W

The Empirical Study about the Introduction of Hushen300 Stock Index Future Impact on the Pricing Efficiency and Operating Efficiency of the A-share Spot Market

On 09/11/2014, in Economics papers, by rain

Since the birth of the world’s first stock index futures varieties in the early 1980s, then through nearly 20 years development, the stock index future which as a new kind of financial derivatives has been experienced rapid growth and development, it can be said that almost all the developed countries and the most of developing countries already had their own stock index futures, in particularly enter into the twenty-first century, financial futures in Asia especially the stock index futures gained more rapid development. After nearly four years simulation trading of the Hu-Shen300(HS300) stock index future in China, no matter in terms of the institutional mechanism design and the scale of market, or legal conditions and so on, as everything has been ready, and finally the first of our country’s stock index future–HS300 stock index future has been launched officially in the April 16,2010.As our China’s stock market always has been confronted serious low efficiency problem in compare with the mature markets of western country, such as researching in this paper about the spot market pricing efficiency, operating efficiency, etc., which will severely restrict the sustained and healthy development of our China’s capital market or even the whole national economy. In this article, we choose nearly one year and a half data for the underlying index futures of our China’s A-shares stock market–HS300 stock index future and HS300 stock index which on behalf of our country’s A-shares stock market for this research, through this study on the introduction of HS300 stock index futures impact on the pricing efficiency and operating efficiency of the A-share spot market, not only can let the majority of investors get profound sense of inspiration and Education, but also can give relevant decision maker some reference for regulating the market, therefore, this thesis research has some certain theoretical and practical significance.In this paper, a combination of theory and empirical methods has been adopted. From theory study, the introductory part of the first chapter summarized the research status that concern the theory of market efficiency and the stock index future impact on the spot market pricing efficiency and operating efficiency from home and abroad, which laid a conceptual framework for the model design of this article; In the second chapter, starting from the concept of stock index future, and then reviewed the development history of global stock index future, in addition elaborated the Basic theory of stock index future; In chapter three mainly analyzed the introduction of stock index futures impact on the efficiency of the spot markets, Firstly describe the efficiency interaction relationship between the stock index future market and the spot market, then set forth the pricing efficiency and operating efficiency relationship between the stock index future market and the spot market. which provide the necessary theoretical basis and model building framework for the next empirical research. From empirical research, this article select the latest sample data as much as possible, and keep track of market movement, in strict accordance with standard empirical procedures, start this paper’s statistical analysis and empirical testing from three aspects which applied some statistical software such as Eviews, Excel and so on: The first is about empirical research on the pass-through effect from the introduction of the HS300 stock index futures to the A-share stock market, take correlation analysis between HS300 stock index futures and HS300 stock index firstly, then successively followed by the stationary test and cointegration test, finally through the Granger causality test method to know whether the initial launched HS300 stock index futures begin to play price discovery function ; The second is about empirical research on the A-share stock market volatility which caused by the introduction of HS300 stock index futures, mainly through build ARMA-GARCH model, and then respectively introduce margin financing and securities, stock index futures as two dummy variables, to diagnose the volatility effect; the third is about empirical research on the change of the A-share market liquidity which lead by the introduction of HS300 stock index futures, in the beginning in this part compared the liquidity changes in a long period of before and after introduction of A-share stock market from the perspective of the trading volume, then select the HS300 index trading volume growth rate in 100 and 300 trading day respectively also in a period of before and after the introduction of the HS300 stock index futures for T-test to demonstrate the liquidity impact; After that, here also take use of relative spread index for descriptive statistics from the price aspect to continue explore the liquidity change; Finally, in this part comprehensively take considering the volume and price, through the introduction of a illiquidity ratio which reflect both the trading volume and price for further demonstration.Through the above theoretical analysis and empirical analysis, the author got the following conclusion: Firstly, China’s HS300 stock index futures started to take price discovery function, it means that the introduction of HS300 stock index futures promoted the pricing efficiency of A-share stock market; Secondly, the introduction of HS300 stock index futures reduced the volatility of the A-share stock market, which could stabilize the spot market; Thirdly, the introduction of HS300 stock index futures increased the liquidity of the A-share market in some degree, it means that launched HS300 stock index future enhanced the operating efficiency of our country’s A-share spot market from the last two part empirical result. On the whole, the introduction of HS300 stock index futures improved the A-share stock market pricing efficiency and operating efficiency, in addition, the last chapter also pointed out the insufficient and prospect of this whole research, furthermore some policy proposal also have been put forward in the end.

