Double Misplaces of SOE＇s Ownership and the Loss of Claim Rights

Modem enterprise theory defines onterprise＇s ownership through the concepts of residual rights of control and claim to residue. It also believes that when they are in homologous, the ownership of enterprise can be arranged in the best place. When the enterprise is under normal run, shareholders are its owner, but when it goes into bankruptcy, claimers should take place of shareholders becoming the owner of the enterprise. But in China, the ownership of state-owned enterprise （SEE） goes into double misplaces. Management controls the enterprise under the normal run, which leads salaries to seize the earnings and share equities. The state who acts as the shareholder not only lessens investments but also fixes its earnings as much as possible. It gives up the claim to residue, which leads claimers to bear the enterprise＇s residual risks （when the residual income is negative）. When the enterprise goes into bankruptcy, as the shareholder, the state determines whether it can exist or not in order to maximize its own utility. Rights of claimer are being seriously damaged as they can be manipulated freely in the enterprise. Banks＇ bad debts are also in an extremely high level. In this article, the author will establish a model and use the relative data to do technical analysis.     

Empirical Analysis of the Market Effects of China＇s Listed—— Company＇s Dividend Policy ——Empirical Evidences from Shanghai Stock Exchange from 2004 to 2005

Dividend policy is one of the three core contents of financial management in listed companies. On one hand, it is the extension of financial and investment activities; on the other hand, appropriate dividend policy can not only set up a good company reputation, but also arouse enthusiasm of many investors to continue invest in this company, consequently acquire long and stable development opportunities and conditions. In this paper, the author has put forward some suggestions in order to solve the problems which existing in Chinese listed companies＇ dividend policies based on the result of positive test. Firstly, optimize the structure of equity title and perfect the corporate governance. Secondly, to establish wholesome shareholder protection mechanism, and also it is important measure for investors, especially medium and small investors to protect their rights and interests. According to the present situation of Chinese stock market, the authors consider we can protect the shareholder＇s benefits by carrying out cumulative vote system, establishing hortative derive lawsuit system, perfecting civil compensation system and establishing shareholder voting removing system and so on. Thirdly, the establishment of listed companies＇ dividend policy and the release of message should be standardized for the sake of good relationship of melon-cutting and corporation＇s refinancing plan. Finally, listed companies＇ dividend policy can be optimized by modifying and perfecting stock dividend distribution mode of accounting management, perfecting exit mechanism of listed companies.     

Female Leadership and Organizational Climate in a University Institute

This paper addresses the case of the Professional Institute of the Southern Region （IPRES）, an institute of higher education in the State University of Morelos, with the aim of showing the measurement results of organizational climate before and after the change of the principal to know some internal features and describe the organizational climate of workers＇ perception in a transition stage; besides, the influence of the current director＇s leadership is analyzed in the achievement of organizational goals and how the perception of organizational climate or working environment can be affected by female leadership is also dealt with. In Mexico, there are more and more women running various organizations, including those belonging to the field of education, and universities are no exception. On the other hand, the type of leadership being exercised can promote or hinder the proper performance of the institute and may be a factor of distinction and influence the behavior of those who integrate it; therefore, knowing how it works provides feedback about the processes that determine organizational behavior and the working environment.     

Quality oriented value and performance drivers

The quality endeavors of an organization, like other enterprise activities, must be oriented towards the economic principles. This approach gives a way to many organizations to question the extent to which the quality management contributes for the overall business success and to pin point the areas where particularly a high value or performance can be created in order to attain the maximum possible economic benefits out of quality management systems. Without including the answer of this question in the decision making process, the resources can not be allocated optimally for the quality purpose. Quality management activities create variety of effects that indirectly contributes towards the economic success and thus increase the company and stakeholder value. A closer look at the quality management philosophy reveals eight major principles namely： customer focus, leadership, involvement of people, process approach, system approach to management, continual improvement, factual approach to decision making, mutually beneficial supplier relationships. These eight principles lead the efforts in the domain of quality management to project a positive impact on the company. For an understanding of response relationships, it is necessary to consider in detail the indicators along the response relationships. They provide helpful clues and give an insight into the complex mechanisms of action of the quality approaches on the path to the company＇s success. The following illustration depicts how the quality based activities generate the value to enhance the performance and a variety of indicators reflects how they indirectly add value to an organization and hence contribute to its economic success.     

