The efficiency of a stock market is principally measured by its information efficiency and functionality efficiency. Both metrics are closdy related to the information of stock markets. However, there is no uniform de...The efficiency of a stock market is principally measured by its information efficiency and functionality efficiency. Both metrics are closdy related to the information of stock markets. However, there is no uniform definition of information in the economy field since researchers may have various opinions on the information of stock markets. In this research, a comparatively strict definition of information in sense of economy is presented. Based on this definition, the optimal conditions to reach the maximum information efficiency and functionality efficiency of stock markets are derived. The conclusion is, only when the market＇s operation and information transmission mechanisms are fully effective, its information completeness degree is optimal, all investors take optimal equilibrium actions, and the information efficiency and functionality efficiency of stock markets will be optimal. Based on the conclusions, the information efficiency and functionality efficiency of reality stock markets in China are studied and the corresponding supervision countermeasures are suggested.展开更多
Aiming to reveal the university students＇ understanding in management as for the strategy and strategic management phenomena, this study accomplishes a phenomenographic research to assess the future managers＇ market...Aiming to reveal the university students＇ understanding in management as for the strategy and strategic management phenomena, this study accomplishes a phenomenographic research to assess the future managers＇ market perception. It was chosen university students in Management of a Portuguese University. We conclude that the strategy definitions obtained are an assembly of the diverse existing concepts. Concerning to strategic management it was perceived an approach with one of the main existing concepts. The findings raise interesting issues with respect to the difficulties felt by new managers in translating their theoretical definitions in real examples in the organizations.展开更多
Dividing aggregate liabilities by GDP is not an appropriate method for calculating the leverage ratio, and may mislead deleveraging operations. In terms of an intrinsic mechanism, an appropriate measure of leverage ra...Dividing aggregate liabilities by GDP is not an appropriate method for calculating the leverage ratio, and may mislead deleveraging operations. In terms of an intrinsic mechanism, an appropriate measure of leverage ratio should be the liability/asset ratio. In their business operations, it is inevitable for real-economy enterprises to incur liabilities arising from business and financial transactions. Therefore, the significance of deleveraging operations is to reduce the leverage ratio below a certain threshold to effectively prevent risks arising from an excessive leverage ratio, rather than to reduce the liability ratio of real-economy enterprises to zero. For real-economy enterprises, a key question is how to adjust their debt structure by reducing current liabilities and increasing mid-and long-term liabilities. The debt structure of real-economy enterprises is primarily determined by their financial structure. Hence, it is essential to adjust the financial structure in order to improve the debt structure of real-economy enterprises and increase the share of direct finance. Various risks exist in the combination of shares and bonds within the banking system, investment-lending linkage and market-based debt-to-equity operations, which are options in reducing the leverage ratio for real-economy enterprises. From the standpoint of giving play to capital market functions, it is advisable to increase the issuance of midand long-term corporate bonds and preferred stock, restrict non-financial listed companies from engaging in financial operations and the shareholders of listed companies from selling shares, encourage equity investment institutions to enhance equity investment in realeconomy enterprises, and further develop the financing function of the stock market.展开更多
基金Humanities and Social Sciences Foundation of Ministry of Education of China(No. 07JA790096)
文摘The efficiency of a stock market is principally measured by its information efficiency and functionality efficiency. Both metrics are closdy related to the information of stock markets. However, there is no uniform definition of information in the economy field since researchers may have various opinions on the information of stock markets. In this research, a comparatively strict definition of information in sense of economy is presented. Based on this definition, the optimal conditions to reach the maximum information efficiency and functionality efficiency of stock markets are derived. The conclusion is, only when the market＇s operation and information transmission mechanisms are fully effective, its information completeness degree is optimal, all investors take optimal equilibrium actions, and the information efficiency and functionality efficiency of stock markets will be optimal. Based on the conclusions, the information efficiency and functionality efficiency of reality stock markets in China are studied and the corresponding supervision countermeasures are suggested.
文摘Aiming to reveal the university students＇ understanding in management as for the strategy and strategic management phenomena, this study accomplishes a phenomenographic research to assess the future managers＇ market perception. It was chosen university students in Management of a Portuguese University. We conclude that the strategy definitions obtained are an assembly of the diverse existing concepts. Concerning to strategic management it was perceived an approach with one of the main existing concepts. The findings raise interesting issues with respect to the difficulties felt by new managers in translating their theoretical definitions in real examples in the organizations.
文摘Dividing aggregate liabilities by GDP is not an appropriate method for calculating the leverage ratio, and may mislead deleveraging operations. In terms of an intrinsic mechanism, an appropriate measure of leverage ratio should be the liability/asset ratio. In their business operations, it is inevitable for real-economy enterprises to incur liabilities arising from business and financial transactions. Therefore, the significance of deleveraging operations is to reduce the leverage ratio below a certain threshold to effectively prevent risks arising from an excessive leverage ratio, rather than to reduce the liability ratio of real-economy enterprises to zero. For real-economy enterprises, a key question is how to adjust their debt structure by reducing current liabilities and increasing mid-and long-term liabilities. The debt structure of real-economy enterprises is primarily determined by their financial structure. Hence, it is essential to adjust the financial structure in order to improve the debt structure of real-economy enterprises and increase the share of direct finance. Various risks exist in the combination of shares and bonds within the banking system, investment-lending linkage and market-based debt-to-equity operations, which are options in reducing the leverage ratio for real-economy enterprises. From the standpoint of giving play to capital market functions, it is advisable to increase the issuance of midand long-term corporate bonds and preferred stock, restrict non-financial listed companies from engaging in financial operations and the shareholders of listed companies from selling shares, encourage equity investment institutions to enhance equity investment in realeconomy enterprises, and further develop the financing function of the stock market.