W

A Research on the Influence of Enterprise Internal Factors on Business Process Reengineering

On 09/11/2014, in Economics papers, by rain

Economy globalization and the development of information technology have change business environments dramatically, which force Enterprise Management carrying out great innovations. Business Process Reengineering(BPR) is a new Management theory, which can meet the innovation requirements and it’s also been applied in many countries, however, the success rates of the application of BPR are not as high as expected, most enterprises even didn’t achieve their goals. So how to improve the success rate of BPR has become a subject confronts Enterprise and academic. Based on domestic and overseas researches, the enterprise internal factors and the evaluation system of BPR are studied in this paper.In this paper, the object is to study the important internal factors in enterprise and the evaluation system of BPR. The enterprise internal factors is needed to combine the special characteristics of Chinese companies, based on domestic and overseas practice, key factors of BPR are summarized:enterprise strategy, business process, information technology, organization structure, staff management and enterprise culture. In the study of evaluation system, by reviewing the research literature of evaluation methods of BPR, Balenced Score Card was chosen to evaluate enterprise achievement. It has four indicators, they are business income, custom satisfaction, operation cost and staff enthusiasm.Through the first-hand data, researching the relationship between enterprise internal factors and evaluation system of BPR, the conclusion is that enterprise internal factors and evaluation of BPR are positively correlated, and recessive factors are more important than dominant factors.Finally, give some suggestions to the companies that want to implement BPR.

W

Empirical Study on the Impact of Working Memory on Interpreting and Its Coping Strategies

On 05/11/2014, in Economics papers, by rain

Most researchers claim that a better working memory helps an interpreter deliver a translation with high completeness and quality. There are, however, few empirical statistics to prove or disprove this claim. Even though empirical analysis and researches have been launched, the impact of disparities in working memory among interpreters at the same level on interpreting has rarely been studied. To fill this research gap, the thesis studies the impact of working memory among interpreters at the same level on interpreting.Through clustering large collection of literature, the thesis gains insight into the trend of related studies and expounds on the theoretical bases of the study, the background, current situation, challenges and future development of working memory and interpretation. On this basis, the thesis further analyzes the impact of working memory on interpreting, especially on consecutive interpreting, through scientific and systematic experiments and analysis. Finally, the thesis proposes strategies to weaken such impact.In the end, the thesis gets following conclusions:first, working memory does influence the quality of interpreting. Good working memory helps improve the quality of interpreting while bad working memory impairs the quality of interpreting; second, working memory is not the decisive factor of the quality of interpreting, and its impact can be weakened by other means.

