Voluntary Disclosure of Auditors＇ Report on Internal Control： Firm Characteristics and Economic Consequences

Using propensity score matching （PSM） and the difference-in- difference （DID） approach, this paper explores the characteristics of listed Chinese firms that voluntarily disclose auditors＇ reports on internal control and the economic consequences. Using a sample of non-financial firms listed on the main boards of the Shanghai Stock Exchange and the Shenzhen Stock Exchange between 2006 and 2010, we find that firms are more likely to voluntarily disclose their auditors＇ reports on internal control if they have higher state ownership, lower managerial ownership, sanction records, audit committees, non-Big Four auditors as their auditors of annual financial reports, unqualified auditors＇ opinions on financial reports, less board independence, after controlling for firm size, liabilities, performance, and history. Moreover, as compared to a control group that exhibits similar characteristics, firms that voluntarily disclose auditors＇ reports on internal control are associated with positive earnings quality and negative cost of equity capital.     

Electronic Information Industry： Calls for Upgrade and Reform

Electronic information industry is a fundamental and strategic pillar industry in China＇s economic progress. With the feature of labor-intensive manufacturing, this industry has developed to be a competitive one of China by few decades of quick growth in large scale, boasting a high degree of marketization and internationalization. Take color TV manufacturing sector as an example, the annual producing value of the sector is close to RMB 200 billion,     

Investing in Japan？ Statistics Speak

Is investing in Japan a good choice for ambitious Chinese enterprises？ Xiong Lin, partner at the Beijing DaDi Law firm, reminded potential investors that understanding Sino-Japan cultural differences, local policies and the procedures concerning investment, as well as protecting intellectual property and prompt communication with local consulting firms are the keys to good preparation. She gave this advice at the ＂2009 Investment in Japan Seminar＂ on March 5, a seminar co-hosted by CCPIT （China Council for the promotion of International Trade） and JETRO （Japan External Trade Organization） as the follow-up to a session held in 2007.     

From a Loyalist to a betrayer —— Bull’s-eye in Oliver Twist

As Charles Dickens has been recognized as the greatest critical writer in the 19th century in British.People often notice that most of its works reflect strongly social criticism,and few people discovers his thoughts of romanticism and idealism,his speaking highly of the humanity,kindness,and benevolence,as well as his looking forward to a more harmonious society and better lives for people.In fact,he has created many characteristics of rightfullness and justice to this effect.What’s the most interesting is that he creats an animal imaginery—a dog,which changes from his evil master’s accomplice to his batrayer--to express the his desire of arousing sympathy and goodness in the imbalanced society for the sake of the poor and the weak.     

Hierarchical Dynamic Capabilities and Strategic Entrepreneurship in Changing Industrial Environments

The research fields of dynamic capabilities and strategic entrepreneurship have developed concurrently but separately. This study aims to bridge the gap in research on the underlying linkage between the two independent areas, both of which are critical for firms to sustain competitiveness in changing industrial environments. Drawing upon insights from the integrated perspective of hierarchical dynamic capabilities, strategic entrepreneurship, and environmental dynamics, an explicit theoretical framework is put forward to achieve a better understanding of the ways through which hierarchical dynamic capabilities promote strategic entrepreneurship. Moreover, through the proposed theoretical lens, this study further explores the detailed mechanisms of how first-order and second-order dynamic capabilities improve strategic entrepreneurship with regard to uncertainty of market conditions.     

Foton Crosses the High Threshold of Overseas Market--the First 40 Van Arrives at Russia

On January 14, 2006, after half year's planning, 40 Foton View Van start the expedition from the headquarter square of Foton Motor.It is believed that it is another achievement of Foton Motor's overseas "strategic market" export. The export is a landmark for Foton Motor. Iran, Russia and India are defined as the 3 major overseas strategic markets for the export thresholds are very high and hard to operate.     

A Case Study on Executive Leadership and Knowledge Transfer in TMT： From the Perspective of Managerial Rotation in Private Firms

This paper explores the mechanism between leadership and knowledge transfer in a top management team （TMT） via a case study of ZOJE Group, a private listed company in China. Three recently rotated executives with different leadership styles from the parent or subsidiary companies are chosen and studied. Findings show that for the visionary leadership executive, his vision incentive has a limited effect on knowledge transfer, but organization culture, especially the decentralization management culture, can greatly enhance the knowledge transfer process. For the paternalistic leadership executive, authoritarianism helps him manage the management team in disarray; while benevolence and morality improve the knowledge transfer standard. Lastly, for the servant leadership executive, his leading by example and altruism behaviors contribute to a higher level of knowledge transfer among TMT.     

High Performance Work Systems and Employee Creativity： The Mediating Effect of Knowledge Sharing

Employee creativity is both the core element of a firm＇s innovation capabilities and the sources for its growth. To improve an organization＇s ability to innovate, it is necessary to improve the creativity of its employees. Based on theories from strategic human resource management, creativity and organizational learning, this paper investigates the relationship between high performance work systems and employee creativity and explores the role knowledge sharing plays in their relationship. A questionnaire is designed and administered to a group of part-time executive students in the winter of 2012. Two hundred students are invited to answer the survey questions with 117 valid responses. Data are collected and processed by using statistical regressions. The empirical findings reveal that high performance work systems positively affect knowledge sharing and employee creativity. Knowledge sharing plays a mediating role in the relationship between high performance work systems and employee creativity. Implications for practice and future research are discussed.     

Hu Huafeng： Building Chinese Clothing Brand in Italy

With the pursuit of enterprise＇s healthy and rapid development, Hu Huafeng has set a clear strategic goal for his company, making Hengsheng one of the well-known Italian local enterprises and creating a Made-in-Italy Chinese clothing brand. He is now aiming at digging the business value more deeply to achieve full breakthrough as a Chinese in this field.     

