Showing papers in "Economic Management Journal in 2009"

Investor Sentiment and the Cross-Section of Stock Returns

Abstract: We investigate whether investor sentiment affects the cross-section of stock returns in China A-share market.The evidence shows that the sensitivity of stock returns to sentiment changes is different. When an index of investor sentiment takes high values,low tangible assets,high Debt-asset ratio,and non-dividend-paying stocks earn relatively higher returns,when sentiment is low,the aforementioned categories of stocks earn relatively lower returns.When sentiment is high,low-price,unprofitable and high book-market ratio stocks earn relatively higher returns and vice versa,but which is insignificant.The capitalization, volatility and institutional ownership appear to have no significant cross-section effect of investor sentiment on its characteristic Portfolio return.

A study of Models for Predicting Financial Distress in Chinese Listed Companies

Abstract: For limitations in financial ratio selection,discriminant time point definition and exact model confirmation with studies of financial distress prediction in China,we make an in—depth analysis of financial ratios,then pick up 120 ST firms and their matched 240 non—distressed firms through 2005—2009 as the sample,use stepwise discriminate analysis to establish Z—score models based on information from 2002—2008.Conclusions are:(1)Compared with the model constructed by traditional financial ratios,the discriminate accuracy is higher with the model constructed by us.(2) With studying movements of the stock price between ST firms and non—distressed firms,we confirm the discriminant time point should be t—3,and the discriminant model should be constructed by data in t—3.(3) With another sample(96 firms) that is not for model establishment to test the model's predictive power,to the financial distressed firms, when we make a discrimination three years before being distressed,the accuracy is 81.25%,thus it's a well discriminator for distinguishing distressed firms three years ahead.

Management Risk Preference、Compensate Incentive and R&D Investment——Based on Chinese Listed Company

Abstract: The study incorporate prospect theory and agency theory,based on Chinese listed companies,analysis the relationship among management risk preference、compensate incentive and RD investment with SEM models. It concluded:the two dimension of risk preference ,both of risk propensity and risk perception are position with RD investment,it means risk preference is a important factor impacting management RD investment decision;Short-term incentive are better than long-term incentive,long-term stock incentive had no use for RD investment;Compensate incentive displayed a moderate role between management risk preference and RD investment,it means as a economical man,compensate incentive determined his working hard level and restricted the relationship between risk preference and RD investment.

Research on the User Participation in Relation-based Virtual Communities

Abstract: Virtual community can be classified into physical-relation-based and virtual-relation-based. From the perspective of IS quality and value perceptions,the paper builds the structural equation model to analyze the participation mechanism distinction between these two types of virtual communities. We find that IS quality and value perceptions have significant effects on user satisfaction which leads to increased social identity and a greater frequency of participation. The indirect effect of IS quality and value perceptions on participation in physical-relation-based virtual are stronger than that in virtual-relation-based.

An Essay on E-business Ecosystem and Its Evolutionary Path——With Focus on the Phenomenon of E-business Industrial Cluster in China

Abstract: Business ecosystem theory is applied in the study to explain the phenomenon of e-business industrial cluster in China.According to the analysis,we define the concept of e-business ecosystem,classify the species,and characterize the e-business ecosystem by comparing it to traditional business ecosystem.Moreover,the evolutionary path of e-business ecosystem is divided into four stages:birth,expansion,coordination,and evolution respectively.Lastly,the case of Alibaba.com is discussed as an example of typical e-business ecosystem to prove the rationality of the theory.The study is valuable for analyzing and understanding the development of e-business industry in china.

Research of Assessment and Pre-warning of Vulnerability of SMEs' Independent Intellectual Property

Abstract: The vulnerability of SMEs' independent intellectual property is a kind of measurement to weight the ability of its resistance to uncertainties interference.After the introduction of the concept,reasons and evaluation significance of the vulnerability of SMEs' independent intellectual property,this paper proposes an valuation indicator system of it,and constructes an evaluation and pre-warning model with Extenics. It provides a scientific evidence for SMEs to reduce its independent intellectual property vulnerability and improve anti-risk ability.

The Correlation between CSR and Corporate Performance—Cased on the Empirical Data in China's Telecommunications Industry

Abstract: In this paper,I analyze the correlation between CSR(corporate social responsibility)and corporate performance in listed companies of communications industry use the method of empirical research and related indices system.The results show that the current CSR index and corporate has significant posi- tive correlation with the profits,competitiveness and business growth of enterprises,and the three former CSR index and corporate also has significant positive correlation with the profits,competitiveness and bus- iness growth of enterprises.