Just made in China or designed in China?

Does China just produce the world’s cars,or can it bring forward a top-global brand? With China projected to overtake even Europe in the number of cars produced this year,another question arises:Does China just produce the world’s cars,or can it bring forward a top-global brand? I argued before that "Designed in China" often does not convey an image of top-quality in the eyes of the customer.Even on the home market     

The expansion and limitation of behavioral finance research methods

Behavioral finance inherits the standard research methods in the finance, and it makes outstanding contribution to leading the experimental research into the field of finance. It uses the cognitive science as the method guide to expand its scientific research tools. On one hand, the intelligent development of the cognitive science provides an important and effective means of a tool for the behavioral finance research; on the other hand, precisely because behavioral finance theories of progress makes a certain extent, dependent on the modem cognitive science research results and thus the development of cognitive science, its results application and limitation will be confined to a direct impact on the development of behavioral finance. That is why we need an in-depth study of the new method of behavioral finance research and grasps their limitations.     

Corporate Governance Viability： Theoretical Exploration

The purpose of this exploratory paper is to try to envision how corporate governance systems and practices are evolving and what eventually determines the forms they take and the functions they perform. Practical implications especially concern different consequences that recent global economic crisis has imposed on regulatory, business, and social aspects of corporate governance. In order to encompass different approaches to this ongoing issue, the author takes into account mainly theoretical contributions that address the issue from the following perspectives： interrelations between product market competition and corporate governance, assessment of capital market pressures on corporate governance; relation between labour market and corporate governance; and actors influencing corporate governance changes in national systems of corporate governance. Since the viability of any corporate governance system and practice, at national and international levels, depends on their ability to respond to both market pressure towards competitiveness and diversified requirements by influential social, political, and economic actors of change, the author suggests that all groups of factors should continue to be in the focus of future researches. On the other hand, as global economic crisis differently affects different countries and businesses, it is of particular importance for those that shape corporate governance policies and practices to be aware of the deep relatedness between corporate governance, on the one hand, and economic, social, and environmental aspects of growth and development, on the other hand.     

Research on the capital structural optimization based on the coexistence condition of company＇s income tax and individual income tax

Capital structure denotes enterprises＇ form and proportion relation of various long-term funds source. The capital structure is the combination problem of the long-term funds about enterprise development and it is the quantity and proportion between every fund form. This paper analyzes the various factors which affect capital structural decision-making, and introduces capital structural optimization theory of the shelter benefit of tax revenue and bankruptcy cost balance. It studies the method and the evaluation criterion of capital structural optimization. And it constructs capital structural optimization model of coexistence condition of company＇s income tax and individual income tax. This will be very helpful for the rationality of enterprise capital structure.     

Comprehension In The Cultural Differences Through The Communication Errors

It is helpful for h,nmn communication to understand English cultural context knowledge. On the contrary,it is inevitably to cause the human relations barrier,the conflict and the misunderstanding if they lack such knowledge,that is called＂ Pragmatic Failure＂. What this article discusses are not word mistakes made by grammar structure,are mistakes which one can＇t express oneself properly,or not conform to English expression custom.It talks about the common errors which people attempt to appear in daily communication.     

A Study on Financial Strategy for Determining the Target Enterprise of Merger and Acquisition

To enhance the success rate of merger and acquisition, the acquiring party should make due diligence investigation into the target enterprise＇s counting materials and financial situations when filtering the target enterprises. Meanwhile, the acquiring party must thoroughly analyze the target enterprise＇s motive for selling, making sure that all the financial resources of the target enterprise well satisfy its acquisition criteria. Thus, the acquiring party can determine the most appropriate target enterprise. This paper tends to define the financial features of the target enterprise and the primary factors that affect the filtration of target enterprise in order to provide suggestions for the acquiring party to filter the target enterprise that satisfy its acquisition criteria.     

Designing Logistic Information Platform to Fostering Development Trend in China Automobile Manufacturing Group

The logistics resource in China＇s automobile group can＇t be optimized and allocated because of the ＂information island＂ problem in the group＇s logistics information platform in the whole group. In addition, it is the development trend of China＇s automobile group LIN to build a logistics e - market in the range of the group.     

