1,720,975 research outputs found
The Study on Foreign Investment Strategy in Chinese Stock Market: Based on the Empirical Analysis of Foreign Investments Holdings
No full textThis paper focuses on the study of foreign investment style in Chinese stock market. First of all, it will trace the history of development of foreign investment by introducing the Shanghai & Shenzhen Stock Connect and the QFII system, and show that China has attracted a lot of international funds. Secondly, the paper will build a portfolio based on statistical data provided by Wind on individual stocks held by foreign investors, calculate the returns and compare the portfolio with benchmark indexes. By studying the industry allocation, market allocation and individual stock holding weights of the portfolio, the author found that the style of foreign investment is relatively stable, and focuses on company characteristics such as size and sales performance. Then, the paper also conducts an attribution analysis on the returns of the portfolio using Brinson model and multiple factors in Wind, and summarizes the preferences of foreign investors. Finally, the author analyzes the sources of differences between domestic and foreign investment in the A-share market from a qualitative perspective, and finally gives conclusions and investment recommendations
Research on Capital Operation and Health Strategic Planning Take Xie'ai TCM Group as an Example
No full textObjective: To explore the development direction of private medical capital in the context of China's aging population. Taking Xie’ai Traditional Chinese Medicine Science and Technology Group (Xie’ai TCM Group) as an example, this paper studies its capital operation and health strategic planning, explores the operation strategy of private hospital group in the medical market, provides beneficial guidance for social capital investment in the medical service industry, and provides more innovative models for the development of private medical institutions, To provide reference for the future development of China's medical and health industry and pension service industry.
Object: This paper focuses on the strategic planning, capital operation practice and economic and social benefits of Xie’ai TCM Group, which was established in 2016.
Method:
a. Literature research method: through CNKI database, the keywords of private hospital, hospital group and capital operation, capital operation, development strategy, financing and investment are combined to search papers. At the same time, the relevant works are inquired in Fudan University library, and the relevant literature is screened and analyzed. Through the in-depth analysis of the history and current research results, this paper provides reference and guidance for the rational formulation of capital operation strategic planning of Xie’ai TCM Group.
b. Theoretical analysis: with the help of the existing research conclusions, this paper introduces the capital operation in the theoretical level, which lays a theoretical foundation for the subsequent case research.
c. Combination of qualitative and quantitative: through the study of the capital operation practice of Xie’ai TCM Group, the general and regular conclusions are obtained by using the method of induction and deduction, to make it have universal guiding significance for the capital operation of private hospital group.
Results:
a. Xie’ai TCM Group adheres to the characteristics of traditional Chinese medicine, adopts the strategy of differentiation, scale and standardization, adheres to the investment in the whole industry chain of Traditional Chinese Medicine, and realizes the coordinated development of the industry. Practice shows that this is a correct development strategy with distinctive characteristics and strong operability;
b. While doing a good job in medical service business, Xie’ai TCM Group insists on increasing investment in education and training, drug research and development, Chinese herbal medicine planting, processing, warehousing, logistics and other aspects to realize the coordinated development of medical, drug, education and other industries, and forms a business model of “Traditional Chinese Medicine plus Chain TCM Hospital plus combination of medical and nursing”. While ensuring the safety of capital, Xie’ai TCM Group has achieved the coordinated development of medical, drug, education and other industries, realized capital appreciation.
