Import and export In January-October 2019,China’s total import and export value reached USD 3.74 trillion,with a decrease of 2.5%year-on-year (the same as below).The exports were USD 2.04trillion,with a decrease of 0...Import and export In January-October 2019,China’s total import and export value reached USD 3.74 trillion,with a decrease of 2.5%year-on-year (the same as below).The exports were USD 2.04trillion,with a decrease of 0.2%,and the imports were USD 1.70 trillion,with a decrease of 5.1%.The trade surplus was USD 340.29 billion,increasing by 34.9%.展开更多
The research selected five indices to measure fragmentation degrees of three landforms with GIS and analyzed the relationship with production profits of arable lands. The results showed that fragmentation degree of ar...The research selected five indices to measure fragmentation degrees of three landforms with GIS and analyzed the relationship with production profits of arable lands. The results showed that fragmentation degree of arable lands tends to be volatile upon landforms, For example, the fragmentation degree of mountainous area reached 0.985, followed by hills of 0.705 and the fragmentation degree of plains was the least at 0.068. Production profits of arable lands were negatively correlated with arable landscape fragmentation. Hence, it is necessary to take measures to reduce landscape fragmentation as per specific local circumstances to imorove production Drofits.展开更多
Since 1790, Antarctic living resources were becoming subjects of competition among the exploiters to be first in obtaining the maximum profit from them. This led to subsequent extinction of valuable species from fur s...Since 1790, Antarctic living resources were becoming subjects of competition among the exploiters to be first in obtaining the maximum profit from them. This led to subsequent extinction of valuable species from fur seals and next penguins, large through small whales, industrial demersal fish, further to pelagic species and now toothfish, crabs and krill. Catch proportions of their numerous and biomass decrease. The biomass of South Georgia Icefish estimated for 40 years in spide of decreasing trend has one of the largest components-the oscillations with periods of 3 years or 4 years. Their models explain large biomass fluctuations in the years 1975 to 1981 with amplitudes ±15 × 10^3 tonnes around average 20 ×10^3 tonnes and further decline up to 2005 season with oscillation ±4 ×10^3 tonnes around average 5 × 10^3 tonnes. For future season, 2016 model predicts a little increase of the biomass oscillation at level of 8 × 10^3 tonnes with reduced amplitude 2 × 10^3 tonnes. Slowly increase density of adult fish was also reported for target similar and close related mackerel icefish. Additional references for biomass levels help reduce the risk of further depletion biomass of Pseudochaenichthys georgianus which already declined to 75%. As global warming promote phytoplankton growth, replacing krill fishery by algae farms can save unique Antarctic heritages.展开更多
In traditional analysis,enterprises'performance evaluation largely depends on profits indices,which results in the public companies'strong pursuit of accounting profits and neglect of net cash flow.It is of gr...In traditional analysis,enterprises'performance evaluation largely depends on profits indices,which results in the public companies'strong pursuit of accounting profits and neglect of net cash flow.It is of great significance to study this phenomenon in public companies for it can help to evaluate their profitability correctly.By making an empirical research on the status quo of the medical public companies'accounting profits,net cash flow,receivable and prepaid items,it is found that the phenomenon that the current accounting profits and net cash flow are inconsistent universally exists in the public companies;the current growth rates of accounts receivable,notes receivable,other accounts receivable and accounts prepaid in the companies which the phenomenon exists in are higher than those in other companies and the industrial average,especially for the latter two items;this phenomenon in economically developed areas is more obvious than in other areas.How to avoid the contradiction of accounting profits and net cash flow in the public companies?Firstly,the credit risk awareness and management should be strengthened.Secondly,cash budget management should be enhanced.Finally,the index system of evaluation of the public companies'operating performance should be improved.展开更多
The world’s biggest luxury brands have their eyes set on the Chinese consumer - a strategy that is reaping profits. In the next few months,the British fashion house Burberry will expand its retail space in China to c...The world’s biggest luxury brands have their eyes set on the Chinese consumer - a strategy that is reaping profits. In the next few months,the British fashion house Burberry will expand its retail space in China to capitalize on strong Chinese consumer demand for luxury products.Already,sales in China have contributed 4 percent to展开更多
CPC member shows how both quality of life and big business can benefit from forestation by Liu Wei FOR Elion Resources Group Co.President Wang Wen-biao, joining the United Nations Global Compact is not simply about pa...CPC member shows how both quality of life and big business can benefit from forestation by Liu Wei FOR Elion Resources Group Co.President Wang Wen-biao, joining the United Nations Global Compact is not simply about paying membership dues,but more about fulfulling social responsibility as a Chinese enterprise. Wang,also a member of the 11th National Committee of the Chinese People’s Political Consultative Conference,was on hand to see his company join the organization on February 22, 2011.展开更多
