Through the Economic-Value-Added(EVA)valuation model,the expected market value of equity can be determined by adding the book value of equity with the present value of expected EVAs under the assumption of constant re...Through the Economic-Value-Added(EVA)valuation model,the expected market value of equity can be determined by adding the book value of equity with the present value of expected EVAs under the assumption of constant required return and constant return on equity.The equation of EVA valuation model has taken its shape under the assumption of constant required return and constant return on equity.However,a large body of empirical evidence indicates that required rate of return never remain constant.The EVA-valuation model formulated under constant required return cannot be implemented under the scenario of changing required return.In this study,we explored whether the EVA valuation model could be implemented under changing required return by making any changes in the model and found that it could be implemented under the scenario of changing required return by replacing the book value of the equity of the existing model with the present value of required earnings or normal market earnings.We further examined whether the explanatory ability of the EVA valuation model under the assumption of changing required return is better than that of the valuation model under the assumption of constant required return.Relative information content analyses were conducted by considering sample of the intrinsic value of equities determined by valuation models and the market value of equities of 69 large-cap,88 mid-cap,and 79 small-cap companies.The results showed that the EVA-based valuation model with changing normal market return outperformed the EVA-based valuation model with constant required return.展开更多
Based on the overview of the role played by farmers'co-operatives in developing rural economy and existing problems,the thesis has introduced the factors which influence the development of farmers'co-operative...Based on the overview of the role played by farmers'co-operatives in developing rural economy and existing problems,the thesis has introduced the factors which influence the development of farmers'co-operatives including five aspects,namely conditions of scale economy,popularization and application of agricultural production technology,comparative advantage,market expectancy and government support.By analyzing typical cases of three co-operatives in Guangxi(Heng County Dadi Growing Co-operatives,talents-leading share-holding co-operatives;Long'an County Guixiniu Co-operatives,co-operatives led by leading-enterprise;Nanning City Tanluo Town Jinguang Fruits and Potatoes Co-operatives,co-operatives led by leading-enterprise),the way to develop farmers'co-operatives by dint of the external capital has been discussed.The results demonstrate that conditions of scale economy,popularization and application of agricultural production technology,comparative advantage,excellent market expectancy and government support,are conducive to absorbing external capital.Under China's existing economic conditions,the government should normalize the use and allocation procedure of program fund.展开更多
Abundant liquidity is expected to be the mainstay that helps to prop up the nation’s stock markets, according to the Economic Information Daily’s review of financial institutions’ research reports. Excerpts follow.
In the recent releasing Textile Industry Invigorating Plan,"givingattention to both domestlc and overseas markets"is put into a keyposition.Under a series policies,such as increasing the tax rebaterate for t...In the recent releasing Textile Industry Invigorating Plan,"givingattention to both domestlc and overseas markets"is put into a keyposition.Under a series policies,such as increasing the tax rebaterate for textile and garment exports,and granting loan for SME,thefurther development of this industry is expectative.Otherwise,weshould know that it costs time for demand driving.This need ourpatients.The only questionis how much time we have to wait.展开更多
In order to implement the decisions and arrangements of the CPC Central Committee and the State Council to stabilize foreign investment,market expectations,and investors'confidence,the State Administration of Fore...In order to implement the decisions and arrangements of the CPC Central Committee and the State Council to stabilize foreign investment,market expectations,and investors'confidence,the State Administration of Foreign Exchange(SAFE)has recently issued the Circular on Deepening the Reform of Foreign Exchange Administration for Cross-Border Investment and Financing(Huifa[2025]No.43,hereinafter referred to as the"Circular 43r,).This move aims to expand high-standard opening-up and enhance the capacity of foreign exchange administration to serve the real economy.展开更多
This study investigated whether and how government procurement of digital products influenced corporate digital transformation.Using data on Chinese listed firms from 2015 to 2022 and applying web-scraping techniques ...This study investigated whether and how government procurement of digital products influenced corporate digital transformation.Using data on Chinese listed firms from 2015 to 2022 and applying web-scraping techniques to identify government procurement of digital products,it found that firms securing more government digital procurement contracts were more likely to undertake digital transformations.The effect was more pronounced for large-scale,mature,state-owned firms,and those located in regions with a lower level of digital infrastructure or non-technology-based enterprises.Mechanism analysis suggested that government procurement supported digital transformation by strengthening expectations of future market demand,reducing cash flow risk,and alleviating transformation-related uncertainty.These findings provide empirical evidence that,in the digital intelligence era,government procurement of digital products can boost the digital transformation of enterprises.展开更多
