Great Effort in Ensuring Safety and Stability of Energy and Economic Development in Beijing

On Feb.22,Ms.Ou Xinqian,vice chairwoman of National Development and Reform Commission(NDRC),and Mr.Ji Lin,member of standing committee of CPC Beijing branch, and executive vice mayor of Beijing delivered their important     

打开美林神秘之门——本刊记者徐樱访美林国际公司中国主席刘二飞

The managing trumps of Merrill Lynch are the operating priciples of Merrill Lynch. This is the action foundation for whatever posts we may hold. We promise to conduct our personal and organization behaviou under the criteria of the operating principles. This promise helps us become one of the first class companies in the would. In the process of Merrill Lynch becoming more and more multielenental and globalizationed, the operating principles help us more confirmed what kind of corporations we are, and what services we expect to provide for ourselves, our customers and the stockholders.     

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.     

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.     

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.     

Relish the Moment

Tucked away in our subconscious is an idyllic vision. We see ourselves on a long trip that spans the continent. We are traveling by train. Out the windows, we drink in the passing scene of cars on nearby highways, of children waving at a crossing, of cattle grazing on a distant hillside, of smoke pouring from a power plant, of row upon row of corn and wheat, of mountains and roiling hillsides, of city skylines and village halls.     

Partners and Competitors

The United States and China are entering an entirely new and complex era in their economic relationship. In a nutshell, China is both partner and competitor, and simplistic efforts to cast the complexity of U.S.-China economic relations as either one of partnership or competition are unhelpful to the development of     

IBI Chairman meets SPT Guests

Mr.Tu Xingjian,Chairman of Invest Beijing International (IBI),met visiting Chairman of the Strathclyde Partnership for Transport(SPT),Scotland,Mr.Alistair Watson and his delegates on Sept.8,2006 Both parties exchanged views and experience on the planning,construction,operation and management of urban transport infrastructure facilities,and explored cooperative opportunities.     

Commercial Opportunities for Building the Olympic Fields and Buildings

With the full development of the construction of the Beijing Olympic fields and buildings in 2004, the investors and enterprises at home and abroad of broad vision focus their eyes on the Olympic projects construction. The underlying great commercial opportunities become the focus at home and abroad.     

T. J. Huang, the superior in VC inclustry

A saying like that, investment is buying with low price and selling with high price. It is easy to say. but difficult to control in practice; the investor has to grasp the economic transition and industry＇s undulation accurately. T. J. Huang, the trailblazer of Taiwan financial reformation, he is the founder and managing partner of the AsiaVest Partners, TCW/YFY Lid, Huaug is the person who is aware of the trend of industry＇s startap and decline in advance, and make decision at right time. Someone said that T. J.     

The quality detection of expressway traffic engineering

With the rapid development of the reform and opening up,the dramatically advancement of people’s living standards and the emergence of globalization,a demanding requirement for transportation systems has been put forward for our new century to meet various needs. Therefore,a convenient traffic system is indispensable for us,thus making the quality test of expressway traffic engineering a significant field to explore. This paper is composed of seven parts and emphasizes the significance of modern expressway traffic engineering through the analysis of the functions,components, technical features and characteristics of expressway traffic engineering.     

Beijing is to issue policies to support chain operation development.

In order to adapt to the requirements of the modern circulation and further improve the organizing extent and scale level of chain operation in Beijing and help the resources integration and technical upgrading of the chain operation enterprises, enhance the market competitiveness of such enterprises and meet the demands of people to improve their living quality, Beijing Commerce Bureau and Beijing Development and Reform Commission recently issued Implementation Suggestions on Promoting Chain Operation Development.     

Design Management Service in Garment Design

Purpose This paper discusses the design management concepts and studies application methods of the combination of design and management in garment enterprises.Design/methodology/approach This study emphatically compares the modes before and after designed, analyzes the differences between them and puts forward the feasibility practicesin a more efficient way with the concept of design management.Findings From research and data collection analysis, it clearly shows that if you can pay more attention to management in clothing enterprise and integrate garment design relativeactivities, you will be better to accept the challenge and catch the competitive advantage.Research limitations/implications This study only studies design management in clothing industry common mode, it did not fully cover the entire industry.Practical implications This paper analyzes problem in clothing enterprise and put forward some advices and application methods to use the concept of design management. This paperis a practical guide on how this could be done effectively.Originality/value Creative and value of this paper is to analyze the traditional model, and on this basis to provide the application of fashion design management mode.     

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.。     

New Regulations Impacting Venture Investments

On 8th August 2006, the Ministry of Foreign Commerce of the People＇s Republic of China （＂MOC＂ or ＂MOFCOM＂）, along with the StateAdministration of Industry and Commerce （＂SAIC＂）, State Administration of Taxation （＂SAT＂） and State Administration of Foreign Exchange （＂SAFE＂） and joined by China Securities Regulatory Commission （＂CSRC＂） and Stateowned Asset Supervision and Administration Commission （＂SASAC＂）, issued new regulations on M＆A transactions in China. The new regulations, called the ＂Provisions on the Mergers and Acquisitions of Domestic Enterprises by Foreign Investors＂ （the ＂Revised M＆A Provisions＂）, will become effective on September 8, 2006. The ＂M＆A transactions＂ in the context of the Revised M＆A Provisions refer to equity and asset acquisitions, not true ＂mergers＂ in the U.S. legal sense.     

Summary Translation of the New Rules

After the implementation of Order of State Council No. 333 （the “Revised Telecom Regulations”）, which issued on December 11, 2001 and effective on January 1, 2002, thelations strictly. However, a number of foreign investor and domestic telecom companies evaded the regulations through the form of domain name and registered trade mark＇s authorization.     

Olympic Games Guides the Development of Modern Manufacturing Industries & High-Tech Industries

Modern manufacturing industries and high-tech industries are the strategic and supporting industries for the national economic and social development in Beijing, they are also the Point Du Hoc of the present and future international competition. 2008 Olympic Games has and will further inject powerful energy and impetus for the development of Beijing city, and will also bring important development opportunities and wide development space for Beijing modern manufacturing industries and high-tech industries.The concepts of Scientific Olympics and Green     

国有独资商业银行如何实行规范的股份制？

To standardize shareholding system, first condition is doing justice to the function of stock holder‘s meeting, make it become the highest organ of power of shareholding of bank, all the things which are of vital importance to the overall situation of the bank, are discussed by it and passed through. In another word, that is govemment should transfer the power of business policy and management in the bank to stock holder‘s meeting and its routine business board of directors when state-run and solely-invested commercial bank change into shareholding bank.     

Innovative Practice- Shipping Magnate CY Tung's Road to Success

CY Tung was the pioneer of innovation and the practioner of innovative theories in modern shipping, regardless of his huge oil tanker building, container transport, institutional management or resource integration. Tung, the shipping industry have called the pioneer of innovation, Tung's road to success is a story and history of continuous innovation. In his shipping career, adhering to the innovative concept, multi-use new shipping technology, and management practice, Tung had built a team with the ability to innovate. Tung’s group, by integrating its human resources, contacts and production resources ultimately established himself in the highly competitive international shipping market and achieved his legendary of the world shipping tycoon.     

＂Differences＂are the Biggest Obstacle

China has the greatest numbers of both teachers and students worldwide ,who teach and learn English. Therefore ,to analyze the obstacles of learning English for Chinese is necessary. This article gives the idea of differences between Chinese and English mainly in languages and cultures fields. Through these we can see clearly that ＂differences＂ are the biggest obstacle in language learning.