财务危机下吉林化纤归核化战略路径研究

多元化战略自提出以来,受到了各行各业的重视,国家也在不断推进企业产业多元化、产品差异化的进程,然而过度追求多元化往往会分散公司资本,给公司带来经营风险,降低主营业务的盈利能力,在这种情况下就需要企业采取归核化战略剥离劣质资产、集中资本于核心产品与核心技术上。文章以吉林化纤过度多元化造成财务危机后采取归核化战略为例,对比归核化前后的财务指标,分析了吉林化纤归核化的动因及对归核化的路径,发现公司在采取归核化战略后,经营状况显著好转,且其核心技术得到了明显提高,归核化战略对企业绩效起到了正向作用,本文的研究结论为企业提高核心竞争力以及解决过度多元化带来的问题提供了决策参考。     

从万科发展谈房企归核化管理

2008年以来,国际、国内经济环境发生了剧烈变化,起源于美国的次贷危机逐步演变为全球经济危机.我国房地产市场也经历了深刻转变,从2007年臼勺繁荣、亢奋-下跌入深寒:土地需求减少,住房销售面积和销售金额双双下降,开发企业频频下调开工和投资计划以渡难关.危机面前,如何调整企业的发展战略,提高企业的核心竞争力,为企业在下一轮发展打下基础是每个企业的管理层所关心的.本文试从万科的归核化发展历程,介绍房产开发企业如何实施归核化管理,以加强核心业务,提高核心竞争力.     

建筑企业业务经营与盈利能力提升策略研究

随着全面建设社会主义现代化国家新征程的开启,作为我国国民经济的重要支柱产业,建筑业将迈入高质量发展新阶段,对建筑企业业务经营与盈利能力提出了更高要求。本文在对我国建筑企业业务经营与盈利能力现状深入分析的基础上,从企业和项目两个层面归纳总结了五种典型的建筑企业业务经营与盈利模式:EPC总承包模式、城市综合体模式、产融结合模式、并购模式和联合经营模式,并分析了五种典型业务经营与盈利模式的优缺点,同时以中铁四局为案例,对建筑企业业务经营与盈利能力影响因素从企业外部和内部进行分析,从而从政府及企业角度提出我国建筑企业业务经营与盈利能力的提升策略,可为我国建筑企业提升业务经营与盈利能力提供参考。     

我国房地产业上市公司并购绩效及其影响因素研究

以我国房地产业上市公司的并购事件为样本,通过构建财务评价指标体系,综合运用因子分析法和多元回归分析方法,研究房地产业上市公司的并购绩效及其影响因素。研究结果表明,总体来看并购公司当年绩效有所降低,并购后一年及并购后三年公司绩效逐步提升;在影响公司并购绩效的因素中,每股收益、流动资金规模及总资产具有显著的正向影响。     

基于盈余管理理论分析“营改增”对运输业的影响

税收制度不仅与国民经济和社会发展密切相关,而且对企业的经营业绩也有重要影响,这与企业盈余管理密切相关。基于2010~2014年间上市公司的5年数据,采用修正后的Jones模型对交通行业上市公司盈余管理程度进行测度,进一步验证了以增值税替代营业税对盈余管理的影响。然后将样本分解为替代营业税与增值税(VAT)制度之前和之后实施的两个子样本,研究了两个子样本盈余管理结构的选择。     

从万科发展谈房企归核化管理

<正>危机面前,如何调整企业的发展战略,提高企业的核心竞争力2008年以来,国际、国内经济环境发生了剧烈变化,起源于美国的次贷危机逐步演变为全球经济危机。我国房地产市场也经历了深刻转变,从2007年的繁荣、亢奋一下跌入深寒:土地需求减少,住房销售面积和销售金额双双下降,开发企业频频下调开工和投资计划以渡难关。危机面前,如何调整企业的发展战略,提高企业的核心竞争力,为企业在下一轮发展打下基础是每个企业的管理层所关心的。本文试从万科的归核化发展历程,介绍房产开发企业如何实施归核化管理,以加强核心业务,提高核心竞争力。     

论商誉与企业价值

随着企业并购等交易活动的日益频繁,以及新企业会计准则的发布实施,越来越多的企业在财务报表中披露商誉信息。商誉是一项没有实物形态的资产,能够为企业带来额外收益,提高企业的盈利能力,从而提升企业价值,以及引起企业股票价格的波动。为了研究合并商誉与企业价值的相关性,本文以我国A股披露商誉信息的上市公司作为样本获取数据,采用实证研究的方法,通过建立多元回归模型,分别研究合并商誉与会计盈利能力以及股票市场价值之间的相关性。研究结果表明,商誉与会计盈利能力以及股票价值之间均存在显著的正相关性。     

时代要求房地产品牌化发展

随着我国住房制度的不断深入,房地产市场不断完善,优胜劣汰的市场规律日益显现.品牌作为一种重要的资源越来越引起房地产业各方人士的重视.如何通过实施企业品牌战略,进行品牌经营,提升品牌形象,增加企业的核心竞争力是房地产企业所面临的一个新的重要问题.而思想政治工作在企业品牌战略的实施过程中有着无庸质疑的保障和指导作用.     

