2006, Vol. 19 No.4
Publication date: 25 December 2006
Current theories on capital structure mainly explain the corporate capital struc ture decision in the light of certain factors that influence capital structure, and are thus not exhaustive in terms of its accountability. With more r esearches conducted and also under of the influence of relevant financial theori es, capitcal structure theory is being enriched and developed. Market microstruc ture theory is a new research field in financial studies. As market microstructu re is concerned with asset pricing and corporate finance, improving and developi ng capital structure theory based on market microstructure theory and methodolog y is becoming a promising research trend.
Adopting the theory of option games, the article explores the issue of the optimal strategic investment decision for enterprises, providing that marke t demand for products and operation cost are contingent. The article, then, make s a thorough analysis of the rules for enterprises making optimal equilibrium in vestment decsion and discusses the influence of factor volatility on and its cor relation with critical value of optimal investment and equilibrium. The analytic al result is further verified and enriched by a numerical example in which the i ssue of investment time is dealt with.
Intangible assets are not only a ticket to the 21st century, but also a weapon f or the competition of power among nations in the 21st century. Many state-owned intangible assets, however, are draining away in the course of overseas investm ent, owing to the loss of state right of trademark and patent, inadequate evalua tion mechanism and multinational corporations mismanagement. In view of the current situation, the article, based on an analysis of the reasons for the loss of state-owned intangible assets in overseas investment, proposes some appropr iate legal measures against it, including changing the traditional conception of assets, perfecting relevant laws and regulations, drawing on the international laws of protection of intangible assets, reforming administration system, improv ing evaluation mechanism and tightening the parent company's supervision over it s subsidiaries.
The empirical study of substitute indicators of the four liquidity dim ensions, i.e. proportional quoted spread (PQSPR), quoted depth (DEP), ILLIQ and turnover (TURN), indicates the marked market wide commonality in liquidity, whic h is pervasive across size quintiles in SHSE. Moreover, the systematic liquidity risk, which cannot avoided by decentralization, is testified in the study.
Using Multinomial Logit Model, the article makes an empirical study of how the s election of the calculating methods by the shareholders owning nonnegotiable s tocks in consideration payments is affected by such variables as earnings per share, pricetoearnings ratio, net asset value per share, pricetobook ratio, initial P/E ratio, and listing year. The findings show that the shareholders owning noncirculation stocks tend to select the method which can bring about the smallest consideration payments. It is thus necessary to require the sharehold ers owning noncirculation stocks should disclose the consideration payments resulting from the selection of different methods.
The article proposes a relative measurement of the IPOs pricing efficiency. Adop ting the paired test and the stepwise regression method, the article examines th e difference between the companies listed on the small- and medium-si ze enterprises board and the main board in terms of company features and the fi scal information reflected by the offering price. After analysing the findings o f the comparative study both quanlitatively and quantitatively, the article poin ts out that the IPOs pricing efficiency is low , seen in the light of the tradit ional pricing system.
With the aid of grid technology,financial information grid makes possible the sh aring, inter-linking and inter-operatiing of wide domain and and heter ogeneous information, and more resource sharing by integrating heterogeneous com puters within the financial system. In the light of the features of the financia l system in terms of distribution, heterogeneity, immediacy and coordination, an d considering the current situation of China’s financial information managementa nd its information grid technology, the article studies the demand of China’s fi nancial institutions for grid technology, and proposes the ways of designing the structure and the system of the financial information grid and effecting the co nstruction of the financial information grid.
The analysis of SCM and strategic marketing reveals that the procedure of SCM is none other than marketing procedure. The article analyses strategic marketing based on SCM from the aspects of the building of strategic partnership , the cooperation of SCM members and the establishing of marketing information s ystem. Based on the analysis, the article further explores how construction ente rprises set up strategic marketing chain.
Establishing and perfecting social credit system is not only an essential condit ion for the overall construction of modern market system, but also a permanent cure for the regularization of market economy order. A three-dimension construction aimed for establishing and perfecting social credit system can be formed with property right as the main body and moral and legal means as two win gs. Third Plenary Session of the Sixteenth Central Committee of the Party, base d on the understanding that"establishing and perfecting modern property right s ystem helps form a good credit and market order", explicitly proposes setting u p modern property right system with clear-cut ownership, making possible the co ordination of property right, ethic and law with a view to establishing and perf ecting social credit system.
Transitional China has witnessed three great changes in political orde r, institutional arrangement and productivity, which, as a result of the interac tion between government and society, reflect China's adoption of a unique approa ch called "politics encourages economics". Faced with the fierce reality of so cial interest division and conflict of interest, the Chinese government is suppo sed to shoulder the responsibility of dominating and coordinating the divided in terests in the light of the principle "harmonious interaction between politics and economics".
