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试论“公股”同权流通的问题
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作者 张江洋 郭楚忠 《特区财会》 2001年第4期15-17,共3页
“公股”指未流通的国有股和法人股的俗称,也称“非流通A股”,是与“个人股”(也称社会公众股)或称“流通A股”的对称,公股解禁同权上市流通,是中A股市场走向成熟和规范、有效发挥资本市场配置社会经济资源基础性作用的必然选择... “公股”指未流通的国有股和法人股的俗称,也称“非流通A股”,是与“个人股”(也称社会公众股)或称“流通A股”的对称,公股解禁同权上市流通,是中A股市场走向成熟和规范、有效发挥资本市场配置社会经济资源基础性作用的必然选择,从时间上看,公股上市流只是或迟或早的事情,现在市场非常关注的一个问题是,公股一旦上市流通,其股价或股数如何折算(就公股股东权益而言,折股和折价本质上是相同的),是按上市当时的股数1:1,还是需地打折?如果打折,如何折法?对这个问题,目前有两种基本意见:一是市场人士和广大股民中的大多数人,还有许多证券业人士、财务专家和经济学家等,主张打折合理,才有利于证券市场的健康发展;另一种意见主要是有些研究者和政府官员,认为不打抓是合理的,届时公股上市是否实施打折,其决定权当然是在国家管理层,但我们可以通过其有关财务关系的合理性分析,来探讨管理层对这个问题的未来政策取向,将有助于上市公司股权投资的财务决策。 展开更多
关键词 “公股” 国有股 法人股 同权流通 股票市场
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STUDY OF REENGINEERING THE STOCK EQUITY STRUCTURE IN CHINESE STATE-OWNED ENTERPRISE REFORM
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作者 朱秀文 杨嘉钦 《Transactions of Tianjin University》 EI CAS 2001年第2期86-92,共7页
In this paper,it is first briefly described the basic situation and current policies of state owned enterprise reform in China.Then the major issues in the reform process are identified,the possible solutions in term... In this paper,it is first briefly described the basic situation and current policies of state owned enterprise reform in China.Then the major issues in the reform process are identified,the possible solutions in terms of reengineering stock equity structure and state share circulation are discussed,and finally some suggestions are made for the further state owned enterprise reform.Basing on the theory on the modern corporation system,relevant experiences of market economy nations and the practice of Chinese enterprise system reform.The approaches to determine the proportion of state share in the future corporations are proposed.Since the public ownership is not ideologically appropriate,the establishment of social security fund and mutual fund investment companies are suggested as new and acceptable pattern of public ownership.It is believed that these companies will be the major institutional shareholders in the future corporations.Their stock equity structure would mainly consist of institutional shareholders,which will be both consistent with international norms of modern corporations and with socialist public ownership with Chinese characteristics. 展开更多
关键词 state owned enterprise corporation system reform stock equity structure institutional investors
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Truth telling for patients with esophageal squamous cell carcinoma in Henan,China 被引量:2
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作者 Lian-Qun Zhang Pei-Nan Chen +14 位作者 Hai-Ling Wang Li Sun Xue-Ke Zhao Xin Song Min-Jie Wu Tang-Juan Zhang Ling-Fen Ji Wei-Li Han Zong-Min Fan Yuan Yuan Hai-Jun Yang Jian-Po Wang Fu-You Zhou Yi-Jun Qi Li-Dong Wang 《Cancer Biology & Medicine》 SCIE CAS CSCD 2017年第1期83-89,共7页
Objective: This study aims to investigate the truth-telling status and the relevant factors of esophageal squamous cell carcinoma(ESCC) patients in Henan, China.Methods: A cross-sectional study from April to June 2015... Objective: This study aims to investigate the truth-telling status and the relevant factors of esophageal squamous cell carcinoma(ESCC) patients in Henan, China.Methods: A cross-sectional study from April to June 2015 using questionnaires was given to 301 family members of hospitalized ESCC patients based in three affiliated hospitals of Zhengzhou University(i.e., The First Hospital, The Second Hospital, and Tumor Hospital) and Anyang Tumor Hospital.Results: Among the 41.9%(126/301) hospitalized ESCC patients who knew of their true diagnoses, only 4.0% patients were informed by their corresponding responsible doctors, 39.7% by their family members, and 56.3% by themselves. Univariate analyses showed that disclosure of confirmed ESCC diagnosis to patients was correlated with gender, family history of cancer(FHC), education level, vocation, hospital administrative level, and attitudes of family members(P < 0.05). Furthermore,multivariate analysis indicated that attitude of family members was the most important and an independent factor for diagnosis disclosure. Those patients with a negative FHC, under-education, manual occupation, advanced stages, and hospitalized in municipal hospitals exhibited a low rate of truth telling.Conclusions: Truth telling for ESCC patients in Henan is not prevalent and may be improved through consultation with family members, particularly for patients with a negative FHC, poor education, manual occupation, and advanced stages. 展开更多
关键词 Truth telling esophageal squamous cell carcinoma DIAGNOSIS
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Research on Corporate Right of Control: Mode of Arrangement and Innovation of Governance