Productivity Growth,Technical Progress and Efficiency Change in Chinese Retail Listed Companies (1998-2007):A Study based on Malmquist Index

Abstract: Retail productivity is the basis of competitive advantage of retail corporations. This paper applied Malmquist Index to measure retail productivity growth in Chinese retail listed companies during 1998-2007. Empirical study showed that retail productivity of Chinese retail listed companies is increasing at a faster speed after the all-round opening up of China's retail market,and the main source of retail productivity growth is technical progress’s advance,especially Hicks neutral technical progress. The regional disparity of productivity growth,technical progress and efficiency changes in Chinese retail listed companies does exist. Index of productivity and technical progress of Chinese retail listed companies in eastern region are relatively higher.

A Research on Synergic Effect among Psychological Capital,Human Capital and Social Capital

Abstract: On the base of systematic synergetics,this paper studies the synergic effect among psychological capital,human capital and social capital.Firstly,the paper discusses the relationship between psychological capital,human capital and social capital,and proposes that psychological capital is another new kind of capital,which is independent of human capital and social capital.Secondly,the paper analyzes the structure of psychological capital and puts forward that psychological capital includes two dimensions which involves in individual psychological capital and goup psychological capital.Thereby,with regard to the interactions among psychological capital,human capital and social capital,a synergic model is put forward.Thirdly,on the base of the synergic model,it discusses four types of synergic effects concretely.Finally,it proposes that the synergic development of psychological capital,human capital and social capital is the point for developing the individual potentiality and forming the competitive advantage of the organization.

Studies on the Prediction Model of Financial Crisis Based on Case-based Reasoning

Abstract: The key to establish the case-based reasoning model of K-nearest neighbor is to determine the attribute weights.In this paper we use genetic algorithm and logistic regression coefficient of standardization to determine the attribute weights,so that we can avoid the big cost of using Analytic Hierarchy Process and Delphi method.We established a case-based reasoning model of financial crisis by using 376 samples of Chinese Listed Companies.Compared this model with the logistic regression model,it can identify financial crisis more accurately than the logistic regression model.

Qualitative Research on Factors Affecting Sustainable Consumption Behavior

Abstract: Recognizing factors which affect the sustainable consumption behavior is of great significance for the development of it.Based on the interrelated literature carding at home and abroad,the paper selects four examples,that is,the use of small-displacement and low-power cars,green energy-saving appliances,the environmental protection shopping bags and the re-use of living water.The authors do exploratory research on the influential factor of the sustainable consumption behavior according to the grounded theory and construct the influential factor model of the sustainable consumption behavior.At last,the authors prospect the future research directions.

Research on the Value-chain Merge and the Development Path of the Cultural and Creative Industry

Abstract: The value-chain of the cultural and creative industry is a whole system connected by key value-added segment,which takes the form of network and linear structure.The cultural and creative industry has formed different development path based on cultural connotation,creative content,digital technology and copyright trade.The development of cultural and creative industry,through government planning and policy guidance,has extremely importance to promote vigorous development and prosperity of culture.

Difficulties and Prospects of Wind Power Industrialization

Abstract: Wind power is attached more and more importance by all the countries of the world and develops very fast.The situation of wind power resource is introduced and main points of the supporting policies of our country are summarized.Difficulties and prospects of the industrialization of wind power are discussed after the national policies,planning,technical economy and competition of the industry are analyzed.

A study on Government Intervention Insider Control and M&As' Performance of Chinese Listed Companies

Abstract: The paper analyses the performance of the mergers and acquisitions(MAs),which is based on the dual governance features of the government intervention and the insider control in the state-controlled listed companies in ChinaCompared with the existing papers,this paper focuses on the CEO turnover and the pre-performance in listed company,which will construct a proxy variable of government interventionThe empirical study shows that the performance of state-controlled listed companies' MAs is superior to the one in local government-controlled listed companies as well as in the moderate government intervention than the excessive government intervention in the state-controlled listed companies

Value—adding Theory Based on Different Model of Industrial Chain

Abstract: This thesis makes a comprehensive study of the relative theories of industrial chain and aims to propose four basic modes of industrial chain based on its inherent properties:series-connection model, parallel-connection model,network-connection model and main-thread model.Through detailed analysis of each mode,the authors summarize respectively their ways of value-adding and finally point out that if conditions permit,the fourth mode will help achieve the most added value and turn out to be the main-stream way of increment in the future.

