have a significant impact on their earnings;disclosure of the content of the debt restructuring transactions is gradually improved,but still not up to standard;the fair value of debt restructuring assets' reliability needs to be further improved;adjustment of profits in debt restructuring has changed,but the adjustment still exists and can not be ignored.This paper is devoted to enlighten the accounting policy choice and healthy development of listed companies,and take reference to the improvement of accounting standards and China's capital market regulatory system.%以现行会计准则体系为背景,运用我国上市公司2007年—2010年的财务报表数据,以上市公司债务重组准则的执行为代表,研究了公允价值计量模式下会计政策选择对上市公司盈利质量的影响、特征和规律。研究发现:上市公司实行债务重组对其盈利产生了较为显著的影响;债务重组交易内容的披露逐渐改善,但仍然不够规范;债务重组中抵债资产公允价值确定方法及金额公允价值可靠性仍值得探讨,需进一步提高;利用债务重组调节利润的情况有所改观,但仍存在,不容忽视。研究结论对于上市公司未来会计政策选择的理性思考与公司健康发展有启发意义,对我国资本市场的监管和会计准则体系的进一步完善也有参考价值。

  15. Charleso Dickenso kūrybos recepcija lietuvių literatūros kritikoje (III dalis | The Reception of Charles Dickens in Lithuanian Literary Criticism (Part III

    Directory of Open Access Journals (Sweden)

    Regina Rudaitytė

    2012-01-01

    affecting the further recep­tion of Dickens and putting many readers at large off his writing. Since the Soviet regime was abhorent to most people, they hated or at least looked with sus­picion at everything that was praised and promoted in Soviet times.The epic character of Dickens’s novels, the so­cial problems unfolded in them, realistic characteri­sation might have been a model for Lithuanian prose in the inter-war and in the Soviet periods; however, one would be hard pressed to trace direct influence of Dickens’s aesthetics on Lithuanian writers.Traditionally, Dickens is still highly regarded in the academic circles and his writing is the subject of seminars and lecture courses. Needless to say, in theory, Dickens, as a canonical writer, is on the shool reading-lists among other recommended writers and on the university curricula; practically, however, his writing is no longer popular today and is taught but sporadically. So what is Dickens today? Is there a new image of Dickens being shaped? For academ­ics, he is still a great English writer of the Victorian Age and a great humanist; for general readers, he is now mostly associated with the issue of poverty and particularly with Christmas. For the last few years Dickens’s name cropped up in the Lithuanian press in connection with the approaching Christmas. How­ever, no matter whether we speak about the so-called classic or the new, modernized image of Charles Dickens today, the scope of material devoted to his art and even recent translations of his works testify to his powerful presence in the popular Lithuanian imagination.

  16. Studies on Early Allergic Sensitization in the Lithuanian Birth Cohort

    Directory of Open Access Journals (Sweden)

    Ruta Dubakiene

    2012-01-01

    Full Text Available Cohort studies are of great importance in defining the mechanism responsible for the development of allergy-associated diseases, such as atopic dermatitis, allergic asthma, and allergic rhinoconjunctivitis. Although these disorders share genetic and environmental risk factors, it is still under debate whether they are linked or develop sequentially along an atopic pathway. The current study was aimed to determine the pattern of allergy sensitization in the Lithuanian birth cohort “Alergemol” (n = 1558 established as a part of the multicenter European birth cohort “EuroPrevall”. Early sensitization to food allergens in the “Alergemol” birth cohort was analysed. The analysis revealed 1.3% and 2.8% of symptomatic-sensitized subjects at 6 and 12 months of age, respectively. The sensitization pattern in response to different allergens in the group of infants with food allergy symptoms was studied using allergological methods in vivo and in vitro. The impact of maternal and environmental risk factors on the early development of food allergy in at 6 and 12 months of age was evaluated. Our data showed that maternal diet, diseases, the use of antibiotics, and tobacco smoke during pregnancy had no significant impact on the early sensitization to food allergens. However, infants of atopic mothers were significantly more often sensitized to egg as compared to the infants of nonatopic mothers.

  17. The Dynamics of Lithuanian-Polish Strategic Partnership

    Directory of Open Access Journals (Sweden)

    Pukšto Andžej

    2014-12-01

    Full Text Available The paper aims at identifying relations between the events which influence Lithuanian-Polish strategic cooperation, defining principal aspects of cooperation dynamics, and analysing recent challenges in relations between Lithuania and Poland. For the purpose of analysis the following objectives have been set: 1 to analyse the development of strategic partnership and political dialogue in bilateral relations; 2 to evaluate the importance of security, defence policy, and economic projects in cooperation between the states; 3 to assess the aspect of ethnic minorities in the context of bilateral relations. The authors of the paper seek to review the principal internal and external factors which affect bilateral cooperation between Lithuania and Poland. The following methods of analysis are used in the paper: public statements made by officials, document analysis and discourse formed by the media. The key areas of analysis are the development of political dialogue, strategic cooperation, security and defence policy, economic and energy cooperation, and questions of ethnic minorities in bilateral relations. Presently in the field there is a lack of thorough investigation of similarities and differences of strategic cooperation between Lithuania and Poland.

  18. Specifics of Communication in Lithuanian Voting Campaigns, 2012-2016

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    Mažylis Liudas

    2017-01-01

    Full Text Available The rapid growth of the numbers of unaffiliated voters and the internet users caused politicians’ interest in these audiences and the start of their activities in these communication channels by establishing more personalized relationships with voters. This paper aims to analyze the communication of main parties and their candidates in social media channel “Facebook” and in popular Lithuanian internet news media portals, such as delfi.lt, lrytas.lt and others before the Parliamentary elections in 2012 and the forthcoming 2016 Parliamentary elections. Both quantitative and qualitative aspects of campaign coverage in the media portals and Facebook are analysed. The paper addresses the following questions: How important are factors such as new party emergence, parallel referendum campaign, and activity of using social media for the final result of elections? How active were the politicians in the Facebook? What content dominated their profiles? How much personalized were their messages? What strategies were used for communication? Did the politicians aim at mobilizing or at persuasion the voters? Involvement of citizens, voters’ turnout and political results are linked with campaign arguments and the value normative environment. We conclude by providing the discussion on the noticed tendencies and possible improvements in the communication of candidates for the future.

  19. 上市公司资本结构与经营业绩相关性研究——以中部地区工业类上市公司为例%Research on Listed Company Capital Structure and Operating Performance Correlation--A Case Study of Central Region Listed Industrial Companies

    Institute of Scientific and Technical Information of China (English)

    董玲; 郭凯华

    2011-01-01

    以中部地区工业类上市公司2010年年报数据为研究对象,选取资产负债率和长期资本的负债率作为资本结构的代表变量,以每股收益、净资产收益率等指标作为经营业绩的代表变量,采用因子分析和回归分析的方法,对资本结构与经营业绩相关性进行了实证分析。结果表明:资本结构与经营绩效之间呈现出"倒U型"分布关系,企业应该从整体上降低负债规模,调整负债结构,以实现提升经营业绩的目标。%In this paper,we choose central region listed companies of 2010 Annual Report Data for the study,select the asset-debt ratio and long-term capital debt ratio as representative variable in capital structure,earnings per share and return on net assets ratio as representative variable in op- erating performance,apply factor analysis and empirical analysis methods to analysis the correla- tion of capital structure and operating performance. The results show that, the relationship be- tween capital structure and operating performance is showing" pour U" distribution, enterprise should reduce the debt scale, adjust indebted structure, convert short-term liabilities into long- term liabilities, finish the goal of improving operational performance.

