A New Catering Space

The business which could let every Chinese spend one RMB on must be a big deal, the catering industry must be one of this kind of deals. As a freshman in the catertag industry, the interact catering booking is getting more and more attentions from VCs, such as dianping.com, 57575777.com, ziye114.corn, qingke800.com, and so on. According to the reporter＇s research, this kind of websites＇ characteristic and aim are getting commission from the restaurant by booking food or dinner for customer, or give customer discounts through the website.     

The Value of Chinese Online game industry

The online games didn＇t enter China for a long time, but its development speed surprised a lot of people. The data in the IDC＇s report shows that the market size of online game will reach 8.34 million RMB in 2006. Alone with the increase of market competition and the growth of original creation, the Chinese online game industry will suffer an intensive shock. At present, the online game operation is facing the problem of product life circle＇s reduction and revenue＇s drop. To solve these problems, online game companies has to find out the new game＇s increasing point of profit.     

Independent directors' board networks and controlling shareholders' tunneling behaviorq

As one of the channels by which board directors build important relationships,board networks can affect the governance role of independent directors. Defining director board networks as their connections based on direct ties they establish when serving on at least one common board, this paper explores the role of the network centrality of independent directors in restraining tunneling behavior by controlling shareholders in the Chinese capital market.Our empirical evidence shows that tunneling behavior by controlling shareholders is negatively related to the network centrality of independent directors and that this relationship is stronger when non-operating fund occupation is used as the measure of tunneling. The results of our study show that board networks can help independent directors to restrain tunneling behavior by large shareholders, which plays a positive role in corporate governance.ó 2013 Production and hosting by Elsevier B.V. on behalf of China Journal of Accounting Research. Founded by Sun Yat-sen University and City University of Hong Kong.     

The quality detection of expressway traffic engineering

With the rapid development of the reform and opening up,the dramatically advancement of people’s living standards and the emergence of globalization,a demanding requirement for transportation systems has been put forward for our new century to meet various needs. Therefore,a convenient traffic system is indispensable for us,thus making the quality test of expressway traffic engineering a significant field to explore. This paper is composed of seven parts and emphasizes the significance of modern expressway traffic engineering through the analysis of the functions,components, technical features and characteristics of expressway traffic engineering.     

THE CHINESE NATIONAL WHO SURFS THE SEA OF FINANCE IN ASIA——The Cover Personage incarnates the elegant Chinese national as the first Ranking Vice President of the ADB,famous economist and Financier active in the international financial arena

Lin Zexu,a patriot,thinker and national hero,who served as Governor for Hu Guang and Governor for Liang Guang and in other positions in Qing Dynasty,composed a couplet for self-motivation."Vast is the sea which embraces flows from millions of rivers;and upright is the precipice which rises single-mindedly to the zenith."He encouraged himself by this couplet to be magnanimous,receptive,and upright and to be a man of unbending principle.This is a motto which Jin Liqun has followed the first day he took office in Asian Development Bank (ADB),to guide his work and the way he conducts himself in this community.He practices in accordance with this principle as he carries out the mandate of this multilateral financial institution.Jin Liqun has won the accolade that he is     

The Relation of Export and Employment of China

Export is seen as foreign demand for domestic goods.Therefore for long export has been considered being able to promote China's GDP as well as employment.However,for recent years,there is a paradoxical phenomenon that we have high growth rate of export along with the problem of unemployment.In this essay we build a VAR model to analysis the mutual impact of employment,GDP and export to show that there may be no significant correlation between China's export and employment.     

无配额时代纺织行业大点兵

In 2005,Chinese textile industry will enter the non-quota period, whole textile and clothing export market will go into new stage. Therefore, textile industy rub their fists and palms, parts of sub industry have entered booming period in advance. Looking forward the coming two years, the manufactures production enterprises, the proportion of export of which is great and popularity of brand of which is high, will be hopeful to be greatest beneficiaries.     

Summary Analvsis of Circular No. 106

SAEF will promulgate Circular 106 to heighten the threshold for foreign private equity funds into domestic enterprises, to facilitate the development of local Funds and capital market besides continuing to absorb foreign capitals.[第一段]     

Inflation,operating cycle,and cash holdings

A corporate cash-holding strategy is a trade-off between the costs and benefits of holding cash.At the macrolevel,firms are inclined to adjust and optimize their cash-holding strategies in response to changes in purchasing power due to inflation.At the microlevel,the operating cycle,which indicates the speed and turnover of corporate cash flow,also influences the corporate cash-holding strategy.Firms flexibly adjust their cash-holding strategies in response to changes in the internal and external environment,which is referred to as the cash adjustment strategy.We examine these predicted relationships using a sample of listed firms in China’s stock market over the 1998–2009 period.Consistent with our predictions,the empirical results indicate a significant negative association between cash holdings and the CPI,but the relationship is reversed when the CPI reaches a certain level.There is also a U-shaped relationship between operating cycle and cash holdings,and this relationship is similarly influenced by changes in the inflation level.In examining the macroeconomic environment and microlevel firm-specific characteristics simultaneously,our findings supplement the literature on firms’cash-holding strategies and provide theoretical and practical implications.     