Through analyzing the economic profits of rural cooperative economic organizations,the following conclusions are obtained.The rural cooperative economic organizations can get the economic profits which are in accordan...Through analyzing the economic profits of rural cooperative economic organizations,the following conclusions are obtained.The rural cooperative economic organizations can get the economic profits which are in accordance with the demands of market-oriented economy.The rural cooperative economic organizations can benefit from sharing the knight service provided by the government;from reducing and avoiding various kinds of risks in operation and from applying the agricultural technology and standardization production.Besides,the organizations can share the profits bought along by the standardized production of agricultural production and their members can enjoy the profits bought by socialized service system.In addition,the rural cooperative economic organizations can enjoy the profits produced by the agricultural management integration strategy.What' more,they can increase profits by reducing the transaction costs;enlarging scale and enjoying the brand advantages.The analyses of the costs of the development of rural cooperative economic organizations mainly include the organizing costs,operation costs,restriction costs and cooperation costs.We think that the slow development of rural cooperative economic organizations is caused by their high operation cost and the impediment of external environment.In the end,the countermeasures on strengthening the research on the theory,promotion,education and training of rural economic cooperative organizations and intensifying the supports on the policies of rural economic cooperative organizations are put forward.展开更多
1.Introduction The attribution of profits to Permanent Establishments(PEs)has been one of the core issues in international taxation in the past decades.Already in 1977,some changes were made to Article 7 and to its Co...1.Introduction The attribution of profits to Permanent Establishments(PEs)has been one of the core issues in international taxation in the past decades.Already in 1977,some changes were made to Article 7 and to its Commentary of the OECD Model Tax Convention(MTC).In 1984,the OECD addressed the issue of the attribution of profits to PEs by releasing a report specifically regarding banks.展开更多
This study uses risk-neutral-probability(RNP,thereafter)to forecast future excepted profits in copper,gold,and platinum group metals.The RNP measures are advantageous where ones want to compare values of the same asse...This study uses risk-neutral-probability(RNP,thereafter)to forecast future excepted profits in copper,gold,and platinum group metals.The RNP measures are advantageous where ones want to compare values of the same asset in different states.At the heart of this study is using future profits based on a binomial tree,which has RNPs.Overall,RNP profits converge more to the future-normal profits.And,the robustness results based on the vector autoregressive(hereon,VAR)model reveal that the profits react differently to different shocks stages from revenues,risk-free interest rates and profits.The findings of this study apply to copper,gold,and platinum mining around the globe.展开更多
In the first seven months of 2017, the profits made by industrial enterprises above the designated size achieved 4,248.12 billion yuan, a year-on-year increase of 21.2 percent, and the growth rate decreased by 0.8 per...In the first seven months of 2017, the profits made by industrial enterprises above the designated size achieved 4,248.12 billion yuan, a year-on-year increase of 21.2 percent, and the growth rate decreased by 0.8 percentage points from the first six months.展开更多
In the first four months of 2020,the profits made by industrial enterprises above the designated size achieved 1,259.79 billion yuan,a yearon-year decrease of 27.4 percent(calculated on comparable basis),and the pace ...In the first four months of 2020,the profits made by industrial enterprises above the designated size achieved 1,259.79 billion yuan,a yearon-year decrease of 27.4 percent(calculated on comparable basis),and the pace of decline narrowed 9.3 percentage points over the first three months.展开更多
The U.S.-China Business Council,which represents 270 American companies doing business in China,recently released the results of its annual member survey.The 2025 survey results showed that despite trade tensions,the ...The U.S.-China Business Council,which represents 270 American companies doing business in China,recently released the results of its annual member survey.The 2025 survey results showed that despite trade tensions,the ability to operate in the Chinese market remains non-negotiable for American companies.展开更多