  20. 上市公司信息环境和分析师的盈利预测——来自中国上市公司的经验证据%Information Environment of Listed Companies and Analysts' Earnings Estimates——Based on Empirical Evidence from Chinese Listed Companies

    Institute of Scientific and Technical Information of China (English)

    王霞; 袁树民

    2012-01-01

    分析师在证券市场中扮演着重要角色,而上市公司信息环境则直接将影响分析师作用的发挥。本文研究了我国上市公司信息环境对分析师预测行为的影响。实证研究表明:公司信息环境越差,证券分析师将越少使用历史会计信息,分析师向证券市场传递的增量信息就越多,相对历史会计信息而言,分析师预测信息的竞争力就越高。由于国内研究上市公司信息环境的文章相对较少,所以本文为国内分析师的盈利预测及相关研究提供了一个新视角。%Analysts play a major role in securities market, and the information environment of listed companies directly influences their work. This research analyzes the impact of information environment on analyst estimating results. Empirical study reveals that the worse the companies" information environment is, the less historical accounting information analysts will utilize, and consequently, the more incremental information analysts will pass to securities market, and then compared with historical information, the more competitive the estimated information from analysts will be. As articles of this kind are relatively few, this paper offers a new angle for analyst earnings estimates as well as the related study in our country.

  1. Experimental Corpus of the Lithuanian Local Dialect of Punsk in Poland. Examples of the Lexical and Semantic Annotation

    Directory of Open Access Journals (Sweden)

    Danuta Roszko

    2015-06-01

    Full Text Available Experimental Corpus of the Lithuanian Local Dialect of Punsk in Poland. Examples of the Lexical and Semantic Annotation In the article the author describes the experimental corpus of the Lithuanian local dialect of Puńsk in Poland (ECorp-of-Punsk. It is the first corpus of this type for the Lithuanian local dialect. The corpus consists of three subcorpora. The first one (referred to as fundamental contains utterances given by Lithuanians in the local dialect, the second one – utterances given by Lithuanians in Polish, the third one – aligned Polish-dialectal texts.  The texts recorded in the years 1986–2012 have been included in the Ecorp-of-Punsk resources.

  2. Open Source Telecommunication Companies

    Directory of Open Access Journals (Sweden)

    Peter Liu

    2007-08-01

    Full Text Available Little is known about companies whose core business is selling telecommunications products that lever open source projects. Open source telecommunications (OST companies operate in markets that are very different from typical software product markets. The telecommunications market is regulated, vertically integrated, and proprietary designs and special chips are widely used. For a telecommunications product to be useful, it must interact with both access network products and core network products. Due to specifications in Service Agreements Levels, penalties for failures of telecommunications products are very high. This article shares information that is not widely known, including a list of OST companies and the open source projects on which they depend, the size and diversity of venture capital investment in OST companies, the nature of the commercial product-open source software and company-project relationships, ways in which OST companies make money, benefits and risks of OST companies, and competition between OST companies. Analysis of this information provides insights into the ways in which companies can build business models around open source software. These findings will be of interest to entrepreneurs, top management teams of incumbent companies that sell telecommunications products, and those who care about Ontario's ability to compete globally.

  3. 我国上市公司风险因素与财务报表舞弊预测%Risk Factors and Fraud Prediction of Financial Statement in China′s Listed Companies

    Institute of Scientific and Technical Information of China (English)

    赵自强; 陈曦

    2013-01-01

    In this study , we examine an array of potential fraud risk factors in order to identify a comprehensive set of co -existent factors that are consistently linked to the incidence of financial statement fraud with the help of current financial data in China′s listed companies .Further , using the identified fraud risk factors , we construct a reasonable fraud predic-tion model to accord with fraud prediction of financial statement in China′s listed companies.Therefore, the research shows that traditional financial statement can no longer meet the need of detecting fraud .%本文结合我国上市公司现有的财务数据,通过检测一系列潜在的舞弊风险因素以确定一套始终与财务报表舞弊发生相关联的因素,通过对舞弊风险因素及财务报表舞弊预测模型进行研究,并使用这些舞弊风险因素构建合理的舞弊预测模型,以便符合对我国上市公司财务报表舞弊行为的预测。因此,这一研究表明传统的财务报表已经不能满足检测舞弊的需要。

  4. Research on Relationship between Investment and Cash Flow of Listed Manufacturing Companies of Different Scale%不同规模制造业上市公司投资与现金流关系研究

    Institute of Scientific and Technical Information of China (English)

    朱洁

    2012-01-01

    本文对制造业上市公司在不同规模下投资与现金流关系进行了理论分析;其次以我国沪深两市制造业上市公司2004~2007年的财务数据为样本,以企业规模为分组标准,利用实证检验投资与现金流之间的关系.通过理论分析和实证研究,得知与大规模企业相比,小规模企业投资对现金流依赖性更强.%this paper conducted the theoretical analysis on investment and cash flow for listed manufacturing companies in different scale, and then examined the relationship between investment and cash flow with the enterprise scale as grouping criteria, taking financial data of China's Shanghai and Shenzhen listed manufacturing companies during 2004 to 2007 as sample. Through theoretical analysis and empirical research, it obtains small-scale enterprises have stronger dependence on cash flow compared with large-scale enterprises.

  5. Private Listed Companies ’ Dividend Policy based on Catering Theory%基于迎合理论的民营上市公司股利政策研究

    Institute of Scientific and Technical Information of China (English)

    李波

    2015-01-01

    An explanation of dividend called catering theory was brought forward which relaxes the assumption of market efficiency by Mr. Baker and Mr. Wurgler , two American scholars. They thought managers rationally cater to investor demand on dividend policy. In this paper, the features of dividend policy in Chinese private listed companies were analyzed by statistical data based on catering theory. Then the empirical results revealed whether the catering theory can explain Chinese private listed companies ’ dividend policy.%美国学者Baker和Wurgler在股利政策研究上放宽了关于市场有效性的假定,提出了著名的迎合理论(Catering Theory of Dividends)。他们认为管理层为了增加公司股价,会理性地迎合投资者对股利的需要。本文即是基于迎合理论来对我国民营上市公司股利政策进行实证分析,探讨迎合理论在中国的适用性。

  6. 上市公司投资者关系管理对投资满意的影响%An Empirical Investigation of Investor Relations Management and Investor Satisfaction in Listed Companies

    Institute of Scientific and Technical Information of China (English)

    李枫; 汪克夷

    2009-01-01

    在回顾国内外相关研究的基础上,分析了投资者关系管理对投资满意的作用,构建了相应的理论模型,并以241家上市公司投资者为样本进行了实证检验.实证研究表明,投资者关系管理对于治理结构、财务绩效、投资满意均有积极的促进作用;而且投资者关系管理还通过治理结构与财务绩效间接影响投资满意.%Based on the review of the relevant researches in the field of investor relation's management,this research analyzed the relationship between investor relation's management and investor satisfaction,developed a theoretical model,and gave an empirical test.A sample of 241 investors of listed companies was used to test the model we presented.The result indicates that investor relation management has a positive effect on governance structure,financial performance and investor satisfaction.At the same time,listed companies'governance structure and financial performance play important roles in building and sustaining investor satisfaction.

