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Evaluate the a Company with Fcff Model

On 23/09/2013, in Trade, by rain

The enterprise value assessment referred to the value of valuation, corporate valuation, the purpose is to analyze and measure the enterprise or a business unit fair market value (intrinsic value), and provide relevant information to help investors and regulatory authorities to improve decision-making and rational investment.The enterprise value evaluation report to investors or authorities to set up companies, corporate restructuring, stock issuance and listing of equity transfer, corporate mergers, acquisitions or separation, an important prerequisite for financing. Standing investors and the management’s point of view, the enterprise value assessment studies have considerable practical significance. Based on these realities and urgent request, I review the comb has always been related to the classical theory of corporate valuation, in the study compared the historically applications and the universal application of business valuation methods based on the combination of China’s national conditions, focused on free cash flow models (FCFF), and use this model for empirical assessment of listed companies a department store.The intrinsic value is not the simple addition of existing assets, is not the measure of short-term profit. But reflect the prospect of the industry in the sustainable management of the assumption, the existing management system, the causal relationship between strategic planning and sustainable development and investment to future earning, provide guidance and direction for the corporate decision-making and rational investment.The vitality of the assets from the operator’s management, with the value of the assets in the hands of different managers of their intrinsic value may be a huge difference. The following example is not uncommon:the same may be under the management of A bankrupt liquidation, and replaced the B operation is reborn to become the object sought after by investors. Clever business managers disease good at coordinating the production and management, financing, the triangular relationship between the investment and can stand on a strategic level will be dispatched to the limited cash flow and reasonable management, debt, dividends, investment in all aspects. Most of the time in a rapidly changing market stands according to an advantageous position to provide favorable protection for companies to create future earnings.

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Feasibility Study Report on Project with Annual Capacity of30000Tons Millet and Products into the Using

On 23/09/2013, in Agriculture, by rain

The feasibility study is based on Investment Project Feasibility Study Guide, WritingOutline of National Agricultural Comprehensive Development Diversified Project FeasibilityStudy Report, Construction Project Economic Evaluation Methods and Parameters (ThirdEdition), promulgated by the General Office of Planning Commission and Ministry ofConstruction of the State. On the Implementation Views on Accelerating of the Building ofSocialist Rural and The Implementation Advice on Building a Resource-intensive andEnvironment-friendly Society, and promulgated by the municipal government of Jincheng,and based on the existing relevant policies, regulations, norms and standards of China grainconstruction projects. The report comprehensively described the main contents of thefeasibility study report, according to agricultural development planning requirements ofJincheng and the actual situation of the Colored soil grains development Co., Ltd, inaccordance with the long-term development plan of the company, had a full and detailedinvestigation for project of Millet comprehensive processing built in Mengjiang village, withthe provisions of national on the scope and depth at the feasibility study stage, discussed thebackground, basis, necessity, feasibility and conditions of the project construction; analyzedand forecasted the market actuality, prospect, competitive edge, sales strategy of the products;comprehensively analyzed, researched and evaluated the scale of the building, programs,production technology program, equipment selection, implementation progress, investmentestimates, financing, financial evaluation, risk analysis, environmental protection, fireprotection, energy conservation, organization management and economic benefits, ect.; toprovide a reliable basis for implementing of the project. The main contents inclued:(1)background and necessity, site selection and construction conditions;(2) the market of theproducts and sales program;(3)building programs and implementation progress;(4)investment estimates and financing, financial evaluation and risk analysis;(5)environmentalprotection, energy conservation and organization management;(6) social impact assessment,comprehensive evaluation and conclusions of the project.After putting this project into effect, it would realize265.4million yuan in annual salesincome, with the sales tax and surcharges are1.52million yuan; The annual average totalprofit and the annual average after-tax profit of this project are88,675thousand yuan and66,506thousand yuan respectively; The project has significant economic benefit after payingfor the annual average income tax of22,169thousand yuan. The internal rate of return of totalinvestment is34.9﹪(after taxes) and the recovery period of investment is2.99years. Theabove calculated results of these economic indicators showed that this project has goodprofitability, debt paying ability and a strong anti-risk ability, therefore it is feasible.