The expansion strategy is an important tool for enterprises to achieve growth and transformation,but it may lead to a lack of liquidity and thus a rapid decline.Does liquidity have a backfire effect on profits and thu...The expansion strategy is an important tool for enterprises to achieve growth and transformation,but it may lead to a lack of liquidity and thus a rapid decline.Does liquidity have a backfire effect on profits and thus lead to enterprise decline?Based on the life cycle theory,the empirical study of 72 ST-listed companies in China from 2010 to 2020 shows that liquidity is significantly and positively correlated with profits during the expansion period and negatively correlated with profits during the recession period,and the effect becomes larger as the characteristics of enterprise life cycle change gradually.The study also shows that profit and liquidity risk do not necessarily follow the principle of equal increase or decrease in different periods,which provides a new path for enterprise to strengthen liquidity risk management.展开更多
On January 3:Hubei Xianhe New Materials Co.,Ltd.Phase I project was officially put into production,with a total investment of 10 billion CNY and a planned pulp and paper production capacity of 2.5 million tons per yea...On January 3:Hubei Xianhe New Materials Co.,Ltd.Phase I project was officially put into production,with a total investment of 10 billion CNY and a planned pulp and paper production capacity of 2.5 million tons per year.On January 10:The pulp and paper project of Huatai Group is accelerating construction.With a total investment of 10.2 billion CNY,after completion,Huatai's newsprint production capacity will be reduced from 1.4 million tons per year to 400000 tons per year,while cultural paper capacity will increase from 100000 tons per yeart to 1.6 million tons per year,achieving annual sales revenue of 19 billion CNY and profits and taxes of 3.2 billion CNY.展开更多
Maize value-added products play a crucial role in reducing post-harvest losses, enhancing food security, and generating income. While extensive research has focused on maize production in Cameroon, the exploration of ...Maize value-added products play a crucial role in reducing post-harvest losses, enhancing food security, and generating income. While extensive research has focused on maize production in Cameroon, the exploration of its value-added products and their profitability in the North-West Region remains underexplored. This study examined the profitability of maize value-added products in Mezam Division, with the objectives to: 1) identify various maize-based products, 2) assess the diversity of these products, 3) conduct a cost-benefit analysis of selected products, 4) examine the relationship between profitability and product diversity, and 5) identify key constraints impacting profitability. To achieve these objectives, structured questionnaires were administered to 500 small-scale maize entrepreneurs randomly selected from five subdivisions. Descriptive statistics were used to analyze objective 1 and 5, while the Shannon Diversity Index was employed to assess product diversity. Additionally, a cost-benefit analysis was conducted on four selected products namely pap, parched corn, peeled parboiled corn, and corn beer, and a correlation analysis was used to examine objective 4. In total, 13 maize value-added products were identified, with a diversity index of 4.4. The total cost of processing the four selected products per entrepreneur using 18 kg of maize per product was FCFA 83631.5 (US $132.75), while the total revenue was FCFA 121864.5 (US $193.43), resulting in an economic profit of FCFA 38,233 (US $60.69). Pap emerged as the most profitable product, with an economic profit of FCFA 27,875 (US $44.24), while corn beer was the least profitable, with an economic profit of FCFA 2133.46 (US $3.39). The correlation analysis revealed a strong negative relationship between product diversity and profitability (r = −0.91), indicating that entrepreneurs can maximize profitability by focusing on a few high-demand products like pap and parched corn. Key constraints to profitability included fluctuating market prices, high production costs, limited access to finance, and inadequate storage facilities. Despite these challenges, our findings indicate that maize value addition is profitable in Mezam Division. Entrepreneurs can leverage this data for informed decision-making and future investments. It is recommended that the government promote maize value addition and provide financial support for modern processing equipment to boost profitability and income generation.展开更多
According to optimal contracting theory, compensation contracts are effective in solving the agency problem between stockholders and managers. Executive compensation is naturally related to firm performance. However, ...According to optimal contracting theory, compensation contracts are effective in solving the agency problem between stockholders and managers. Executive compensation is naturally related to firm performance. However, contracts are not always perfect. Managers may exert influence on the formulation and implementation of compensation contracts by means of their managerial power. As fair value has been introduced into the new accounting standards in China, new concerns have arisen over the relationship between profits and losses from changes in fair value(CFV) and levels of executive compensation.In this study, we find that executive compensation is significantly related to CFV. However, this sensitivity is asymmetric in that increases to compensation due to profits from changes in fair value(PCFV) are higher than reductions to compensation due to losses from changes in fair value(LCFV). Furthermore,we find that managerial power determines the strength of this asymmetry.展开更多
China’s modern corporate system fuels sustainable growth by merging profit-driven innovation with social responsibility,turning rural villages into prosperous microcosms of equitable development.