  7. 中国上市公司融资偏好问题的分析与研究%Analysis of & Researches on the Financing Preferences of Listing Companies in China

    Institute of Scientific and Technical Information of China (English)

    者贵昌; 郑曦

    2013-01-01

      The feasibility of financing structure in a listing company not only casts immediate influence on its performance and the interest of shareholders,but also impacts the stable development and secure operation of the stock market.This paper,based on the theory of conventionally optimized priorities in financing,probes into the existing situations,causes and impacts of financing preferences in listing companies in China,so as to suggest the rectifying strategies for their practice.%  对上市公司来说,融资结构是否合理,不仅直接影响上市公司的经营业绩和股东权益,而且关系到证券市场的稳定发展与安全运行。依据上市公司融资的常规优先顺序理论,对中国上市公司存在融资偏好的现状、成因及影响进行剖析,进而提出上市公司融资偏好行为的矫正思路。

  8. Research on Capital Allocation Efficiency of Listed Companies in the Wuhan City Complex%武汉城市圈上市公司资本配置效率研究

    Institute of Scientific and Technical Information of China (English)

    黄晓波; 朱鹏

    2012-01-01

      武汉城市圈上市公司的发展壮大,一方面取决于资本总量的积累,另一方面取决于资本配置效率的提高。对2005—2009年武汉城市圈上市公司资本配置效率的实证研究表明,固定资产净值(投资额)和利润总额(盈利额)显著正相关,利润的增加会引起投资的增加,而且利润对投资的引致作用成增大趋势,资本配置的效率趋于提高。%  The development and growth of listed companies in the Wuhan city complex depend on both the amount of capital accumulation and the efficiency of capital allocation.The empirical study on the efficiency of capital allocation for 2005—2009 listed companies in the Wuhan city complex shows that net fixed assets(investment) and total profit (profit amount) is significantly positively relative,and the increase in total profit leads to the increase in investment,and the leading effect of profit on investment becomes growing,the efficiency of capital al-location becomes higher.

  9. EMPIRICAL RESEARCH ON MACROECONOMIC FACTORS INFLUENCES ON CAPITAL STRUCTURE OF LISTED AGRICULTURAL COMPANIES%宏观经济因素对我国农业上市公司资本结构影响的实证分析

    Institute of Scientific and Technical Information of China (English)

    马巾英

    2011-01-01

    农业上市公司的资本结构是否合理对公司的发展起着很重要的作用.而资本结构不止受到企业规模、盈利能力、成长能力等企业内部因素的影响,而且还会受到外部经济环境的影响.主要从经济增长、通货膨胀、政府财政支出、实际利率水平等宏观经济因素来分析对我国农业上市公司资本结构的影响.%Whether the capital structure of the agricultural listed company is reasonable or not plays a significant role in their development .But the capital structure is not only effected by the internal business factors such as business scale, profitability, growth ability and so on, but also influenced by the external business environment.This paper describes how the external economic environment influences the capital structure of agricultural listed companies, especially macroeconomic factors such as economic growth, inflation, government expenditure,real interest rate etc.

  10. Life Cycle Based Design and Product Development: Application of LCA to Lithuanian Industry

    Directory of Open Access Journals (Sweden)

    Visvaldas VARŽINSKAS

    2011-01-01

    -family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;} The paper is based on some of the results of the project "Implementation of Green Product Development in the Baltic Sea Region and Establishment of Green Company Clusters in Latvia, Lithuania and Russia with Strong Links to Sweden". Life cycle assessment (LCA, as a tool for environmental evaluation of the product system has never been used before in Lithuanian industry. The main goal of this study has been to make an attempt of introducing LCA to the product development process. In the first phase LCA is applied to a selected group of products in different industry sectors. In the second phase the LCA results are used for readjusting the product, its eco-design or its environmental performance declaration development. Despite the limited capacity and lack of incentives, the companies have been satisfied with the project results in terms of the acquired knowledge, particularly in respect to the opportunities for cleaner production innovations. The paper presents a new calculation model used in LCA research, a LCA model of an environmental impact of electricity production in Lithuanian national electricity grid and discusses the experience gained in successful implementation of LCA tools in Lithuanian industry

  11. Study on the synergistic effect of merger and acquisition among the listed pharmaceutical companies in China%我国医药上市公司并购协同效应研究

    Institute of Scientific and Technical Information of China (English)

    李梦真; 邱家学

    2015-01-01

    Objective: To evaluate the synergistic effect of merger and acquisition (M&A) among the listed pharmaceutical companies so as to provide a reference for M&A practice of pharmaceutical companies in China. Methods:The empirical research of M&A synergistic effect among the listed pharmaceutical companies was performed by selecting the M&A events among the listed pharmaceutical companies from 2009 to 2011 as research samples and using the factor analysis. Results and Conclusion:The M&A synergistic effect generally appears in the ifrst year after M&A and its aging is short and can not last longer. The synergistic value in the second year after M&A is lower than that in the ifrst year. In addition, the time and target of M&A and the way of payment will also affect the constancy of synergy effect.%目的:评价医药上市公司并购协同效应的效果,为我国医药上市公司并购实践提供参考。方法:以2009-2011年我国医药上市公司发生的并购事件为研究样本,运用因子分析法,对我国医药上市公司的并购协同效应进行实证研究。结果与结论:我国医药上市公司的并购协同效应一般产生在并购后1年,且这种协同效应的作用时效较短,并不能长期持续,在并购后第二年,协同效应值相比第一年呈现不同程度的下滑;另外,协同效应的持续性也会随并购年份、支付方式和并购标的的不同而发生变化。

  12. The Application of Financial Crisis Alert System for Listed Companies by Introducing Breach Distance%引入违约距离的上市公司财务危机预警应用

    Institute of Scientific and Technical Information of China (English)

    潘彬; 凌飞

    2012-01-01

    Nowadays,the researches on the financial crisis alert system of listed companies mainly focuses on the index of the financial ratio,while the influence of the non-financial indexes including stock price and its fluctuation,enterprises’ operating efficiency,the regulation of macro factors,structure of the stock right has been neglected.This paper attempts to differentiate from other researches of the same category,in which a comprehensive dynamic financial crisis alert model which integrates financial index,company management index and breach distance index into an organic whole is established on the basis of KMV model that is set in a model of an option pricing with the addition of an index that reflects stock prices and fluctuation rate of listed companies.This paper also testifies the applicability and effectiveness of the breach distance index in the alert system of financial crisis of listed companies based on factual demonstration.%目前关于上市公司财务危机预警的研究大多数偏重于财务比率指标,忽略了股票价格及波动、企业的经营效率、宏观因素的制约、股权结构等非财务指标的影响。本文尝试区别同类文献研究,在KMV模型的基础上嵌入期权定价模型,通过加入反映上市公司股票价格和波动率的违约距离指标,建立一个相对动态的集财务指标、公司治理指标和违约距离指标于一体的综合财务困境预警模型。在实证基础上检验违约距离指标对于上市公司财务困境预警的适用性及有效性问题。

