Enterprise＇s value and stakeholders＇ benefits： The financial objects which lead to the same goal

Taking stakeholders＇ benefits into consideration is decided by the essence of enterprise＇s value. In the knowledge-based economy age, the maximization of enterprise＇s value is the ideal financial object of stakeholders＇ cooperation gamble. Pursuing the maximization of enterprise＇s value is the same as pursuing the maximization of stakeholders＇ benefits under the balanced circumstance. The maximization of enterprise＇s value and the maximization of stakeholders＇ benefits are consistent. They comprehend financial object from two aspects of financial essence.     

The Foundation and Pattern Choice for the Sustainable Development of Chinese Financial Trust Industry

Since it was resumed in 1979, China＇s financial trust industry has experienced five major improvement and rectification. With the implementation and promulgation of ＂one law and two regulations＂ and the establishment of China＇s Trust Industry Association, financial trust industry is developing into a relatively good stage. In view of practice and regular patterns of its development, we have to set up ideas of sustainable development so as to prevent the financial trust industry from involving in a circle of ＂development-- reorganization---development again--reorganization again＂. At present, the premise to realize financial trust industry＇s sustainable development is to fully understand the unique comparative advantage of financial trust industry and establish scientific market function.     

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.     

Is Financial Development Another Source of Comparative Advantage？ Evidence from China

Using panel data for 29 provinces in China during 1990-2004, the present paper attempts to explore a possible link between financial development and China＇s foreign trade. Three measures of comparative advantage in manufactured goods have been applied in our study, including Balassa＇s revealed comparative advantage, the net manufactured export index, and the Michaely index. We also use four indicators of financial development to identify the different functions of regional financial development, and to determine both size and efficiency features of financial institutions. The estimation results suggest that besides factor endowments, foreign firms and infrastructure, financial development has a quantitatively large and robust effect on China ＇ s manufactured goods trade. Therefore, further reform of China＇s financial system should be encouraged to fully exploit the comparative advantage of China＇s foreign trade.     

Analysis of Motive Force of Enterprise Integrated Innovation

It is the effective way of improving enterprise＇s competitive power to integrate innovation. This paper summarizes the concept, form and characteristic of integrated innovation, analyzes the motive force for promoting integrated innovation of enterprise.     

BSC-based budget management study for Group Company

This paper, based on Group Company, sets out to introduce the advanced management ideology of enterprise strategy and BSC into budget management for the purpose of seeking a more integrated budget management ideology as compared with traditional budget management. That is, to link day-to-day budget management with company＇s long-term development strategy effectively on the basis of company＇s strategic objective and BSC, the enterprise＇s strategy can be further implemented and budget management can truly be an effective tool of implementing company＇s strategy and improving management efficiency to the ultimate goal of upgrading group company＇s management standard and maximizing enterprise＇s value.     

Financial Intermediation Development and Economic Growth： Does the Chinese Counterexample Exist？

In terms of the degree-of-freedom of bank loan decision-making, the ratio of loans of private enterprises and individuals to total loans is used to measure the development of China ＇s financial intermediation. Applying generalized method of moments estimation developed for dynamic panel data models, the present paper finds that the effect of financial intermediation development on economic growth is positive and statistieally significant when controlling for other variables, such as human capital foreign direct investment, securitization and foreign trade. The empirical results indicate that the concept of the so-called Chinese counterexample in financial development is questionable. Financial system reforms, including encouraging banks to operate independently, reducing or eliminating mandatory loans, and maldngfinancial decision-making more market-oriented, are important for China＇s economic growth.     

Research on relationship between authentic leadership and employees＇ work attitude

Research on relationship between authentic leadership and employees＇ work attitude is helpful for leaders to improve their leading ability and behaviors and influence workers＇ attitude and behaviors, establish sound relationship between leaders and workers, promote enterprise surviving and developing. To research the relationship, this article has used and formulated questionnaire and preliminary investigation in particular to prove scientific value of the methods by researching on relationship between authentic leadership and employees＇ work attitude.     

