Employment Protection and SME Capital Structure Decisions

This study examines the effect of employment protection (EP) on the capital structure of SMEs. We argue that EP is linked to both the level of leverage and leverage adjustments because of its impact on financial distress costs and a firm's operational leverage. Data on employment contract types allow us to compose company specific measures of exposure to EP using a panel data set of 14,858 Belgian SMEs between 2000 and 2012. Our results show that the leverage ratio of firms is higher and that firms are more likely to adjust leverage levels when they are subject to fewer EP obligations.     

产品生命周期曲线预测模型及其在营销决策中的应用

对于产品这种有规律性的发展过程,必须要充分认识,在进行市场需求信息调查的基础上,及时掌握产品所处市场的不同阶段,以便采取相应的对策。产品的生命周期不是产品本身的使用寿命。通常,新产品从市场上试销到被淘汰,如同任何生物一样,有一个发生、发展、成熟和衰亡的过程。市场     

South African Capital Structure Decisions: A Survey of Listed Companies

ABSTRACT

This paper explores the factors that influence capital structure decisions in South Africa from the perspective of the Chief Financial Officer (CFO). The results of a survey of 33 CFOs of JSE listed companies find that South African CFOs are equally likely to follow the Pecking Order and Static Trade-Off theories. However, small companies are more likely to follow the Pecking Order theory while large companies are more likely to follow the Static Trade-Off theory. In addition, the results show that South African companies are more likely to follow the Static Trade-Off theory than companies in other emerging countries.     

盈余管理与企业债务期限结构

以中国A股市场上市公司2001-2005年的经验数据为样本,实证分析了盈余管理对企业债务期限结构的影响,认为在我国企业的长期债务契约中普遍存在着盈余管理,而且盈余管理越多越容易获得长期借款;如果该企业是国有企业,其为了满足债务契约的保护性条款的盈余管理就变得不显著,这种现象的发生原因在于国有企业中存在着政治性贷款,且又存在预算软约束,故在银行与国有企业的债务契约中对会计信息的依赖会比较少,导致国有企业的盈余管理动机也削弱。由于受到债务契约条件的硬约束,非国有企业则存在着大量的盈余管理以获取长期借款。     

The Consumer Life Cycle

The field of consumer education needs conceptual frameworks to organize the growing body of existing knowledge and to point to needed research. The use of the familiar life cycle variable for this purpose is proposed. Generalizations, based upon a review of the literature, are offered about the characteristics, typical product and service purchases, marketplace concepts and knowledge, marketplace skills, typical marketplace problems and level of resources of different life cycle stage categories.     

Organizational Structure and Managerial Decisions

We investigate how the organizational structure of a firm influences the decision making of its top management. Different organizational structures lead information to be processed in different ways by the individual decision makers, potentially creating an informational cascade within the organization. We analyze two organizational structures: the first inducing sequential information processing, the second inducing batch information processing. In particular, we characterize the optimal organizational structure using the signal precision of the top manager, i.e., the value of his private information.     

基于生命周期理论的上市公司融资结构研究

本文运用管理熵理论对我国1030家上市公司的生命周期进行科学划分和界定,在此基础上对处于不同发展阶段上市公司的融资结构所发生的变化和可能存在的规律进行剖析。检验金融成长周期理论,并比较了民营与非民营上市公司、不同行业之间的融资结构。     

品牌生命周期论

通过对企业经营实践,尤其是企业名牌战略实践的观察与分析,本文提出品牌生命周期理论并就品牌生命周期的内容、营销策略,以及其与产品生命周期的关系进行较系统的阐述。     

电视节目的生命周期和“反”周期

<正>一个电视节目的生命周期,一般可从一定时期内该节目随时间变化的收视率曲线上识别。理想的形式通常分四段:即从其开始播出的一段时间内,表现为一个逐渐上但是电视节目的生命周期,并不等同于一般产品的生命周期。由于其精神产品的特性,这个生命周期曲线会复杂得多。根据观察,有大量栏目的收视曲线,根本看不到快速上升阶段就在波动下降中夭折了;有些基本没有导入阶段,就由其栏目优异内容和所播出频道品牌影响力     

产品生命周期的研究

产品生命周期是指一代产品进入市场后需求存续变化的周期,而不是指需求量、销量波动变化的周期。我们应当研究细分市场的产品生命周期,根据市场某种特性质变的界面来划分产品生命周期的阶段,才更具有营销意义。现行流行的划分产品周期阶段的四种方法。缺乏理论依据,在应用中有较大的随意性。为此,提出了综合判断法,根据多个判据的组合,定位了产品生命周期阶段之间的界面,并提出了对应的营销策略。     

