The Wealth Effect of Domestic Joint Ventures: Evidence from Taiwan

This study presents important international evidence by examining the wealth effect of domestic joint ventures by Taiwanese firms. In opposite to United States evidence, we find that announcements of domestic joint ventures by Taiwanese firms are, on average, associated with significantly negative abnormal stock returns. We also find that the stock market response to announced domestic joint ventures is significantly positively related to the announcing firms' investment opportunities, size of investment and debt ratio, and is significantly negatively related to the business relatedness variable. In contrast, free cash flow, firm size, relative firm size and managerial ownership are found to have no significant power in explaining the market response. Our results support the investment opportunities, synergy and complementarity hypotheses as well as a broad interpretation of the free cash flow hypothesis, but reject the absolute size, relative size and alignment-of-interests hypotheses. This study makes valuable contributions to the literature by providing the first direct evidence on the role of investment opportunities, synergy and alignment-of-interests in explaining the wealth effect of domestic joint ventures     

Management and rational utilization of sports resources in university town

Serving an important condition for supporting sports teaching and research in universities and colleges, sports resources in universities and colleges should be rationally allocated and utilized in a comprehensive manner. Literature data method, survey method, on-the-spot investigation method, interviewing and statistical method are adopted to conduct in-depth research on the current sports resources in universities and colleges. In an all-round way with focusing on rational utilization, multi-tier development and resources sharing, based on domestic and foreign researches and advance experience, it takes universities and colleges in Tianjin as objects of study to bring forward the feasible, efficient, rational and suitable mode of comprehensive development, utilization and sports resources sharing, and the method of resources allocation.     

生态文化旅游的价值评价研究

旅游业已经成为现代经济增长一个新的亮点,特别是生态文化旅游的增长速度更是惊人,而其发展的价值平衡是生态学和经济学必须面对的一个难题。本文依据意大利经济学家帕累托的不均匀分布定律,运用埃奇渥斯盒状分析图,在某一选定的生态资源环境的承载量既定的基础上,从生态文化旅游的价值交换的角度考虑,并且从定性研究转向定量研究,分析研究生态文化旅游的价值帕累托最优曲线,用以筛选生态文化旅游的工程项目。     

城市旅游住宅地产发展研究

随着旅游业与房地产业的进一步深化结合,旅游住宅地产经营模式正在被众多企业广泛采用,成为城市房地产开发的主流之一.本文结合旅游住宅地产开发经营的实际,对其发展类型、经营特点、潜在的机遇与风险进行了系统的分析,阐述了这一经营模式的应用前景和发展趋势,以期对城市旅游住宅地产的实际经营进行有益的探讨.     

论中小企业技术创新

我国中小企业技术创新活动具有多样性和广泛性,它们的技术创新在许多行业占据了主导地位,研究中小企业的技术创新问题对经济发展和社会进步具有重要意义。文章围绕中小企业的技术创新概念、企业与技术创新的关系、内外部环境分析进行讨论,提出新形势下中小企业技术创新的对策。     

灰色理论在城市总体规划中的应用研究

在编制城市总体规划时收集的资料和信息往往是不完全和不对称的，很多数据需要通过科学的理论去建立合理的模型来推算，本文采用灰色理论建模，以GDP预测为例详细说明了灰色预测模型GM（1，1）的建模过程。该模型对于预测城市总体规划中水文、人口、用地规模、城市化水平、交通运输发展、公共交通以及客货运量等具有普遍指导意义。     

长三角居民赴韩旅游消费模式初探

在实证研究的基础上从出游认知、消费构成、消费评价和消费趋势进行分析，探讨了长三角地区居民赴韩旅游消费模式。研究表明，长三角地区居民赴韩旅游出游认知和消费构成亦处于初级阶段，对消费评价和消费倾向大体上持肯定态度和乐观态度。     

四化联动:小城镇发展的新思路

发展小城镇是农村城市化的必然选择，而小城镇的发展程度和水平，则依赖于农业产业化、农村工业化、农业人口知识化及城市化的互动作用。为了使农村城镇化有质的飞跃，必须以工业理念管理现代农业，以园区管理理念整合农村工业，以育人理念提高人口素质，以城市管理理念提升城镇水平。     

广州市居民的旅游偏好和出游时间研究

根据2001年10月至2002年1月对广州702名市场进行的抽样调查资料，对广州市居民的旅游偏好和出游时间进行了分析研究，试图找出广州居民的旅游偏好和出游时间特征。     

转型期欠发达区域小城镇建设的新思考

大力发展和建设小城镇，是欠发达区域迈向现代化必由之路。本文论述了欠发达区域小城镇发展中存在的主要问题，并提出了相应的对策与建议。