W

Farmers’ Health: The Medical Supply Mode Changes and Government Management

On 08/10/2014, in Economics papers, by rain

The medicine is the most Basic Medical Health product. The countryside Medical supplies generally divide into the tradition grass medicine supplies and the modern China and the West medicine supplies two stages. The article takes the countryside Basic medicine supplies main constitution and the medicine Social characteristic as the basis, divides a village Basic medical service Health supplies history into the herbal medicine time, the Chinese native medicine time and the western medicine time three development phases and carries on the research; Three stages approximately correspond the historical span respectively was before 1949 natural economy time mainly is the late Qing Dynasty and Republic of China time , since from1949 to 1978 the planned economy time, from 1978 to the present mainly has been 1990 market economy time.Although each time all not only has kind of medicine supplies, but the research discovery, three medicines times division has the certain rationality. This had already reflected three times farmer households medicine supplies main constitution and medicine shape Social vicissitude, had reflected three kind of medicines distinguish representative’s time characteristic. In here, the herbal medicine represents the tradition, is in the farmer household date commonly used medicine most has the traditional features the constituent; The western medicine represents the modern age, is most has the socialized characteristic the product; But the Chinese native medicine is the connection, the fusion tradition and the modern bridge. In the overall three kind of medicines socialized degrees increase progressively in turn. The socialized degree has reflected national or the market involvement degree from some kind of significance.The research also indicated that, the farmer household favors the choice socialization degree higher medical service health. In today farmer household’s medicine expense constitution has also presented the tendency to above three kind of medicines consumption quantity and the expense frequency which increases progressively in turn, western medicine already became the mainstream which the farmer household medical service health expended, some 64% expresses by the surveyor who favors the western medicine. This indicated the farmer household has this to the traditional medicine and the modern medicine expense tendency to disappear the other long relation. But in the peculiar circumstance the peasant household also can appear the reversion choice, transfers favors the socialization of consumption degree low medical service health.Herbs times, the shortage of medical and health products, health products farmers depend on the choice of exchange with the nature. The state and local governments have not yet entered the field of public health goods supply, the Government did not fulfills the functions of the Management of health farmers, farmers of the health status of letting nature take its course.Chinese medicine era, in the face of the shortage of medical and health goods remains the situation, the state and local governments from the start of improving public health conditions, medical supplies through the mobilization of the main civil enthusiasm, and gradually establish a basic rural health supply system. State and Government on rural health strengthen the functions, farmers of the basic medical and health goods began choice by the State and local governments of disposable medical Management.Western medicine era, the basic farmers the choice of medical and health products was completely integrated into the dual role of the state and the market under the inherent “social model”; market choice, the choice of state or government, the main medical supply may have made the choice of farmers medicine consumption in the decision-making process at any time there is a health and rights violations faced by the risk. Government to protect farmers basic medical and health goods supply become the responsibility of the Government.This study also shows that rural communities is a medical services to most farmers, and the nearest farmers, but also the most vulnerable resource services medical services agencies. The level of medical services link farmers and other rural medical service system in the main factors, and play a vital significance and status as a node to solve the medical and health care needs of the supply side as well as the inherent contradictions between complicated contradictions, and the digestion of these risk factors will definitely affect the health and rights of farmers, the overall situation.This article originally hoped political science from the health of power or the perspective of the rights and interests of countries on how to get basic medical supplies in rural areas, and focus on analysis of political factors, but obviously this is not my current means, is not fully discussed, it is this paper’s where inadequate. However, I still think that Benefit analysis of this paper is the innovation. The main contribution of this paper is to describe a village through the development of the supply of medical practice, and explained the different supply farmers under the conditions of healthy choices; found that the supply constraints in the market economy conditions, mainly for the government, the market and medical supplies between the main choice of uncoordinated, health protection for farmers will play a decisive impact.

W

Impact Study of Regulation and Control Policy on the Real Estate Listed Corporation Based on the Cash Flow of DuPont Analysis

