Management Front
A Micro Probe into Virtual Economy
Cheng Siwei
Financial Management
A Dynamic Asset Pricing Model of Two Kinds of Investors
Guo Wenying and Han Liyan
Most asset pricing models suppose that there is a representative agent who can represent all investors. But a lot of researches in behavior finance show that investors often think of the same information differently due to their different beliefs and psychological characters. So heterogeneous behavior must affect the prices of financial products. It means that heterogeneity should be considered when we discuss prices of assets. Based on BSV model and taking heterogeneity into consideration, this paper provides two decision matrices under different time and two transition matrices between two stagesof two investors. After that the paper offters a dynamic asset pricing model of two kinds of investors and explains it from the financial point of view.
An Empirical Research on the Relation between Internal Value and Market Value of Public Companies
Zhang Yuemei, Li Yanxi and Luan Qingwei
This paper establishes the function relation between internal value and market value by using the data in 2000 of 435 value-growing companies. The function is a linear equation with such multi-variables as net asset, the rate of main operation gross profit, long-term investment, efficiency of capital and currency capital. They reflect the internal value, show accordancerelationship with hypothesis, and have a strong capacity of explaining market value. Furthermore, according to the function, the market values of 777 public companies are forecasted. And these measure variables prove to be able to guide value investment with certain precision and stability.
Enterprise Management
On Framework Construction of Ecologic Band Relation
Zhang Yi and ZhangRui
With the evolution of brand theories, brand relation has already become the essence of brand. However, for a long time people have got so used to the “Physical” view that they tend to base the brand theory researches on the brand-customer relation. The development of network economy has highlighted the drawback that the physical-view-based notion is limiting enterprises’ brand building practices. Using ecologic ideas and theories, this paper points out a research tendency toward ecologic brand relation, with the emphasis on the establishment of the ecologic brand relation framework, and then raises three questions that need to be answered in the research of ecologic brand relationship, so as to call attentions to the importance brand relation research.
Total Value Management in Modern Manufacturing Industry
WangNaijing
Under the background of knowledge-based economy and economy globalization, comparing with the traditional manufacturing industry, the modern manufacturing industry has changedessentially in operational characters and manufacturing technologies. To realize the target of “Enterprises of Value Creating Model”, the value management of modern manufacturing industry should rise to a higher level than the traditional VA——“Total Value Management”(TVM). What’s the TVM? In summary, it’s the management of enterprise product value based on enterprise value chain and value analysis, the management of customer value based on customer value chain, and the management of enterprise society value based on SA8000.
Learning Disability and Characteristics of the Key Points in the Lifecycle of Organization
Xu Xueguo, Peng ZhengLong and You JianXin
Learning disability exists in the whole lifecycle of organization. The methods of identification and elimination of the learning disability about the key point in the lifecycle are discussed after analyzing the characteristics of the key point in order to guide an enterprise’growth and prolong its life span.
Dynamic Joint Management of Enterprise Operation: Establishment of Theoretic Framework
Yin Liuying and Hu Xiaoling
It is critical whether each segment joins each activity up in operation system since the economy is globalizing and the market competition is quickening. Resource transition is the elementary function of operation systems which can be divided into three subsystems: subsystem of research, subsystem of resources obtained and supplied and subsystem of resources transition. Among the three subsystems, the certain linking relations going with the course of the transition of certain elements are concerned, and prosperous linking on time series and space sustains the resource transition function. Material resources and information are important linking content in dynamic system, operation supporting system is essential soft environment in the system. Therefore, the theory of the management of dynamic linking mainly concentrates on dynamic ability and effect on linking, exploring and analyzing the characteristics of the three components on linking, and setting up the assess principle and assess guide line system on dynamic linking in the managing field.
Application Research
A Study on the Causal Relation Between Market Orientation and Business Performance
Zhang Jing
The relationship between market orientation and business performance has become an important research field in the marketing literature. It is generally considered that market orientation is a critical way of achieving sustainable competitive advantage and it can enhance organizational performance significantly. However, very few studies have explored carefully the mechanism behind the influence of market orientation upon business performance. On the basis of theoretical framework of resources-activities-position-performance which can account for performance difference, it can be concluded that market orientation as firms’ resources can enhance customer value creation efficiency from both activity and cultural aspects, increase customer satisfaction and customer loyalty, bring about positional advantage and differentiated competitive advantage, and ultimately lead to satisfactory performance results.
Sinobrand: An Innovated Method for Socialized Brand Valuation
Wang Chengrong and Li Ya
There are three kinds of brand valuation: capitalized brand asset valuation, socialized brand valuation and internal brand valuation. The paper focuses on how to improve and innovate current socialized brand valuation methods. Basing on a review of major available socialized brand valuation methods, the paper presents the Sinobrand method, an innovated method for socialized brand valuation to better suit the characteristics of Chinese brands. By reference to the method proposed by Financial World Magazine, Sinobrand introduces the concept of brand advantage value, and selects seven drivers from the aspects of brand history, current situation and brand trend to evaluate brand strength. The new method has a great significance for enterprises to set up stable and healthy brand development modes.
A Comparative Study on the Stable Process of Soybean Futures PriceBetween DCE and CBOT
Han Dezong andSun Yadong
This paper studiesstable process of soybean futures prices between DCE and CBOT byGranger co-integrationtest.Theempirical results show that the long-term equilibrium between DCE and CBOTis obvious, but the short-term volatility revision relationbetween them is not so obvious. It indicates that the pricing of soybeans in China is playing a more important role in the world.
The Benefit Comparison and Improvement of Linear Equilibrium and One-Price Equilibrium in Double Auction
Liu Zimin and Wan Difang
Based on a comparative introduction of linear equilibrium and one-price equilibrium, this paper makes it clear that the former is better than the latter. And then, by reference to different trade probabilities, the paper analyzes the total trade benefits of the two kinds of auction, contrasts them with the ones under the condition of complete and perfect information, and offers some methods for improving the total benefit.