The Assessment and Empirical Study of Regional Financial Ecological Environment

Abstract: The main aim of the paper is to build evaluation systems of financial ecological environment,in terms of the empirical study of Heilongjiang Province.The paper assesses the level of regional financial ecological environment by using the method of factor analysis.The results of the paper can provide scientific and rational policy proposals to China.

A Trend Analysis of Energy-Intensive Industries’ Regional Energy Technology Gap in China

Abstract: It is important for China’s energy problem to Improve energy technology of energy-intensive industries. Using σconvergence methodology,this paper studies the trend of several typical energy-intensive industries’ regional energy technology gap. We find that the reduction trend is not notable and regional energy technology diffusion is not clear. We explain this Phenomenon based on resource endowment and put forward some policy suggestions.

Analysis on Collusion-Proof for Authentication Mechanism of Tradable Energy Saving Certificates

Abstract: The Operation of authentication mechanisms for tradable energy saving certificates is discussed. The models of collusion-proof mechanism in single and repeated game are built between regulator and a third-party certification body using game theory.The game players'choices and action are analyzed according to basis above.The results show that reasonable review mechanisms,effective monitoring,severe punishment mechanism,a market-oriented reputation incentives mechanism can effectively reduce the collusion income and raise the transaction costs of collusion in the environment of asymmetric information, then which control collusion to certain limits.

Research on Chinese Fiscal Risk Non-linear Early-Warning System——Based on BP Neural Network

Abstract: The authors construct neural network’s fiscal risk early-warning system based former index early-warning system. It concludes that the most important factor affecting our country fiscal risk is the debt risk,which occupies 49.17% of the entire fiscal risk. Next is the fiscal revenue and expenditure risk,which occupies 20.06% of the entire fiscal risk. The other factors are financial risk and the macro economic risk,which account for about 8% respectively. The neural network fiscal risk early-warning system forecasts our country overall finance risk in 2008 is as follows: The debt risk will be under heavily risk condition,fiscal revenue and expenditure will be under medium risk condition,financial risk will be under medium risk condition,macro economic will be under medium risk condition. At present the international economy situation has under significant transitions,we should strengthen to resolve local government’s debt,reduce the financial crisis’s impact to the real economy,and maintain the macro economic steady growth. In that way our country's fiscal risk will be under controllable scope.

Channel Segmentation and Integration in Multi-Channel Conflict Management:A Research Framework Focused on E-Business

Abstract: Multi-channel marketing strategy has become a major force in distribution channels of many companies,especially since the E-business emerged. Despite the benefits,the newly added Internet channel brings the risk of triggering multi-channel conflict. In order to enhance relationship quality and performance of the channel system,companies should manage the multi-channel effectively. Considering the causes of multi-channel conflict,our article constructs a framework for multi-channel management,and proposes that the company should segment channel members externally,and integrate channel departments internally.

The Shadow Banking System and Its Impacts on Financial Stability

Abstract: Since the new century,the shadow banking system has experienced a dramatic growth and built up highly prosperous financial markets both in America and the world.In the process of the development of shadow banking system,the financial structure,market composition and financial regulatory system have been changed essentially.Meanwhile,the important factors of shadow banking system,such as high leverage,vague business boarder,excessive financial innovation and anti-regulatory,have brought many news challenges to the financial system,even systematic risks both to the American domestic market and the international financial markets.During the infection course of the global financial crisis orientated in the subprime mortgage crisis in America since 2007,the shadow banking system has demonstrated its essential impacts on the financial system and the financial stability as well.

The Organizational Learning And Industry Upgrade of Subcontracting Enterprises Under GVC

Abstract: Participating in GVC through subcontracting,enterprises can get opportunities to learn and absorb the technological and managerial knowledge from MNCs and achieve industrial upgrade. This paper points out that,the organizational learning of subcontracting enterprises directed by MNCs should be based on four knowledge transferring platform,while using four kinds of transforming mechanisms to enrich and increase their knowledge equity. This process is influenced and limited by the characters and relationship of subcontracting enterprises and MNCs. Moreover,although learning from MNCs will promote the process upgrade and product upgrade,it usually can't be helpful to functional upgrade and chain upgrade. To upgrade continuously,subcontracting enterprises must enlarge their learning and use multiple learning means.