On 07/10/2014, in Economics papers, by rain

The real estate industry is an important industry in our national economy; the real estateindustry has strong connections with other industries, so the healthy development of theindustry is an important foundation of our Social harmony and stability. China is still in theprimary stage of socialism, the economy of our country is not mature and Economic system isnot perfect at the present stage of development. In recent years, China’s real estate marketemerges a series of problems; the supervision system of the real estate industry has yet to beperfect. At present, China’s real estate market has serious imbalance between supply anddemand, prices of the real estate are too high, and the “bubble” phenomenon in the real estateis seriously, these problems have major impacts on China’s Economic stability and socialharmony. the basis for our government regulation by itself in the real estate market, to controlthe real estate market for a number of macro-control policies introduced in this paper, throughthe regulation of real estate policy analysis, and based on the cash flow of DuPont analysissystem for empirical research on the impact of macro-control policies on the real estate listingCorporation.This paper first gives an overview of the real estate industry, the real estate regulation,the effect of different control policies on the real estate listing Corporation is analyzed, andbased on the cash flow of the DuPont analysis system to analyze the effects of regulatorypolicies on the real estate listing Corporation, accordingly put forward a hypothesis; bycollecting data, SPSS analysis, according to the conclusion; the results of theoreticalhypotheses and empirical analysis, on how to better promote the healthy development of thereal estate market to put forward his own proposal.

W

Research on Inefficient Investment Behavior of the Listed Companies in Electric Power Industry

On 02/10/2014, in Agriculture, by rain

As a link between financing and the distribution of dividends, Investmentdecision not only involves the issue of funds raising, but also affects the efficiency ofthe funds allocation. However, in the real Economic society, Enterprise’s investmentdecision would be affected by various factors, the phenomenon that Enterprisesviolate the principle of maximizing the corporate value and make the InefficientInvestment is widespread, this Inefficient Investment behavior will not only result inthe waste of resources and production factors, but also would damage the interests ofshareholders and investors, at the same time, the macro-Economic structure will bedistorted, the healthy development of macro-economic would be affected as well.Electric power industry belongs to monopoly industries of our country, and it isalso the Basic industry which is related to the national economy and the people’slivelihood. With the development of our national economy, the Social demand forelectricity continues to expand, the expansion of electricity sales market hasstimulated the development of entire Electric power production, in recent years, theinvestment level of Basic construction in Electric power industry has improvedcontinuously, as the capital and technology intensive industry, electric power industryprojects has some characteristics like taking more money, large scales, long recoveryperiod and so on. Meanwhile, the electric power industry has the characteristic ofstate-owned monopoly,”internal control” and “shareholder control” exist at the sametime, thus in order to reduce the threat to positions, realize the maximization of theirown utility, the company managers would have managerial entrenchment when theyrespond to the threat of internal and external control mechanisms, and it will distortthe Investment decisions and result in the inefficient investment behavior.The object of study in this paper is the listed companies in electric powerindustry, and this paper analyzes the inefficient investment behavior of the listedcompanies in electric power industry from the perspective of managerialentrenchment. The paper takes the panel data from2006to2010in listed companiesof electric power industry as the study sample. First of all, the paper measures theexistence of inefficient investment behavior in listed companies of electric powerindustry, then selects five main factors which affect managerial entrenchment, likemanager’s age, manager’s tenure, manager’ s ownership, manager’ s compensation´╝î and manager’ s relocation cost, and the paper studies the impacts these five mainfactors have on the inefficient investment behavior with the method of multiple linearregression. The empirical study results show:(1) Inefficient investment behavior oflisted companies in electric power industry exists in the period2006-2010;(2)Manager’s age, tenure and relocation cost all have significant positive relevance withinefficient investment behavior of listed companies in electric power industry;(3) Thehigh shareholding ratio of state shareholders is also an important reason which resultsin the further deterioration in Inefficient Investment behavior of listed companies inelectric power industry;(4) The shareholding ratio of managers is generally low inlisted companies of electric power industry, the “zero stake” is widespread, andmanagers can not improve their controlling right over the enterprises, and increase thelevel of managerial entrenchment, then influence the investment decision of thecompany by the low proportion of shareholding;(5) The compensation incentivepolicy carried by listed companies in electric power industry does not play the properrole in encouraging and restraining managers. Finally, based on the empirical research,this paper puts forwards some recommendations on how to curb Managerialentrenchment, regulate investment behavior of listed companies in electric powerindustry and improve investment efficiency and so on.