  13. Research on Cash Dividend Changes of Chinese Listed Companies Based on Catering Theory%基于迎合理论的中国上市公司现金股利变更性研究

    Institute of Scientific and Technical Information of China (English)

    林川; 杨柏; 代彬

    2016-01-01

    基于现金股利变更的动态视角,利用2000-2013年度中国证券市场的数据,分别从市场整体迎合与上市公司单个迎合方面,实证检验了迎合理论在中国证券市场的适用性。研究发现,迎合理论能够作为解释中国上市公司分配现金股利的原因。从市场整体状况来看,上市公司的当年度现金股利意愿与上年度的市场股利溢价之间存在明显的相同趋势,而从上市公司状况来看,若上市公司的现金股利意愿与市场股利溢价水平之间的差距越大,则更有可能变更现金股利形式以迎合证券市场投资者的需求。%Based on cash dividend changes'dynamic perspective , this paper uses Chinese securities market data between 2000 and 2013 to empirically test catering theory's applicability in Chinese securities market in terms of market catering and single company catering.The study finds that catering theory can be used to explain why a listed company distribute cash divi -dend.From the point of market overall situation , there is an obvious correlation between the current cash dividend intention and last year's dividend premium of the market.From the point of the listed company status , the bigger the gap between the cash dividend intention and the dividend premium is , the more likely the listed companies are to change the cash dividend form to meet the demand of stock market investors.

  14. STOCK EXCHANGE LISTING INDUCES SOPHISTICATION OF CAPITAL BUDGETING

    OpenAIRE

    Wesley Mendes-da-Silva; Richard Saito

    2014-01-01

    This article compares capital budgeting techniques employed in listed and unlisted companies in Brazil. We surveyed the Chief Financial Officers (CFOs) of 398 listed companies and 300 large unlisted companies, and based on 91 respondents, the results suggest that the CFOs of listed companies tend to use less simplistic methods more often, for example: NPV and CAPM, and that CFOs of unlisted companies are less likely to estimate the cost of equity, despite being large companies. These finding...

  15. A Study of the Impact of Listed Companies Managers, Self -Interest Motivation on Operating Performance%上市公司经理人自利动机对经营绩效的影响研究

    Institute of Scientific and Technical Information of China (English)

    张涛; 袁翠娟

    2015-01-01

    经理人自利动机近年来一直受到学术界和实务界的关注,公司经理人自利行为对企业各个方面都会产生影响,因此上市公司经理人自利动机对经营绩效产生什么样的影响以及影响如何将是国内外公司理财领域研究的前沿热门课题,具有重要的理论和现实意义。以2011-2013年沪深两市上市公司 A 股的样本数据为样本,研究了在不同的经营绩效水平下,经理人自利动机对其经营绩效会产生的不同影响。%In recent years managers'self -Interest motivation has been concerned by academia and practitioners,and the selfish be-havior of company managers will impact on all aspects of business,so it would be a cutting -edge hot topic of research in the domestic and foreign corporate finance field to study managers of listed companies on the kind and extent of impact on business performance from their self -Interest motivations,which has important theoretical and practical significance.Based on the 2011 -2013 data of Shanghai and Shenzhen A shares listed companies in China as samples,we studied the different effects the selfish motives of managers may gen-erate under different levels of business performance.

  16. 广告投入与企业绩效——基于酿酒上市公司的实证分析%Advertising Investment and Business Performance——An Empirical Study on Saccharomyces Listed Companies

    Institute of Scientific and Technical Information of China (English)

    许晖; 王宣喻

    2013-01-01

    As an effective way in business completion, advertising are getting more and more attention by big companies. However, will more ad spending bring better business performance? The article built the advertising model at first, and then used the related data of wine listed companies to explore the relationship between the wine industry advertising spending and its business performance. The results showed that: advertising investment is not as much as better. The optimal investment ratio of advertising spending and product sales is 11.06%. The conclusion is helpful to the advertising spending in wine listed companies, which can improve the rational thinking in the corporate advertising, and thus more efficient to improve business performance.%广告作为企业竞争的有效手段之一,越来越被各大企业所重视.然而,广告投入越多,企业绩效越好吗?运用酿酒上市公司的相关数据,本文构建广告投入模型分析了酿酒行业广告投入与经营绩效的关系.研究结果显示:企业的广告投入并不是越多越好,广告费用对产品销售额的最优投入比值是11.06%.该结论对酿酒企业在广告投入量上具有一定的参考价值,有助于提升企业广告投放中的理性思考,从而更有效率地提升企业经营绩效.

  17. Empirical Study on Influence Factors of Capital Structure of Chinese Real Estate Listed Companies%我国房地产上市公司资本结构影响因素研究

    Institute of Scientific and Technical Information of China (English)

    张红; 李林峻; 陈嘉伟; 李维娜

    2015-01-01

    This paper will make theoretical analysis on influence factors of capital structure of Chinese real estate listed companies and put forward hypotheses to be tested,then make empirical analysis with a panel data model,based on a sample of 48 Chinese real estate list companies from 2008 to 2014.The results show that among company characteristic factors,company size and growth ability have significantly positive effect on capital structure,profitability and asset liquidity have significantly negative effect on capital structure,operation capacity,collateral value of assets and non-debt tax shield show no significant effect.In terms of company governance factors,ownership concentration shows significant negative correlation with capital structure,while managerial ownership,board size and independent directors have no significant effect.Among macro-economic factors,supply of money has significantly positive effect on capital structure,interest rate and inflation have no significant effect.%针对我国房地产上市公司资本结构的影响因素进行理论分析并提出待检验假设,采用面板数据分析方法,以2008-2014年我国48家房地产上市公司数据为样本,进行实证检验.研究结果表明,公司特征因素中,公司规模、成长能力与资本结构显著正相关,盈利能力、资产流动性与资本结构显著负相关,经营能力、资产担保价值、非债务税盾对资本结构无显著影响;公司治理因素方面,股权集中度与资本结构显著负相关,管理层持股比例、董事会规模、独董比例与资本结构无显著影响关系;宏观经济因素中,货币供应量与资本结构呈显著正相关,利率和通货膨胀则对资本结构没有显著影响.

