Life Cycle of Chinese Public Company and Competence Strategy Research

From start-up, growth, maturity to decline, a company will experience a complicated process, in which the company needs to change its anticipated objective, structure and business model with the variation of environment, in order to survive and gain sustainable development. Based on an enterprise＇s life-cycle theory, this paper makes use of both qualitative and quantitative models to do an empirical study on measurement of the life-cycle of 1135 Chinese public companies from 1991 to 2002, both FoxPro and SAS programs are used to process data. At the end of the paper, the author comes up with a company＇s value goals and relevant competence strategies in every stage of life cycle, with the purpose to promote the Chinese public companies＇ sustainable development.     

IT APPLICATIONS PORTFOLIO MANAGEMENT UNDER BUSINESS AND IMPLEMENTATION UNCERTAINTY

Corporations need to improve business processes in order to enhance velocity and service levels while reducing their processing costs and differentiating themselves in the face of competition. The levitation of importance beyond support roles has raised IT investment decisions to high priority in chief executive officers＇ agendas. Corporate planning groups as well as lines of business are increasingly applying techniques of IT applications portfolio management in a more systematic fashion to improve decision-making and resource-allocation processes.
Recent advances in software engineering and IT service delivery methodologies have achieved the logical separation of business functions from implementation. This separation has made a new breed of innovative IT project possible with a new project risk structure; the adjustment of portfolio management techniques is appropriate. We present an integrated portfolio management model so that the corporation can focus on organic growth through sources at both the department and top management levels. The research gives clear advice as to how top management can seek economic growth by selecting an entrepreneurial strategic posture, implying a strong risk-taking propensity. By integrating a risk-return model and risk-tolerance paradigm to cope with today＇s risk structure, overall capabilities can improve the decision process and the corporation＇s performance as well. The application of the integrated technique to a Japanese manufacturing firm is described.     

Market Rule or Equal Opportunity Rule: An Empirical Analysis Based on Acquisitions of Chinese Listed Companies

This paper examines the data of A-share listed companies in China from 2002 to 2017,drawing on the theory of equal opportunity and market rules in M&A transactions. This paper investigates the correlation between changes in tender offer policy and M&A tendencies and performance. The findings suggest that following the policy shift and the adoption of market rules, companies that secure an exemption from the mandatory tender offer obligation not only exhibit stronger M&A tendencies bu...     

TWO-STAGE ORDERING DECISION FOR A SHORT-LIFE-CYCLE PRODUCT

1. Introduction Recent years have seen scores of retail and manufacturing companies exploring innovative ordering or production modes in an effort to improve their operations and ultimately the bottom lines. So, more and more scholars and managers have investigated stochastic inventory problems. Uncertain demand is the cause of higher inventory costs for short-life-cycle products, such as style fashions, perishable products, and even IT-type products. For short-life-cycle products, most schol…     

How Does ESG Performance Impact Corporate Financing Costs? An Empirical Study in China

In the background of the green transformation of the economy and society, the ESG performance of enterprises has been paid more and more attention in the investment decision-making.However, previous studies have inadequately explored how the ESG performance affects corporate financing costs. Based on the information asymmetry theory, this paper analyzes the impact mechanism of ESG performance on corporate financing costs. Then, taking 1044 A-share listed companies in2016–2020 as a sample, throug...     

The effect of corporate governance on debt financing cost of listed companies

In recent years,bank credit business is booming with the increasing borrowing intention of China’s listed companies,and debt financing has become the major approach among listed companies’financing strategies.As a series of institutional arrangements about rights,responsibilities and benefits between different shareholders,corporate governance mechanism has a significant influence on the cost of debt financing.This paper employs variable coefficient panel data model to investigate the relationship of the listed company’s debt financing costs and corporate governance mechanism in terms of structural characteristics and time series characteristics.The results show that optimizing the structure of both Board of Directors and Board of Supervisors,establishing a reasonable management incentive system and reducing the concentration of ownership properly can directly contribute to a lower company’s debt financing costs.Meanwhile,property rights have an interactive influence on corporate governance from four aspects,which indirectly effect in company’s debt financing costs.     

DESIGN OF A SOFTWARE AGENT FOR BUSINESS GAMING SIMULATION

1. Introduction 1.1 Gaming Simulation Gaming Simulation is categorized into the following five fields: Entertainment games, Educational games, Experimental games, Research games, and Operational games (Stahl, 1983). Business game is one of the Educational games. Business game is a tool that focuses on understanding about business and the principle of management through the experience in a virtual world. Through this method the players have roles of managers or presidents of companies (Ter…     

JSEE Honored "The Highest International Impact Academic Journals of China"

The Journal of Systems Engineering and Electronics(JSEE)was listed among"The Highest International Impact Academic Journals of China(Science/Technology/Medicine)2014",with a higher rank than last year,and on the top of all aerospace journals in China.Besides,Systems Engineering and Electronics(SEE)(in Chinese)was awarded one of"The Excellent International Impact Academic Journals of China(Science/Technology/Medicine)".     

