PTE,innovation capital and firm value interactions in the biotech medical industry

Unlike previous studies which only focus on the main effect between IC and FV, this research includes PTE with the gap of resource-based view. IC is a key element in creating a competitive advantage, as it has a great influence on FV. A company may put relatively less into IC if it demonstrates higher efficiency. However, previous studies have neglected the fact that relative efficiency and IC affect FV and stock returns directly and indirectly. The research period was from 2006 to 2010 and the main research methods include HRA and DEA. The main research findings include the following. (1) There is a space for improvement in terms of the total technical efficiency. (2) PTE has a significant moderating effect between IC and FV. (3) IC and PTE have a significant influence on FV. (4) Apart from PTE and stock returns, IC and FV show significant differences within the sub-industry.     

Customer loyalty through social networks: Lessons from Zara on Facebook

Companies’ escalating investment in social media—in particular, in Facebook—has become reality. However, most firms still do not see social networks as a vehicle for cultivating and winning customer loyalty, but rather as a resource for creating brand awareness. In this article, we offer a different view. By examining fans and non-fans of the Zara brand on Facebook, we discovered that Facebook enhances the relations that increase loyalty via trust, customer satisfaction, perceived value, and commitment. Our results revealed that these relations are stronger for fans of the brand than for non-fans, and suggest that customer satisfaction is the strongest determinant of loyalty. This indicates a new opportunity for marketing managers to achieve customer loyalty: Facebook.     

宁夏房地产企业财务战略与税务筹划

现行的税务筹划属于企业财务战略范畴。本文结合宁夏房地产企业税务筹划现状、宏观经济政策和税收政策，具体阐述了宁夏房地产企业如何从财务战略入手，科学地进行税务筹划，降低纳税成本，从而实现企业价值最大化。     

权力配置、管理者行为与企业价值

现代财务理论以企业价值最大化为理财目标,如何对管理者实行有效的激励是财务理论研究中一个十分重要的问题。本文通过构建一个关于信息搜集的非合作博弈模型分析了不同的权力配置结构对委托人和代理人的行为所产生的影响,从而从理论上说明了权力如何在股东和管理者之间进行分配将决定企业的价值。     

基于游客价值的旅游企业服务创新

随着游客需要和动机的不断变化,旅游企业参与市场竞争更加有效的办法之一就是侧重服务属性的创新。在剖析游客价值与旅游企业服务特征基础上,本文提出,旅游企业服务创新,要以游客价值为导向,根据自身条件选取适当的战略模式。其中,最为基本的是超越游客需求战略（包括服务产品概念创新、品牌形象重塑等）和服务差别化战略（包括服务组合创新、服务交互创新等）。     

论品牌价值与品牌战略

在市场经济发展日趋深化的今天,品牌对于企业生存和发展的重要性已众所周知,品牌战略已成为众多知名企业在市场竞争中立于不败之地的法宝。本文指出了品牌的作用,也就找到了品牌价值的来源,探讨了我国企业品牌发展中存在的问题,提出了实施品牌战略的策略。     

农产品批发市场购销商客户关系形成机制研究

本文使用实地调查数据,运用Logit模型对农产品批发市场购销商客户关系的形成机制进行了探索性的研究.研究发现,供销两个方面的客户关系相互之间具有显著的正向影响;批发市场提供信息和加入商业协会对购销商建立客户关系没有显著的影响;认为市场内竞争程度越激烈、长期雇工越多的购销商更可能拥有固定供货关系;投入设备价值越大、运营资金越多、社会交往广泛、购销业内亲朋好友越多的购销商更容易建立固定销货关系.     

The valuation of a firm’s investment opportunities: a reduced form credit risk perspective

This paper develops a valuation model for a firm’s investment opportunities. Given standard market imperfections, we show that maximizing the firm’s equity value is consistent with the need to include a capital charge for an investment specific to a firm’s capital structure and in excess of the investment’s market determined risk. A reduced form credit risk perspective is taken to enable a continuous time implementation. This continuous time implementation is illustrated within the paper.      

Cross‐sectional Tests of Conditional Asset Pricing Models: Evidence from the German Stock Market

We study the performance of conditional asset pricing models and multifactor models in explaining the German cross‐section of stock returns. We focus on several variables, which (according to previous research) are associated with market expectations on future market excess returns or business cycle conditions. Our results suggest that the empirical performance of the Capital Asset Pricing Model (CAPM) can be improved when allowing for time‐varying parameters of the stochastic discount factor. A conditional CAPM using the term spread explains the returns on our size and book‐to‐market sorted portfolios about as well as the Fama‐French three‐factor model and performs best in terms of the Hansen‐Jagannathan distance. Structural break tests do not necessarily indicate parameter instability of conditional model specifications. Another major finding of the paper is that the Fama‐French model – despite its generally good cross‐sectional performance – is subject to model instability. Unconditional models, however, do a better job than conditional ones at capturing time‐series predictability of the test portfolio returns.     

基于价值创造的物流成本投入分析

在运用价值工程原理对物流成本进行分析时,首先要对物流成本的投入功能进行分解,确定主要的作业单元及其功能系数。本文在爱德华·弗莱哲利的物流业绩衡量指标矩阵基础上,增加了功能描述、作业描述和相对重要性程度等指标,以便对物流成本的价值分析和成本投入进行功能分解。在此基础上,收集相关数据,进行功能分析。文章运用了运筹学方法,定量化地说明了作业单元的最优投入量与相应的对作业单元的评价之间存在正向关系,即对某种作业单元的评价越高,相应投入的经济资源就应越多。