  18. A Research into the Influencing Factors of Major Shareholders' Capital Occupying in Listed Companies%民营上市公司大股东资金占用影响因素研究

    Institute of Scientific and Technical Information of China (English)

    蒋芳春; 张煊

    2011-01-01

    Chinese private listed company generally adopt the pyramid shareholding structure,so the control right and cash flow right are separate.In order to obtain their own benefits,major shareholders occupy the capital of the company by various means,but it has hampered companies' progress.This paper use data of 371 listed companies with pyramid structure.The empirical results indicate that the influencing factor of major shareholder's capital occupying include the first big shareholder's shareholding ratio,separation factor,the degree of checks and balances equity,managers shareholders ratio and debt rate.In addition,comparative research between normal company and ST company found that the first big shareholder's shareholding ratio,the degree of checks and balances equity,debt rate and years have different effects on major shareholders' occupying.%我国采取金字塔控股方式的民营上市公司以实现自身利益最大化为目标,通过各种手段占用上市公司资金。针对沪深两市371家具备金字塔结构的民营上市公司的实证研究发现,大股东资金占用的影响因素主要有第一大股东持股比例、分离系数、股权制衡度、管理者持股比例和资产负债率。在ST公司和正常公司的对比分析中,发现第一大股东持股比例、股权制衡度、资产负债率和公司上市年限对大股东资金占用率的影响存在差异。

  19. An Empirical Analysis on M&A Performance for different types of Chinese Listed Companies%中国上市公司的不同类型并购绩效的实证研究

    Institute of Scientific and Technical Information of China (English)

    叶杰君

    2012-01-01

      本文通过研究2009年我国上市公司发生并购活动的121个样本,采用事件研究法,对并购事件按所处行业不同分为横向、纵向和混合并购进行划分,从这角度对公司绩效的影响进行分析。分析结果表明:在短期内,横向购并的绩效是最好的,能给公司带来超常收益,而混合并购的绩效是最差的。%  This article through studies of the listed companies in China in 2009 occurred 121 samples of merger and acquisition activity, by adopting the event study of the acquisition of events in a different industry in divided into horizontal, vertical and mixed M&A division, from the angle to analyze the effect of the performance of the company. The analysis results show that:in the short term, the horizontal merger performance is the best, can bring to the company abnormal returns, and mixed merger performance is the worst of all.

  20. Merger and Acquisition Effects of Extractive Industries Listed Companies and Their External Development%我国采掘业上市公司并购绩效及其外部扩张

    Institute of Scientific and Technical Information of China (English)

    叶祥松; 卢春城

    2011-01-01

    The research objects are the companies of extractive industries listed companies which happened M&A in 2008.Compared to data of the entire industry and the companies without M&A, using the method of data envelopment analysis (DEA),we analyze the performance of M&A in long term. The results shows, M&A activity in the short term will reduce the enterprise performance, but in the long term, it will be helpful to enhance corporate performance.%筛选沪深两市采掘业上市公司中在2008年发生并购的公司作为样本,对比全行业和未发生并购企业数据,采用数据包络分析方法(DEA)对长期并购绩效进行分析。研究结果显示,并购活动在短期内会对企业造成绩效冲击,但长期来看,并购有利于公司绩效的提升。

  1. Research of consistency of risk information disclosure and its influencing factors in dual listed company%双重上市公司境内外风险信息披露一致性及其影响因素

    Institute of Scientific and Technical Information of China (English)

    张曾莲

    2014-01-01

    Through dual paired T-test on 21 dual listed companies'113 samples (over 2000 risk records),we found they were basically consistent in risk disclosure in two stock markets and they were basically consistent in risk response.Through regression analysis in concordance rate of risk information disclosure,same rate of risk information disclosure and its influencing factors, we found scale,risk level,asset-liability ratio,book-to-market ratio,listed locations,industry and annual report will affect consistency of risk information disclosure in dual-listed companies.%通过对21家双重上市公司113个样本2000多条风险记录的两配对样本T检验发现,其境内外风险披露基本一致,对风险的描述基本一致,对风险的应对也基本一致。通过风险信息披露一致率、风险信息披露相同率与其影响因素的回归分析发现,规模、风险水平、资产负债率、账面市值比、境外上市地点、行业和年度会影响双重上市公司境内外风险信息披露的一致性。

  2. Interpretation of Control Transfer of Listed Companies via Market Activities%以市场行为为基础研究上市公司控制权的转移

    Institute of Scientific and Technical Information of China (English)

    李文杰

    2012-01-01

    采用配对的方法,对2006--2008年发生控制权转移的上市公司特征进行研究。研究发现,以市场为基础,一般用于解释上市公司控制权发生转移的战略动机理论假设、约束理论假设、价值低估理论假设等都没有得到相应的支持,主营业务收入增长率、主营业务利润率、每股收益、管理费用率、资产周转率和股价/每股净资产等指标也不能对上市公司是否会发生控制权转移进行解释和预测。%The paper employs the pairing method to study the characteristics of listed compa- nies with the control transfer from 2006 to 2008. The study does not support the generally used and market-based theories having been employed to explain the control transfer of the listed companies such as the Strategic Motivation Hypothesis, the Constraint Hypothesis, the Under- estimated Value Hypothesis. Still, the main business income growth rate, the main business profit margins, earnings per share, the management expense ratio, asset turnover and price/ net assets per share indicators fail to interpret and predict the control transfer in the listed companies.

  3. Lithuanian and Russian child-directed speech: Why do we ask young children so many questions?

    OpenAIRE

    Victoria V. Kazakovskaya; Ingrida Balčiūnienė

    2012-01-01

    The main objective of the study was to identify and compare the variety and distribution of interrogatives in Lithuanian and Russian child-directed speech (CDS) from the perspective of the functional and structural characteristics of questions addressed to young children. The analysis was based on the longitudinal data of two monolingual typically developing children, a Lithuanian girl (2;0–2;8) and a Russian boy (2;0–2;8). The transcribed corpus of conversations between the children and thei...

  4. Letter Frequency Analysis of Lithuanian and Other Languages Using the Latin Alphabet

    Directory of Open Access Journals (Sweden)

    Gintautas Grigas

    2015-12-01

    Full Text Available It is important to evaluate specificities of alphabets, particularly the letter frequencies while designing keyboards, analyzing texts, designing games based on alphabets, and doing some text mining. In order to adequately compare lettter frequences of Lithuanian language to other languages in the Internet space, Wikipedia source was selected which content is common to different languages. The method of letter frequency jumps is used. The main attention is paid to the analysis of letter frequencies at the boundary between native letters and foreign letters used in Lithuanian and other languages.

  5. 外资参股与上市公司价值——基于非平稳面板数据的实证分析%On Foreign Equity Participation and Value of Listed Companies ----Based on Non-stationary Panel Data Analysis

    Institute of Scientific and Technical Information of China (English)

    苏国强

    2011-01-01

    In this paper, the author empirical analyzes the relationship between foreign equity participation and the value of listed companies, by using quarterly data of sample companies since 2002. The empirical results show that foreign equity participation has a significant positive effect on value of listed company, indicating the value of listed company getting a significant upgrade after foreign equity participation. Meanwhile, the author also confirms that the national income growth, inflation and money supply are positively correlated with the value of listed companies, but the RMB exchange rate negatively correlated with the value of listed company. Based on the empirical analysis, the author proposes a solution to enhance the value of listed companies.%该文采用样本公司2002年以来的季度数据,实证分析了外资参股与上市公司价值之间的关系。实证结果表明,外资参股对上市公司价值有着显著的正向影响,说明外资参股后上市公司价值得到了显著提升。同时,该文也证实了国民收入增长率、通货膨胀率和货币供应量都与上市公司价值正相关,但人民币汇率与上市公司价值负相关。在实证分析的基础上,该文提出了提升上市公司价值的建议。

  6. 上市公司的科技投入对公司绩效的贡献度研究%Research on the Contribution of Science and Technology Investment to Company Performance of Listing Corporation