JSEE Honored ＂The Highest International Impact Academic Journals of China＂

The Journal of Systems Engineering and Electronics （JSEE） was listed among ＂The Highest International Impact Academic Journals of China （Science/Technology/Medicine） 2014＂, with a higher rank than last year, and on the top of all aerospace journals in China. Besides, Systems Engineering and Electronics （SEE） （in Chinese） was awarded one of＂The Excellent International hnpact Academic Journals of China （Science/Technology/Medicine）＂     

Forecasting China’s Foreign Trade Volume with a Kernel-Based Hybrid Econometric-Ai Ensemble Learning Approach

Due to the complexity of economic system and the interactive effects between all kinds of economic variables and foreign trade, it is not easy to predict foreign trade volume. However, the difficulty in predicting foreign trade volume is usually attributed to the limitation of many conventional forecasting models. To improve the prediction performance, the study proposes a novel kernel-based ensemble learning approach hybridizing econometric models and artificial intelligence （AI） models to predict China＇s foreign trade volume. In the proposed approach, an important econometric model, the co-integration-based error correction vector auto-regression （EC-VAR） model is first used to capture the impacts of all kinds of economic variables on Chinese foreign trade from a multivariate linear analysis perspective. Then an artificial neural network （ANN） based EC-VAR model is used to capture the nonlinear effects of economic variables on foreign trade from the nonlinear viewpoint. Subsequently, for incorporating the effects of irregular events on foreign trade, the text mining and expert＇s judgmental adjustments are also integrated into the nonlinear ANN-based EC-VAR model. Finally, all kinds of economic variables, the outputs of linear and nonlinear EC-VAR models and judgmental adjustment model are used as input variables of a typical kernel-based support vector regression （SVR） for ensemble prediction purpose. For illustration, the proposed kernel-based ensemble learning methodology hybridizing econometric techniques and AI methods is applied to China＇s foreign trade volume prediction problem. Experimental results reveal that the hybrid econometric-AI ensemble learning approach can significantly improve the prediction performance over other linear and nonlinear models listed in this study.     

The Causal Relationship Between Managerial Pay and Firm Performance： a Confirmatory Study with Structural Equation Model

We use structural equation technique to test four hypothesis relationships between the managerial pay and firm performance. Data from 208 Chinese listed companies is used, the evidence supports Hypothesis 3. It opens out that ownership concentration affects firm performance indirectly through managerial pay, and illustrates managerial pay is a valid mechanism in corporate governance to motivate manager to maximize firm‘s performance.At the same time, we find ownership concentration is negative to managerial pay, while IPO time and registration areas are positive to managerial pay obviously. It suggests that finding a correct solution to management incentive is the key to improve firm performance.     

Study on Concept of Centralization and Decentralization Group Decision Making

1　 IntroductionThe research of the Management Mechanism Design( MMD) has been a focus and a signifi-cant frontier in management science and it is an important problem for top managers offirms to care about.The MMD is meant to find out some Management Mec…     

A Credit Risk Evaluation Approach to Neural Network Training by Means of Financial Ratios

In recent years artificial neural networks are used to recognize the risk category of investigated companies. The research is based on data from 81 listed enterprises that applied for credit in domestic regional banks operating in China. The backpropagation algorithm-the multilayer feedforward network structure is described. Each firm is described by 9 diagnostic variables and potential borrowers are classified into four classes. The efficiency of classification is evaluated in terms of classification errors calculated from the actual classification made by the credit officers. The results of the experiments show that LevenbergMarque training error is smallest among 4 learning algorithms and its performance is better, and application of artificial neural networks and classification functions can support the creditworthiness evaluation of borrowers.     

SCHEDULING PROBLEMS - AN OVERVIEW

There seems to be a significant gap between the theoretical and the practical aspects of scheduling problems in the job shop environment. Theoretically, scheduling systems are designed on the basis of an optimum approach to the scheduling model. However in the practice, the optimum that is built into the scheduling applications seems to face some challenges when dealing with the dynamic character of a scheduling system, for instance machine breakdown or change of orders. Scheduling systems have become quite complex in the past few years. Competitive business environments and shorter product life cycles are the imminent challenges being faced by many companies these days. These challenges push companies to anticipate a demand driven supply chain in their business environment. A demand-driven supply chain incorporates the customer view into the supply chain processes. As a consequence of this, scheduling as a core process of the demand-driven supply chain must also reflect the customer view. In addition,     

