The paper presents a two-stage method for estimating the parameters in the censored linear model Y-i = max(0, alpha(o) + X-i'beta(o)), 1 less than or equal to i less than or equal to n. In the first stage the data...The paper presents a two-stage method for estimating the parameters in the censored linear model Y-i = max(0, alpha(o) + X-i'beta(o)), 1 less than or equal to i less than or equal to n. In the first stage the data are grouped in some groups and then some adjustments are made, the results are used in the latter stage to form a Tobin-type estimate. The asymptotic normality of the estimate is proved and some simulations are made.展开更多
The development of digital technology and the construction of smart cities urge service enterprises to seek competitive advantages by building smart service brands.However,there are few studies explore the brand value...The development of digital technology and the construction of smart cities urge service enterprises to seek competitive advantages by building smart service brands.However,there are few studies explore the brand value,brand strategies,and corresponding business strategies of smart service providers from the financial perspective.This paper selects listed property companies from China as the sample and explores the value of the smart community service brand of property enterprises based on the observation data.This research introduces the market value measurement index(Tobin q)and discounted cash flow model(DCF)to explore the influence of diversified brand strategies through combining smart brand strategy with naming strategies and business strategies on brand value.The results show that smart community service brand has a significant impact on firms'market value.Compared with the brand extension strategy,the adoption of brand renewal strategy will significantly affect market value.Further,the development of smart value-added services by enterprises will exert a positive impact on their market value.However,the stakeholders are not optimistic about smart technical services by property companies,which could reduce shareholders'expectations of the market value of enterprises.展开更多
文摘The paper presents a two-stage method for estimating the parameters in the censored linear model Y-i = max(0, alpha(o) + X-i'beta(o)), 1 less than or equal to i less than or equal to n. In the first stage the data are grouped in some groups and then some adjustments are made, the results are used in the latter stage to form a Tobin-type estimate. The asymptotic normality of the estimate is proved and some simulations are made.
基金Supported by the National Natural Science Foundation of China (71972175)the National Social Science Foundation of China (20&ZD075)the National Key R&D Program of China (2017YFB1400400)。
文摘The development of digital technology and the construction of smart cities urge service enterprises to seek competitive advantages by building smart service brands.However,there are few studies explore the brand value,brand strategies,and corresponding business strategies of smart service providers from the financial perspective.This paper selects listed property companies from China as the sample and explores the value of the smart community service brand of property enterprises based on the observation data.This research introduces the market value measurement index(Tobin q)and discounted cash flow model(DCF)to explore the influence of diversified brand strategies through combining smart brand strategy with naming strategies and business strategies on brand value.The results show that smart community service brand has a significant impact on firms'market value.Compared with the brand extension strategy,the adoption of brand renewal strategy will significantly affect market value.Further,the development of smart value-added services by enterprises will exert a positive impact on their market value.However,the stakeholders are not optimistic about smart technical services by property companies,which could reduce shareholders'expectations of the market value of enterprises.