    Institute of Scientific and Technical Information of China (English)

    罗声明

    2014-01-01

    科技创新是经济发展、社会进步的动力源泉,坚定发展自主创新是我国上市公司提高核心竞争能力的必由之路。本文以科学地评价科技投入对我国上市公司绩效的贡献度为核心研究内容,遴选了 R&D 科技投入和其它科技投入及其派生指标作为科技投入的表征变量,遴选了产品销售收入、净利润、净资产收益率、每股收益率及其增长率作为公司绩效的表征变量,并通过相关分析和回归分析展开了实证分析。实证分析的结论表明,科技投入和我国上市公司绩效之间存在一定的关联,但影响作用并不明显。针对这一实际问题,本文给出了相应的政策建议,以期让科技投入更好地促进上市公司绩效的提升。%Technology innovation is the source of economic development and social progress . Independent innovation is the route which can improve the core competition ability of listing corporation .In this paper ,the contribution of science and technology investment was researched for company performance of listing corporation . R&D investment and other investment have been selected as the variables which can express science and technology investment ,and four variables are also selected to express company performance of listing corpo-ration such as product sales revenue ,net profit , return on net assets ,and earnings per share .Empirical analysis show that there is a cer-tain correlation between science and technology investment and listing corporation performance ,but the effect is not obvious .According to this problem , corresponding policy recommendations have been given in order to make science and technology investment to better promote the listing corporation performance .

  7. Forecast of biogas generation in Lithuanian regional land fills

    Directory of Open Access Journals (Sweden)

    Brigita Šalčiūnaitė

    2015-10-01

    Full Text Available The amount of generated waste in Lithuania ranges from 35,000 tons to 261,865 tons per year. 35% of this quantity is biodegradable waste – i.e. about 27,830 tons/year. 75% of municipal waste in Lithuania is disposed in landfills. Such management of municipal waste is dangerous because of environmental pollution with the biogas and leachate, increased global greenhouse effect, and so on. From 1 ton of landfill waste it is possible to get about 10 m3 of landfill gas, after using it 13 kWh and 50 kWh of thermal energy could be made. There was presented in this article the estimated amount of biogas produced by Lithuanian regional landfills each separately and all co-production of biogas from landfills potential Lithuania, using the software LandGEM. Total volume of gas liberated in landfills ranges from 7.8 × 106 to 5.8 × 107 m3/year of methane and carbon dioxide in an amount ranging from 3.9 × 106 to 2.9 × 107 m3/year. Minimum quantities of biogas generated in Tauragės regional landfill – 7.8 × 106 m3/year, and the highest – Kaunas regional landfill – 5.8 × 107 m3/year. From the generated biogass it would be possible to yield 2,145 × 108 kWh of electricity and 8.25 × 108 kWh of thermal energy.

  8. Work Values of Lithuanian University Students: Internal Structure

    Directory of Open Access Journals (Sweden)

    Vincentas Lamanauskas

    2017-04-01

    Full Text Available Individual’s work values define his/her career purposefulness. Individual’s chosen work values allow foreseeing what activity context and career model is important for him/her, seeking to successfully realize oneself in professional activity. Planning his/her professional career an individual is searching for the activity sphere, which could conform not only to his/her personal features, but also to his/her value orientations. Work values important for the individual allow realizing if they form conditions for planning modern career (successfully solve constantly changing activity problems and to correspond to always new raised requirements for a person in the organisation or in labour market, the realisation of which in today’s constantly changing labour market and social context becomes more and more problematic. Empiric research was carried out seeking to discover the work (activity value structure. The research instrument was created by the authors of the research. Two hundred sixty five first-year students from three Lithuanian universities participated in the research. These are the main higher education institutions, preparing teachers in Lithuania. The obtained results show that work value structure of the first year students studying in social and humanitarian science programmes can be expressed by 6 main factors: responsible activity values, active work values, harmony values, reward values, activity style values, and social status values. Also, the main differences were ascertained between female and male work value structure. Responsible activity values, active work values and harmony values were much more important for female than male students.

  9. Comparison of Fitness Levels between Croatian and Lithuanian Students

    Directory of Open Access Journals (Sweden)

    Dario Novak

    2015-03-01

    Full Text Available The aim of this study was to determine and compare the level of individual anthropological characteristics of children in Croatia and Lithuania. The study examined height, weight, BMI and flexibility, explosive power and muscle endurance. The study included a total of 11,258 participants from two different countries. Of the total sample, 8,289 participants were from Croatia between ages 11 and 14 (mean age 12,5±1.5, of which 4,032 were male and 4,157 were female students. The other 2,969 participants were from Lithuania, also in the age range of 11-14 years (mean age 12,4±1.6, of which 1,504 participants were male and 1,456 females. During the 2009-10 school year, reserachers conducted measurements on students at different schools across Croatia. The same battery of tests was conducted in Lithuania during the same year. The results showed that the Croatian students have a higher body-mass, have higher BMI values and score better on tests of flexibility. Lithuanian students achieved better results in the repetitive strength test. Boys are taller, heavier and had higher BMI values as well as achieved better results in tests of explosive power and muscle endurance, while girls were more flexibile. Boys from Lithuania scored highest in all tests except in flexibility compared to boys in Croatia. Girls from Lithuania are thinner, have lower BMI and achieve better results in repetitive test of strength than girls in Croatia. Age was shown as a significant factor in the increase in all tested variables.

  10. 基于EVA方法的创业板上市公司绩效评何探讨%Discussion on the Performance Evaluation of GEM Listed Companies based on the Method of EVA

    Institute of Scientific and Technical Information of China (English)

    周佰成; 秦江波; 张倩

    2011-01-01

    相对主板市场而言,由于创业板成立较晚,目前尚未形成一套行之有效的绩效评价体系。在众多绩效评价方法中,经济增加值(EVA)不仅关注企业税后净利润,还将资本成本考虑在内,能更好地衡量中小创新型企业未来所创造的财富净值。本文应用调整后的EVA方法对创业板上市公司的经营绩效进行评价,结论表明:总体上我国创业板上市企业的净利润水平虽然高于其经济增加值,但是有相当一部分企业的经济增加值都是负的,这说明部分创业板上市企业从目前水平判断并不能为投资者创造财富;另外,样本股中创业板上市公司利润水平与其经济增加值是不成正比的,这些结论为投资者、公司以及政府、银行等评价企业经营业绩提供了很有价值的参考依据。%Compared to the main board market, it has been a short time since GEM has been established, and there has not been an effective performance evaluation system. Among various performance evaluation methods, EVA not only lays its focus on the net profit after taxation of enterprises, but also takes the capital cost into account, balancing the net wealth value created by the innovative medium-and-small sized enterprises in future, in this paper, with the adjusted EVA method, we make an evaluation on the operation performance of GEM listed companies, and it shows that although the net profit level of EM listed companies is higher than their EVA in total, the economic added value of a lot of enterprises is negative, it turns out that in the current level, part of GEM listed companies cannot create wealth for the investors. In addition, there is not a positive proportional relationship between profit level of GEM listed companies and its economic added value. The conclusions will provide a valuable reference basis for the investors, companies, government and banks to evaluate the operation performance.