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作者 瞿宝忠 《Journal of Donghua University(English Edition)》 EI CAS 2004年第2期152-156,共5页
The mode of arrangement and innovation of governance for corporate rights of control should be in accordance with the global resource disposition opportunities and efficiency competition. Based on rights formulated by... The mode of arrangement and innovation of governance for corporate rights of control should be in accordance with the global resource disposition opportunities and efficiency competition. Based on rights formulated by acts and regulations, this paper establishes models of arrangement for corporate rights of control, and then analyses the composite basic features derived from the models. To conclude, a main frame for the arrangement and innovation of corporate rights of control is put forward based on the real practice of listed companies in China. 展开更多
关键词 Corporate right of control models of arrangement innovation of governance
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An analysis of new generation coal gasification projects 被引量:6
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作者 Kreynin Efim Vulfovich 《International Journal of Mining Science and Technology》 SCIE EI 2012年第4期509-515,共7页
The global trends of increasing oil and gas costs have compelled coal possessing countries to start long term underground coal gasification (UCG) projects. These enhance national energy security and are among the cl... The global trends of increasing oil and gas costs have compelled coal possessing countries to start long term underground coal gasification (UCG) projects. These enhance national energy security and are among the cleanest, ecologically safest coal utilization technologies. This paper delineates the major characteristics of such technologies and analyzes technical solutions. Highlighting the desire to develop large scale industrial UCG plants, pilot level projects are presented using a new UCG method developed in Russia by Joint Stock Company Gazprom Promgaz. This method is distinct for its high controllability, stability, and energy efficiency. New, efficient technical solutions have been developed over the last 10-15 years and are patented in Russia. They guarantee controllability and stability of UCG gas produc- tion. Over one hundred iniection and gas production wells have been operated simultaneously. 展开更多
关键词 Underground coal gasification (UCG)UCC technology of the new generationStability and controllabilityClean coal technology
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Monthly Seasonality in the Top 50 Australian Stocks
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作者 Liu Benjamin Li Bin 《Journal of Modern Accounting and Auditing》 2011年第4期380-390,共11页
We studied monthly seasonality in the top 50 Australian stocks across different industry sectors. Unlike other Australian studies, we examined monthly seasonality using stock return data of individual companies for th... We studied monthly seasonality in the top 50 Australian stocks across different industry sectors. Unlike other Australian studies, we examined monthly seasonality using stock return data of individual companies for the period of January 1980 through to August 2010. We found that stock returns of over half of the 50 companies are significantly positive in April and December, and most companies have low stock returns in October. Seven companies have higher returns in April than in other months of the year, most of which are banking and financial services companies, while six companies have lower returns in February than in other months. Although Australia has a July-June taxation cycle, we found that only three stocks have a July anomaly. The findings are inconsistent with the tax-loss selling hypothesis and other studies on the Australian equity markets (e.g., Brown, Keim, Kleidon, & Marsh, 1983; Brailsford & Easton, 1991). However, our findings are generally consistent with Bonin and Moses (1974) on individual stock seasonality 展开更多
关键词 Australian stock market market efficiency market anomaly monthly effect January effect SEASONALITY
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Tracing Ultimate Shareholders' Double Control Chain in Listed Companies- Using the Theory of Organizational Routine Evolution
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作者 Gao Chuang Guo Bin 《China Economist》 2013年第6期112-123,共12页