Modem Cost Management in the Transport Company Through the Activity-Based Costing （ABC） Method

Road transport is a flexible mode of transport and its importance in era of globalization increases. Management of road transport companies is, in this turbulent environment, exposed to many technical, legislative, and economic problems. Especially, the growing economic pressure leads to an urgent requirement of the manager and control system improvement. Activity-based costing （ABC） method is a very powerful tool to improve products, services, processes, and market strategies. ABC allows company management to understand what causes costs and how to manage them. Company under this scheme may get a glimpse of how efficiently a company converts the source value. The main objective of our research was to assess the possibility of application of the ABC method in a transport undertaking. ABC method as a fundamentally different view on the cost in the transport business helps to find the reasons of cost and thereby influences their levels to make better use of resources.. New managerial accounting methods aim to show management what information is needed, how and where this information can be obtained, and how they can be useful for the management of the company＇s proper planning, decision-making, and control. Information provided by management accounting is often a key factor in the analysis of alternative ways of solving problems. This article focuses on the transport enterprise management and helps to decide on the use of this method in business practice.     

Corporate Governance,Enterprise Risk Management,and Inter-temporal Risk Transfer

This work is an initial attempt to describe the interconnections among corporate governance,enterprise risk management,and the phenomena of inter-firm risk transfer that occurs in combination with firms’income smoothing.Corporate governance is conceived as a set of rules according to which a firm is managed and governed by its top managers.Extant literature on corporate governance has pointed out the benefits of the adoption,at a firm level,of a comprehensive enterprise risk management process.We note that,although such an adoption favors the smoothing of a firm’s income,in smoothing the income a firm,it also gives rise to an inter-temporal transfer of risk from the firm itself to its stakeholders,specifically to suppliers and employees.Such transfer of risk depends on the strength of a firm contractual power and on the structural relationships established by a firm with its stakeholders.We therefore argue that larger-sized organizations affiliated with a business group are likely to smooth income to a greater extent than smaller-sized organizations unaffiliated with a business group.The paper also offers some discussions of the findings and points out some important issues to be addressed in future studies.     

A Study of the Awareness Level of Takaful Products Among Micro Enterprises in Malaysia

The small- and medium-sized enterprises （SMEs） play a vital role in the development of the Malaysian economy through its contribution of 32% of the country＇s growth domestic product （GDP）. However, the recent global financial crisis has exposed these enterprises to plausible risks that have resulted in some businesses being shuttered. Such predicament shows how crucial it is for SMEs to be prepared with some form of protection or Takaful to mitigate impending risks. The purpose of this study is to examine the extent to which micro enterprises are aware of Takaful and the benefits of its products. The study was conducted on respondents who fall into micro enterprise category located in Johor, Malaysia, and the research process involves a case study method which is in-depth interviews. The results of the current study provide an insight into how Takaful is regarded among SMEs and the need for these enterprises to be protected.     

A Qualitative Study for Measuring Warehouse Performance Using Triangulation Approach

This research aims to validate a structural equation modeling （SEM） model for measuring warehouse performance using data from an international company in Australia （company G）. Moreover, a methodological triangulation method was also adopted to test whether different methodological approaches produce convergent findings about warehouse performance measurement （WPM）. These three different methods are the SEM model, the multiple case research study, and validation of the SEM model using data from 80 companies in Thailand and a company in Australia. With the results from the triangulation method, it is obvious that the SEM model can be used to measure the performance of warehouses in Thailand and Australia. Since the SEM model consists only of significant indicators, it is more appropriate than company G＇s scorecard. Furthermore, the SEM model can overcome the limitations of traditional models by allowing companies to compare their performance over time.     

A Conceptually-Based Empirical Analysis on Quality Differences Between UK Annual Reports and US 10-K Reports

The International Accounting Standards Board （IASB） and the Financial Accounting Standards Board （FASB） stress the importance of high-quality ＇financial reports. From a scientific point of view, however, major methodological drawbacks can arise when trying to arrive at a comprehensive assessment and evaluation of the decision usefulness of financial reports. In this conceptually-based exploratory study, the authors construct a 33-item index aimed at operationalizing decision usefulness in terms of the fundamental and enhancing qualitative characteristics laid out in the conceptual framework （CF） of the IASB （2010）. Using a matched-pairs sample design, which includes 70 UK annual reports and 70 US 10-K reports for 2010, the results of test-retest and inter-rater reliability tests show that these multiple items, which were based on items used in previous research, can be measured in a reliable manner. At the same time, the results of an exploratory factor analysis indicate that the IASB qualitative characteristics cannot be measured separately when the 33-item index is applied. At an aggregate level, the results of paired-sample t-tests reveal that UK reports score on average higher than US 10-K reports, which suggests that the overall quality of UK reports is better. The findings of this study add to the existing literature on the empirical evaluation of the effects of international accounting standards, showing that, as compared with 10-K reports, UK annual reports provide more information on topics such as corporate social responsibility （CSR）, corporate governance, and annual bonus schemes. On the other hand, US reports outperform UK reports with respect to the content of fair value information, cash flow statements, off-balance financing, and audit reporting.     