This study analyzes the impact of profitability,firm size,and capital structure on firm value within the manufacturing sector.Utilizing a descriptive literature-based method,this research synthesizes various findings ...This study analyzes the impact of profitability,firm size,and capital structure on firm value within the manufacturing sector.Utilizing a descriptive literature-based method,this research synthesizes various findings from previous studies to provide a comprehensive overview of the relationships among these variables.Profitability,often measured by Return on Assets(ROA)or Return on Equity(ROE),is expected to have a positive relationship with firm value as it reflects a company’s ability to generate profits.Firm size,measured by total assets or the logarithm of sales,is also assumed to influence firm value,both through economies of scale and better access to capital markets.Meanwhile,capital structure,measured by Debt to Equity Ratio(DER)or Debt to Asset Ratio(DAR),has a complex impact;while debt can enhance firm value through tax shields,excessive debt levels can increase financial risk and potentially decrease firm value.The synthesis of literature indicates a general consensus on the importance of profitability and firm size in shaping firm value,though there is variation in the significance and direction of the relationship for capital structure variables.This study provides important implications for company managers and investors in making strategic decisions related to resource allocation and selecting an optimal capital structure to enhance firm value.展开更多
This essay evaluates the behavioural dynamics generated by profit incentives and compares them with those in government-owned and charitable enterprises.Drawing on neoclassical microeconomics,agency theory,and institu...This essay evaluates the behavioural dynamics generated by profit incentives and compares them with those in government-owned and charitable enterprises.Drawing on neoclassical microeconomics,agency theory,and institutional economics,it shows how the profit motive drives cost minimization,allocative efficiency,innovation,and consumer responsiveness.Profit expectations,formalized in endogenous growth models,act as catalysts for technological progress and dynamic efficiency,while agency-theoretic governance mechanisms align managerial incentives with shareholder interests.In contrast,government-owned enterprises operate under multi-objective welfare functions,often constrained by soft budget expectations,political interference,and X-inefficiencies that dilute efficiency.Charitable organizations,structured by the non-distribution constraint,emphasize social trust,equity,and mission fulfilment,supported by warm-glow altruism but constrained by free-rider problems and underfunding.A comparative evaluation suggests that profit-driven firms outperform in competitive markets producing private goods,whereas government and charitable forms play essential roles in addressing market failures and providing public or credence goods.The analysis affirms the institutionalist principle that ownership and governance structures must be aligned with the nature of the goods or services delivered.展开更多
文摘Import and export In January-October 2019,China’s total import and export value reached USD 3.74 trillion,with a decrease of 2.5%year-on-year (the same as below).The exports were USD 2.04trillion,with a decrease of 0.2%,and the imports were USD 1.70 trillion,with a decrease of 5.1%.The trade surplus was USD 340.29 billion,increasing by 34.9%.
文摘The research selected five indices to measure fragmentation degrees of three landforms with GIS and analyzed the relationship with production profits of arable lands. The results showed that fragmentation degree of arable lands tends to be volatile upon landforms, For example, the fragmentation degree of mountainous area reached 0.985, followed by hills of 0.705 and the fragmentation degree of plains was the least at 0.068. Production profits of arable lands were negatively correlated with arable landscape fragmentation. Hence, it is necessary to take measures to reduce landscape fragmentation as per specific local circumstances to imorove production Drofits.