Based on the epistemology and methodology of organizational routine evolution, this paper presents a systematic analysis on how ultimate shareholders control listed companies by means of equity control chain in a pyra... Based on the epistemology and methodology of organizational routine evolution, this paper presents a systematic analysis on how ultimate shareholders control listed companies by means of equity control chain in a pyramid structure and social capital control chain hidden in social networks. First, this paper examines the internal logic of ultimate shareholders' double control chain and designs an iterative model for dynamic evolution intent proceeding from ultimate shareholders 'degree of intent for social capital control. Finally, with the case study of Inner Mongolia Caoyuan Xingfa Co., Ltd., this paper reveals the process and mechanism of ultimate shareholders' creation of double control chain. 展开更多
关键词 ultimate shareholders equity control chain social capital control chain routine evolution
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Top Executive Turnover and Finn Performance Evidence From China
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作者 Ye Ling Wang Yaxing 《Journal of Modern Accounting and Auditing》 2012年第9期1346-1352,共7页
By using the data of the listed companies in Shanghai and Shenzhen stock market---a share market as a sample from 2003 to 2007 to analyze the relationship between corporation performance and top executive alteration, ... By using the data of the listed companies in Shanghai and Shenzhen stock market---a share market as a sample from 2003 to 2007 to analyze the relationship between corporation performance and top executive alteration, different succession modes get different efficiency. The result shows that: The decline of company performance will cause the top executive turnover, and that the possibility of top executive turnover in non-state-owned listed companies is higher than that of the state-owned companies. In the routine turnover sample, the performance level of the internal succession is better than that of the external succession. In the non-routine turnover sample, the results are reversed. For further analysis, the main sources of the improvement for performance are items of below-the-line and non-recurring profit and loss, rather than the company's operating revenue. 展开更多
关键词 top executive turnover nature of property right succession mode company performance
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Metric of Carbon Equity:Carbon Gini Index Based on Historical Cumulative Emission per Capita 被引量:1
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作者 Fei Teng Jiankun He +1 位作者 Xunzhang Pan Chi Zhang 《Advances in Climate Change Research》 SCIE 2011年第3期134-140,共7页
This paper uses Lorenz curve and Gini index with adjustment to per capita historical cumulative emission to construct carbon Gini index to measure inequality in climate change area. The analysis shows that 70% of carb... This paper uses Lorenz curve and Gini index with adjustment to per capita historical cumulative emission to construct carbon Gini index to measure inequality in climate change area. The analysis shows that 70% of carbon space in the atmosphere has been used for unequal distribution, which is almost the same as that of incomes in a country with the biggest gap between the rich and the poor in the world. The carbon equity should be an urgency and priority in the climate agenda. Carbon Gini index established in this paper can be used to measure inequality in the distribution of carbon space and provide a quantified indicator for measurement of carbon equity among different proposals. 展开更多
关键词 climate change carbon equity long-term mitigation goal cumulative emission per capita carbon Gini index
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Incentive and Entrenchment Effects of Large Shareholdings: Evidence from Chinese Public Corporation
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作者 XIE Jun 《Journal of Modern Accounting and Auditing》 2007年第2期31-34,40,共5页
This paper studies incentive effect and entrenchment effect of the largest shareholder. Author investigates 763 listed companies in SHSE, explores the statistical relationship between the largest shareholding and corp... This paper studies incentive effect and entrenchment effect of the largest shareholder. Author investigates 763 listed companies in SHSE, explores the statistical relationship between the largest shareholding and corporate performance. Author observes that the largest shareholder has the incentive effect and entrenchment effect on corporate valuation. Empirical relationship between the largest shareholding and corporate valuation shows that the firm value decreases with the equity ownership of the largest shareholders, consistent with a negative entrenchment effect, when the largest equity ownership is below 40.28% of the whole share. Then firm value rises when the proportion of the largest shareholder's rights was increased to 69.29%, being consistent with a positive incentive effect. But with the increase of the share of the largest shareholding, firm value falls again. 展开更多
