Substance vs. Form in Shareholder Financing： How Does This Affect the Corporate Interest？

This article analyzes the ＂substance versus form＂ contrast in the context of shareholders＇ financing, exploring how it simultaneously affects both the corporate creditors＇ protections and the long-term growth of the company. In particular, the paper describes the role of shareholders＇ financing in the corporation capitalization and its qualification under the current ＂substance versus form＂ debate; then it illustrates the substantial approach commonly taken by the case law and explores the effects of the above mentioned debate on the corporate creditors＇ protections; finally, the paper examines the impact of this practice on the governance side. This article argues that,     

An asymmetric and DCC analysis of two stock markets returns＇ volatility： An evidence study on the Hong Kong and Japan＇s stock markets

This paper discusses the model construction and the association between the Hong Kong and the Japanese stock markets. The data period is from January 4, 1999 to December 30, 2005. This paper also utilizes student＇s t distribution to analyze the proposed model. The empirical results show that the bivariate asymmetric-GARCH （1, 2） model with a dynamic conditional correlation （DCC） seemed to be appropriate in evaluating the relationship between them. The empirical result also indicates a positive relation between the Hong Kong and the Japanese stock markets returns. The average estimation value of DCC coefficient equals to 0.5196, which implies that these two stock markets＇ return volatility had synchronized influence on each other. In addition, the empirical results also show that the Hong Kong and the Japanese stock markets have an asymmetrical effect. Based on the idea of the good and bad news, the explanatory ability of proposed model is better than the model of the bivariate GARCH with a DCC.     

Analysis on the integrated venture of corporate capital operation based on the venture coupling theory

The capital operation of an enterprise is an economical activity with mighty venture. Only identifying comprehensively all ventures of capital operation activities for the enterprise, can we set down more and more scientific and harmonious venture strategies to reduce and elude the capital operation venture. This paper firstly discusses the definition of capital operation venture for an enterprise and cognition towards the capital operation venture under the traditional risk management theory. Then it focuses on elaborating the fundamental theory of capital operation venture coupling based on the issues raised above, constructing the bran-new exhibit model for the integrating venture of enterprise＇s capital operation.     

The spirit of capitalism as key to solving for an explicit Ramsey saddle path

This paper presents a version of the Ramsey-Cass-Koopmans model （1965） with an explicit equation for the saddle path, starting from a utility function describing preferences for consumption and savings. Such a maximizing criterion including the flow of saving formalizes the concept of Max Weber＇s spirit of capitalism and makes the model similar to the one of ZOU （1994）, except that his specification includes the capital stock instead. Not only does the presented model preserve the long-run implications on growth of countries, it also features an interesting application of the Pontryagin＇s Maximum principle, with further interpretation and results to analyze.     

Effect of pension replacement rate on economic growth： A theoretical model

In social pension system, the pension replacement rate is one of the key parameters. It not only determines the welfare of retirees and the finance balance of social pension system, but also has an effect on economic growth. This paper analyzes the effect of the pension replacement rate on economic growth with the standard overlapping generations＇ model, and suggests that the pension replacement rate should keep an appropriate level for economic growth and the development of the pension system.     

On the Determinant Elements of Purchase Intention on Internet

Based on the technology acceptance model supported by plenty of theories and practical researches, this paper established the model of purchase on Internet accepted by consumers. And through the spot investigation of e-retail consumers, adopting the latest software AMOS4.0, this paper also established structure equation model and tested its reliability. The results showed that the usefulness of purchase on Internet perceived by consumers, the convenience of purchase on Internet, and the safety of purchase on Internet, they are three crucial determinants influencing the consumers＇ attitudes and intentions of those purchase on Internet. Among them the usefulness of purchase on Internet cognized by consumers influences the attitudes and intentions of purchase on Internet.     

The Choice of the Way for China＇s Economic Sustainable Development under the Restrictions of Energy Resources

Energy restrictions are becoming the restrictions on China＇s industrialization and economic sustainable development. This paper states the scientific role of China＇s economic sustainable development mode and makes concrete polices and suggestions about freedom of energy restrictions and the establishment of Mode C based on empirical research on the series of indices for energy measurement.     

Analysis on competitiveness of Chinese commercial banks

This paper analyzes the operation environment of Chinese commercial banks, including the changes of macro-economy environment, the development of financial markets, the changes in supervisory environment, the implementation of broadly opening policy, the restructuring of competition and the change of customers＇ requirements. Based on constructing the analysis framework on competitiveness of Chinese commercial banks, we can analyze and get some main conclusions. This paper also presents the finance appraisal for Chinese national commercial bank on capital adequacy, assets quality, profitability and liquidity.     

Research on customer classification based on logistic regression analysis

Customer classification based on the probability of customer churn was an important content of customer relationship management. The process of customer churn was analyzed by the logistic regression model. And this paper built a customer churn prediction model based on the analysis of customer＇s transaction data and the behavior pattern. Taking a domestic branch of China Construction Bank as an example, the paper forecast the defection of this commercial bank＇s VIP customers. And we can find that the method has a high accuracy rate and covering rate, and provide an effective measurement for customer classification.     

A Late Comer＇s Internationalization Strategy for Chinese Firms： A Theoretical Study

The purpose of the paper is to discuss the internationalization strategy of Chinese finns from a latecomer＇s perspective. First, this paper reviews five existing conceptual frameworks of foreign market entry mode for the internationalization of finns from developed countries. Then, this paper integrates the different factors considering in existing frameworks to a comprehensive framework. With this modified framework and Chinese finns＇ unique characteristics, some propositions are presented about the path and features of Chinese finns＇ internationalization based on the comprehensive framework discussed from a latecomer＇s perspective. This paper also discusses that the future studies on Chinese finns＇ internationalization strategy should attempt to increase the congruence between the theoretical and operational level, to clarify concepts and variables of the frameworks and the relationships among those variables.     