The Sustainable Development＇s Added Value to Humanity： An Improvement or Degradation Compared to the Past？

Sustainable development is the latest concept in a long series of conceptual innovations aimed to bring a space of dream to our harsh reality due to economic growth. This inflation of adjectives added to the development, like sustainable, viable, etc., is an attempt to blur our eyes about its negative effects; it is like a magic conjuration. When we look at all its implications, we are so far. There are reasons to be pessimistic： The paths that this concept will lead us to are not clear. In the sustainable development concept, we find only a new packing to our harsh reality： a matter of marketing. Sustainable development was presented as a ＂solution＂ to our innumerable recent problems; on the contrary, it may be a problem to solve. Shouldn＇t this concept be seriously questioned and maybe condemned？ Assuming no drastic measure taken to control earth problems, by the year 2032, 70% of the planet will be destroyed. Sustainable development is a rhetorical ploy which seeks to reconcile what is irreconcilable： the environment and the development. A policy which is not carefully enough thought will carry along various perverse and adverse effects for the ecology as much as for the economy.     

英文摘要

Is There Any Auditor＇s Trust to the Clients in Audit Zou Jing Xia Qing Zhou Sheng （Zhongnan University of Economics and Law; Military Economics Academy,Wuhan, Hubei 430073） Abstract： Professional skepticism is an essential important accomplishment for the auditor who is engaged in auditing work. Is there any auditor＇s trust to the clients in the the field of audit which is in contrast to the Professional skepticism？ Using data of Chinese A-share listed companies from 2009 to 2011, this paper explor the relation between the intensity index of trust and the audit fees, and then explains whether there is auditor＇s trust to the clients in the auditing activities. On the whole,the result of study reveals that there is a significant negative correlation between the auditor＇s index of rational trust and the audit fees, but there is no significant positive association between the auditor＇s index of individual trust and the audit fees.Thus it can be thought that, there exists auditor＇s trust to the clients stemming from the rationality in the auditing activities, but there is no evidence showing that the auditor has individual turst to the clients in the audit because of the long familarity with the clients. Keywords： Auditor Trust Audit fees     

Empirical Research on Accounting Profits and Net Cash Flow of Chinese Public Companies ——Analysis Based on Profitability

In traditional analysis, enterprises＇ performance evaluation largely depends on profits indices, which results in the public companies＇ strong pursuit of accounting profits and neglect of net cash flow. It is of great significance to study this phenomenon in public companies for it can help to evaluate their profitability correctly. By making an empirical research on the status quo of the medical public companies＇ accounting profits, net cash flow, receivable and prepaid items, it is found that the phenomenon that the current accounting profits and net cash flow are inconsistent universally exists in the public companies; the current growth rates of accounts receivable, notes receivable, other accounts receivable and accounts prepaid in the companies which the phenomenon exists in are higher than those in other companies and the industrial average, especially for the latter two items; this phenomenon in economically developed areas is more obvious than in other areas. How to avoid the contradiction of accounting profits and net cash flow in the public companies？ Firstly, the credit risk awareness and management should be strengthened. Secondly, cash budget management should be enhanced. Finally, the index system of evaluation of the public companies＇ operating performance should be improved.     

Ideas on Collage English Listening Teaching

As one of the language skills, listening is a medium through which people can get a lot of information. Almost every student or learner knows that listening and speaking should be put first.Because one of the objectives of language learning is to communicate. Listening can be regarded as the first step in communication..However, in China, most language teachers dislike teaching listening and most language students hate learning listening,because the effect is not always immediate even though you work hard at it.This paper firstly addresses the significance of listening, and then tells you the roles of a listening teacher; the principles behind the listening teaching . Finally suggest some ways for students/learners outside the classroom.