文摘Through the Economic-Value-Added(EVA)valuation model,the expected market value of equity can be determined by adding the book value of equity with the present value of expected EVAs under the assumption of constant required return and constant return on equity.The equation of EVA valuation model has taken its shape under the assumption of constant required return and constant return on equity.However,a large body of empirical evidence indicates that required rate of return never remain constant.The EVA-valuation model formulated under constant required return cannot be implemented under the scenario of changing required return.In this study,we explored whether the EVA valuation model could be implemented under changing required return by making any changes in the model and found that it could be implemented under the scenario of changing required return by replacing the book value of the equity of the existing model with the present value of required earnings or normal market earnings.We further examined whether the explanatory ability of the EVA valuation model under the assumption of changing required return is better than that of the valuation model under the assumption of constant required return.Relative information content analyses were conducted by considering sample of the intrinsic value of equities determined by valuation models and the market value of equities of 69 large-cap,88 mid-cap,and 79 small-cap companies.The results showed that the EVA-based valuation model with changing normal market return outperformed the EVA-based valuation model with constant required return.
文摘Based on the overview of the role played by farmers'co-operatives in developing rural economy and existing problems,the thesis has introduced the factors which influence the development of farmers'co-operatives including five aspects,namely conditions of scale economy,popularization and application of agricultural production technology,comparative advantage,market expectancy and government support.By analyzing typical cases of three co-operatives in Guangxi(Heng County Dadi Growing Co-operatives,talents-leading share-holding co-operatives;Long'an County Guixiniu Co-operatives,co-operatives led by leading-enterprise;Nanning City Tanluo Town Jinguang Fruits and Potatoes Co-operatives,co-operatives led by leading-enterprise),the way to develop farmers'co-operatives by dint of the external capital has been discussed.The results demonstrate that conditions of scale economy,popularization and application of agricultural production technology,comparative advantage,excellent market expectancy and government support,are conducive to absorbing external capital.Under China's existing economic conditions,the government should normalize the use and allocation procedure of program fund.
文摘Abundant liquidity is expected to be the mainstay that helps to prop up the nation’s stock markets, according to the Economic Information Daily’s review of financial institutions’ research reports. Excerpts follow.
文摘In the recent releasing Textile Industry Invigorating Plan,"givingattention to both domestlc and overseas markets"is put into a keyposition.Under a series policies,such as increasing the tax rebaterate for textile and garment exports,and granting loan for SME,thefurther development of this industry is expectative.Otherwise,weshould know that it costs time for demand driving.This need ourpatients.The only questionis how much time we have to wait.
文摘In order to implement the decisions and arrangements of the CPC Central Committee and the State Council to stabilize foreign investment,market expectations,and investors'confidence,the State Administration of Foreign Exchange(SAFE)has recently issued the Circular on Deepening the Reform of Foreign Exchange Administration for Cross-Border Investment and Financing(Huifa[2025]No.43,hereinafter referred to as the"Circular 43r,).This move aims to expand high-standard opening-up and enhance the capacity of foreign exchange administration to serve the real economy.
基金support from the 2022 Major Project of Key Research Base of Humanities and Social Sciences of the Ministry of Education of China(No.22JJD790063)Shaanxi Provincial Department of Education Project(No.24JK0231)the Northwest University Graduate Research Innovation Project(No.CX2024015).
文摘This study investigated whether and how government procurement of digital products influenced corporate digital transformation.Using data on Chinese listed firms from 2015 to 2022 and applying web-scraping techniques to identify government procurement of digital products,it found that firms securing more government digital procurement contracts were more likely to undertake digital transformations.The effect was more pronounced for large-scale,mature,state-owned firms,and those located in regions with a lower level of digital infrastructure or non-technology-based enterprises.Mechanism analysis suggested that government procurement supported digital transformation by strengthening expectations of future market demand,reducing cash flow risk,and alleviating transformation-related uncertainty.These findings provide empirical evidence that,in the digital intelligence era,government procurement of digital products can boost the digital transformation of enterprises.
