A generalized method for valuing agricultural farms under uncertainty

The opacity of the farm market means that valuations are based primarily on expert estimates rather than on actual transaction prices. The valuation method based on the two cumulative distribution functions (VMTCDF), created by Ballestero (1971), improves the synthetic method based on estimating the market value of an asset by establishing a proportional relation between the asset and one external variable. However, in most cases the expert must consider multiple external variables. This paper proposes a definitive extension to k indexes with a methodology particularly applicable to the field of valuation of non-market goods or markets where little information is available as may be the case with the valuation of agricultural land. The contribution is illustrated with an empirical example.     

Growth and value hybrid valuation model based on mean reversion

This article proposes a novel valuation model, growth and value hybrid model, to estimate the stock price. This proposed model combines the essence of the asset-based approach, the income-based approach, and the principle of mean reversion to develop the theoretical closed-form formula consisting of three coefficients: value coefficient, value support coefficient and growth coefficient. Regression analysis is employed to fit market data to determine these coefficients. Moreover, this study proposes the double sorting method to build the quantile regression models of the formula to estimate the stock price at a specific quantile. The results show that the predictive capability of the hybrid valuation model is superior to the model without using value support coefficient, which supports the assumption that the PBR is not associated with the ROE when the ROE is less than a threshold. In different time periods of the stock market, no significant difference exists on the value support coefficient. However, the variations of the value coefficient and the growth coefficient are significant.     

浅谈加强我国石油建筑企业的合同管理

市场经济既是契约经济也是法治经济,合同是商品交换的法律表现形式。合同联系着企业的经济往来。有效做好合同管理,是企业取得成功的一个重要法宝。由此可知,合同管理在企业中的作用至关重要。本文主要对石油建筑企业的合同管理进行了探讨。     

The Study on the Impact of Bibcock Enterprise Business Model to Technology Innovation Case of the Jmei＇ s Bibcock Enterprises of Automobile-engineering Machinery Industry

龙头企业商业模式对技术创新具有重要影响,但既往文献中甚少提及,且未深入研究。以厦门汽车—工程机械产业龙头企业为例,从商业模式的构成要素与技术创新的影响因素间的交叉部分入手,分析龙头企业商业模式对于技术创新的影响。研究发现：在龙头企业商业模式中,价值定位决定技术创新起点,价值实现影响技术创新成果,价值保持促进技术创新实现。因此,从企业发展的全局出发,突破现有商业模式,重视企业技术创新,确定龙头企业创新主体地位,营造良好集群创新氛围,应成为产业集群乃至区域经济发展的重要战略选择。     

International recruitment and selection practices of South Korean multinationals in China

South Korean multinational enterprises (MNEs) have developed rapidly since the late 1950s. However, there is little research on, and hence little is known about, how South Korean MNEs manage human resources in overseas operations. To fill this gap, in the literature the current study investigates South Korean MNEs' international recruitment and selection policies and practices in their Chinese operations. It reveals that South Korean MNEs tend to adopt the polycentric approach or a mixed approach of being polycentric and ethnocentric to international staffing, with the number of expatriates dropping gradually over time. South Korean MNEs adopt ‘one-way selection’ in recruiting and selecting expatriates, and localise recruitment procedures and selection criteria for host-country nationals. South Korean MNEs have paid inadequate attention to: first, expatriates' career development; and second, personal and family issues emerging from expatriation and repatriation.     

私营企业管理制度化需重视配套保障制度的建设

中小私营企业飞速发展与制度缺失之间的矛盾,使得企业的管理日趋无序化,面对企业的内外压力,很多企业加快了制度化的步伐,可是在制度化过程中,仅仅关注基础制度,忽视了保障基础制度生存的辅助制度的建设,使得制度化过程中建立起来的基础制度形同虚设。文章分析了保障制度存在的必要性,同时给出了保障制度建设的具体做法。     

创新团组织服务企业生产经营的途径和方式之我见

新形势下企业共青团组织工作面临新的挑战。本文深入探析现阶段企业共青团在组织工作中存在的矛盾和问题,提出创新团组织的工作理念,以充分发挥服务和保障功能,为企业正常开展生产经营活动提供动力支持。     

我国中小企业应对金融危机的对策研究

由美国次贷危机引发的金融危机席卷全球,对我国中小企业的影响尤其明显。中小企业的应对措施是：积极承接产业转移,加快结构调整;优化出口产品结构,提高竞争力;提高自主创新能力;培养特色产业集群;拓展融资方式,改善融资环境。     

中小企业政策性融资能力评价研究

中小企业做大做强,资金是经济活动的第一推动力、持续推动力。企业能否获得稳定的资金来源,对经营发展是至关重要的。然而,中小企业由于自身特点和外部环境等原因,商业融资难已经成为阻碍我国中小企业发展的普遍问题。在这样的情况下,中小企业只有准确评价自身的政策性融资能力并通过相应措施使其不断增强,才能令融资困境问题得以有效解决。     

私营企业会计信息失真表现刍议——以广东A公司为例

伴随着我国经济体制改革的不断深化与发展,会计信息已经成为政府部门、投资者、债权人等了解与掌握企业财务状况、经营成果和现金流量的重要资源,日益受到社会的重视。作为一支新兴的、充满活力的经济力量,私营企业提供的会计信息对经济的发展起着不可低估的作用。