2008, Vol. 21 No.4
Publication date: 25 December 2008
While selecting the data on SSE 50 index stocks from October 1, 2004 to March 1, 2005, uses two approaches to measure the illiquidity of the stock market: one i s illiquidity variable by the daily transaction data of Wind Informati on financial terminals, and the other one is from the Beijing CCER high frequenc y transaction data. Research shows that stock return is the increasing function of the illiquidity variable. The result from the second approach shows even more so. It was also discovered from the analysis that the risk premium from the liq uidity volatility does not exist in the stock market.
The article evaluates the efficiency of financial resource's distribution in Chi na based on DEA. The result indicates that the development of regional finance is unbalanced; the fund utilization rate is low and financial resource is abundant in developed regions, while the fund utilization rate is high and fi nancial resource is poor in underdeveloped regions. Therefore allocating financi al resource rationally to promote the coordinated development of economy and fin ance in China is currently the primary problem.
This paper examines the impact of debt finance over the enterprise investment be havior using the real option method under stockholder-bondholder conflicts and debt constraint on the investment trigger. Numerical solutions show that stockho lders choose to exercise the investment option too early compared to the unlevel ed enterprise. Compared with value-maximizing policy, stockholders are inclined to overinvestment under the equity-maximizing investment policy, which affects the investment option value and optimal leverage choice, and does harm to the interests of bondholders. When debt constrained, the enterprise decreases the investment trigger first, and then increases it as constraints become more binding.
This paper examines several factors affecting investment bank's market share in IPO area. These factors are: first-day return, long-run performance, underwrit ing charge and industry specialization. We also compare our result with the rese arch in American market, and find that the effect of these factors on market sha re in Chinese market is just opposite to American market. Our result reflects so me faults of Chinese market mechanism.
Based on employee retention research and social resources theory, this paper proposes a construct for motivation to protect existing resources, the pu rpose of which is to develop and validate an instrument measuring the construct, in order to indicate the motivation mechanism behind the predictors in employee retention research. The paper develops a three-factor structure scale to measu r e the motivation based on a qualitative research such as the interview and the l iterature and validates the scale by empirical study. Finally, the structure sca le is important in both the theory and practice.
With the gradual maturity of the financial market, many kinds of finan cial technologies have been developed at full speed. Many financial tools have b een applied not only in financial market, but also in other fields. This paper g oes from the prospective of finance and uses swap, a basic financial derivative tool, to give a new method to the stock management in an enterprise. During the research,we found that all the former methods go from the prospective of cost a nd try to give a minimized management method. But they ignore the risk of the st ock, especially the price risk in the market. But this one has been a very impor tant factor of the stability in operation of an enterprise.
Based on the stakeholders theories and combined with the characteristics of mass events, this paper sets up the stakeholders model of mass events by considering two dimensions of tightness and impact, which includes primary and vital stakeh olders, primary and normal stakeholders, secondary and vital stakeholders, secon dary and normal stakeholders. It studies the eight stages of mass events' stakeh olders management.
Xun Zi is an outstanding thinker in the Warring States period. His thought conta ins rich administrative organization ideas. It includes the administrative organ ization control thought of "the ritual and law", the administrative organizat ion rank thought of "nobleness and lowliness are the same", the administrative organization thought of choosing the right persons for the right jobs, namely, "advocating virtuousness makes enable" and the administrative organization tho ught of using the power, namely, "prestige of the moral becomes peaceful and st rong". Xun Zi's administrative organization thought still has very great model value for today's administration organization.
Space debris mitigation has become an international custom for interna tional space activities. COPUOS adopted the Guideline on Space Debris Mitigation . The Guideline provides that member states or international organizations shoul d establish a national mechanism to mitigate space debris. China has made progre ss in legislation on space activities and management system. In order to establi sh a national mechanism on space debris mitigation, it is essential for China to promote legislation on space activities and specify the duties of management ad ministration.
