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By using Event-Study Analysis, the paper studied empirically about the market reaction of the M&A of real estate listed companies from 2007 to 2008 in China. The results demonstrated that it has a positive income effect of M&A in the short term, nevertheless, such effect in non-related companies is overwhelming stronger than related ones. In study of the factors affected the M&A through...
As the further study of agency theory, managerial entrenchment provides a new perspective to explain corporate financial decisions. Capital structure of listed companies in China has deviated from the goal of shareholders' wealth maximum. Based on this objective phenomenon, this thesis makes the theory analysis of the impact of managerial entrenchment on capital structure. Then using the financial...
By analyzing the subjects and objects, as well as the targets, we suggest that indicators of performance evaluation should be chosen from two fields, financial and non-financial. Financial indicators are chosen from such types as profitability, solvency, operational capacity and developing capacity, while non-financial indicators are from development and innovation, human resource, industry impact...
In this study, According to logic of business diversification and firm performance, assuming exists an optimal degree of diversification enterprises under certain conditions, according to empirical analysis of 109 listed companies, we get two conclusions: First, the higher level of diversification of listed companies, its Price-earnings Ratio is lower, that is to say it is harder to get approval by...
Network video games have become one of the main ways of entertainment for people in many developed countries. With the rapid popularization and application of internet, the development of network game market in China has entered a period of rapid growth and also brought along the development of related industries, which have a positive effect on promotion of development of China's network economic...
In order to evaluate the MBO short-term performance and long-term performance, by virtue of 36 listed company samples which were buy-outed by management among 1997-2004, an empirical study was conducted based on factor analysis and matching T test. Empirical results showed that there was obvious improvement on the enterprise performance from overall view. The common factors such as risk control factor,...
The research tries to investigate the relationship between managerial overconfidence and R&D expenditure. Making small and medium-sized listed companies in China as samples, shareholding owned by manager and its variation as a substitute for the overconfidence, using OLS analysis method, we make an empirical analysis on the relationship between managerial overconfidence and R&D expenditure...
As a sunrise industry, car rental industry is exerting more influences on the modern world. The health of the car rental industry partially determines whether the whole car industry can maximize its profits. Based on the current situation of the car rental industry in China, this paper identifies several main problems related to the car rental industry by using surveys, case studies, depth interviews...
Using a sample of the major China's commercial banks and insurance companies over 1999-2006, this document empirically tests the effects of bancassurance created by simulated merger on the profitability and risk of banks and insurance companies involved.
Economic Valued Added (EVA) has led an evolution of corporate finance in many well-known abroad enterprises but be paid little attention in China. The empirically analytical results on the SSE 50 sample companies showed that 86% of these companies had no profitability in 2008 from the view of EVA comparing to 2% from the view of accounting profits. The potential reason may be (1) the leading shareholder...
In order to observe whether holistic listing improves the efficiency of listed companies in the long term, this paper empirically tests the performance changes of listed companies that have realized holistic listing in 2004-2007 in China's stock market. We use improved FA-DEA method to evaluate the efficiency changes, and then apply Tobit Model to analyze the influence of holistic listing, size, major...
We analyze the performance between IPO and non IPO private listed companies in A-share market in China. Using WLS regression analysis and factor analysis, we find that IPO private listed companies perform better than non IPO ones on solvency, profitability, cash flow and business development capacity. However, the non IPO listed companies reflect their advantages on the asset management capability...
The participation degree of industrial chain various links function main body is immediate influenced by profit appropriation and risk factors of value chain. Which the peasant household as one of the important suppliers of live pig product, immediate influences the market supplies of pig product, then influences the progression healthy and steady of pig industry, whether it fairly shares the live...
This paper gives a panel-model study on the data of 547 listed companies in China from 2005 to 2007 and draws a conclusion that in China capital market, the capital structure of listed companies in different industries which have dissimilar competition of product market reveals significant diversity. Moreover, the relation between product market competition and capital structure presents positive,...
In order to make the profitability evaluation of the listed companies more effectively, and provide a basis for decision-making, profitability evaluation model was established in this paper based on particle swarm algorithm (PSO) and the back-propagation algorithm (BP). Then the case study of profitability evaluation of power listed companies in China is proposed. The model takes advantages of the...
In the latter part of the international financial crisis, comprehensive performance of listed companies directly affect the confidence, investment risk and the rate of return of investors in the stock market. With the methodology of factor analysis and cluster analysis, this article selected 10 key financial indicators of listed companies as evaluation system, according to the actual situation of...
Combined the literature review with the practices in China, authors designed a financial pre-warning index system including key cash flow ratios, traditional asset and profit ratio. Considered as financially pre-failure enterprises, 48 ST companies were selected as the research samples from the listed companies in Shanghai and Shenzhen Stock Exchange from 2007 to 2008, and another 48 non-ST companies...
The financial crisis is an ongoing crisis triggered by a dramatic rise in mortgage delinquencies and foreclosures in the world now, with major adverse consequences for listed companies around the globe. Anti-risk capability has very important influence over the competitiveness in the long-term development vice versa. And electric power enterprises in China must enhance their competitiveness force...
The aviation industry has become one of China's technology-intensive, national strategic high-tech industries with strong foundation, making important contribution to the building of national defense and economic development. As leaders of aviation industry's companies, the listed ones play extremely important roles in the development of aviation industry. Therefore, studies on the evaluation of their...
Applying modern research on sustainable development, this article analyzes the sustainable development of Chinese private enterprises. Based upon modern financial management theories, an evaluation model is constructed to identify the ability to make profit, ability to reimburse, and ability to grow and operate. Principal component analysis is utilized to process the data from 468 listed private companies...
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