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.     

China： Unscathed through the Global Financial Tsunami

This paper investigates the reasons behind the resilience of China＇s economy to the global financial tsunami. China ＇s economy is lowly leveraged in its banking, household, public and external sectors and, therefore, is less plagued by the global deleveraging than most developed economies. Chinese domestic sectors have improved significantly over the past decade, giving them larger capacity to cope with external shocks than during the Asian financial crisis a decade ago. Contrary to the conventional wisdom that China＇s economic growth is highly dependent on exports, we find that the main growth engine for China is domestic demand. Destocking, rather than falling exports, was the main cause of the sharp economic slowdown in China in late 2008 and early 2009. Therefore, the global economic slowdown should have limited impact on China＇s economy. We forecast a sustained eeonomic recovery in China in 2009-2011, with real GDP growth exceeding 10 percent in 2010.     

On the Quality and Ability of Modern Professional Managers

Modern enterprises are in the environment changed rapidly and with keen competition. Employing professional managers to operate enterprise is an important tendency for modern＇ management. This article first reviews the background and the development course of professional manager and defines professional manager. On the base of analysis of modern professional manager＇s occupation characteristics, this paper elaborates the quality and ability that modern professional manager should possess.     

Estimating expected return of corporate bond from equity prices using structural model

Bond rating and yield do not tell investors the expected return they can earn. In this paper, the author uses structural model which provides a link between the credit quality of a firm and the firm＇s economic and financial conditions to estimate the probability of default and the expected return of corporate bond from equity data. The volatility of bond return is also discussed. The purpose of this research is to help bond investors to make more informed investment decision.     

Commitment,Communication, and Leadership Determine the Leader： A Qualitative Analysis of Businessperson Characteristics Practiced by SME and Family Business Directors

This article outlines the details of an empirical study into the perceptions of small and medium-sized enterprise （SME） directors regarding the concepts of communication and commitment to leadership style and the interpretation of these concepts by way of depth interviews. The commitment by SME directors is represented by the themes of emotional commitment, visibility, financial bond, and personality traits. The communication by SME directors is represented by the themes of empathy, type of information, reaction and personality of the communication. The concept of leadership in the SME sector is typically closely associated to the charismatic leadership and the theory of the inclusive leadership （IL） style. The IL is a representation and use of all of the represented leadership styles depends on a situation. This study can be described as an exploratory study, consisting of qualitative in-depth interviews that were conducted with 19 directors of SMEs in the Netherlands and a qualitative matrix method was utilised.     

A Comparative Study of Financing Structure of China Mainland and Taiwan Based on the Life Cycle of High-tech Enterprises

High-tech enterprises not only bear such characteristics as high investment and high risk, but also require a long growth cycle which is clearly divided into several stages. These characteristics have great influence upon the enterprise＇s financing structure. Therefore, exploration of the financing structure at different stages of high-tech enterprise life cycle and study of the structure diversity under different financing environment are undoubtedly significant to the establishment of reasonable financing structure and financing strategy. Taking high-tech enterprises of China Mainland and Taiwan as study subject and adopting the methods of comparative study and positive analysis, this paper divides the enterprise life cycle into three stages by using relevant financial indexes. On the basis of the financing structure indexes, the paper makes a comparative analysis of the financing structure at enterprise＇s different stages of both banks of straits, and analyzes the causes of the differences. The findings of the analysis shed new light on improving the financing structure of Chinese high-tech enterprises.     

Financial Development, Economic Growth and Adaptive Efficiency： A Comparison between China and Pakistan

The strong economic growth in China is difficult to reconcile with its inefficient financial system. The puzzle of China＇s financial development and growth can be explained through a dynamic criterion of adaptive efficiency, rather than through allocative efficiency. Using the framework of an autoregressive distributed lag model, the present paper tests the hypothesis that the GDP growth rate is dependent on financial development along with other variables in China and Pakistan. The hypothesis cannot be rejected in both cases. However, the results show that economic growth has a negative relationship with credit to the private sector in China. We conclude that financial development is a source of China＇s high growth rate and that the banking system is still under an evolutionary process, involving the pursuit of social objectives instead of the sole objective of profit maximization. Our results provide some implications for other developing countries like Pakistan.     