文摘Since 1790, Antarctic living resources were becoming subjects of competition among the exploiters to be first in obtaining the maximum profit from them. This led to subsequent extinction of valuable species from fur seals and next penguins, large through small whales, industrial demersal fish, further to pelagic species and now toothfish, crabs and krill. Catch proportions of their numerous and biomass decrease. The biomass of South Georgia Icefish estimated for 40 years in spide of decreasing trend has one of the largest components-the oscillations with periods of 3 years or 4 years. Their models explain large biomass fluctuations in the years 1975 to 1981 with amplitudes ±15 × 10^3 tonnes around average 20 ×10^3 tonnes and further decline up to 2005 season with oscillation ±4 ×10^3 tonnes around average 5 × 10^3 tonnes. For future season, 2016 model predicts a little increase of the biomass oscillation at level of 8 × 10^3 tonnes with reduced amplitude 2 × 10^3 tonnes. Slowly increase density of adult fish was also reported for target similar and close related mackerel icefish. Additional references for biomass levels help reduce the risk of further depletion biomass of Pseudochaenichthys georgianus which already declined to 75%. As global warming promote phytoplankton growth, replacing krill fishery by algae farms can save unique Antarctic heritages.
文摘In traditional analysis,enterprises'performance evaluation largely depends on profits indices,which results in the public companies'strong pursuit of accounting profits and neglect of net cash flow.It is of great significance to study this phenomenon in public companies for it can help to evaluate their profitability correctly.By making an empirical research on the status quo of the medical public companies'accounting profits,net cash flow,receivable and prepaid items,it is found that the phenomenon that the current accounting profits and net cash flow are inconsistent universally exists in the public companies;the current growth rates of accounts receivable,notes receivable,other accounts receivable and accounts prepaid in the companies which the phenomenon exists in are higher than those in other companies and the industrial average,especially for the latter two items;this phenomenon in economically developed areas is more obvious than in other areas.How to avoid the contradiction of accounting profits and net cash flow in the public companies?Firstly,the credit risk awareness and management should be strengthened.Secondly,cash budget management should be enhanced.Finally,the index system of evaluation of the public companies'operating performance should be improved.
文摘The world’s biggest luxury brands have their eyes set on the Chinese consumer - a strategy that is reaping profits. In the next few months,the British fashion house Burberry will expand its retail space in China to capitalize on strong Chinese consumer demand for luxury products.Already,sales in China have contributed 4 percent to
文摘CPC member shows how both quality of life and big business can benefit from forestation by Liu Wei FOR Elion Resources Group Co.President Wang Wen-biao, joining the United Nations Global Compact is not simply about paying membership dues,but more about fulfulling social responsibility as a Chinese enterprise. Wang,also a member of the 11th National Committee of the Chinese People’s Political Consultative Conference,was on hand to see his company join the organization on February 22, 2011.
基金Supported by Science Plan Program of Shaanxi Province(2009KRM51)
文摘Through analyzing the economic profits of rural cooperative economic organizations,the following conclusions are obtained.The rural cooperative economic organizations can get the economic profits which are in accordance with the demands of market-oriented economy.The rural cooperative economic organizations can benefit from sharing the knight service provided by the government;from reducing and avoiding various kinds of risks in operation and from applying the agricultural technology and standardization production.Besides,the organizations can share the profits bought along by the standardized production of agricultural production and their members can enjoy the profits bought by socialized service system.In addition,the rural cooperative economic organizations can enjoy the profits produced by the agricultural management integration strategy.What' more,they can increase profits by reducing the transaction costs;enlarging scale and enjoying the brand advantages.The analyses of the costs of the development of rural cooperative economic organizations mainly include the organizing costs,operation costs,restriction costs and cooperation costs.We think that the slow development of rural cooperative economic organizations is caused by their high operation cost and the impediment of external environment.In the end,the countermeasures on strengthening the research on the theory,promotion,education and training of rural economic cooperative organizations and intensifying the supports on the policies of rural economic cooperative organizations are put forward.