Global Navigation Satellite System (GNSS) is a complicated system usin g satellite positioning techniques to provide users with accurate and timely nav igation information,which has the tremendous application value in the field of air traffic control, marine Navigation and military affairs, and so on. At prese nt, the uppermost supplier in the world is the United States. Though there are s ome international legal documents, we can only rely on the domestic laws of some countries and international co-operation to regulate and manage GNSS because t he legal frame has not been established hitherto. Several GNSS system may coexis t in the future also increasing the difficulties for establishing the legal fram e of GNSS inevitably.
Although there still exists a controversy over genetic patent, many co untries' legislative and judicial practices have clearly indicated their orienta tion. But when it comes to the issue of gene providers' sharing the benefits ac cruing from the use of genetic patent, views varies from country to country.Ther e remains much to be done in terms of the philosophical and legal basis, the wor kablitity of law and the specific sharing pattern. The article is a detailed ana lysis and discussion of the above mentioned issue.
Arbitrariness refers to the absence of logical and prior relation between sound pattern and concept it stands for. From an integrational point of view, however , arbitrariness manifests itself in the binary opposition of linguistic signs an d their entities, sound and meaning, or syntactic structure and its semantic cont ent. Antithetical to arbitariness is non-arbitrariness, which includes motivati on and iconicity. Motivation is any driving force that promotes a language's bir th, development or death. Iconicity is concerned with the corresponding relation between syntactic form and semantic function and it is an indispensable complem ent to arbitrariness. Complementary to each other at different linguistic levels , arbitrariness and non-arbitrariness are two functional principles of language formation.
Waiting and drifting are literary motifs centering on salvation and th e Bible defines salvation as the returning to Paradise. However, in Waiting for Godot, those who are waiting and drifting cannot see the hope of salvation. Meta phorically, the time of the play stretches to the past and the future, and the s pace implies the existence of heaven and hell, hence people's waiting and drifti ng is endless and hopeless.
Drawing on the domesticating and foreignizing translation theory propo sed by Lawrence Venuti, the article attempts to explore the translator’s role by comparing and analysing the original text of Hemingway’s Cat in the Rain and it s translated version by Cao Yong from the perspective of translation. The articl e points out that Cao Yong adopted foreignizing strategy in translating Hemingwa y’s Cat in the Rain so as to give prominence to the translator'’s role in the for m. The writer of this article experiments with domesticating strategy in transla ting those parts of Cat in the Rain that were rendered into Chinese by Cao Yong by using foreignizing strategy. Finally, the writer points out that although dom esticating strategy can cause "the translator's invisibility" in the form, it can also give prominence to the translator's role in the translating process and the content of the translated version.
Based on a case study of the non-English majors, the 2004 freshmen of Guangxi U niversity of Technology, the article explores the issue of college students' sel f-access English learning. After analyzing the existing problems in college Eng lish teaching, the difference between self-access and self-study, and English learners' profile, we propose some measures and strategies in adopting self-acc ess approach in English learning.
The research on the relation between niche construction and its evolut ion is a new field of study of the niche theory. Taking colleges and universitie s as the research object, the article makes a system atic analysis of the deve lopment of the concept of niche, the mechanism of the niche construction and the special pattern of the coordinated evolution of colleges and universities a nd the change of their environments. The article proposes the evolutionary inert ia measured by the fitness of the niche of higher education institutions and the evolutionary momentum measured by the deviation between the real niche and the optimal niche. The article also sets up the appropriate mathematical model by ma king a case study of 16 universities in China. The study results can be used as the theoretical basis for colleges and universities to enhance their core capaci ties.
Adolescent addiction to Internet is becoming an increasingly serious social prob lem. The article first discusses the harmful effects of Adolescent Internet Addi ction Disorder and then analyses this syndrome in terms of its definition, type, cause and frequency. Based on a study of the underlying cause of adolescent Int ernet addicti on from the aspects of psychology and physiology, family and school education, a nd social influence, the article proposesa blueprint for coping with adolescent addiction to Internet, with professional educators playing a leading role and va rious communities coordinating with each other by adopting, among others, legal, administrative, cultural, medical, moral, educational and even economic means. The measures taken highlight an approach to the solution of adolescent Internet addiction that features the concerted efforts of Internet addicts, educators, fa milies, schools and society, which is both theoretically and practically signi ficant to ideological education of adolescents.
Based on a general survey of the developmental history of science and technology (S&T) evaluation abroad and an introduction and comparison of foreign S&T evaluation from the aspects of legislation, establishment of organizational structure, evaluating methods and types, the article analyses the current situ ation and the existing problems of domestic S&T evaluation, and points out sever al aspects that need to be taken into consideratioin in improving and advancing domestic S&T evaluation with a view to shedding light on the issue in question.