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随着我国经济体制的不断改革,企业面对日益激烈的竞争,其陷入财务危机甚至破产的风险也越来越大。上市公司作为我国证券市场的基石,其质量好坏与证券市场的稳定与发展息息相关。而占据我国上市公司一半以上的制造业公司,更是国民经济的重要组成部分。证监会实施特别处理机制以来,先后有上百家公司被ST,其中大部分为制造业公司。因此,研究制造业公司的财务预警模型,以便于提前预测是否会发生财务危机,具有重大意义。本文在借鉴该领域前人的研究成果上,以国内制造业上市公司为样本,以是否被ST作为判别财务危机的标志,采用多元判别分析法,根据上市公司发布的2008年财务数据,建立了这类公司的财务预警模型。同时使用2010年数据对模型进行了检验。本文结论表明,我国证券市场的数据是有效的,所建立的模型能够得到较高的正确率。 相似文献
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企业并购可以实现资源的优化组合,它比通过资本积累来扩大再生产更有效、更快捷,但是风险也更大。为了预见企业的并购风险,在并购前进行必要的财务可行性分析是并购中至关重要的环节。本文介绍了公司并购财务可行性分析的涵义和意义,并购中的财务操作基础知识,并在此基础上,分析了并购中常用的应用收益法(市盈率模型)和贴现现金流量法等目标企业估值的数学模型及其适应性,并指出进行财务操作过程中还应该注意的其他方面问题。 相似文献
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在煤电联营政策背景下,企业并购绩效评价是衡量并购成功与否的关键所在。从梳理企业并购绩效研究脉络入手,总结国内外研究文献,阐述煤电联营式并购的动因,构建适合中国国情的煤电企业并购绩效评价方法。以H公司为例,应用事件研究法来评价其市场绩效,发现投资者对煤电联营式并购持消极看法,短期市场绩效差强人意;应用财务能力指标、经济增加值、Z分数模型评价其财务绩效,发现公司财务绩效有明显提升。随着我国电力体制改革的不断深化,从长期来看,煤电联营式并购有利于实现煤电行业健康、可持续发展,也有利于进一步保障国家能源安全。 相似文献
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中外企业并购的支付方式比较 总被引:1,自引:0,他引:1
一、西方国家企业并购的主要支付方式1.现金并购。是指并购公司支付一定数量的现金,以取得目标公司的所有权。现金并购是最简单迅速的一种支付方式。对目标公司而言,不必承担证券风险,交割简单明了,常常是其最乐意接受的一种支付方式,缺陷是目标公司股东无法推迟资本利得的确认,从而不能享受税收上的优惠,而且他们也不能拥有新公司的股东权益。对于并购方而言,现金支付是一项沉重的即时现金负担,要求并购方有足够的现金头寸和筹资能力,交易规模也常常受到获现能力的制约。随着资本市场的不断完善和各种金融创新的出现,纯粹的现… 相似文献
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高科技制造业对促进社会和谐, 增强国家科技竞争力, 营造可持续的经济发展氛围等均具有重要的意义。本文采用主成分分析方法对我国A 股中高科技制造业公司的财务性投资价值进行实证研究, 研究结果表明: 当前我国A股中高科技制造业公司的财务性投资价值存在显著差异性, 该结果与公司现有内在价值以及公司在A股市场上的价格走向基本一致。这表明本文构建的高科技制造业公司的财务性投资价值实证分析方法是有效的, 可为投资者决策提供有效的理论指导。同时, 本文也强调投资者应该结合公司具体情况, 分析公司未来利润增长点, 综合考虑其投资价值。 相似文献
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在西方发达国家历史上 ,企业的并购第一次是以横向并购为主的规模重组 ,第二次是以纵向并购为主的产业重组 ,第三次是以混合并购为主的跨行业巨型公司的形成与重组 ,第四次是以提高企业核心竞争力为目标的企业重组。肇始于上个世纪 90年代初的第五次企业并购继承了以往历次并购的特点 ,但综观并购的情势 ,我们可以看到这次企业并购具有明显的特征。第一 ,战略性并购成为并购的主流。本次并购浪潮是发生在信息技术具有突破性进展的历史时刻 ,企业为了自身在未来竞争中能够发展 ,必须利用新技术来提高自身的核心竞争力。今天的企业收购者期望… 相似文献
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增强Linux系统安全性的措施 总被引:2,自引:0,他引:2
L inux系统的安全取决于系统管理员如何来管理它。本文探讨了一系列可以增强安全性的技巧与策略 ,包括 :系统安装原则、BIOS安全、口令安全策略、设计帐户自动注销功能、文件系统和日志安全策略、使用 SSH及 TCP-WRAPPERS,隐藏系统信息、删除所有特殊帐户、关闭控制台程序、限制系统中的 SUID/ SGID程序等。本文最后向 L inux系统管理员提出了一些安全管理方面的建议 相似文献
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概括性介绍了 CIS(Corporate Identity System)的三大基本组成,并阐述了它与现代企业管理密不可分的相互联系及所处的举足轻重的地位,指出导入CIS是现代企业谋求发展的重要手段。 相似文献
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《Telecommunications Policy》2014,38(10):914-932
This article analyzes the engagement of Japanese, Korean and Chinese participants in the development of Internet standards at IETF on the basis of four quantitative metrics: attendance, patenting, authorship and leadership. The results are strikingly divergent. Japanese involvement in Internet standardization began early and Japan was, for many years, second only to the U.S. in terms of IETF participation. Though Japanese participation has declined since the early 2000s, Japan remains a major contributor to IETF standardization. Korean involvement in IETF has always been significant, but below the levels of Japan and major European countries. Korean participation in IETF has also declined over the past decade, and has been dominated by one firm, Samsung. Though meaningful Chinese involvement in IETF did not begin until the mid-2000s, it has rapidly expanded in recent years. Today, China is a major player in numerous areas of Internet standardization in terms of three metrics (participation, patenting and leadership), and is rapidly gaining in terms of document authorship as well. Most of China׳s recent IETF involvement can be attributed to Huawei, though other Chinese firms have recently begun to increase their participation in the organization. Thus, contrary to some views that China׳s engagement with standardization is primarily one of indigenous innovation and “catching up”, China׳s experience with IETF demonstrates deliberate and effective engagement with a major Western standards-development organization on its own terms. 相似文献
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《Telecommunications Policy》2014,38(5-6):415-425