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The Research of Public Rental Housing Construction Suitability under the Perspective of “Livable Chongqing” in Main City

On 23/09/2013, in Management, by rain

As one of the physical elements for people’s existence demanding, housing becamea hot issue, due to the lack of housing resources, in recent years. For example, familiesfrom lower income division are inabilities to buy/rent a property in respect of thebooming of real estate’s bubbles. For the purpose of improving the living standard anddeveloping the livelihood for people, one of the national strategies of Chinesegovernment is to construct more rentable properties, which is defined as Public RentalHousing program. However, in respect of the lack of evaluating and studying forprevious resources, the public rental housing programme is difficult to demonstrate inthe beginning. Therefore, problems such as the imperfect of public rental housing policy,the shortage of financing, the generation of residential segregation, the dramatic raisingof ratio, and the incomplete of living facilities are need to be considered when illustratepublic rental housing programme.According to theevaluation system of ‘Liveable Chongqing’, this dissertationstudies the relationship between Liveable Chongqing and the suitability of public rentalhousing. This dissertation, therefore, firstly evaluates the construction of public rentalhousing in Chongqing, secondly proposes strategies for the suitability of public rentalhousing. By studying the experience of public rental housing, the purpose of thisresearch is to solid the guidance for constructing public rental housing, therefore, toincrease the efficiency and suitability of this national strategy.This dissertation is divided into five parts with seven chapters, and is organised asfollows:Part One is Chapter One Introduction;This chapter demonstrate the background, the purpose, and the main research of thisdissertation. This chapter also defines related concepts and outlines the framework of thestudy.Part Two includes Chapter Two and Chapter ThreeProblem;This part is Sorting out the problem,reviews literatures and summarises experiencesnationally and internationally, and then introduce the outcomes of public rental housingof Chongqing.Part Three includes Chapter Four, Chapter Five;This part evaluates the construction and suitability of public rental housing in the strategy of Liveable Chongqing.Chapter Four analyse the background and essentialness of Liveable Chongqing,regarding the evaluation system of public rental housing, to state the importance of therelationship between the two concepts.Chapter Five propose the evaluation system for public rental housing by choosingrelated indices, according to the relationship between Liveable Chongqing andsuitability.Part Four is Chapter six Conclusion;This chapter first outlines related strategies of public rental housing from suitabilityof economics, societies, livelihood, and environment. Then this chapter build upguidance for future development of public rental housing based on these fourelements.Thenconcludes main findings and originations of this research, and alsoforecasting the future study in the suitability of public rental housing.

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Evaluation Studies on the Effectiveness of the Collective Forestry Tenure Reform