文摘1.Introduction The attribution of profits to Permanent Establishments(PEs)has been one of the core issues in international taxation in the past decades.Already in 1977,some changes were made to Article 7 and to its Commentary of the OECD Model Tax Convention(MTC).In 1984,the OECD addressed the issue of the attribution of profits to PEs by releasing a report specifically regarding banks.
文摘This study uses risk-neutral-probability(RNP,thereafter)to forecast future excepted profits in copper,gold,and platinum group metals.The RNP measures are advantageous where ones want to compare values of the same asset in different states.At the heart of this study is using future profits based on a binomial tree,which has RNPs.Overall,RNP profits converge more to the future-normal profits.And,the robustness results based on the vector autoregressive(hereon,VAR)model reveal that the profits react differently to different shocks stages from revenues,risk-free interest rates and profits.The findings of this study apply to copper,gold,and platinum mining around the globe.
文摘In the first seven months of 2017, the profits made by industrial enterprises above the designated size achieved 4,248.12 billion yuan, a year-on-year increase of 21.2 percent, and the growth rate decreased by 0.8 percentage points from the first six months.
文摘In the first four months of 2020,the profits made by industrial enterprises above the designated size achieved 1,259.79 billion yuan,a yearon-year decrease of 27.4 percent(calculated on comparable basis),and the pace of decline narrowed 9.3 percentage points over the first three months.
文摘The U.S.-China Business Council,which represents 270 American companies doing business in China,recently released the results of its annual member survey.The 2025 survey results showed that despite trade tensions,the ability to operate in the Chinese market remains non-negotiable for American companies.
文摘The expansion strategy is an important tool for enterprises to achieve growth and transformation,but it may lead to a lack of liquidity and thus a rapid decline.Does liquidity have a backfire effect on profits and thus lead to enterprise decline?Based on the life cycle theory,the empirical study of 72 ST-listed companies in China from 2010 to 2020 shows that liquidity is significantly and positively correlated with profits during the expansion period and negatively correlated with profits during the recession period,and the effect becomes larger as the characteristics of enterprise life cycle change gradually.The study also shows that profit and liquidity risk do not necessarily follow the principle of equal increase or decrease in different periods,which provides a new path for enterprise to strengthen liquidity risk management.
文摘On January 3:Hubei Xianhe New Materials Co.,Ltd.Phase I project was officially put into production,with a total investment of 10 billion CNY and a planned pulp and paper production capacity of 2.5 million tons per year.On January 10:The pulp and paper project of Huatai Group is accelerating construction.With a total investment of 10.2 billion CNY,after completion,Huatai's newsprint production capacity will be reduced from 1.4 million tons per year to 400000 tons per year,while cultural paper capacity will increase from 100000 tons per yeart to 1.6 million tons per year,achieving annual sales revenue of 19 billion CNY and profits and taxes of 3.2 billion CNY.
文摘Maize value-added products play a crucial role in reducing post-harvest losses, enhancing food security, and generating income. While extensive research has focused on maize production in Cameroon, the exploration of its value-added products and their profitability in the North-West Region remains underexplored. This study examined the profitability of maize value-added products in Mezam Division, with the objectives to: 1) identify various maize-based products, 2) assess the diversity of these products, 3) conduct a cost-benefit analysis of selected products, 4) examine the relationship between profitability and product diversity, and 5) identify key constraints impacting profitability. To achieve these objectives, structured questionnaires were administered to 500 small-scale maize entrepreneurs randomly selected from five subdivisions. Descriptive statistics were used to analyze objective 1 and 5, while the Shannon Diversity Index was employed to assess product diversity. Additionally, a cost-benefit analysis was conducted on four selected products namely pap, parched corn, peeled parboiled corn, and corn beer, and a correlation analysis was used to examine objective 4. In total, 13 maize value-added products were identified, with a diversity index of 4.4. The total cost of processing the four selected products per entrepreneur using 18 kg of maize per product was FCFA 83631.5 (US $132.75), while the total revenue was FCFA 121864.5 (US $193.43), resulting in an economic profit of FCFA 38,233 (US $60.69). Pap emerged as the most profitable product, with an economic profit of FCFA 27,875 (US $44.24), while corn beer was the least profitable, with an economic profit of FCFA 2133.46 (US $3.39). The correlation analysis revealed a strong negative relationship between product diversity and profitability (r = −0.91), indicating that entrepreneurs can maximize profitability by focusing on a few high-demand products like pap and parched corn. Key constraints to profitability included fluctuating market prices, high production costs, limited access to finance, and inadequate storage facilities. Despite these challenges, our findings indicate that maize value addition is profitable in Mezam Division. Entrepreneurs can leverage this data for informed decision-making and future investments. It is recommended that the government promote maize value addition and provide financial support for modern processing equipment to boost profitability and income generation.