高管-职工薪酬差距、管理层权力与企业绩效

本文以2006年至2016年我国沪深两市的上市公司作为样本,从高管薪酬、普通职工薪酬、高管-职工薪酬差距、企业所有权性质以及管理层权力多个维度,分析了我国上市公司内部薪酬体系的设计对企业经营绩效的影响。研究发现:对高管和普通职工实施薪酬激励均可以显著地促进企业经营业绩的提升;高管与普通职工的薪酬差距越大,企业业绩越好;并且相对于非国有企业,在国有企业中高管-职工薪酬差距对企业业绩的促进作用将受到抑制;我国上市公司高管与普通职工薪酬差距扩大的原因并非是最优薪酬契约导致的,而是由于管理层权力造成的。     

浅谈如何增强我国房地产企业竞争力

随着我国加入WTO与全球经济一体化的发展，境外资本涌入，企业赖以存在的内、外部环境因素随之发生巨变。房地产业将呈现多元化激烈竞争态势。目前我国大多数房地产企业属中小企业，市场集中度低，在资金、管理水平、人才素质、经营效益等方面没有优势。面对未来的不确定性，房地产业必须由原来以经验和历史分析为导向，转向注重技术创新、机制创新、管理创新来培养企业核心能力，改善企业经营环境，以构想和实施新战略、新技术、新工艺、新产品以及发掘新市场等策略来不断提高企业竞争力。　　一、企业的发展动力在于创造和培养核心能力…     

基于项目现值的投标决策方法

工程公司通常把预期利润作为投标决策的依据。但利润只能反映在一定的成本计算方法下投标项目本身的效益,并不能反映出该项目对整个公司的影响。预期利润最大的投标项目并不一定对整个公司的贡献最大。依据预期利润大小做出的决策,不一定是对整个公司最有利的决策。基于此,本文定义了项目现值的概念,提出了基于项目现值的投标决策方法。这一方法以工程公司为中心,通过分析和计算某个项目预计将会引起的公司现金流入和现金流出的变化量的现值,求出该项目预期对公司贡献的现值(即项目现值),并依据项目现值及其扩展指标来进行单个投标项目取舍决策和多个项目的优劣排序。     

Governance structures and their impact on tariff levels of Brazilian water and sanitation corporations

This study analyzes the effect of governance structure on the tariff levels applied by Brazilian corporations of water supply and sanitation. It aims to contribute to the traditional debate of public versus private management, and to determine the effect of regulatory structure on tariff levels. The results first show that, when jointly considered, the water supply and sanitation tariff levels are higher for privately managed corporations. Second, we have found that a corporation regulated by a local agency or a regional agency does not exhibit significantly lower tariff levels than unregulated corporations. Finally, the results indicate that the use of the rate of return and price cap/revenue cap regimes do not provide tariff levels lower than those set via negotiation with the municipality.     

Scale,mergers and efficiency: the case of Dutch housing corporations

The efficiency of social housing providers is a contentious issue. In the Netherlands, there is a widespread belief that housing corporations have substantial potential for efficiency improvements. A related question is whether scale influences efficiency, since recent decades have shown a trend of mergers among corporations. This paper offers a framework to assess the effects of scale and mergers on the efficiency of Dutch housing corporations by using both a data envelopment analysis and a stochastic frontier analysis, using panel data for 2001–2012. The results indicate that most housing corporations operate under diseconomies of scale, implying that merging would be undesirable in most cases. However, merging may have beneficial effects on pure technical efficiency as it forces organizations to reconsider existing practices. A data envelopment analysis indeed confirms this hypothesis, but these results cannot be replicated by a stochastic frontier analysis, meaning that the evidence for this effect is not robust.     

Regional effects or none? Firms' profitability during the Great Recession in Finland

We analyse the effects of the Great Recession (GR) on the profitability of firms located in the main cities versus in the rest of Finland. Based on earlier literature, various regional factors could affect firms' profitability in urban areas in comparison to periphery during a major export demand shock, such as what the GR was in Finland. Yet, there are both negative and positive location specific factors in play. We use micro‐data from 2005 to 2010, and employ different profitability indicators and fixed effects panel regressions. Our results indicate that firm and sector level factors affected the profitability changes the most. Regional differences seem to stem mainly from a composition of firm and sector level factors.     