Does Corporate Short-term Financing Bills Mitigate Bank Credit Risk？

The corporate short-term financing bill is one of the financial innovation products in 2005 in China, whose purpose is to solve the unbalance enterprise financing structure. On the basis of overview of the corporate short-term financing bills, the paper researches its effect on the bank＇s risk management and reaches the conclusion that the corporate short-term financing bills can reduce the bank＇s credit risk only by improving the systematic and technical environment in China.     

Application of Self-organization Theory in Flexible Manufacturing System

The self-organizing theory which was formed and developed in last century is a subject that studies complex system. It has been widely applied to such fields as physics, living beings, society, economic management, etc.. According to the changes of market demand and the need of competition at present, this paper gives a new definition to the enterprise＇s flexible manufacturing system and analyzes the properties and characters of it, thinking that it is qualified to form dissipative structure. With the usage of self-organization theory, this paper proposes some suggestions and measures to improve the operation efficiency of enterprise＇s flexible manufacturing system.     

The Identification Mode of Corporation Types for Chinese MBO

In this paper, we aim at the identification mode of corporation types for Chinese Management Buy-Out. Referring to the existing research results, we recognize the two points： （ 1 ） Profit rate is not correlative with different control-type firms; （2） Behaviors of different control-type firms are unlike. Manager-control firm pursues the maximum of firm scale. Corporate-control firm pursues the maximum of capital tumover. Owner-control firm pursues the maximum of sale profit rate. Profit rate of firm can be unrelated with the type of corporate control when there is an effective competition in the market of each kind of firm. With the gradual setting-up of the effective competitive market, the state-owned enterprise might produce the low benefit or face the difficulty existing in the industry of full competition because that the human capital of the managers of state-owned enterprises can not fix the price effectively through the price mechanism of the market. It is concluded that the MBO is an effective measure to reform the property right structure, exciting the furthest latent ability of manager and advancing the enterprise＇s vitality. Finally, a summary on five general identification conditions of MBO is given.     

The Measure for the Management Innovation Performance of Industrial Enterprise of Sichuan Province

Both science and technology are the primary productive forces, and management is the second productivity. An industrial enterprise is an aorta of a country or a regional economic growth, while the level of its management innovation is directly influencing the economic growth rate of the country or the area. The management innovation performance of industrial enterprises mainly embodies the impetus to the country or the regional economic growth of management innovation. To measure the contribution proportion of management innovation to the industrial economic growth of Sichuan, the econometric model was set up by introducing management innovation as exogenous variable to Sichuan industrial economic growth model, and utilizing the relevant data of industrial economic growth of Sichuan, based on Solow＇s residual value method to calculate scientific and technological progress. The results, to some extent, can be used to offer some suggestions to manager＇s decision, and promote the sustainable, stable and well development of the industrial economy of Sichuan.     

Target costing as a strategic cost management tool for success of balanced scorecard system

The precondition of gaining and sustaining competitive advantage for companies that operate today＇s competitive markets is the effective cost management. Since price is determined by the market, the ways of increasing profits are productivity and cost reduction. Balanced scorecard system is accepted by academicians and practitioners as an effective strategic management tool for applying the strategy successfully. In the financial perspective of the balanced scorecard system, cost reduction is a strategic objective. It is necessary that company＇s cost reduction strategy should not only be a reaction to the market, but also a continual strategy. The approach which aims to the reduction of costs that reveal along product life cycle and preset this aim at the design stage is target costing （TC）. TC can be used as an effective tool in BSC＇s financial perspective for the objective of cost reduction. In this study, the authors aim to display how to integrate the TC to BSC.