Entrepreneurial Orientation and Performance of Chinese High-Tech Firms： The Mediating Role of Organizational Learning and Moderating Role of Firm Life Cycle

The evidence about how entrepreneurial orientation （EO） affects firms＇ performance remains inconclusive. This study joins the research by incorporating organizational learning （OL） as a micro-macro link and by extending empirical work to the largely underexplored context of Chinese high-tech industries. Results from a survey of 252 Chinese high-tech firms demonstrate： （1） entrepreneurial orientation is positively related to firm performance; （2） organizational learning is also positively related to firm performance; （3） organizational learning partly mediates the positive impact of entrepreneurial orientation on firm performance; and （4） high-tech companies in the start-up and growth stage are likely to demonstrate stronger linkages in the EO-OL-performance relationship than in mature stage, which shows that the EO-OL-performance relationship is moderated by firms＇ life cycle.     

Discussion on Misunderstandings of Translation Teaching

Translation is required as a compulsory course for English majors in many universities in China.With the development of globalization,a large number of translators are needed.Therefore, translation teaching is significant for the training of high-qualified translation personnel for the society.The purpose of this study is to give a basic introduction of the misunderstandings existing in translation teaching in China and to offer some advices in hope of promoting translation teaching in China.     

Discussion on Misunderstandings of Translation Teaching

Translation is required as a compulsory course for English majors in many universities in China. With the development of globalization, a large number of translators are needed. Therefore, translation teaching is significant for the training of high-qualified translation personnel for the society. The purpose of this study is to give a basic introduction of the misunderstandings existing in translation teaching in China and to offer some advices in hope of promoting translation teaching in China.     

ECONOMIC AND TRADE NEWS

China's Industrial Structural Level Upgraded in Fifteen Years The change of China's industrial structure has its own characteristics. Inthe coming 15 years, along with the rapid growth of the national economy, the application and popularization of high technologies and the promotion of labour productivity, the country's manufacturing industry will furthercreate a higheradded value of its products. The competitiveness of industry will also be upgraded. A rough estimate shows that the proportion of the primary, secondary and tertiary industries in GDP will change from 28.4     

China aims to foster more world famous bag brands with good quality

China Chamber of Commerce for hnports and Exports of Light Industrial Products and Arts-Crafts(CCCLA)signed a cooperation memo on September 18 with eastern Pinghu city to set up a suitcase and bag manufacturing base. Wang Zhongqi, vice president of the chamber told Xinhua that this would foster more export famous brands and lay a sound foundation for the long-run industry develop- ment, as well as help promote regional industrial upgrading.     

New Features of Chinese Cross-Border E-Commerce: Branded,Refined and Diversified

China’s cross-border e-commerce industry was dynamic in 2019,with pressing requirements being laid down on capital,technology and services,and the threshold and operation difficulty of this industry being raised to a higher level.More traditional enterprises and brands began to move towards center stage,causing China’s cross-border e-commerce sector to become refined,branded,localized and diversified.It can be said that the industry has entered a transitional period and has encountered a new situation where the driving force of development is called for.     

April profits of Chinese petrochemical firms rise nearly 45% on lower crude prices

The construction of the China-Russia oil pipeline conforms with the strategic goals of China and Russia to diversify the former＇s energy imports and latter＇s energy exports, Chinese Ambassador to Russia Liu Guchang has said. The move reflects the two countries＇ confidence and determination to tide over together the current global economic downturn, Liu said in a recent written interview with Xinhua on May 10. The signing of a package of oil cooperation deals between China and Russia as well as the start of the oil pipeline project marked a major breakthrough in their energy cooperation, represented a new height of China-Russia strategic partnership of cooperation and further substantiate this partnership, Liu said.     

Rio Tinto arrests an “isolated”case

China＇s steel industry association said on July 31 that it plans this year to unify the spot and long-contract prices for the country＇s iron ore imports. It will also set a ceiling for charges levied by import trading firms, as part of an effort to regulate the market. The proposal was the top item of discussion at the steel industry body＇s twoday semiannual meeting, said Luo Bingsheng, deputy chairman of the China Iron and Steel Association （CISA）, at a press conference.     

China Textile "Going Our"——Egypt, Opporthity for China Textile

The global financial crisis has made a huge impact on China export-based enterprises,among which the first affected industry was textile industry.According to the latest reports from China Ministry of Industry and Information Technology (MIIT) issued in November 2008,revealed that profits for the textile industry in China that had increased 36.9% in 2007,and decreased by 0.7% for the same period in 2008.This amounted in a total loss of RMB 22.13 billion,an increase of 97.7%,with the scope of loss reaching up to 20.4%.     

Assessing Managerial Discretion across Different Industries in China

In this study, managerial discretion in 37 industries in China is measured and ranked into high, medium and low groups. The results are compared with findings from Hambrick and Abrhamson＇s （1995） study in the U.S. context, and changes are examined in two dimensions of managerial discretion from 2001 to 2009. This study contributes a reliable measure of managerial discretion for future organizational and strategic studies, which can help explain the differences in managerial phenomena across different industries in China＇s institutional environment.     

Financial Turmoil Still Ahead？

Asub-prime mortgage refers to a type of loai3 that is normally made to borrowers who do not qualify for market interest rates,often due to a variety of risk factors,such as their income level,size of the down payment,credit history,or employment status. As a result of the borrower＇s low credit rating, a conventional mortgage cannot be offered because the lender views the borrower as having a greater-than-average risk of defaulting on the loan. Lending institutions often charge interest on sub-prime mortgages at a rate that is higher than a conventional mortgage in order to compensate for this added risk. Recently,