英文概要

SPECIAL REPORT
List of the Top 500 Enterprises that run by Zhejiang businessman
In 2008, enterprises on the list created a total sales revenue of about 1.95 trillion yuan. With the sales revenue of 0.733 trillion yuan, accounting for 37.7 percent of the total number ,38 entprises created more than 10 billion yuan last year ,leading by Zhejiang Wanxiang Group Co. Ltd ,who made 45 billion.     

Shanghai Automotive Industry Corporation [Group]

As one of the top 3 automotive corporations in China, Shanghai Automotive Industry Corporation (Group) ("SAIC" for short) is mainly engaged in manufacturing, sales, research and development, and investment in passenger cars, commercial vehicles and components, as well as related services trade and financial business. In 2006, SAIC topped the Chinese automotive groups for a sales volume of over 1.34 million units of vehicles, of which 91,000 are passenger cars and 42,900 commercial vehicles. The company also entered the Fortune Global 500 list for its revenue of US$14.36 billion.     

China: A Booming Online Retail Market

By 2015 or shortly thereafter,China will likely become the largest online retail market in the world,with close to 10 percent of retail sales occurring online,according to a recent report by the Boston Consulting Group (BCG). It already has more online shoppers than any other market,including the U.S.Online retail sales in China will triple to more than $360 billion by 2015,powered both by growing numbers of Internet users and by greater consumer acceptance of e-commerce,the report said.     

Im/Ex in June, 2010： Exports Hit Record High

On July 10, 2010, General Administration of Customs of the People＇s Republic of China （GAC） released the profile of China foreign trade import and export in June and the first six months of this year. China＇s trade surplus fell by 42.5 percent in the first six months this year from a year earlier to US$55.3 billion. In the first half of 2010, exports rose 35.2 percent to US$705.09 billion while imports were up 52.7 percent to US$649.79 billion,     

Im/Ex in August,2010: Trade Surplus in Surprise Drop

On September 10, 2010, General Administration of Customs of the People＇s Republic of China （GAC） released the profile of China foreign trade import and export in August and the first eight months of this year. China＇s foreign trade in the first eight months totaled US$1.88 trillion, a year-on-year increase of 40 percent, according to the GAC. Trade surplus for the first eight months of the year totaled US$103.9 billion, down 14.6 percent from the same period last year.     

China Has More than 1.3 Bln Bank Cards

Chinese banks had issued more than RMB 1.3 billion yuan debit, credit and semi-credit cards by the end of September, roughly one for every person in China, according to China UnionPay. Bank card consumption as a percentage of China's total retail sales exceeded 18% in the first nine months as more Chinese opt for cards over     

Business Target of Industrial and Commercial Bank of China in 2003

On January 22, the Industrial and Commercial Bank of China announced its business target of 2003. It said, in 2003, before the reserve for risks is appropriated, profit would be increased by 15 percent more than in 2002, or at the value of RMB51billion. Of them, the profit in the account would be RMB6.5 billion, and the amount of appropriations to the reserve and the written down value of financial deficit over the past years would be RMB44.5 billion. In 2002, the     

Reform and Development of China's Electronics Information Industry

Since the economic reform and opening to the outside world, China's electronics information industry has always maintained a high development speed, with an average annual increase of more than 20 percent. From January to June 1997, the electronics industry sector achieved a total industrial output value of RMB162.62 billion, an increase of 26.5 percent over the same period of last year, industrial addedvalue of RMB26.6 billion, an increase of 20.9 percent over the same period of last year, 9.3 percent higher than the average growth speed of the whole country's industrial added-value, and sales revenue of RMB99 billion, an increase of 18.7 percent,with a marketing-production rate of 94.1     

Im/Ex in September, 2010: Export Continued to Surge

On October 13, 2010, General Administration of Customs of the People＇s Republic of China （GAC） released the profile of China＇s import and export in September and the first nine months of this year. China＇s foreign trade in the first nine months totaled US$2.15 trillion, a year-on-year increase of 37.9 percent, according to the GAC. Trade surplus for the first nine months of the year totaled US$120.6 billion.     

Creating World Namebrand Product——The Inevitable Approach to Develop China's Clothing-Making Industry

During the Eighth Five-Year Plan period, the output value of the industry increased at a growth rate of 21 percent each year. By the end of the period, its total output, total output value, export volume and export value all ranked first in the world, and China became the world's top clothingmaking and exporting country in the world. In 1996, its exports of clothes were worth US$25 billion——a record figure. Its export value accounted for over 17 percent of the nation's total and clothes constituted the major part of all the commodities exported from China. The number of the countries whose clothes import value from China was more than     

Quality shock vs. market shock: Lessons from recently established rapidly growing U.S. startups

The 2003 Fortune 500 Index includes 358 firms that had been newly listed within the previous 10 years; historically this is a large number of firms in a relatively short time period. In particular, among the 358 new Fortune 500 entrants founded after 1975, 44 are defined as “rapid-growth” startups. Simulation results based on a discrete-choice racing model demonstrate that they were able to outperform their early competitors through a quality innovation race. They were resistant to hostile M&A attempts as well. According to the empirical results, a quality shock affects the size growth and profitability of the rapid-growth startups more than a market shock does, which indicates that such superior performance owes to firm-specific innovation ability rather than to market fluctuations.     