Obama＇s Remarks on the U.S.-China Relationship（abridged）

Today, we look out on the horizon of a new century. And as we launch this dialogue, it is important for us to reflect upon the questions that will shape the 21 s, century.
First, we can cooperate to advance our mutual interest in a lasting economic recovery. The current crisis has made it clear that the choices made within our borders reverberate across the global economy - and this is true not just of New York and Seattle, but Shanghai and Shenzhen as well. That is why we must remain committed to strong bilateral and multilateral coordination.     

Obama's Remarks on the U.S.-China Relationship(abridged)

Today, we look out on the horizon of a new century. And as we launch this dialogue, it is important for us to reflect upon the questions that will shape the 21st century. First, we can cooperate to advance our mutual interest in a lasting economic recovery. The current crisis has made it clear that the choices made within our borders reverberate across the global economy - and this is true not just of New York and Seattle, but Shanghai and Shenzhen as well. That is why we must remain committed to strong bilateral and multilateral coordination.     

IPO initial returns in China: Underpricing or overvaluation?

This paper separates the amount of IPO underpricing(primary market underpricing) and overvaluation(secondary market overvaluation) from the value of an IPO's initial return to evaluate the relative importance of these two factors and their main determinants. Using data on the IPOs of 948 Chinese firms, we find that average initial returns are 66% and that underpricing and overvaluation are between 14–22% and 44–53%, respectively, depending on the method used to assess firms' intrinsic values. In addition, while both the value of the initial return and the extent of overvaluation are significantly negatively related to post-IPO long-run stock performance, overvaluation can predict post-IPO performance better than the value of the initial return. Value uncertainty in IPOs is positively related to both underpricing and overvaluation, and both the underwriter's reputation and the existence of pricing regulation are positively related to underpricing. Investor sentiment has a positive effect on overvaluation but has no effect or a negative effect on underpricing. Overall, our results suggest that in China overvaluation accounts for a larger proportion of the initial return than underpricing,and that underpricing and overvaluation have different determinants.     

从国有企业到私营企业的战略管理发展(英文)

<正>Introduction In recent years,both the number of countries and the degree to which each country has p rivatised its public business sector as well as the economic importance of the privatisation process and its scope have provided an impetus for research in this field..Furthemore,firms with a sufficiently consolidated history of privatisation are now available to researchers to help them conduct more relevant studies.     

Olympics and Business Opportunities for the Tourist Industry

Compared with other industries, the chance and potential is bigger for the tourist industry to participate in the Olympic Games, which not only present themselves in the preparation and holding of the Games, but contribute to the post-Olympic economic development.     

“两会”劲推金融改革促发展————聚焦中国金融改革大势

Financial reform, for one thing. estabishes and improves financial supervisory structure, for another thing, expedites staet-run financial industry reform and establishes true modern enterprise system, This is clear reflection of the determination new govemment judges the hour and sizes up the situation, works for finance reform, Scientific development view, defeding national finance security, identical policy in a bank, the set of steadily improved, modern finance system whose efficiency is greatly elevated, is sure to be able to supply more and more important support for overall fulfillment of Chinese whole economy goal.     

Beijing Olympic Games Setting Up Worldwide Brands

I. Opportunities and challenges of Chinese enterprises In March 26, Legend group signed an agreement for cooperation with International Olympic Committee in Beijing, announcing formally it is the 6th TOP for International Olympic Committee, and Chinese enterprise is stepping on the road for Beijing Olympic Games create world brand. Olympic Games is always regarded as the good opportunities for the enterprise to extend its brands to the international market, for instance, Samsung rises sharply after South Korea hosted the Olympic Games, and Coca Cola have decades of history of supporting the Olympics.     

VC＇s Taste of China Exploring Different Approaches

As China market heats up and its economy picks up speed, global VCs are paying serious attention to this market. Traditionally, however, VC business is a local business-and many leading VC firms have main- tained a policy of not investing in companies they can not drive to visit within two to three hours. How do these global VCs overcome this obvious problem of investing in China which is thousands of miles away from their home base？ This has become the biggest challenge for all such VCs that can not stay outside this hot market any longer.     

European Stock Exchange Wooes Chinese Firms

Erik Wenngren, Euronext’s director of international listings, said Euronext views China as its key market, and has set up a special group to attract Chinese firms to list on its main board Eurolist or on the Alternext board for medium-sized and small fir…     

Olympic Games and Business Opportunities for Municipal Administration Public Utilities

Holding 2008 Olympic Games not only brings new development opportunities for environmental construction in Beijing, but also provides hard-won business opportunities for domestic and foreign investors. At the same time, Beijing is gradually enlarging its open range in municipal administration, public Utilities and environmental Sanitation construction, which will provide more and steady market access opportunities for domestic     

从国有企业到私营企业的战略管理发展

Introduction In recent years,both the number of countries and the degree to which each country has p rivafised its public business sector as well as the economic importance of the privatisation process and its scope have provided an impetus for research in this field..Furthemore,firms with a sufficiently consolidated history of privatisation are now available to researchers to help them conduct more relevant studies.