Conclusion: The capital operation and health strategic planning of Xie’ai TCM Group meet the needs of China’s aging society, which enhances the confidence of China's social capital in serving the aging society.研究目的: 探索民营医疗资本在中国人口老龄化背景下的发展方向。以协爱 中医药科技集团为例，研究其资本运营及健康战略规划，探索民营医院集团 在医疗市场中的运营策略，为社会资本在医疗服务行业的投资提供有益指 导，为民营医疗机构的发展提供更多创新模式，为中国未来医疗卫生行业以 及养老服务行业的发展提供借鉴和参考。
研究对象: 以 2016 年成立的协爱中医药科技集团为对象，重点研究其战略 规划、资本运营实践及产生的经济和社会效益。
研究方法:
1.文献研究法: 运用 CNKI 数据库，将“民营医院”、“医院集团”与“资本 运营”、 “资本运作”、“发展战略”、“融资”、“投资”等关键字进行组合搜索 论文资料，同时，在复旦大学图书馆查询相关著作，对得到的有关文献进行 筛选和分析整理，为合理制定协爱中医药科技集团资本运营战略规划提供借 鉴和指导意见。
2.理论分析法: 借助已有的研究结论在理论层面介绍资本运营，为之后 的案例研究奠定理论基础。
3.定性、定量相结合: 通过研究协爱中医药科技集团资本运营的实践， 归纳出一般性、规律性的结论，从而为社会资本进入中医药医疗和养老行业 提供借鉴。
研究结果:
1.协爱中医药科技集团坚持中医药特色，围绕老年病和医养结合两个方 向，采用差异化、规模化、标准化的战略，坚持中医药全产业链投资，实现 产业协同发展。实践表明，这是一个特色鲜明、可操作性强的正确的发展战 略。
2. 协爱中医药科技集团在做好医疗服务业务的同时，坚持加大教育培 训、药品研发、中药材种植、加工、仓储、物流等方面的投入，实现医疗、 药品、教育等产业协同发展，形成了“中医药+连锁中医医院+医养结合” 的商业模式，在保证资本安全的同时，实现了资本增值。
研究结论: 协爱中医药科技集团的资本运营和健康战略规划符合中国老龄化社 会的需求，这为我国社会资本在服务老龄化社会方面增强了信心，并起到了良 好的示范作用，为民营医疗机构的发展提供更多的借鉴和参考。</p
Research on Non-governmental Finance and Upgrading of Industrial Structure in China
No full textIn recent years, with China’s improving productivity and continuous economic development, the industrial structure has been optimized but it is still difficult to keep up with the rapid economic development. The key to this problem is to find possible factors affecting the adjustment of industrial structure and the possible pathways and mechanisms of interaction between various factors and the industrial structure. Only on this basis can we propose relevant policy suggestions for different entities of the society, so that China’s industrial structure can be better adjusted and upgraded. Non- governmental finance is born in the private economy, to which it provides financing services, thus promoting the development of China’s economy. Although non- governmental finance faces more obstacles and restrictions in the development process than formal finance, it exerts an important impact on the upgrading of industrial structure, and it has also received extensive attention from many scholars. However, little research has deeply analyzed the impact pathways for non- governmental finance to influence industrial upgrading.
This dissertation takes the provinces in China as the research object to study the relationship between non-governmental finance and the upgrading of industrial structure from the national and regional perspectives. This dissertation collects provincial panel data from 2006 to 2016 to perform an empirical analysis based on the hypotheses and draws the conclusion and proposes relevant policy suggestions based on the empirical results.</p
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Research on Valuation Methods for Merger and Acquisition of Semiconductor Company
No full textIn recent years, China has paid greater attention to sophisticated technologies such as semiconductors, 5G, and aerospace. With China’s role in the world economy becoming increasingly important, international mergers and acquisitions (M&A) have become a reliable path to directly acquire advanced foreign technologies. In this wave of M&A, the fundamental analysis method based on value assessment has gradually attracted the attention of China’s financial and academic circles. The corporate valuation theory, as an important part of financial theory, has formed a sound system in academia for many years. However, the applicability of valuation methods to companies with different situations in different industries and different markets is still an important research direction in the financial industry.
The semiconductor industry is a significant industry reflecting the development of China’s high-tech industry. Nexperia, as a world-leading company in the semiconductor industry, is an important target for China to acquire world-class advanced technologies through overseas M&A. This dissertation first analyzes the fundamentals of Nexperia and evaluates its enterprise value, and then makes comparison between that and the enterprise value of several representative companies in the semiconductor industry. By comparing the valuation results of Nexperia and three other semiconductor companies obtained by using three different corporate valuation methods, this dissertation aims to explore the valuation methods applicable to semiconductor companies.