Analysis on Supervision Model of CPA Industry

The paper discusses the question of the super＇vision model of Certified Public Accountant （here- after ＂CPA＂）. The authority is the character of government supervision model, but the advantages of the self- supervision model are flexibility and adaptability. Every country should choose the supervision model that is most adaptable to its environment, supervision model should go with the international tide, enhance the quality and efficiency of supervision and protect the public benefit, This paper concludes we should choose the public supervision model through the analysis of government supervision model and industrial self-discipline model and according to the situation of CPA in China, It is beneficial to accelerate the development of CPA professional market.     

Study on the Governance Structure and Motivation Based on Human Resource Specific

The scarce resources put into the enterprise include material assets and human resources. Different human resources have different degree of asset-specific, which will determine the governance structure. Design of motivation is a key factor to governance. The single method of motivation cannot motivate the enterprise＇s employees effectively because of the complexity of human resources. This paper holds the point that intrinsic and extrinsic motivation should be applied together to motivate enterprise＇s employees in China, then establishes a motivation model and advises that enterprises should use different methods of motivation for different employees based on the asset-specific of human resource.     

Analysis on the prospect of developing timeshare in Xi＇an

This paper introduces the concept of timeshare at first, and then, the SWOT model is used to analyze the feasibility of developing timeshare in Xi＇an. It provides the reliable basis for the train of the innovation and decision demonstration in the future.     

Competitive Analysis of 100-seat Regional Jet Manufacturing

The 100-seat regional jet manufacturing, a newly-born market niche of world aviation market with bright perspectives, is becoming a focus of competition among aircraft manufacturers. A competitive analysis provides an overview of the potential profitability of the average firm in this industry. In this paper, the rivalry among competing sellers, the potential and barriers to new entry, the presence of attractive substitute and bargaining pressure stemming from buyer and supplier are analyzed by using Professor Michael Porter＇s five-force model.     

The viable measure for hospitals？ --Healthcare expenditure forecasting under the global budget system

After the implementation of the global budget system, hospitals need to negotiate individual＇s healthcare budget in order to face the uncertainty of income and cost control. The major contribution of this study is to predict the increase of the inpatient healthcare expenditure using ARIMA model under the global budgets system to establish a better allocation rule for healthcare expenditure budget during the negotiation with the Bureau of National Health Insurance. The healthcare expenditure prediction model proposed in this paper will serve as a justification for hospitals＇ negotiation. Although Taiwan has abundant experiences implementing national health insurance, there are still a limited number of literatures concerning economic significance of the budget allocation rule. This paper intends to fulfill this gap. We find that as the individual healthcare expenditure increases, the number of physicians does not function as a bargaining chip. However, there are significant differences in the increase rate and quality of healthcare within the scope of insurance coverage and the increase rate of healthcare for healthy insured. The findings in this paper can serve as policy references in hospital management.     

Study on the Dimensionality-Hierarchy Structure of Core Competence and Its Evaluation and judgement Model

Firstly, this paper has studied the core competence＇s analysis and evaluation deeply and put forward the analysis dimensionalities and index system of core competence, Then, the models and the methods are studied and concluded to ascertain the index value. This paper has also divided the core competence into three layers and given out the Dimensionality-Hierarchy structure of core competence through combining the analysis dimensionalities with the competence layers. At last, the model is described to evaluate, analyze and judge the corporation＇s competence.     

Research on the working model of Virtual Customer Environments

With the rapid development and application of Internet, more and more enterprises provide technologic infrastructure, Virtual Customer Environments （VCE） for customers＇ involvement into product development. This paper studies the working model of VCE. Finally the suggestions of designing VCE are discussed.     

Efficiency Analysis of China＇s Commercial Banks Based on DEA： Negative Output Investigation

This paper focuses on the shortcomings of the extensively-used method of DEA in evaluating the efficiency of bank, i.e., the DEA method cannot make further comparisons to the efficient units and it does not take into account the situation of negative input or output value. We use the BCC model in DEA to measure the fourteen Chinese commercial banks＇ efficiency in 1999. Since BCC model has the property of transformation invariance, the problem of negative input or output value is thus resolved. We also use the super-efficiency DEA model to rank all the efficient units completely.     

Restriction of cost of capital＇s property right and financing preference of listed companies

Opposite to the financing preference of creditor＇s rights in western firms, Chinese listed companies obviously have the financing preference of shareholding. This paper uses the theory of property for reference, and redefines the concept of cost of capital in a higher level, and considers it as the property of investors. Through a mathematics model, the author analyzes that how restriction of cost of capital＇s property right makes influence on the financing preference of firms, and considers that it is the restriction of cost or the imperfect cost of capital＇s property right that influences the financing cost of shareholding and creditor＇s rights, hence, determining the financing preference of listed companies. In other words, it is the restriction of cost of capital＇s property right that causes the financing preference of creditor＇s rights in western firms, and the imperfect cost of capital＇s property right is the reason for the financing preference of shareholding of Chinese listed companies.     

The Evolution of Electronic Marketing Channel

The extensive application of the information technology in enterprises becomes enormous motive force of enterprise＇s marketing channel. This paper aims to analyze the impact of the information technology on enterprise＇s channel, and uses the transaction cost economics to explain the evolution process of the enterprise＇s marketing channel.