关键词 the largest shareholder incentive effect entrenchment effect corporate valuation
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Does Independent External Auditing Play a Role in Corporate Governance? An Empirical Study on Chinese A-Share Listed Firms
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作者 Wu Shaofan 《Journal of Modern Accounting and Auditing》 2012年第11期1646-1655,共10页
In China, an emerging economy, where investor protection is relatively weak, it is worthwhile and interesting to investigate whether independent external auditing, a sort of external corporate governance mechanism, ex... In China, an emerging economy, where investor protection is relatively weak, it is worthwhile and interesting to investigate whether independent external auditing, a sort of external corporate governance mechanism, exerts its influence. Using a sample of all A-share listed firms in 2005, this paper investigates the effects of independent external auditing on corporate governance via three aspects: (1) choice of auditing institution; (2) auditing fee; and (3) auditing opinion for annual reports. Empirical results show that, with worse agency problems in firms, the possibility of employing the “Big 41” to audit its annual reports is bigger. When determining auditing fees, auditing institutions take both firms' agency problems and the firm size into account. When issuing qualified opinions for poor-performing firms, auditors do not consider agency problems embedded in concentrated ownership. Overall, external independent auditing plays a limited role in corporate governance. 展开更多
关键词 auditing institution auditing fee auditing opinion corporate governance
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International Financial Investments, Double Taxation of Dividends and "Effective Taxation" in the Portuguese Tax System
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作者 António Martins 《Journal of Modern Accounting and Auditing》 2011年第8期784-791,共8页
The purpose of this paper is to analyze the tax treatment of dividends established in the Portuguese corporate income tax code. The tax code aims at eliminating double taxation, if certain conditions are met. However,... The purpose of this paper is to analyze the tax treatment of dividends established in the Portuguese corporate income tax code. The tax code aims at eliminating double taxation, if certain conditions are met. However, if dividends received were not previously subject to effective taxation, the elimination of double taxation no longer applies. The meaning of effective taxation is not defmed nor quantified in the code. But it is of great importance to firms' tax planning. In this context, it is a quite important concept, and the paper will discuss it. The methodological approach is based on using a hypothetical situation where a group of finns' faces different dividend flows, from diverse origins, and how taxes affect the overall tax burden of the group. The paper highlights the negative implications of a legal void in a very important tax topic regarding dividend policy in holding companies. It shows a tax induced level of uncertainty in designing dividend policy, and how it hinders financial management of groups of firms. The main conclusion is that the lack of a legal or quantitative definition of what constitutes effective taxation is an important factor of tax complexity in planning intercompany dividend policy, and the concept should be revised in legal terms. 展开更多
关键词 effective taxation group dividend policy double taxation
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The degree of IPO underpricing in China
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作者 XIU Shi-yu LI Chang 《Journal of Modern Accounting and Auditing》 2008年第4期32-35,43,共5页
This paper studies the IPO underpricing in the emerging stock market of China. The empirical results reveal that in China, the degree of IPO underpricing measured by first-day return is more than 100%, which is a prev... This paper studies the IPO underpricing in the emerging stock market of China. The empirical results reveal that in China, the degree of IPO underpricing measured by first-day return is more than 100%, which is a prevailing phenomenon for almost all IPO firms, regardless of the IPO time and the industry of the firm The degree of IPO underpricing in China is larger than the IPO initial returns documented in almost all the other countries. This considerable underpricing in China can hardly be explained by the information asymmetry theory and agency theory. 展开更多
关键词 IPO UNDERPRICING information asymmetry
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Corporate Governance Intelligence: Minority Shareholder's Aspects (Evidence From Ukraine)