  11. 石油石化上市公司资本结构影响因素实证研究%An Empirical Study of Influencing Factors of Capital Structure of China's Petroleum and Petrochemical Listed Companies

    Institute of Scientific and Technical Information of China (English)

    张彦明; 付会霞; 丰歆竹; 孙彦彬

    2014-01-01

    目前石油石化行业上市公司资本结构存在的问题是部分资产负债率和股权集中度过高。选取2010-2012年的数据作为样本,采用因子分析方法和多元逐步回归法进行实证研究,实证结果表明,现金流量因子F1和成长能力因子F4与资产负债率负相关;公司规模因子F2与资产负债率正相关。依据实证分析结果,优化石油石化上市公司资本结构应注重石油石化公司的现金流量能力、规模和企业的成长性。%Currently capital structure problems of petroleum and petrochemical listed companies involve high of asset-liability ratio and ownership concentration in some companies. The 2010-2012 data are selected as a sample and factor analysis and multiple stepwise re-gression analysis are used with empirical results showing that cash flow capacity factor F1 and growth factor F4 are negatively related to asset-liability ratio and size factor F2 and asset-liability ratio are related. Based on the result of empirical analysis, attention should be paid to cash flow capacity and size and growth of petroleum and petrochemical companies so as to optimize these companies' capital structure.

  12. An Empirical Analysis of the Factors That Affect the Capital Structure of Listed Companies of Coal Industry%煤炭行业上市公司资本结构影响因素的实证分析

    Institute of Scientific and Technical Information of China (English)

    刘晓; 韩丽红

    2012-01-01

    With 29 listed companies of coal industry in Shanghai and Shenzhen as samples, by adopting factor analysis and multiple linear regression, this paper carries out an empirical analysis to the factors that affect listed companies" capital structure of coal industry. The result shows that the influence of asset liquidity, growth and prof- itability on capital structure is rather remarkable and the influence of enterprise scale, non - debt tax shield and collateral value of assets on the capital structure of listed eompanied is not so remarkable. In addition, there exists positive relation between its growth, non - debt tax shield , collateral value of asset and the listed companies" asset structure. And the rest variables shows negative relationship.%以沪深两市29家煤炭行业上市公司为研究样本,采用因子分析和多元回归方法对煤炭行业上市公司资本结构的影响因素进行了实证研究,分析结果显示:资产流动性、成长性和盈利能力对资本结构的影响比较显著,企业规模、非债务税盾以及资产担保价值对上市公司资本结构的影响并不显著。并且成长性、非债务税盾、资产担保价值与公司的资本结构成正相关关系,其余变量则呈负相关关系。

  13. 我国上市公司金融性套期保值决策的动机研究%Analysis on the Motives of Financial Hedging of Chinese A-Share Listed Company

    Institute of Scientific and Technical Information of China (English)

    郭玲; 阴永晟

    2009-01-01

    近年来,我国上市公司的金融性套期保值交易增长迅速.本文以国外公司套期保值动机理论作为分析框架,根据我国的市场环境和上市公司的财务特征构建解释变量,对上市公司金融性套期保值决策的动机进行实证检验和分析.研究表明,降低财务困境成本和债务代理成本是我国上市公司全融性套期保值决策的主要动机:此外,公司有现金分红需要、股权结构中有外资法人股或境外上市股时,公司越有动机进行金融性套期保值,并且套期保值具有规模经济效应.%Despite the use of derivatives for corporate hedging in China has been growing fast,the relevant domestic research is still in the primary stage,for example there is 110 systemalic research on the feasibility of corporate hedging theory and empirical research in China.This paper analyzed the corporate hedging theory and made an empirical research on the determinants of hedging strategies with China A-share listed Cmpa-nies after constructing the variables under the analysis of unique characteristics of Chinese business environ-ment.This paperdiscovers that the main motives of our listed companies financial hedging decision - making are reducing financial distress costs and agency costs of debt.In addition,a company has the need of cash dividend.A company with foreign legal person stocks or foreign listing stocks,has greater motives to finan cial hedging,which has the effect of economy of scale.

  14. The Impacts of Different Venture Capital Backgrounds on Accounting Information Disclosure of Listed Companies%不同风险投资背景对上市公司会计信息披露的影响

    Institute of Scientific and Technical Information of China (English)

    姬新龙; 马宁

    2016-01-01

    文章以创业板上市公司为样本,从实证的角度分析了风险投资对上市公司信息透明度产生的影响,并进一步分析不同的风险投资背景对企业会计信息披露产生的影响.结果显示:风险投资的参与可以提升企业的会计信息透明度,提高上市公司的治理效率.同时,不同背景的风险投资机构对信息披露的影响存在差异性,政府背景的风险投资机构没有体现出显著的监督作用,反而私人背景和外资背景的风险投资机构能更好地改善企业的信息不对称程度,并向外部投资者传递真实信息.%The paper,taking the listed companies on GEM as the samples,empirically analyzes not only the impact of ven-ture capital on information transparency of listed companies,but also the impacts of different venture capital backgrounds on corporate accounting information disclosure. The results show that the participation of venture capital can enhance the trans-parency of corporate accounting information and improve the governance efficiency of listed companies. Moreover ,the venture capital institutions with different backgrounds have different impacts on information disclosure,venture capital institutions with state-owned background does not show a significant supervisory function,but venture capital institutions with private and foreign backgrounds can better improve the degree of corporate information asymmetry,and also can give true information to external investors.

  15. Empirical Study on Value of Listed Company in our Country Merger and Acquisition Based on REVA%基于REVA的我国上市公司并购价值实证研究

    Institute of Scientific and Technical Information of China (English)

    王新利; 武雁霜

    2013-01-01

    针对上市公司并购是否能真正提升企业价值的不确定性,为克服以财务指标为基础的传统评价方法和以股票价格为基础的超额收益率方法的缺陷,提出了基于经济增加值(EVA)的上市公司并购价值评价方法,能够更加准确的反映企业在一定时期内为股东创造的价值。选取2006年发生并购事件的上市公司为样本,通过调整后的EVA模型计算出并购前后四年的经济增加值率(REVA),对样本公司的价值变化进行实证研究,运用相关性分析、描述性统计、回归分析检验等方法处理数据得到统计结果。实证研究结果显示上市公司并购后企业价值得到了一定程度的提升,并购当年效应显著,并购后两年内效应不理想。%Aimed at the uncertainty of whether the listed company merger and acquisition could enhance enterprise value,to overcome the deficiency of excess return method based on the stock price and of traditional evaluation method based on the financial index,evaluation methodology of merger and acquisition value of listed company based on EVA was put forward which could reflect accurately the value created for stockholder by enterprise in a given period. The listed companies which occurred M&A event in 2006 was chosen as samples,by means of using the adjusted EVA models to calculate the REVA of M&A before and after four years in order to make empirical research on the value change of the samples. At the same time,some methods such as descriptive statistics,correlation analysis and regression analysis were used to get statistical results. At last,the empirical research results showed that the enterprise value had obtained certain improvement,the effect of M&A was significant but two years after the effect was not ideal.