技术创新与产业生命周期

技术创新的途径有两条，即连续性技术和非连续性技术创新。如果以技术创新的连续性和非连续性理论为分析工具，来考察技术创新与产业生命周期之间的内在联系，则认为技术创新贯穿于产业生命周期的始终，并决定了产业生命周期的形成和整个周期的长短。     

Ethical Life Cycle of an Innovation

Product safety has always been one of the main problems in engineering ethics. At times it has been discussed as primarily a problem of engineering ethics. However the right to safety is one of the four fundamental consumer rights and so it is an important theme also in business ethics. At the same time the problem of product safety is inseparably connected with business effectiveness: how much can we spend on product safety without making our production unprofitable? Below we will present a possible treatment of the safety problem in teaching business ethics to post-graduate industrial engineering students – as we deal with the problem in Tallinn Technical University.     

物流项目全生命周期(TLC)风险管理

风险管理技术是现代项目管理中不可或缺的技术,物流项目的风险管理贯穿于项目整个生命周期,风险分析的风险辨识、风险排序、风险评估三个过程在项目的生命周期各阶段循环进行.本文基于物流项目的生命周期(LC)的启动、计划、实施、控制、收尾不同阶段的风险特征研究了相应的风险管理策略.     

物流项目全生命周期(TLC)风险管理

风险管理技术是现代项目管理中不可或缺的技术,物流项目的风险管理贯穿于项目整个生命周期,风险分析的风险辨识、风险排序、风险评估三个过程在项目的生命周期各阶段循环进行。本文基于物流项目的生命周期(LC)的启动、计划、实施、控制、收尾不同阶段的风险特征研究了相应的风险管理策略。     

优化资本结构的深层次思考

缺乏银行的监督和内部人控制的强化 ,企业治理结构存在的缺陷 ,是企业资本结构不合理的重要原因。优化资本结构应该与治理结构的构建同步 ,即要寻找一种能使代理主体双方的成本和效益达到均衡状态的契约 ,而经理股票期权就是一种符合均衡条件的契约     

Capital Structure Across Industries

The purpose of this article is to examine the capital structure across different industries for companies quoted on a stock exchange and headquartered in the United States. The paper demonstrates significant difference in the capital structure depending on the industry where the company operates. The debt ratio sensitivities to the explanatory variables differ significantly between the five industries studied. Almost every significant coefficient obtained in our regressions is in accordance with capital structure theory and other studies. Debt ratio is negatively related to profitability, growth, and age, while asset structure and company size are positively related. However, the debt ratio of the 50 largest companies in the sample is negatively related to company size, which gives support to a currency hedging hypothesis.     

论产业生命周期理论

由于产业生命周期和产品生命周期有共同的理论基础及相似的生命周期曲线形状和阶段划分名称,人们易把两者相混淆。但是,它们具有不同的研究对象、研究目的、研究重点、应用领域和不同的曲线含义及特征,因此分属不同的学科。产品生命周期的研究不能代替产业生命周期理论的研究。作为产业经济学中的产业演化理论的重要组成部分,产业生命周期理论的研究具有丰富产业经济学理论的内容、提高产业政策制定的科学性以及加强企业发展战略前瞻性的理论意义和现实意义。     

品牌市场生命周期管理理论论纲

本文基于对品牌生命周期规律的认识,以灰色系统中灰色关联熵理论与和谐矩阵理论为分析工具,提出一种品牌市场生命周期管理理论研究框架。文章认为,品牌市场生命周期管理理论分析框架由品牌市场生命全周期研究、品牌市场生命周期残期研究、品牌市场生命周期各阶段评价指标体系研究、品牌市场生命周期管理战略和策略研究、典型样本品牌跟踪实证研究等构成。     

现代国际领域产品生命周期研究——对弗农(Vernon)学说的一种拓展

着眼于时间维度,通过对产品概念的三层内涵和对应的三类国际贸易投资中产品生命周期的初步研究,将弗农学说进一步动态化和系统化。在此基础上讨论了国际贸易与投资发生的时间和从长期来看的发展趋势,提出了描述产品研发、生产、销售通过国际贸易和国际投资在各国间转移的“波浪模型”。使国际领域产品生命周期理论能更好地解释现代国际贸易投资的新现象,也有助于从时间角度在整体上理解和把握国际贸易与投资的大趋势。     

奖励旅游生命周期模型的构建

根据奖励旅游等相关概念的内涵、特征,采用赫兹伯格双因素理论,并基于供求关系规律,构建奖励旅游生命周期模型,认定激励因素的动态变化是奖励旅游生命周期演进的内在驱动力,以此提出我国奖励旅游相应的发展对策。运用这一理论框架研究奖励旅游业与奖励旅游产品的特点及演变规律,可以使一些问题简化、明晰并得以解决。