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1.The Analyses of the Value and Value Domain of Enterprise Goodwill

作  者: LI Yuju, ZHANG Hongling, ZHANG Huizhen, JIA Yunyan
出  处: Proceedings of International Symposium —Management, Innovation & Development (MID2014)
书  号: 978-0-9924140-8-5
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发表日期: 2014年10月
关 键 词: Goodwill essence, Value, Value domain
摘  要: This paper defines the concept of goodwill from the perspective of the market and the enterprise. It believes that goodwill is the market’s comprehensive evaluation of enterprise’s sustainable contractual capacity, and it actually exists within the enterprise and is market oriented and comprehensive resource effect. This kind of effect is the potential value of the enterprise’s core competitiveness. It is thought that goodwill can reduce the risk and cost of both parties in the market dealing. There is no negative goodwill, and the value domain of goodwill is 0~∞. It means that the enterprise is promising in the aspect of improving the goodwill value.

2.Empirical Research on the Impact of Large Shareholders Control on Financial Constraints

作  者: ZHANG Huizhen, LI Wenxing, ZHANG Hongling
出  处: Proceedings of International Symposium —Management, Innovation & Development (MID2014)
书  号: 978-0-9924140-8-5
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发表日期: 2014年10月
关 键 词: Large shareholders control, Financial constraints, Equity concentration, Equity balance
摘  要: Large shareholders control has a relationship with agent problem and asymmetric information problem, and it can influence financial constraints by influencing the internal and external cost of capital. This paper carries an empirical research on the impact of large shareholders control on financial constraints of listed companies of China by studying equity concentration and equity balance degree with the data from 2008 to 2012. The empirical results show that financial constraints problem is a widespread problem among listed companies. The relationship between the shareholding ratio of the largest shareholder and the financial constraints basically shows an inverted U-shaped trajectory while the relationship between equity balance rates pictures a U-shape. This result indicates that financial constraints have the lowest level when the company has extremely high equity concentration and relative equity balance rate.