Local fiscal distress and investment efficiency of local SOEs

In this paper, we use A-share listed firms between 2002 and 2010 to investigate the relationship between local fiscal distress and the investment efficiency of local SOEs, along with the effect of corporate tax payments on this relationship. We find a positive relationship between the extent of local SOEs' overinvestment and the fiscal distress of the corresponding local government where the enterprise and this relationship become stronger for firms that pay fewer taxes. The pattern of underinvestment among local SOEs was in contrast,and these relationships do not exist for non-SOEs or central SOEs. Moreover,we find that expanding a firm's investment scale leads to an increase in total taxes paid, including income and turnover taxes, which further result in more local fiscal revenue. Overall, we conclude that local governments have an incentive to increase fiscal revenue when faced with fiscal distress by raising the investment scale of local SOEs and that the incentives and effects of such interventions appear to be stronger among firms that contribute less to local fiscal revenue.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.     

Analysis the Opportunities and Challenges of PearlRiver Delta Economy in China

This paper examines the strategies of Chinese government policies to develop of Pearl River Delta （PRD） in the coming decades. Through analyzing the opportunitiesand challenges of the Macro-environment of the PRD, I will illustrate the competition to be an investment basement from inside and outside of the country as well as the supportivegovernment policies. In the past three decades, the original core competences of PRD such as low labor cost, broad foreign investment policies and the even cheap transportation is losingits attractiveness compared to the Yangtze River Delta （YRD）. This paper also illustrated the polices which support PRD economic transformation and Hong Kong as an international tradehub city that will play a key role in enhancing the speed of the transformation. The expectation of this research is that PRD will present itself as a new economic zone in the world, developvalue-added, high-tech manufacturing, brand innovated, and environment friendly industries. A new outlook of PRD is emerging in front of the world.     

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.     

Dose Executives’ Equity Ratio Affect the EVA Assessment in Central Enterprises?

Since 2010, the State-owned Assets Supervision and Administration Commission of the State Council (hereafter SASAC) started the full implementation of the EVA evaluation system in central enterprises. Our research finds out that the central enterprises have obvious acted to meet the EVA assessment, that is, executives intentionally regulate major EVA adjustments to gain a higher EVA performance. We also find that the factor of shareholding rate of executives may in some extent weaken the effect of the EVA assessment and there shows a U-shaped or inverted U-shaped relation between shareholding rate and each adjustment indicator.     

央企是否迎合了EVA考核?——基于高管持股因素影响的研究(英文)

Since 2010, the State-owned Assets Supervision and Administration Commission of the State Council (hereafter SASAC) started the full implementation of the EVA evaluation system in central enterprises. Our research finds out that the central enterprises have obvious acted to meet the EVA assessment, that is, executives intentionally regulate major EVA adjustments to gain a higher EVA performance. We also find that the factor of shareholding rate of executives may in some extent weaken the effect of the EVA assessment and there shows a U-shaped or inverted U-shaped relation between shareholding rate and each adjustment indicator.     

Aims and Scope

正The focus of the China Journal of Accounting Research is to publish theoretical and empirical research papers that use contemporary research methodologies to investigate issues about accounting,finance,auditing and corporate governance in China,the Greater China region and other emerging markets.The Journal also publishes insightful commentaries about China-related accounting research.The Journal encourages the application of economic and     

Aims and Scope

正The focus of the China Journal of Accounting Research is to publish theoretical and empirical research papers that use contemporary research methodologies to investigate issues about accounting,finance,auditing and corporate governance in China.the Greater China region and other emerging markets.The Journal also publishes insightful commentaries about     

Guidelines for Manuscripts Submitted to The China Journal of Accounting Research

正The China Journal of Accounting Research"CJAR"(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditing and corporate governance issues that relate to the greater China region.We welcome the submission of both theoretical and empirical research papers pertinent to researchers,regulators and practitioners.Authors should note:     

Delhi ready to relax rules on foreign ownership of media（印度拟对外资开放媒体业）

New Delhi has given its clearest signal yet that it is to liberalise its print media industry by allowing foreign newspapers to publish in India and permitting foreign institutional investors to buy stakes in local media.The recommendations are certain to lift the hopes of foreign investors and media groups keen to tap into one of the world‘s fastest-growing newspaper markets.     

Risky IPTV Investment

IPTV （Internet Protocol television） is a frequently mentioned word recently, since Shanda changes its main business to IPTV, which isrecognized as a new technology and at- tractive business in the future. Shanda is the most active Chinese online game pioneer, it has produced one trail box, which will be used as the host while traditional TV station as terminal of the IPTV. Shanda hopes that the box＇s development and the family entertainment service operation will boost its revenue and help to recover the investors＇ confidence. It is estimated that Shanda has spend about $450 millions on IPTV in the last year, including production research and sales channel establishment. However, it is reported that the box is of poor quality. Even the internal trial members complained about the box＇s unsatisfactory performance. In addition, the price of the box is about 6,000 RMB each （equivalent US $ 800）, it is too expen-sive to most Chinese consumers.     