Predicting profitability of listed construction companies based on principal component analysis and support vector machine—Evidence from China

In order to monitor the operating conditions of the construction industry, this paper incorporates the principal component analysis (PCA) and support vector machine (SVM) to predict the profitability of the construction companies listed on A-share market in China. With annual financial data in 2001–2012, this paper selected six indicators from different profitable perspectives to build a composite profitability index based on the PCA technique, and then established a SVM model to make the corporate profitability prediction of the construction companies in China. The results indicate that, the technical combination of the PCA and SVM can improve the profitability prediction significantly. In 2003–2012, the accuracy of predicting the profitability of the Chinese construction companies exceeded 80% on average. Compared with the artificial neural network (ANN), the SVM model has the superiority in the accuracy prediction of the Chinese construction companies.     

The effects of ownership,board size and board composition on the performance of Italian water utilities

This article analyses the effects of ownership, board size and composition on the performance of 72 Italian water utilities. Information about the utilities' 335 directors was collected. Our main findings indicate that private or mixed-ownership utilities show higher profitability than entirely publicly-owned firms, even if the latter are less debt-dependent. Furthermore, our results show that the boards of Italian water utilities are dominated by politically connected directors, who boost access to debt and negatively affect the firms' capital structures. This study also shows that board composition, in terms of the age and educational background of members, influences economic performance, since graduate and senior directors exert a negative influence on profitability.     

Firm's profitability and regulation in water and network industries: An empirical analysis

The profitability of a firm is a highly complex concept, as it results from firms' decisions on investment and production plans, but also from constraints beyond their control (economic regulation, level of competition, economic growth). We analyze the profitability of firms in the water industry by focusing on the impact of economic regulation and the economic environment. The objective is to determine empirical regularities which could explain profitability. Using a panel of firms from developed and transition countries, we show that the profitability of firms in the water sector is in line with that in other network industries. Profitability varies greatly depending on the chosen measure of profitability, firm's size, the economic environment and the characteristics of regulation in place are essential to understand and explain firm's profitability. In particular, being regulated by a price-cap scheme appears to be an important determinant of profitability.     

Cost efficiency benchmarking of urban water supply utilities: The case of an Indian state

In most developing countries like India, benchmarking of water supply utilities is rarely carried out as these services are not run on professional lines to ensure profitability, even as social goals of making provision for all, including the poor, take priority over profitability. When performances of these services are not measured, efforts to improve these services remain directionless and arbitrary. Urban water supplies in India, therefore, suffer a self‐inflicted fate, wherein city municipalities remain mired in mundane issues, leading to large dissatisfaction and inefficiencies. This paper attempts to evolve a framework for evaluating cost efficiencies of water supply services and applies stochastic frontier analysis to 18 urban centres in India through six models. The results indicate large relative inefficiencies and a scope of savings of 24.5% of average current operating and maintenance costs even with existing levels of resource inputs. The results are discussed from a regulatory and policy‐making perspective.     

Does project management matter? The relationship between project management effort,complexity, and profitability

The purpose of this study is to explore the causal impact of project management effort on project profitability (i.e., profit on sales) for varying degrees of project complexity in an engineer-to-order (ETO) project setting. We use a sample of 917 projects’ status reports of a large firm that offers ETO products coupled with a control function approach to empirically investigate the causal effect of project management effort on projects’ profitability. Furthermore, we investigate the marginal impact of project management effort and its effect for different degrees of project complexity. Our results reveal a positive but diminishing impact of project management effort on project profitability. Furthermore, we find that higher project complexity jeopardizes project profitability. However, project management's marginal impact increases with increasing project complexity, ultimately leading to higher returns of more complex projects. While previous research provided correlational evidence between project management and project success, this study is, to the best of our knowledge, the first to demonstrate a causal impact of project management on profitability. The results offer unique insights into the economic benefits of project management while taking into account the complexity of the projects. The study confirms the benefits of project management efforts regarding project profitability and underlines the high relevance of project management for complex projects, thereby underlining the importance of contingency theory. It shows that firms can compensate higher ETO customization and higher project complexity through higher project management effort.     

Do enterprise ownership structures affect financial performance in China's power and gas industries?

Analyzing state-owned and private enterprise performance can inform enterprise reform, guide structural adjustments, and promote sustainable development. This study established an entropy-TOPSIS-GRA evaluation model to assess four financial performance indicators, including solvency, operational capability, profitability, and development capacity, of listed Chinese state-owned and private enterprises in the power and gas industry from 2008 to 2018. The results indicate no distinct financial performance differences between the two enterprise types, refuting the traditional view that state-owned enterprise performance is lower than private enterprises.