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作者 Tetiana Momot Oleksandr Vashchenko Nina Avanesova Anna Chudopal 《Chinese Business Review》 2015年第4期210-218,共9页
The paper is devoted to the corporate governance intelligence system investigation as the part of the complex stakeholder-related approach to the corporate strategic intelligence system (CSIS). The special attention... The paper is devoted to the corporate governance intelligence system investigation as the part of the complex stakeholder-related approach to the corporate strategic intelligence system (CSIS). The special attention is given to the minority shareholders activism in the system of corporate governance. Some existing methods of abusing minority shareholders rights, made by joint-stock companies executives, are generalized. The recommendations for minority shareholder's rights protection are given. The necessity for the implementation of the stakeholders-oriented approach for the CSIS creation on the base of companies' security principles is substantiated. 展开更多
关键词 corporate governance intelligence minority shareholders rights corporate governance financial and economic security system corporate strategic intelligence
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Stock Performance of the Property Sector in Malaysia
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作者 Chan Kok Thim Yap Voon Choong Nur Qasrina Binti Asri 《Journal of Modern Accounting and Auditing》 2012年第2期241-246,共6页
Property investment in Malaysia is increasingly popular among local and foreign investors. The strong support by the government through the relaxation and lifting of certain restrictions and regulations on property ow... Property investment in Malaysia is increasingly popular among local and foreign investors. The strong support by the government through the relaxation and lifting of certain restrictions and regulations on property ownerships, have attracted investments in the Malaysian property market. This research studies the factors affecting the performance of 36 property firms listed on the Main Board of Bursa Malaysia from 2003 to 2007. This research employed ordinary least squares (OLS) method to represent all the variables comprising stock performance, return on assets (ROA), return on equity (ROE), debt ratio (DR), net profit margin (NPM), effective tax rate (ETR), earnings per share (EPS), and price earning (PE) ratio. Results show that ROA, ROE, and EPS have strong significant relationships with the property stock performance. Although it is a small sample size, some relevant changes and modifications can be included in future studies to obtain better results. 展开更多
关键词 stock performance property market financial ratios regression
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Analysis on the Influence of Inefficient Investment of Internal Controls
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作者 Huang Pengfei 《Review of Global Academics》 2014年第5期399-402,共4页
This paper takes 2011-2013 Chinese A shares of listing Corporation as the object of study and researchs the problem between internal controls and overinvestment and tmderinvestment.Through this paper, the study find r... This paper takes 2011-2013 Chinese A shares of listing Corporation as the object of study and researchs the problem between internal controls and overinvestment and tmderinvestment.Through this paper, the study find reasonable and effective internal controls can restrain overinvestment and underinvestment, Overall, strengthening the constmclion of internal controls is an effective way to improve the efficiency of corporate investment. 展开更多
关键词 internal control inefficient investment OVERINVESTMENT UNDERINVESTMENT
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Diversification or splitting-an explanation based on Contract Theory
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作者 罗良忠 史占中 《Journal of Zhejiang University-Science A(Applied Physics & Engineering)》 SCIE EI CAS CSCD 2005年第4期329-333,共5页
By inserting the variable of the exactness of corporate valuation into the classic model of Contract Theory, this paper, on the bases of the interaction of the variables of the veraciousness of corporate valuation, ma... By inserting the variable of the exactness of corporate valuation into the classic model of Contract Theory, this paper, on the bases of the interaction of the variables of the veraciousness of corporate valuation, managerial incentives and operational risks, explores the deep-seated reasons for changes in corporate structures, and draws the conclusion that the divestment of the subsidiary is beneficial to shareholders when the parent corporate is undervalued and that the relation between the parent and the subsidiary is disordered, or vice versa. This conclusion is consistent with the motives of many divestiture cases in reality. 展开更多