The United States is the advocator of the liberalization of international air tr ansport services, but its real significance is not on the liberalization of air transport liberalization, its essence is to export excess capacity, and expand t he air transport market, which is very narrow-minded. Based on nationa l security considerations, the United States established Civilian Reserve Air Fl eet Program, thus increased the utilization of Civil Aviation. To increase emplo yment opportunities, the United States strictly limits the industry control of t he air transport enterprises of United States by foreign air transport enterpris es, for better protection of workers' interests of the United States.
The form of Unauthorized Disposition has been defined in "Property Law". The a uthor also investigates the conception and the current modes of real right chang ing ,and analyzes the creditor's rights pattern of modern china from the results and the three different theories about the validity of Unauthorized Disposition under this pattern. The author argues that the legislator should design the for m of Unauthorized Disposition by making the Unauthorized Disposition effective i n principle and the exceptions of validity.
Democracy is not only a kind of ideal , but also an opinion. In the co urse of practice, it is expressed by the institutional run mode in the procedur al sense. Although the democracy played a large role in the opposition of monarc hical power autocracy, it lost the positivism along with the accomplishment of the democratic state's construction. Unexpectedly, it sometimes can cause a terr ible action, which is called "the absolutism of the majority". But finally, th e modern western countries find a democratic constitutionalist way to ensure tha t democracy work well under the protection of systems.
Countless particular lives make up the history and reality of the human society. Life issue is the most basic, the core of the human life. Life philosophy pays attention to inspecting both the individual state of life and the social and his toric progress, not only revealing life itself, but also revealing the whole wor ld. Perceptual expounding literature is to experience the state of life in the l iterature, and then to rethink profoundly and judge . From scanning th e individual life, you learn to worry deeply about life defects and probe into t he spiritual way out for mankind.
The two great masterpieces, A DREAM OF THE RED MANSION and THE SCARLET LETTER, a ppeared in two different countries and both employed the technique of "red imag e". This article compares the red images in the two novels to explore their dif ferent cultural and ideological background. It adopts the method of cultural sem iotics and focuses on the imagism within the two novels.
Due to linguistic and cultural distinction between English and Chinese , there exists intranslatability, to which compensation is an effective solution . This paper clarifies intranslatability as phonetic and phonologic intranslatab ility, morphologic intranslatability, semantic intranslatability and cultural in translatability. With a study on compensation and many examples, it analyzes con crete application of compensation in respective intranslatability.
The translation and diffusion of a prestigious classic is influenced by the tran slator's strategy in accordance with his experience and purpose of translation. The essay carries out a comparative study between James Legge's English version of The Confucius Analects and Gu Hong-ming's version of The Discourses and Sayi ngs of Coufucius in three aspects: background information, translation of the ke y words and realia in the original culture. A conclusion is drawn that the trans lation of a prestigious classic work is a comprehensive issue. An effective tran slation strategy is able to promote the position of a national culture and the d ignity of a nation.
This paper endeavors to point out several problems in College English Teaching, and analyzes the way of specialization of college English teachers and English t eaching, based on the theory of Language main body and language teaching. Furthe r more, college English teachers should make efforts to reform the traditional t eaching concept, renovating the idea of language teaching and bring a great deal of help for Chinese college students.
Training military officers relying on the common universities is a strategic decision on the officer system. It's very important for raising the quality and efficiency of the training of military officers, and for improving the universi ties' self-construction and the ability of national defense mobilizati on. But there are several problems while this decision is being carried out. It' s necessary to unify the cognitions and doing well the various jobs such as sele ction and training in the universities and use of them in the army.
Beijing University of Aeronautics and Astronautics began to recruit postgraduate students of Russian major, two -year program, since 2006. There is no undergraduate program for the Ru ssian major in Beijing University of Aeronautics and Astronautics. Therefore, it is a new trial in our country t o admit postgraduate students directly. The university and teachers are faced wi th great social pressure and difficulties in teaching practice. The author condu cted a series of in-depth research and feasibility study over the past four yea rs, and finally made a suitable program for Beijing University of Aeronautics and Astronautics.