Does corporate diversification reduce value in high technology firms?

We find that firm value is reduced via industrial diversification and this reduction in value depends upon a firm’s technology intensity. We consider that asymmetric information problems are more severe in technology intensive industries and find that high tech industry firms present distinctly larger value reduction when compared to low tech industry firms. The negative valuation effect is greater for firms that have a relatively larger amount of intangible assets and greater R&D capital. We determine that our findings are robust to different estimation methods and alternative excess value measures.     

The Effect of Ultimate Ownership on the Disclosure of Environmental Information

This study empirically examines whether environmental information disclosure (EID) is influenced by the characteristics of a firm's ultimate owners. Based on the EID of publicly listed firms in China, we qualitatively measure the quality of EID of each firm and link those quality scores to firm characteristics to understand the determinants of EID. We further link the EID scores to market valuation of the firm through the Ohlson valuation model to understand whether the market appreciates EID. Our results show that EID is more likely for government‐controlled firms, firms with less hierarchy in their ultimate ownership and firms with more discrepancy between voting rights and cash flow rights. Our results also indicate that the stock market appreciates environmental issues and that EID itself, as well as disclosure quality, is associated with a higher market valuation. Our results still hold with the endogeneity issue controlled.     

Steward Effects of Target Founder-CEO in Takeovers

Built upon the agency theory and the stewardship theory, this study examines the mergers and acquisitions (M&A) activities among Chinese publicly listed firms. Using a founder-CEO indicator, we separate steward effects from agency effects, and find that Chinese firms’ M&A activities are significantly influenced by the steward factors after controlling for the agency factors. Firms, of which CEO is a founder, enjoy relatively higher premium during M&A. Further investigation reveals that the steward effects vary in the power of CEO. The results show that steward effect is reinforced when founder-CEO is more powerful.     

内蒙古自治区公立医院改革存在的问题及对策研究

公立医院改革是新医改的重点和难点内容。本研究总结了内蒙古自治区公立医院改革试点工作的主要经验,在系统评价的基础上,基于内蒙古自治区经济社会发展以及医药卫生体制改革的现状,分析目前内蒙古公立医院改革存在的主要问题,有针对性地提出解决对策,为更好地推进公立医院改革提供借鉴。     

Information congruity in scarcity appeal: A structural equation modeling study of time-limited promotions

Although market scarcity such as time restriction is widely used in retail advertisements, its impact on product message processing and product evaluation is still subject to controversy. In this study, analyses through structural equation modeling indicated that (i) scarcity had no impact on product message processing, (ii) scarcity had a direct impact on product evaluation as a heuristic cue when the value inferred from scarcity was congruous with the worth derived from product message, and (iii) scarcity lost its impact on product evaluation when the value inferred from scarcity was incongruous with the worth derived from product message, and the incongruity prompted scrutiny of product message, resulting in a mediated impact of product message on product evaluation through product message processing. In conclusion, the results supported an information congruity theory of market scarcity.     

A membership pricing policy to facilitate service scale-expansion

This paper proposes a multi-year membership pricing policy for a service business like a gym chain. In the pricing policy, the equivalent membership price per year is relatively low to attract customers, and the multi-year membership fees must be prepaid in full. The prepaid cash provides resources for scale-expansion by opening new stores. We develop a nonlinear mixed integer programming model to formulate the pricing decisions. Numerical experiments reveal that the multi-year membership pricing policy, from a long-term perspective, is substantially better than the business-as-usual pricing policy (1-year membership) in cash balance, profit, and market share. Yet, the performances of the two pricing policies do not differ much from a short-term perspective. These findings indicate that the multi-year pricing policy may be a good strategy, because it initially attracts less attention of competitors; suddenly it emerges and substantially outperforms its competitors in cash balance, profit, and market share.     

微生物防腐剂在食品保鲜上应用

随着科技的发展,食品工业也得到快速发展,食品保鲜是食品界十分关注的问题。在食品保鲜中常用的微生物防腐剂是一类由微生物产生的食品防腐剂,它能抑制微生物的生长或直接杀死微生物,是一种天然、安全、高效的防腐剂,在食品保鲜界的应用越来越广泛。本文首先分析微生物防腐剂的种类,然后具体介绍了在食品保鲜中使用最广泛的乳酸链球菌素和纳他霉素的具体应用,对于微生物防腐剂在食品保鲜上的应用有很强的现实意义。     

口岸核心能力信息管理系统设计与应用研究

新版国际卫生条例对口岸核心能力提出了更高更新的要求,并且口岸核心能力建设是一个持续的过程,为更好的维持并不断提升口岸核心能力,确保管理部门及时准确掌握口岸核心能力的即时状况和动态变化,基于"全面掌握、即时分析、科学决策"的理念,设计开发了口岸核心能力建设信息化管理系统,从而提升口岸核心能力建设管理的科学性和有效性。     

Timing earnings

Since the opening of China’s securities market, there have been a number of bull and bear cycles. This paper discusses how executives use the market timing approach to manage earnings in different cycles to maximize firm value. We find that Chinese listed companies choose to release more earnings during bull markets and this phenomenon is more evident in companies that are more profitable and have higher valuations. We also find that executives who do not release more earnings during bull markets are more likely to be dismissed.