An Overview of Happiness in the Workplace

Abstract: The happiness is the novel orientation and perspective research of Psychology and Positive Organizational Behavior.In this article we firstly describe background of origin and rise of happiness in workplace.Secondly,we analyses organization's great significance for human well-being and value of happiness in the workplace.Thirdly,we summarizes factors affecting happiness in the workplace including personal motivation,job characters,incomes,relationships and stress on job.Finally,we discusses four types of happiness measurement method in the workplace including self-report method,insider and observer method,physiological measurement method and missions measurement method.We exploringly put forward means of happiness management including happiness man assumption,happiness psychological climate and other ways of personal happiness managment.

Research on Influence of Country-of-Brand toward Chinese Automobile Buyer's Brand Attitude

Abstract: The global operations of transnational corporations make brand increasingly globalization, design,manufacture,and raw materials have condensed brand,there are tough brands competitions between domestic enterprises and multinational corporations in many country.So,country of brand on the impact of buyer's brand attitude become worthy of exploration.In this paper,empirical studies have explored the country of brand how to influent Chinese automobile buyers brand attitude.The result reveal country of brand involved in the cue of informative recognition,preference and belief of buyer's brand to influence buyers brand attitude formation,which plays a key role in the degree of brand personality unique acceptance,and only in the situation when brand personality awareness,recognition of personality unique and acceptance interact in building process of buyer's brand attitude,buyers can only establish positive attitude toward one brand.

Subscription Behavior of Large Shareholders and Price Discount of Private Placement:Evidence from Chinese Stock Market

Abstract: The behavior of large shareholders will have an important effect on the price discount of the private placement in general.By inspecting behaviors of shareholders during the placement period,we find that there is a higher price discount when large shareholders participate in the placement than that when large shareholders don't,and the more large shareholders subscribe,the larger discount will be.We also find that the price discount is a positively related to the difference between the subscription ratio and initial ownership of large shareholders.Additionally,subscription methods of large shareholders and some policy will influence the discount of Chinese companies' private placement.Our findings suggest that the private placement which is controlled by large shareholders should be one of channels of tunneling.

Pyramid Structure,Ultimate Owner Attribute and Earning Manipulation——Evidence from Chinese Listed Companies

Abstract: Based on Chinese listed companies,this paper examines the effect of the separation between control rights and cash flow rights caused by pyramid structure and ultimate owner attribute on the extent and direction of earning manipulation of listed companies.Presented empirical evidences indicate that the level of separation between control rights and cash flow rights had significant positive effect on the extent of earning manipulation,and that the listed companies who are not ultimately controlled by the state exerted higher extent of earning manipulation than those who are.Further empirical evidences show that earning objectives,the separation of between control rights and cash flow rights,and ultimate owner attribute also had significant effect on the direction of earning manipulation of listed companies.

Empirical Study on the Relationship of IT Control Capability of Enterprises and Performance

Abstract: The study on the IT control capability of Enterprises and Performance is of great significance in theory and practice. This paper took the enterprises with high-level informationization from Beijing,Wuhan and Guangzhou areas as survey sample,and empirically studied the relationship between IT control infrastructure capability,IT control implementation capability and IT control adaptability capacity and the enterprise performance based on the Structural Equation Model(SEM).The results show that:(1) IT control capability has a positive relationship with the enterprise performance,it contributes to the improvement of enterprise performance; (2) The correlation between IT control infrastructure and the IT implementation capability and the adaptability capacity is relatively high; (3)The performance of IT control capability shows mainly in the process and client oriented indicators rather than the financial indicators.

A Study on the Strategy of Encouraging and Supporting Our Country's Independent Undertaking Community

Abstract: Has entered the market economy orbit since our country,the social employment mechanism has the radical change.And,one of important symbols is the nimble employment form substitution placement employment becomes the social employment the main channel.The independent undertaking community is one of present stage our country society nimble employment main forms,this kind of employment form's characteristic,is the government itself does not need to invest the fund,the technology possibly to obtain the massive employment post.The author embarks from the investigation reality,has carried on the comparative external analysis to the independent undertaking's developing process,proposed to our country independent undertaking the classified research,how to our country standard,how does encourage,how to support the independent undertaking the goal,the strategy and so on to propose the countermeasure and the suggestion.

Covert Strategic Behaviors:Generative Mechanism and Legitimacy Management

Abstract: Based on institutional theory and resource dependence theory,this paper analyses the generative mechanism of Chinese enterprises' covert strategic behaviors,and divides the process of acquiring legitimacy into four stages:assessing legitimacy,obtaining the acquiescence to the action,obtaining the approval to results,and obtaining the support to the action.