W

Research on the Correlation of Institutional Investors and Research and Development of Listed Companies

On 21/09/2013, in Management, by rain

With the rise of the stake of institutional investors, the relaxation of governmentcontrol and actively promoting, the institutional investors of the United States, Britainand other western countries have gradually given up the past and passive means of”vote with their feet”, beginning to use the positive mode of “voting with the hand”.The rising of shareholder activism of institutional investors attracts the attention ofscholars at home and abroad. In addition, the research and development activities arenot only the impetus of Enterprise survival and development, but also an importantfactor for investors to predict the prospects of business development. Therefore, theR&D input will become a topic of concern to institutional investors.Based on Institutional shareholder activism theory and principal-agent theory,this thesis explores the institutional investors to exercise positive power. Furthermore,this thesis studies the necessity of influence of institutional investors to R&D inputfrom two aspects of the cause and the mode of action. Finally, it probes into therelationship between institutional investors and R&D input of listed companies. In theempirical test part, the thesis chooses the2007-2010of China’s domestic A-sharelisted companies which was injected by institutional investors as a sample. Then,using the holding ratio of overall institutional investors, the holding ratio of differenttypes of institutional investors and R&D intensity as explanatory variables, weexamines the relationship between institutional investors and R&D of listedcompanies. The study shows that China’s institutional investors can urge listedcompanies to increase R&D input, while different types of institutional investors varyin their influence to R&D input of listed companies. In addition, the listed companiesto increase R&D input will attract some institutional investors to increase their stake.This indicates that the development of institutional investors in China is not yetbalanced, which need to continue reform and improve.Finally, according to the findings, this thesis gives some advices:(1)Develop theinstitution investors vigorously and optimize the structure of institutional investors;(2)Relax appropriately or remove related laws and regulations of institutional investorsto participate in corporate governance;(3)Increase R&D input of listed companies andmake a win-win situation between listed companies and institutional investors.

W

Research on the Factors Influencing Mobile Payment Behavior of Young Users

On 19/09/2013, in Economics papers, by rain

As a new form of payment, the mobile payment is the product of the combination of Internet technology and communication technology. Mobile Payment refers to the process of purchasing goods or service when purchasers use mobile terminals including cell phones, PDA, mobile POS to exchange financial data through mobile network to achieve the purpose of funds transfer. Compared to online payment, mobile payment can provide more diversified services and its unique rapid and convenient form can simplify the processes greatly. With the increasing development of mobile phones and other mobile tools, mobile payment has been more and more applications. However, due to various factors, mobile payment is not very popular in our country. Therefore, the analysis of the factors that influence user’s acceptance of mobile payment services is extremely urgent.According to previous studies, young users are the main user groups of mobile payment. For this reason, this study is based on the UTAUT model.At the same time, it combines with innovation diffusion theory and the perceived risk theory. The paper also builds a new model in order to study the factors more throughly. It selects SPSS and AMOS for the main analysis tools with the form of descriptive statistics analysis, validity analysis, factor analysis, regression analysis, reliability analysis to explore the related factors on the behavior of young users.The paper is divided into five parts, the first part is the research background and research ideas; the second is a literature review and theoretical summary; the third is a related model which defines model variables and proposes research hypotheses; part IV uses statistical analysis tools to conduct an empirical analysis of the data and verifies the research hypotheses; the fifth part is a summary of the full text. The research shows various factors on the acceptability of mobile payment service. The major influential element is Social impact, then is personal innovativeness. At the same time, efforts expectancy is followed by performance expectancy while the negative impact of the perceived risk is not particularly significant, which is inconsistent with other studies. Meanwhile, favorable conditions and intention affect behavior significantly. Based on the above analysis, the author offers the marketing proposals, including the step up publicity efforts, tap the business value, segmental user community, strengthen the payment of supervision and establish the credit certification system of mobile payment.