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

Collective Forestry Tenure Reform has been regarded as the third land reform, which wasthe important part of rural reform. It was a significant reform for land use system after thehousehold contract responsibility system and also a breakthrough for the rural productivity.Since the forestry three fixed in1980s, although the retained forest together with forest dutywas assigned to household and the land and forest ownership was stabilized, there still existedthe problems such as fuzzy property and management body. In order to accelerate the forestryindustry, the Chinese Communist Party Central Committee(CPC) and the State Councilpromulgated the the decision of expediting forestry industry development in June of2003. Thisdecision started a new round of Collective Forestry Tenure Reform. Some key provinces withcollective forest area, such as Jiangxi province, Fujian province, Zhejiang province and et al.,took the lead to explore and practice the reform.This paper was based on the Development Economics and Institutional Economics theory,took Jiangshan in Zhejiang province, as research objects, evaluated the Collective ForestryTenure Reform and analysed its influence to rural development.30villages, including200households were investigated to clarify the history and current situation of collective forestright reform. It showed that the main reform has been finished and the supplementary measurereform and deepening was undergoing in research regions. A comprehensive evaluation hasbeen conducted and policy recommendations were given to promote the further reform. Theconclusions are as follows.(1) The forestry reform benefit were evaluated by the comprehensive benefit evaluationindex system and it scored82.85, which meant the collective forest right reform produced amarked effect. The influence of collective forest right reform were also analysed through thehousehold income, village income and productive enthusiasm. It showed that the reformbroaden the income sources, increased the income and improved the living standard. Also thereform motivated the farmers to participate the forest activity and promote the forest development. What’s more, the reform enhanced the harmony in villages, improved theeco-environment and contribute to the rural development.(2) Although the collective forest right reform achieved a lot, there still existed someproblems, including the incomplete ecological benefits compensation fund system, abnormalcutting quota system and lack of guidance and platform during the forestland circulation andtransfer.(3) Based on the problems during the collective forest right reform, suggestions such asenhance the implementation of ecological benefits compensation fund system, classify andcompensate the ecological forest, establish a sustainable forest management system and build aforest property transfer platform or trading center were strongly recommended.

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Land Consolidation Project of Landscape Ecological Evaluation in Tongshan

On 21/09/2013, in Economics papers, by rain

In order to improve the efficiency and the comprehensive production potential of land use, when the land consolidation began in2001, the country vigorously promoting the work of land arrangement. Land consolidation is a complex project, it contain ditch, cropland, road, village comprehensive arrangement and optimization, in the process the soil, vegetation, water resources, ecological system and environmental factors will suffer directly or indirectly harmful or beneficial influence.Farmland development may cause severe impact on the nature and the ecological landscape. The homogenization, fragmentation, and the landscape environment and ecosystem, which brought by farmland development is a long-term in the farmland consolidation we must face, these effects plays an important role on the land ecological environmental impacts and sustainable land utilization. Because Land consolidation will cause the landscape patch, corridor, matrix changed significantly, so the research is usually employed to reflect the changes of landscape structure landscape index of unit land consolidation ecological effect.Landscape ecological evaluation as a tool effects on raise the production potential of land, realize land sustainable development is important, so ecological landscape evaluation as a measure in the success or failure of an important criterion of land consolidation, is important practical significance.This paper selects Hubei province Tongshan land consolidation project as represented,analysis plaque, corridor, matrix to study the land before the later study of land consolidation project after the implementation of the project area landscape ecological effects, research shows:(1) The land use types distribute landscape fragmentation degree. Farmland as the study area the main types of land use, land consolidation, diversity and evenness decreased. Landscape fragmentation decreased.(2) The project area corridor main types of canals and roads. Project area before corridor network developed, after land consolidation project area road network has greatly improved. Structural feature index to raise shows after finishing the road ditch, increasing in complexity, contribute to the energy flow, species or species migration.(3) By selecting the landscape diversity, landscape fragmentation, landscape aggregation, corridor density, plaque accessibility, corridor network complexity six evaluation factor evaluation system is set up on the project land consolidation landscape ecological effect evaluation, the results showed that after the implementation of land consolidation project area in a certain landscape ecological effects the degree of improvement. Put forward land consolidation landscape ecological design

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China’s Industry Association Performance Evaluation