Guidelines for Manuscripts Submitted to The China Journal of Accounting Research

正The China Journal of Accounting Research"CJAR"(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditing and corporate governance issues that relate to the greater China region.We welcome the submission of both theoretical and empirical research papers pertinent to researchers,regulators and practitioners.Authors should note:1 Submissions must be original     

Intime Capital Game 3.0

Year 2006, the Web 2.0 seems walked to the end, therefore, the Web 3.0 is expected to come. In the same way, the capital game is updated continuously in the capital market. Those capital superiors were forced to innovate continuously by the push of change-environment. Connecting with capital master Warburg Pincus LLC, Zhejiang Intime Department Store Co., Ltd. played a innovative capital game, which is ＂sale first, then buy＂, evading the multifarious examine and approve in Domestic market. Intime sold its shares to its overseas cooperate partners first, and then buy them back at the proper time. Another game is ＂On loan first, then translate＂, the game started with the form of loan, then transfer them into preferred stock or ordinary shares. Finally, Intime realized its IPO.     

Reducing added tax on some resource products

The Ministry of Finance and the State Administration of Taxation gave a notice to specify the added tax policies for the comprehensive utilization of some resources and other products, which would be implemented from January 1, 2004.     

Potential Business Opportunities in Construction of New Towns

A Summarized Introduction to the 6 Key Towns in Beijing:The construction of new towns in Beijing means a cut-in point to the accelerated urbanization of rural areas in the suburbs of the City, and is a stimulus to the modernization of the rural areas and the urbanization of the capital city. In order to speed up the construction of towns in the suburbs,     

Discussion about the implementation of the ISO 9000 Quality Assurance System in construction industry

The paper analyses the reasons that result in poor quality in construction industry and introduces the definition and functions of the ISO 9000 Quality Assurance System.In addition, the paper critically explains the advantages and disadvantages of this system and how the implementation of it improves the quality of work provided by the local constructionindustry.     

Labor Day Weekend Gas Prices Haven＇t Been This Low In Years

Peer-to-peer lending is sweeping the nation. The two biggest players in game, Lending Club and Prosper saw 195% growth over the year ending in June 30, generating more than $1.5 billion in loans. The timing is no coincidence. In the wake of the financial crisis, the same lenders that once rolled out the red carpet for subprime borrowers started putting up all sorts of barriers to credit, effectively locking out the people who arguably needed a boost the most. Those who could get credit were hit with double-digit interest rates or driven to seek out riskier options like payday loans.     

Asian PE Fund Pool Tops $170B

The Asian Private Equity and Venture Capital Report shows that Asian private equity continued to exhibit steady and robust growth, exceeding $170 billion in total funds under management for the entire region. Investments made also showed healthy progress, with over $24.5 billion of private equity deals done across the region so far this year. Fundraising, however, has slightly slipped back in comparison to 1H06, with a 5.7% decline from around $16.7 billion to around $15.8 billion, although China fundraising soared 240%.[第一段]     

UGG Australia公司战略分析(英文)

Ugg boots have developed from Australian generic products to global luxury footwear, and UGG Australia has become a worldwide famous brand through the marketing strategy of celebrity seeding. The strengths of UGG Australia are strict quality control, constant innovation and strict material selection. At first, Ugg was only a pair of ugly boots which looked like using sheepskin with wool to wrap feet. This kind of boots was thick and stupid, but quite light and warm. By the end of the 1990s, more and more people wanted to enjoy a more casual lifestyle and Ugg became the symbol of this lifestyle. UGG Australia tries best to provide consumers with not only a pair of comfortable boots, but also a relaxed, casual and luxurious lifestyle (News, 2008). The fashion industry is hypercompetitive and constantly changing. That is to say, UGG Australia should try its best to be different from its rivals to satisfy customers' changing needs or unique preferences. For this reason, differentiation is the optimal generic strategy for UGG Australia's business in the US. Carrying out differentiation strategy means that value is provided to UGG Australia's customers through the unique features and characteristics of Uggs (Roney, 2005). As a result, superior quality, fantastic design and an image of prestige or status are the bases of UGG Australia's uniqueness.。     

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.     

Great Clearance

It is the short title of "the project for increasing custom-ports' working efficiency", which means during the whole course from consignors entrust to apply for clearance to goods is shipped into the factory or left the county, make use of information technology and hi-tech means, control