W

Research on the Impact Factors of Organizational Inertia

On 15/09/2013, in Management, by rain

Organizational inertia is the nature of the organization, it is the tendency of keeping the original or known behavior and habit to adapt to changing environment in the process of the formation, development and transformation on the organization. Organization inertia is relative to the changing environment, “Not easy to change” is its essential attribute. The formation of the organizational inertia is a dynamic process of accumulation. In the modern society, as the increasing uncertain factors in the environment, the organizational inertia has been gradually become the main factor on conditioning the Enterprise’s development. The research of organizational inertia has got wide attention of the foreign scholars, but in the domestic is just in the initial stage. Scholars in the different angles have the deep analysis on the genesis of organizational inertia, but the research on the impact factors of organizational inertia have not a complete theoretical system, the empirical study is hardly any.Based on domestic and foreign scholars’ study, through staff interviews, author obtained eight impact factors of organizational inertia, namely:organizational own factors, organizational staff, organizational resources, organizational structure, organizational mechanism, organizational ability, organizational culture, organizational external environment. At the same time, the paper compiles questionnaire on the impact factors of organizational inertia. This questionnaire includes three parts:the first part is the Basic information; the second part is the options on the impact factors of organizational inertia with twenty-five options; the third part is the overall perception of the questionnaire with five options.The paper has completed empirical study of Xi’an owned enterprises. The data analysis results prove that the questionnaire has a good reliability and validity. The impact factor of owned enterprises’ organizational inertia is explored by explored factor analysis. Through analyzing and discussing the results, the eight factors have significant impact on owned enterprises’ organizational inertia. The organizational structure of owned enterprises is the most significant factor for organizational inertia. The bigger of the workers and the assets, the longer of the founded fixed number of year, the enterprises have the stronger organizational inertia.In the end of the paper, five suggestions are given based on the study above:establishing innovative Enterprise culture, building a strong leadership team, cultivating the crisis consciousness, strengthening enterprise crisis Management, designing the scientific structure of organization, strengthening the Management of the organizational mechanism.

W

An Empirical Analysis on the Influencing Factors of Choosing M&A Targets

On 15/09/2013, in Management, by rain

As an effective means of integration of resources, Merger and Acquisition (M&A) can help to realize Enterprise’s rapid development, playing an important role in the strategy of Enterprise development and industrial upgrade. The most important factor of M&A is to choose the right targets Enterprise, so it will play important theoretical significance and application value for exploring the factors that affect choosing M&A target enterprise.In recent years, China’s pharmaceutical industry has developed rapidly and become one of the fastest-growing sectors, with huge potential for development. However, China’s pharmaceutical enterprise has the small scale, large quantity, the low level of overall benefits, and weak R&D capability. To change this situation, it is practical to upgrade pharmaceutical industrial structure by M&As. Along with deepening of our stock market’s reform and fast development of capital market, especially since the dual-rights reform, a large number of M&As took place in China’s pharmaceutical enterprises. So it is necessary to conduct analysis and research on factors influencing M&A target choice in China’s pharmaceutical enterprises.On the base of analyzing the literatures about motivations and target at home and abroad, combined with the actual situation of the Chinese pharmaceutical industry, this paper used normative research and empirical research to expound factors influencing M&A target choice. The study employed a sample of target listed companies from pharmaceutical industry in which M&A occurred from2007to2011. and used means of difference analysis, factor analysis and Logistic regression. The conclusion provides a solid experimental support on the replacement of inefficient Management hypothesis, the enterprise scale hypothesis, the shares decentralization hypothesis, and provides no support on the financial leverage hypothesis, the enterprise value hypothesis, the intangible assets hypothesis, the growth capability-financial ability of expansion hypothesis. The Logistic regression model passes Hosmer-Lemeshow test. And its accuracy of prediction arrives at70.7%which meets the expected accuracy level on the whole. At last, combining the conclusion of the empirical research, this article puts forward some policy suggestion and corresponding strategy of pharmaceutical enterprises.