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

With the continuing social and economic development of China, the NGO has, especially after the Chinese accession in WTO in 2001, played a very important role in field of politics、economy、culture and society. As a vital part of the NGO, the industry associations, in terms of quantity or scale, are growing rapidly. In some eastern coastal areas, the industry associations have become a key reference for the government in making policies. It is a link of communication for the governments、^ the enterprises and the markets,which for one hand it is a coordination in the distribution of benefits between the different bodies and for the other hand it is an organizer of the others. As a result, NGO can provide a way of unifying management and fair competition. However, because of our industry association having a special developing process, so there exist the phenomena of: “administrative dependence, confusion of market positioning, absence of management functions and management inefficiency”. Due to that, our industry association can not be the role of bridges and links in real. In order to study the performance evaluation of industry associations, this thesis is divided into five parts.The first chapter introduces the research background, research significance, the current research status quo from overseas and at home, the main research methods, research ideas, research contents and innovative points. The second chapter talks about the theories on performance evaluation of industry associations. In this chapter, some basic concepts are told, such as:”industry association, performance evaluation, performance evaluation of industry association”. The aim of these concepts is to bed for the following texts.The third chapter is about the current status quo of the performance evaluation of industry associations. In it, the running status quo of some evaluation performance in some cities and the specific operation of some industry associations evaluations are both discussed. Through that, the problems and the causes in our industry association performance evaluations are found.The fourth chapter is of the experience on the industry association performance evaluations form abroad. This chapter discusses the countries of USA、Japan、Germany. From the discussion, some good experience is found and can be used to lead us.The fifth chapter is about the construction of the industry association performance evaluation system. As the problem-solving part, four aspects are told, they are:”body construction of the industry association performance evaluation, goal setting of the industry association performance evaluation, index system construction of industry association performance evaluation, the feedbacks of industry association performance evaluation”. The four measures are to build up a sustainable development for the industry association performance evaluation.

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Intensive Assessment of the Land-Use in Development Area

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

The thought of sustainable development is has already become the most populartopic. And sustainable development of the most essential problem is the intensive useof land resources. As the natural ecological resources the pillars of the land resources,plays a very important role. For the sustainable land utilization, the global scholarsmade a lot of analysis and research, reached a lot of valuable experience, to guide usin sustainable research on the road constantly rising.In the paper,for example hightech Development Zone of Changzhi city,it is Changzhi city hall to accelerate regionaldevelopment established in1992Changzhi city’s new economy point of growth. Afternearly twenty years of development history, Technological Development ZoneChangzhi city economic benefits, social security, the ecological environment of thebuilding has been significantly improved, park city to change level promotesceaselessly. As the economic development of Changzhi leader, park land resourcessustainable utilization not only for the high-tech development zone and thesustainable development of Changzhi city is extremely important role. But this park isstill in the weak sustainable utilization status, sustainable land use is imminent tosolve a problem.According to the theme of the thesis sets out, and here I from three aspects in thispaper:In the first part, I list some at home and abroad on the sustainable land utilizationresearch and method, can spread out on my thesis some guidance and reference.In the second part, elaborated the high tech Development Zone of Changzhi cityland utilization present situation and construction condition. At the same time, in thearea of land use system on the basis of thorough analysis, construction of theChangzhi high-tech zone sustainable land use evaluation index system, and cited theAHP and fuzzy mathematics method of combining the sustainable land utilizationlevel is evaluated.In the third part, the high tech Development Zone of Changzhi city landevaluation results, which then and started relatively early in the development zone forcomparison, comprehensive analysis on the Development Zone land sustainableutilization level finally, the park land natural resources uses the current situation to putforward the feasible countermeasure proposal.

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Study on Evaluation of Science and Technology Human Resource in High-tech Enterprise