关键词 DIVERSIFICATION SPECIALIZATION DIVESTMENT Contract Theory
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Business Combinations, Goodwill and Deferred Taxes: Evidences Emerging From a Comparative Analysis Between Italy and Bulgaria
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作者 Gianfranco Capodaglio Lauretta Semprini Vanina Stoilova Dangarska 《Chinese Business Review》 2015年第5期219-237,共19页
The starting point for the research was the evidence of a possible contradiction in the provisions of IAS 12 on goodwill and deferred income taxes, i.e., about the need to calculate deferred income taxation on tempora... The starting point for the research was the evidence of a possible contradiction in the provisions of IAS 12 on goodwill and deferred income taxes, i.e., about the need to calculate deferred income taxation on temporary differences relating to all assets except for goodwill. This paper aims at exploring the degree of consistency between the theoretical provisions of International Accounting Standards (IAS)/International Financial Reporting Standards (IFRS) and their actual application by the management of Italian and Bulgarian listed companies, as regards the accounting treatments of deferred income taxes relating to the item "goodwill". The findings suggest that there are some differences between the accounting methods used by the management of most Italian listed companies and the provisions of IAS/IFRS. It can be argued that the rules given by IAS/IFRS are sometimes contradictory, since they may cause doubts in interpretation. As a consequence, in the end of the paper, an amendment to the provisions, set forth in IAS/IFRS concerning the accounting treatment of deferred income taxes relating to the item "goodwill", is proposed. 展开更多
关键词 GOODWILL deferred taxes business combination
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Study on Correlative Issues about State-owned Enterprises Restructuring in Resource-based Cities in China
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作者 Youjun Li Cuijuan Gao 《Chinese Business Review》 2006年第4期48-53,共6页
The "sediment" formed in the process of long-term development of the resource-based cities not only restricts the economic structure trans/brmation, but also increases the difficulties for restructuring the state-ow... The "sediment" formed in the process of long-term development of the resource-based cities not only restricts the economic structure trans/brmation, but also increases the difficulties for restructuring the state-owned enterprises. Furthermore, it makes current ways of reforming staffs' identity replacement and managers' shareholding mode inefficient in state-owned enterprises reformation in resource-based cities. According to the characteristics of resource-based cities and property right reform theory, cash and share right compensation for the different staffs in the process of staffs' identity replacement have been identified. In addition, different profitable investment policies have also been suggested. For managers' share holding, the stimulant share ownership should be adopted principally, at the same time corresponding restrictions should be set up for managers' investment share ownership due to share ownership structure. 展开更多
关键词 managers' shareholding resource-based city staff' identity replacement state-owned enterprise restructuring
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Relationship Between Working Capital Management and Profitability in Turkey Industrial Listed Companies
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作者 Necdet Saglam Aziz Kagitci Semih Buyukipekci 《Journal of Modern Accounting and Auditing》 2016年第3期147-155,共9页
The present study investigated the effect of working capital management component on corporate profitability. A sample of 106 firms listed on Borsa Istanbul Stock Exchange (BIST) for the period of 2003-2013 was used... The present study investigated the effect of working capital management component on corporate profitability. A sample of 106 firms listed on Borsa Istanbul Stock Exchange (BIST) for the period of 2003-2013 was used. The secondary data for analysis were taken from Bloomberg's Database. The present study aims to explore the effect of working capital management components on corporate profitability. We observed that there was a negative correlation between gross operating profit and accounts receivables (A/R). We also found that there was a positive correlation between gross operating profit and number of days inventory. But they did not affect the profitability of firms in the study at a significant level. 展开更多
关键词 working capital management PROFITABILITY cash conversion cycle
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