There is an ongoing discussion in the market which Next Generation Access (NGA) architecture best suits future needs and which investment and cost differences exist. The discussion can be subsumed as P2P vs. GPON, which is somewhat misleading as this article reveals. The discussion is driven by the fact that the high capital cost and the long asset life time of fibre mean that the technology choices made today will dominate the opportunities for telecommunication business of all market players, incumbents, competitors, content providers and business and residential users for many years in the future.The paper analyzes the cost and other differences between Fibre-to-the-Home (FTTH) access network architectures and their related different wholesale approaches by using the well-known and understood steady state approach applied in other NGA analyses in the past. In addition to the steady state analysis a dynamic cost evaluation is included taking into account the different investment behaviour of the FTTH architectures over time. The results describe investment and cost differences between architectures, incumbents and wholesale based competitive operators. The analysis has been performed for different geotypes (clusters) of decreasing population density in a representative European settlement structure. 相似文献
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This paper explores the idea that a sense of school subject image is a necessary feature of curriculum management and a potent force for change. The discussion centres on the view that all school subjects have an image and that if those intimately involved with the subject do not control the image then someone else does! In such circumstances the image is the product of past encounters and old euphemisms and is unlikely to hold the changed realities.The UK developments in Design and Technology education (the term Design and Technology is used to denote the school subject defined under this heading by the UK National Curriculum, 1995) have created something of an image problem which has interesting international parallels. Some of these problems are due to clearly discernible internal tensions and an ambiguous relationship with other subject areas.Through greater attention to subject image internal controversies might be acknowledged and resolved, relationships with other subject areas can be more meaningfully understood and practitioners can be helped to make sense of curriculum change. 相似文献
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《Telecommunications Policy》2014,38(5-6):496-513
We analyze the state of the art of indicators on e-government, e-health, e-procurement and e-participation. We survey the main methodological properties of these indicators, and highlight their heuristic potential. Further, we address empirically the issue of the explanation of the availability scores, i.e. how the supply of the various e-services in each country is affected by political, institutional and socio-economic differences, and is followed by actual usage. The econometric analysis uncovers the importance of broadband penetration and higher education as drivers for most of the types of e-services and users (citizens and businesses). Moreover, a corruption-free and agile public sector proves to be an important pre-condition for more effective supply and usage. Despite data limitations and the complexity of the underlying diffusion phenomena, our study is the first truly longitudinal contribution aimed at disentangling the common drivers of such an important phenomenon – the e-services availability and usage across European countries. As such, this work appears useful to inform the policy debate and practice, in a phase characterized by a prospective reorientation of the public e-services provision and policy agenda. 相似文献
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In indigenous communities the nutrition transition characterized by a rapid westernization of diet and lifestyle is associated with rising prevalence of chronic disease. Field work and literature reviews from two different policy environments, Argentina (Jujuy) and Canada (Nunavut), identified factors that add to indigenous peoples’ disease risk. The analytical framework was the emerging human right to adequate food approach to policies and programmes. Indigenous peoples’ chronic disease risk tends to increase as a result of government policies that infringe on indigenous peoples’ livelihoods and territories, undermining their economic system, values and solidarity networks. Policies intended to increase food security, including food aid, may also fuel the nutrition transition. There is a need to explore further the connection between well-intended policies towards indigenous peoples and the development of chronic diseases, and to broaden the understanding of the role that different forms of discrimination play in the westernization of their lifestyles, values and food habits. Food policies that take due account of indigenous peoples’ human rights, including their right to enjoy their culture, may counteract the growth of chronic disease in these communities. 相似文献
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陈倩 《石油工业技术监督》2002,18(1):9-10
企业管理水平的好坏直接影响着企业的经济效益,运用HSE管理能提高企业管理水平,HSE管理模式将健康,安全,环境三者视为一个有机的整体。HSE管理认为人的安全是第一位的,人是创造财富的原动力,是企业的最大财产,HSE管理体系强调的是“蝴蝶效应”。 相似文献