On 19/09/2013, in Management, by rain

In the knowledge economy times, high-tech enterprise is more and more important toeconomy development. As the carrier of knowledge and the main part of technology innovation,science and technology human resource plays a critical role in high-tech enterprise developmentand the emergence of competitive advantages. So it is very important to enhance the level ofhuman resource of high-tech enterprise to realize the strategy and long-term development. Theway to enhance the level of human resource in high-tech enterprise is the evaluation of scienceand technology human resource, in order to find the present advantages of science andtechnology human resource and do jobs aimed at human resource training, planning andselection.This thesis structures a set of evaluation indexes system based on the study of relevantliterature, theory and characteristics of science and technology human resource in high-techenterprise. The evaluation indexes system includes physical qualities, psychological qualities,knowledge and skills, the level of ability and performance. Then, this thesis gives a clearexplanation of the meaning and formula mode to acquire the score.Based on the study of present human resource evaluation methods, this thesis fixes themethod of combination of AHP (Analytic Hierarchy Process) and BP neural network. First,summary the method of AHP and BP neural network. Second, put forward the process ofcomputing the weight of indexes and screening of important indexes. At last, evaluate humanresource using BP neural network based on screening result, test the performance of networkusing testing samples after the training of BP neural network. Simulation proof is that thecombination of AHP and BP neural network is effective. For one thing, it takes advantage ofexperts information to screen important indexes and simplify decision, for another, evaluates thetarget using the advantage of BP neural network, such as its objectivity and superiority of dealingwith complex data. It is a good way to suck up two methods advantage to simplify decision andheighten the efficiency and precision.Through the study on evaluation of science and technology human resource in high-techenterprise, the thesis aims at providing scientific evaluation tools of science and technology human resource, so as to form a more objective and scientific understanding of science andtechnology human resource in high-tech enterprise, in order to provide a basis for humanresource development and strategy formulation of high-tech enterprise. The contribution of thisthesis is the set of evaluation indexes system of science and technology human resource inhigh-tech enterprise based on the study of relevant literature and theory, and the evaluation ofscience and technology human resource by AHP and BP neural network to test thescientificalness of the indexes system and the method.

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Research on Enterprise Informationization Level Based on ANN

On 19/09/2013, in Management, by rain

Modern enterprise is the main force to promote modern economic and technological progress. Business management effectiveness significantly influences productivity of enterprise and determines the competitiveness ability to survive. Infomationization is an important means of modern enterprise management. Whether the enterprise advanced or not can look at the level of development of infomationization. There are two disadvantages in traditional evaluation methods. First the index system is very complex second calculating skills are out of date. Very large amount of statistics and artifical factors make it difficult to guarantee the authenticity of results.This study is to look for a better path to do this kind of research. Artificial neural network (ANN) is simplicity and simulation of human thinking. ANN is good at simulating and used in every subjects very widely. For the level of infomationization I selected some representative high-tech enterprises in hefei high-tech zone as the research subjects. I evaluated these by ANN. In the work I select BP neural network. BP neural network is one of the artificial neural networks with simple operation and good generalization used very popularly. I reduce the traditional indexes system less to two parts including12indexes to make it more operational, more simple and effective. Then work by artificial neural network. I designed the neural network by toolbox in MATLAB software. First take20learning samples for training and the actual error of results controled between0.01and0.1. Second test the left30samples data into the trained network in order to get the final evaluation results.This paper is divided into the following five sections:First introduced background and significance of this research project. The literature review and summary of my own research methods and ideas.This part is the overall context of the full paper and all the work steps. First of all started from the definition of infomationization then sort out the domestic and foreign literature on the evaluation of the infomationization level especially domestic research results in the area. Make my own methods and ideas to synthesize the full text contents to outline things overall for the full paper.Second review of the definition of artificial neural networks including the definition of ANN, emergence and development history. Focused on the applications and features of the neural network and placed the simple three-layer BP neural network highlight to explain various ANN functions and operations of algorithm. By BP network we found some advantages in this method combined with this study.Third research and excavation of index system. Described the three principles: comprehensiveness, operational and scientific. By studying the common index system pointed out its deficiencies in practice and proposed my own set of practical indicators system. Then used scientific ways to weigh every index. A questionnaire used in this study designed on the basis in order to get reliable and complete data for study.Fourth the key part for this paper starting from the introduction of Hefei High-tech zone. And gradual transition to infomationization level evaluation of some enterprises in Hefei High-tech zone. Collect relevant data for each indicator by the evaluation index system designed.20representative enterprises data selected as the network learning samples for BP network evaluation conclusion practical. The remaining30enterprises data as the final test samples achieved final results by using the trained network tested.The last conclusions and outlook. Summarized and analyzed the results obtained in this study and pointed out that the results of research. Planed the future work and put up something need to improve and supplement for the detailed study.