  16. 我国房地产上市公司债务融资影响因素的实证研究%An Empirical Study of Influential Factors of Real Estate Listed Companies'Debt Financing in China

    Institute of Scientific and Technical Information of China (English)

    张天凤; 朱家明; 张昆鹏

    2016-01-01

    Using principal component analysis method to a multitude of factors influencing the debt financing of lis-ted companies of real estate in our country is simplified to a few factors,in order to eliminate multicollinearity dis-turbance to the model. For the original data stationarity test,cointegration test and impulse response,and the use of SPSS and EVIEWS software to build regression model. On the basis of qualitative analysis,using the real data of the real estate listed companies in China since 2000,multiple regression analysis to the introduction of the macro-economic regulation and control factors as virtual variable econometric model,found the company's short-term sol-vency impact on corporate debt financing level,the largest company is combined with the model results presented countermeasures and Suggestions about the debt financing.%使用主成分分析方法将众多影响我国房地产上市公司债务融资的因素简化为少数因素,以消除多重共线性对模型的干扰。同时对原有数据进行平稳性检验、协整检验和脉冲响应,并使用SPSS、EVIEWS软件构建回归模型。在定性分析的基础上,利用2000年以来我国房地产上市公司的真实数据进行多元回归分析,将宏观调控因素作为虚拟变量引入计量模型,发现公司短期偿债能力对公司债务融资水平的影响最大,最后结合模型结果提出公司有关债务融资的对策建议。

  17. 上市公司公允价值计量与高管薪酬激励研究%A Study of Fair Value Measurement and Executive Compenstion Incentives in Listed Companies

    Institute of Scientific and Technical Information of China (English)

    周晖; 杨静

    2012-01-01

    In the context of the implementation of the new accounting standards, the fair value informa- tion has become a new factor that cannot be ignored during the executive compensative evaluation. This paper studies the influence of fair value measurement of China's listed companies on the executive com-pensation by taking the "changes in fair value loss and profit" in the profit statement as an alternative variable of fair value. The empirical test results show that there is a significant positive correlation between the fair value gains and the executive compensation, while the fair value losses have no obvious effect on the executive compensation. The changes in the fair value loss and profit of the companies with different property fights have a disparate impact on the executive compensation. The changes in the fair value loss and profit have no striking influence on the sensitivity of the performance-related executive compensation of the whole company. This study indicates that the executive compensation incentive mechanism of China's listed companies remains to be improved.%新会计准则实施背景下,公允价值信息成为高管薪酬考评中不容忽视的新因素。以利润表中的“公允价值变动损益”作为公允价值的替代变量,研究我国上市公司公允价值计量对高管薪酬的影响。实证结果表明,公允价值变动收益(损失)与高管薪酬显著正相关(不相关);不同产权性质企业的公允价值变动损益对高管薪酬存在差异影响;公允价值变动损益对企业整体高管薪酬业绩敏感性影响不显著,我国上市公司高管薪酬激励机制有待完善。

  18. 基于Logistic回归模型的房地产上市公司财务危机预警研究%Financial Early-warning for Real Estate Listed Company Based on Logistic Regression Model

    Institute of Scientific and Technical Information of China (English)

    许珂; 卢海

    2012-01-01

    近年来房价不断上涨,我国政府采取了一系列紧缩政策来控制房价,对房地产上市公司产生了巨大影响,有部分公司因为资金链断裂而陷入困境。因此,对房地产上市公司的财务预警十分重要。文章采用非参数检验的方法,从反映企业各方面能力的20个财务指标中筛选出能显著区别ST和非ST上市公司的指标,建立Logistic回归模型,利用SPSS软件,对房地产上市公司的财务危机预警进行了研究。研究结果表明,基于Logistic回归模型的财务危机预警模型效果较好,具有良好的预测准确度。%In recent years,the housing prices keep rocketing,thus the Chinese government tried a series of means to stabilize the price,which had a tremendous impact on some companies,leading to their falling into trouble due to funding strand breaks.Therefore,the financial early warning is very important for real estate listed companies.The paper uses non-parameter test based on 20 financial ratios,in order to find financial ratios which can significantly indentify the different between ST and non-ST companies.And then it studies the financial early-warning for real estate listed company based on logistic regression model by using the SPSS software.The results show that the model based on logistic regression model is of good effect,and has good predictive accuracy.

  19. Growth Opportunities,Scales of Seasoned Equity Offering and Share Price Effects of Listed Companies%上市公司增长机会、增发数量与股价反应

    Institute of Scientific and Technical Information of China (English)

    黎精明; 赵燕

    2012-01-01

    Based on the examples of the A-share listed companies that succeeded in seasoned equity offering from 2007 to 2009,the paper made an empirical analysis of the relationship between the scales of seasoned equity offering and the share price effects.The research results showed that the scale of seasoned equity offering depended on its growth opportunities,in other words,the greater the growth opportunities,the higher ratio of the number of seasoned equity offering to the total equity of the pre-offering.The paper also indicated that the stock market would make significant negative reaction to the over-issuing of listed companies,and only weak evidence proved that cautious re-offering would lead the stock price to drop.In addition,the paper also showed that public re-offering companies were more inclined to over-issue than the directed re-offering companies,and their stock prices tend to change radically.%以2007年至2009年成功增发的A股上市公司为样本,对我国上市公司增发数量与股价变动的相互关系进行研究,结果表明:上市公司的增发数量内生于其增长机会,增长机会越大的公司增发数量占发行前总股本的比率也越高;股市对上市公司的过度增发会做出显著的负面反应,但仅有微弱的证据表明谨慎增发会导致股价下跌;公开增发的上市公司较之于定向增发的上市公司具有更多的过度增发倾向,且股价反应也更剧烈。

  20. 我国民营上市公司终极控制权特征的统计分析%Statistical Analysis of the Characteristics of Ultimate Control Rights in Chinese Private Listed Companies

    Institute of Scientific and Technical Information of China (English)

    王育晓; 董广茂; 张江涛

    2012-01-01

    To accurately master the characteristics of ultimate control rights in Chinese private listed companies,this paper makes a statistical analysis of the characteristics of control rights,cash flow rights and their separation from the perspective of the type of controller and control ways of the ultimate control shareholder. The results show that the types and ways of the ultimate control shareholder have a significant impact on the control rights, cash flow rights and their separation. There is a significant difference in the means of control rights and the separation of the two rights between family controlled and non-family controlled companies;there is a significant difference in the means of control rights,cash flow rights and the separation of the two rights between the ultimate control share holders under the pyramidal and non- pyramidal ownership structure. Therefore, private listing companies should make much more study on the control rights, separation of the two rights in the family controlled companies and on the pyramidal ownership structure to weaken their tunneled activities.%为准确把握我国民营上市公司终极控制权特征,文中运用统计分析方法,对终极控制人类型、控制方式下的控制权、现金流权及两权分离度进行了分析.结果表明终极控制股东类型及方式对控制权、现金流权及两权分离有显著影响;家族控制与非家族控制公司中控制权与两权分离度的均值存在显著差异;金字塔式持股与非金字塔式持股下,终极控制股东的控制权、现金流权与两权分流度的均值均存在显著差异.因此,民营上市公司应加强对家族控制公司中终极控制股东控制权比例、两权分离度情况与金字塔式控股方式的研究,以削弱其掏空侵害行为.