Company/Product Image Studies and Other Considerations of Fortune 500 Public Relations Departments

Fortune 500 PR departments appear to perform more product image studies compared to company image studies. Other recent managerial implications indicate they rely heavily on outside PR firms for assistance and have been downsizing internally. Their function is separate from Advertising and Marketing in the majority of firms, with their budgets averaging about 118 those of the Adver- tising departments. Most companies have small (ten or fewer em- ployees) PR departments.     

Women in top management and agency costs

This study investigates gender diversity among the top managers of Fortune 500 firms and its effect on agency costs. The study finds that firms with a greater percentage of female officers present lower agency costs but that the negative relation is not robust when considering the endogeneity of diversity. The study also finds that external governance influences the relationship. Although increasing diversity does not reduce agency costs for all firms, the evidence shows that diversity is significantly negatively related to agency costs in firms in less competitive markets. The results suggest that increasing diversity in management can have beneficial effects for firms where strong external governance is absent.     

The impact of institutional distance on the international diversity–performance relationship

We investigated the impact of institutional distance on the international diversity–performance relationship. We first discussed the international diversity–performance relationship for large multinational firms and later showed the moderation effect of regulative and normative institutional distance. Based on a sample of Fortune 500 firms, we found an inverted U-shaped curve. Regulative institutional distance has a negative moderating effect on the international diversity–performance relationship, while normative institutional distance shows a positive effect.     

Asymmetric information and credit quality: Evidence from synthetic fixed‐rate financing

In this article the usage of synthetic fixed‐rate financing (SFRF) with interest rate swaps (i.e., borrowing short‐term and using swaps to hedge interest rate risk, instead of selecting conventional fixed‐rate financing) by Fortune 500 and S&P 500 nonfinancial firms is examined over the period 1991 through 1995. Credit ratings, debt issuance, and debt maturities of these firms are monitored through 1999. Strong evidence is found supporting the asymmetric information theory of swap usage as described by S. Titman (1992), even after controlling for industry, credit quality, size effects, and the simultaneity of the capital structure and the interest rate swap usage decision. Consistent with theoretical predictions, SFRF firms are more likely to undergo credit quality upgrades. When limiting the sample to firms where asymmetric information costs are potentially the greatest, the results are even stronger. These findings are important because they document that swaps serve a highly valuable service for firms subject to information asymmetries. © 2006 Wiley Periodicals, Inc. Jrl Fut Mark 26:595–626, 2006     

Embracing realism and recognizing choice in IT offshoring initiatives

As more and more firms move activities offshore to countries that are distantly located from their home base of operations, the initial advantages of making this move are increasingly tempered by realities on the ground. For firms contemplating offshoring today, it is important to weigh the advantages and disadvantages of undertaking or extending this strategy in light of what we now know. Broadly speaking, successful offshoring must begin with an understanding of the market and competitive pressures that encourage offshoring, and then build on recognition of how these pressures can be addressed using or modifying the offshoring options currently practiced. Our discussion of these issues is based on analysis of offshoring of IT-enabled services by Fortune Global 500 firms in such areas as software development and business processes that support customer interaction.     

The Global Market for Power Tools

The global demand for power tools rose from $19.0 billion in 1999 to $22.8 billion by 2004 and is expected to increase to $29.2 billion in 2009. The annual rate of growth was 3.7 percent during 1999-2004; the projected rate during 2004-2009 is 5.0 percent. This reflects accelerating growth in developing regions, with the most promising opportunities occurring in Latin America, Africa/Mid-East, and Asia-Pacific. Electric tools (plug-in and cordless) dominate world demand, comprising three-fourth of shipments in 2004. Commercial users accounted for 70 percent and households for 30 percent of total sales, a ratio that should prevail during the coming years. North America accounted for 40 percent of total demand but for only 30 percent of production, as U.S. firms shifted operations to countries with lower wages. While hundreds of companies offer power tools, only a few firms hold significant market share. The leaders are Black and Decker (United States), Bosch (Germany), TechTronic (Hong- Kong), Makita (Japan), and Hitachi (Japan); together they accounted for 37 percent of global sales in 2004. JEL Classification L640     

Usefulness of SFAS no. 52 in controlling and evaluating overseas operations: An empirical analysis

This study investigates whether managers of multinational enterprises prefer financial statements prepared under the current-rate or temporal method of translating foreign-currency-based financial statements into U.S.-dollar financial statements. The article also reports on the managers’ preferences for various indicators (for example, profit) of performance that are used in evaluating and controlling overseas operations. A questionnaire was sent to each of the “Fortune 500” firms. One hundred sixty-five (33 percent) responded. The research extended prior research by finding that in the late 1980s managers maintained their preference for U.S.-dollar-based statements just as they did in the 1970s and early 1980s. Managers still consider profit to be the strongest measure of success. However, the comparison of budgeted performance to actual performance has replaced return on investment as the second most important performance indicator.     

China''''s Auto Industry Steps Forward

Last year,the volume of China's auto trade reached US$66.878 bil- lion,of which imports accounted for US$25.982 billion,a year-on- year increase of 24.45 percent;while ex- ports totaled US$40.896 billion,growing by 45.31 percent.The China Association of Automobile Manufacturers(CAAM) predicts that the number of autos sold in 2008 will break the 1 million barrier for the first time in history,representing an increase of about 20 percent.