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The Evaluation and Promotion Strategy of Organizational Learning Capability in New Venture Based on LOWA Operator

On 19/09/2013, in Management, by rain

The organizational learning theory that is put forward by Argyris and Schon in1970s is considered to be a great revolution in management theory and arouses strongresponse in western management field. New ventures lake resources and capabilitythanks to liability of newness (Vanden Vrande et al.,2009) so that these enterprisescan not create enough conditions to carry out business operations and can not buildmarket share. New Venture needs to have organizational learning capacity to obtainenough resources and capabilities from outside. With the development of newventures, these enterprises will encounter many kinds of challenges in managementprocess that need enough organizational learning capacity to deal with. Therefore, invarious growth stages of new venture, acquisitive learning capacity to acquireresources such as information and knowledge through the external relations andexperimental learning capacity to exploit existing knowledge is important to newventure. Based on the background, this paper combines with the specific Chineseenvironment and the technology innovation characters of software developmentindustry to select suitable index system for organization learning ability evaluation inguide of the organizational learning theory. On this basis, this paper takes A softwaredevelopment company in Changchun as the example and makes thorough research onthe evaluation matrix to organizational learning capacity status of A company basedon LOWA operator so as to analyses its organizational learning capacity status andpropose the optimization scheme of organizational learning capacity fit for Acompany.The evaluation indexes of organizational learning capacity in this paper arederived from the research by previous scholars. Experimental learning capacityincludes three secondary indexes as internal communication, exploitation ofknowledge resources and experience accumulated through learning-by-doingaccording to the different ways of organizational learning capacity (Easterby-Smith,1997). Acquisitive learning capacity includes two secondary indexes as businessnetwork and government network according to the different knowledge sources ofAcquisitive learning (Lee&Pennings,2001; Yli-Renko, Autio&Sapienza,2001).The evaluation method of organizational learning capacity in this paper is the ordered weighted average operator concentrate on the language decision informationshortened to LOWA operator. The LOWA operator is concentrate on the evaluationinformation of fuzzy language or language preference information, and sorts thelinguistic assessment information entrusted to the position weighted vectoraccordingly. Through data processing to evaluation matrix of organizational learningcapacity in A company based on LOWA operator, we know that the evaluation resultsof acquisitive learning capacity and experimental learning capacity in A company areboth M and the evaluation result of overall organizational learning capacity is M too.The evaluation results mean that the organizational learning capacity of A companyneeds to be strengthened.Through the summary of the previous literature, we find that learning orientationis helpful to build good organizational learning environment encouraging innovationand learning and to get up on the right learning attitude and to improve the learningenthusiasm of staff that has positive influence to the improvement of experimentallearning capacity. Therefore, the entrepreneurs and managers of A company can buildthe learning atmosphere suitable for the improvement of experimental learningcapacity from three aspects as management commitment, systems perspective,Openness and experimentation.Through the summary of the previous literature, we find that learning orientationis helpful to build good organizational learning environment encouraging innovationand learning and to get up on the right learning attitude and to improve the learningenthusiasm of staff that has positive influence to the improvement of experimentallearning capacity. Therefore, the entrepreneurs and managers of A company can buildthe learning atmosphere suitable for the improvement of experimental learningcapacity from three aspects as management commitment, systems perspective,Openness and experimentation.Through the summary of the previous literature, we find that relation networkhas emotional and instrumental characteristics. Market network and governmentnetwork is equally important to the acquisitive learning capacity of new venture in thetransitional economy of China. To build good market network and governmentnetwork, the rational relationship quality and relationship strength is necessary.Therefore, the entrepreneurs and managers of A company can build market networkand government network with rational relationship quality and relationship strength tooptimize acquisitive learning capacity of A company.