This thesis is based on an overview of the company’s valuation theory and takes Anshi Semiconductor Group as a research case. It is compared with Suzhou Good Tech, Yang Jie Technology and Huawei Electronics. We consider three company valuation methods, the price-earnings ratio valuation method, the enterprise value multiple method, and the cash flow discount model. Then, by using the deviation value method and the gray correlation analysis method, we compare the three semiconductor companies' valuation results based on the three different company valuation methods and analyze the most suitable valuation method for the semiconductor industry companies. The results show that the P/E valuation method is the most suitable method for companies in the semiconductor industry. </p
Heterogeneous Institutional Stock Ownership and Firms' Dividend Policies
No full textAgent theory suggests that cash dividends can reduce information asymmetry, but high dividends might harm the company's investment and its growth potential, resulting in less capital gain. This study confirms the positive relationship between institutional investors’ shareholding and firms’ dividend payouts in the Chinese market. Through vector autoregression, we find that institutional investors influence firms to pay more dividends during the period from 2003 to 2021. We also find that not all Institutions are dividend seeker, especially in the absence of capital gains tax in China's capital market, the institutions that are more professional with better research ability focus on capital gain and their shareholdings will not impact the firm’s dividend. While other institutions like banks, insurance companies, and trusts may suffer higher agency cost, and tend to require more dividends from firms. The results confirm the exit theories like agency theory, catering theory, and signal hypothesis from the perspective of heterogeneous institutions. Considering that China has a large number of state-owned enterprises that can be used to verify the agency theory or catering theory in dividend payout policies, we further test the relationship on state-owned firms and private-owned firms. We find that the relationship between heterogeneous institutional investors and firms’ dividend policies only exists in those private-owned firms, because those state-owned firms’ executives and ownership are both governments
Capital Market Opening and Corporate Merger and Acquisition Activities
No full textIn recent years, against the backdrop of RMB internationalization and capital flow control, the Chinese government has had a pressing need to continuously promote the opening of the capital market. The most important capital market opening in China in recent years is the opening of the Shanghai-Hong Kong Stock Connect in 2014 and the Shenzhen-Hong Kong Stock Connect in 2016. The implementation of the Shanghai-Shenzhen-Hong Kong Stock Connect trading system marks a new stage in the opening up of China's capital market. How will the opening of the capital market affect corporate behavior and decision-making? Mergers and acquisitions (M&A), as a form of large-scale corporate investment behavior, plays a crucial role in the long-term development of enterprises and the optimal allocation of resources. It has also been a hot topic in academic literature in recent years Therefore, under the background of capital market opening, how will the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect affect M&A activities of Chinese enterprises? With this question in mind, this paper uses a sample of A-share listed companies in China to analyze the impact of capital market opening on corporate M&A.近年来，在人民币国际化的要求和资本流动管制的现实背景下，我国政府对于不断推动资 本市场开放有着迫切要求。我国近年来实行的最重要的资本市场开放就是 2014 年开通“沪港 通”和 2016 年开通“深港通”。“沪深港通”交易制度的实施，标志着中国资本市场对外开放进 入新阶段。那么这种资本市场的开放会对企业行为和决策造成何种影响。并购作为一种企业 的大额投资行为，对于企业长期发展和资源优化配置起着重要作用，也是近几年高水平文献 的研究热点之一。那么资本市场开放背景下，沪港通和深港通的开放会对我国企业的并购造 成何种影响?基于此，本文采用中国 A 股上市公司数据样本，分析资本市场开放对企业并 购的影响
The Impact of Economic Policy Uncertainty on Assets Allocation of Global Equity Funds
No full textThis paper mainly discusses how the uncertainty of US economic policy affects the behavior of global equity funds’ allocation to emerging markets, and finds that the increase of uncertainty of US economic policy will reduce the asset allocation weight of global equity funds in emerging markets. By introducing a series of variables of emerging countries, we also finds that there is significant national heterogeneity in the process of the impact of US economic policy uncertainty on the allocation of global equity funds to emerging countries.
According to the global financial crisis in 2008, this paper finds that global equity funds have differentiated performance by dividing into three stages: “before the crisis”, “during the crisis” and “after the crisis”. Firstly, in the “during crisis” and “pre-crisis” stages, global equity funds reduce allocation weight of emerging market. In the “post-crisis” stage, global equity funds increase the allocation weight of emerging market when facing an US EPU shock.
With the help of mediating effect analysis, this paper also finds that the uncertainty of US economic policy can affect the allocation behavior of global equity funds to emerging markets by affecting the mediating variable of “investor sentiment”, which is measured by VIX index. Specifically, the emergence of EPU shock in the US will directly lead to the increase of the demand of global equity funds for safe assets (“Flight to Safety” effect), so as to reduce the allocation weight of emerging markets; However, due to the decline of investor sentiment at the same time, some global equity funds will also increase the asset allocation weight of emerging markets due to the asset allocation demand of “Portfolio Rebalance”. </p
The Performance Implication of Acquisition Pacing, Organizational Capability and Industry Clock Speed
No full textAcquisitions can grow the firm quickly, and allow the acquiring firm to benefit from the preexisting resources, incumbency status, and accumulated human capital and capabilities of the target firm. While prior studies have focused on performance implication of acquisitions, little research has examined the performance implication of serial acquirers or acquisition programs. In reality, many firms engage in a series of acquisitions as a primary method for firm expansion. Firms like Cisco, Apple and Pfizer have each engaged in at least 10 acquisitions in the past 5 years, and some firms have even acquired over 20 companies over that time period. Similarly, in Chinese real estate industry, firms are also very actively engaging in a serial of acquisition in an attempt to gain competitive advantage. It is therefore very important to understand the temporal structure and pacing of acquisition.
In this paper, we develop a theoretical framework and conduct an empirical investigation into the importance of the temporal dynamics of acquisition. We expect that an even pacing of acquisitions should be performance enhancing for firms by allowing acquiring firms a time to digest and rationalize prior acquisitions before taking on the burdens of additional acquisitions. We also examined the boundary conditions of firm level capability and industry level clock speed. </p
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