基金supported by the Leading Academic Discipline Project from the Education Committee of Shanghai (Project No.J51701)the National Natural Science Foundation of China (Project No.70902063)+2 种基金the Humanities and Social Sciences Foundation of Ministry of Education of China (Project Nos.09YJC630157 and 12YJA790197)the Key Research and Innovation Project of Shanghai Municipal Education Commission (11ZS86)the IAPHD Project of Nanjing University
文摘According to optimal contracting theory, compensation contracts are effective in solving the agency problem between stockholders and managers. Executive compensation is naturally related to firm performance. However, contracts are not always perfect. Managers may exert influence on the formulation and implementation of compensation contracts by means of their managerial power. As fair value has been introduced into the new accounting standards in China, new concerns have arisen over the relationship between profits and losses from changes in fair value(CFV) and levels of executive compensation.In this study, we find that executive compensation is significantly related to CFV. However, this sensitivity is asymmetric in that increases to compensation due to profits from changes in fair value(PCFV) are higher than reductions to compensation due to losses from changes in fair value(LCFV). Furthermore,we find that managerial power determines the strength of this asymmetry.
文摘China’s modern corporate system fuels sustainable growth by merging profit-driven innovation with social responsibility,turning rural villages into prosperous microcosms of equitable development.
文摘This study analyzes the impact of profitability,firm size,and capital structure on firm value within the manufacturing sector.Utilizing a descriptive literature-based method,this research synthesizes various findings from previous studies to provide a comprehensive overview of the relationships among these variables.Profitability,often measured by Return on Assets(ROA)or Return on Equity(ROE),is expected to have a positive relationship with firm value as it reflects a company’s ability to generate profits.Firm size,measured by total assets or the logarithm of sales,is also assumed to influence firm value,both through economies of scale and better access to capital markets.Meanwhile,capital structure,measured by Debt to Equity Ratio(DER)or Debt to Asset Ratio(DAR),has a complex impact;while debt can enhance firm value through tax shields,excessive debt levels can increase financial risk and potentially decrease firm value.The synthesis of literature indicates a general consensus on the importance of profitability and firm size in shaping firm value,though there is variation in the significance and direction of the relationship for capital structure variables.This study provides important implications for company managers and investors in making strategic decisions related to resource allocation and selecting an optimal capital structure to enhance firm value.
文摘This essay evaluates the behavioural dynamics generated by profit incentives and compares them with those in government-owned and charitable enterprises.Drawing on neoclassical microeconomics,agency theory,and institutional economics,it shows how the profit motive drives cost minimization,allocative efficiency,innovation,and consumer responsiveness.Profit expectations,formalized in endogenous growth models,act as catalysts for technological progress and dynamic efficiency,while agency-theoretic governance mechanisms align managerial incentives with shareholder interests.In contrast,government-owned enterprises operate under multi-objective welfare functions,often constrained by soft budget expectations,political interference,and X-inefficiencies that dilute efficiency.Charitable organizations,structured by the non-distribution constraint,emphasize social trust,equity,and mission fulfilment,supported by warm-glow altruism but constrained by free-rider problems and underfunding.A comparative evaluation suggests that profit-driven firms outperform in competitive markets producing private goods,whereas government and charitable forms play essential roles in addressing market failures and providing public or credence goods.The analysis affirms the institutionalist principle that ownership and governance structures must be aligned with the nature of the goods or services delivered.