MANUFACTURER’S UNIFORM PRICING AND CHANNEL CHOICE WITH A RETAIL PRICE MARKUP COMMITMENT STRATEGY

The paper studies channel choice decisions in a multi-channel supply chain under a strategy where there is an ex-ante commitment made on the retail price markup. The market demand is uncertain and dependent on the price and sales efforts. The results show that in any channel structure, when making order decisions the retailer only examines the price ratio and the fluctuation size of random demand, rather than the channel cost and the retailer＇s marketing efficiency. When the retail price rises, the manufacturer is willing to increase inventory quantity for direct sales, because the manufacturer＇s profit margin is higher in direct channel. The increase in demand fluctuation only affects the degree of channel preference but doesn＇t change the manufacturer＇s channel choice. No matter in which level the price ratio is, when the sales efficiency of retail channel is not high or the demand proportion of direct channel is low, the manufacturer and the retailer will be both apt to choose a dual-channel structure. Then adding a direct channel becomes a marketing strategy, rather than a competitor of the retail channel, and helps the supply chain win more market demand.     

HOW ARE PRODUCT-SERVICE COMBINED OFFERS PROVIDED IN GERMANY AND ITALY？ ANALYSIS WITH COMPANY SIZES AND COUNTRIES

A new business concept that offers products and services in a different way of traditional product-sales businesses is getting more attention especially in manufacturing industries. This paper investigates how this new business by means of integration of products and services is achieved in Germany and Italy. In addition, it analyzes the differences according to the company sizes. The results include that this type of business is in many cases motivated by their focus on customers and often consists of physical products and their maintenance. The Italian companies, as opposed to the German ones, often design their physical products specifically for this type of offers. From the analysis based on the size difference, small companies are found to achieve specific design for this type of offers while owning physical products. There do not seem to be any established methods or tools developed to support the development of such offers and within such methods/tools there would be room for more adaptation in form of physical product design.     

Development of Six-sigma Capability Indices in Modern Quality Management Practices

This research work based on the development of 6σ capability indices in the Modern Quality Management Practices in the world level companies is briefly introduced. The process performance index （when a process indicated by control charts is under control） and the percentage of defective products are calculated and compared with kσ. Finally, compared 6σ with 3σ, when process is on nominal （nominal - mean）, the process has 1.5σ shift from nominal.     

Exploring on-line societal risk perception for harmonious society measurement

The nearly 30-year economic growth miracle brings the consequent tremendous poor-rich gap leading strong drives for social transformation in current China. Chinese top leaders have realized to increase the peoples＇ income, improve quality of life and construct a ＂harmonious society＂ as key missions especially in recent 10 years. How to measure a harmonious society is one important topic as different measures may lead to different development policies. This paper outlines over 10 indices relevant to measure a harmonious society. Some are global indicators, while some are contributed by domestic researchers and arouse debates. Most of those indicators require conducting surveys on social attitudes under micro levels, which is always time consuming with problem of data quality. As Internet technology advances provide ways to record and disseminate fresh community ideas and thoughts conveniently, detecting topics or emotions from on-line public opinions is becoming a trend or one supplement way to overcome those data acquisition problems. This paper discusses one approach to on-line societal risk perception using hot search words and BBS posts. Such a trial aims to provide another way to societal risk perception different from those in traditional socio psychology studies. Challenges are also indicated.     

Coherent change detection of fine traces based on multi-angle SAR observations

Coherent change detection(CCD) is an effective method to detect subtle scene changes that occur between temporal synthetic aperture radar(SAR) observations. Most coherence estimators are obtained from a Hermitian product based on local statistics. Increasing the number of samples in the local window can improve the estimation bias, but cause the loss of the estimated images spatial resolution. The limitations of these estimators lead to unclear contour of the disturbed region, and even the omiss...     

系族化经营与企业创新——来自集团附属上市公司的经验证据

Although familized-affiliated enterprises are common in the capital market, there is a lack of evidence on whether their innovation performance is better than that of only-child group-affiliated enterprises. This paper divided the listed companies affiliated to the Chinese group into familized group-affiliated enterprises and only-child group-affiliated enterprises, and examined the differences in innovation performance between the two types of organizations. It is found that the innovation performance of familized group-affiliated enterprises is significantly higher than that of only-child group-affiliated enterprises, and the innovation performance advantage of the familized group affiliation is more obvious in private than in state-owned enterprises. Moreover, the more the business of a familized group-affiliated firm is related to that of its parent company, the better the innovation performance of the affiliated firm will be. Conversely, the higher the diversification of a familized group, the lower the innovation performance of its affiliated firms will be. This paper shows that the familized group affiliation promotes the innovation of the affiliated enterprise. The findings enrich the understanding of the impact of the familized group on the innovation of affiliated firms, and have important practical implications for the innovation management of the group enterprise.