中 北 大 纯音乐在线听学
毕业论文
长春旅游景点外文文献原文及译文
0809014914
经济与管理学院
薛凯
学生姓名： 乾卦详解 学号： 指导教师：兴隆庄煤矿
2012年 6 身份证到期更换月
Social capital can be viewed as networks that enable the organization to function better, while reputation of the organization can also be regarded as part of the firm’s social capital. Exactly what constitutes social capital remains a challenge and there is still much work to be done in this area. However, it is believed that social capital, in general terms, improves the profitability of firms. It should be noted here that social capital, or network, cannot be necessarily assumed to have a positive effect on the firm’s performance. Social capital measured in different ways may have negative effects on the firm. For example, if the managers u his/her influence or skills to reduce the competitiveness of the firm for the benefit of his/her own or competitors, the managers clearly reprent negative social capital of the firm. The owners of the firm may be willing to pay or incur additional costs to get rid of them.
In the traditional Chine culture, social networking is critical to survival and success. Therefore, the u of social capital, which can be viewed as a social network, should hav
摆脱地心引力e an important role in the financial performance of Chine firms. We follow an approach similar to that in Zhang and Fung (2006) and incorporate some variables that proxy for social capital in our empirical analysis. Becau of underdeveloped financial markets in China, the financial constraints of oper- ating a business enterpri are real and binding. It is not easy to borrow money from banks, which are largely owned by the government and focus on lending to large state-owned enterpris. The bulk of the funding for Chine privatized firms listed on the exchanges still comes from bank loans (Fung, Leung and Zhu, 2006). Thus, China is a bank-bad
economy compared to the market-bad US economy.
Venture capital in China is not easily accessible to small or medium-sized private firms. Nor are there small business loans programs like tho run and subsidized by the US government (e.g., SBA loan programs) in China. As a result, private firms require capital for expansion and growth. It ems obvious that equity capital of the private firms plays an important role in the success of the business. As a result, financing capital is apparentl
留侯论y a critical input in the performance of the Chine private firms. Human capital is clearly important for private firms in any society. In the traditional economic model of production function with capital and labor, the importance of human capital is not undermined. In the current literature, human capital has been clearly viewed as the key factor in the success of an organization. China has been in the process of transforming from a socialist to a market-oriented economy; human capital is important in ensuring the success of private firms, given the many hurdles and red tape to be overcome in operating a business in China. Managerial skills are required and necessary to resolve issues related to complicated rules and regulations and other market impediments
Our survey results bad on 2000 and 2002 data show that many Chine entrepreneurs are well-educated and over one-third of themhave college or advanced degrees. We can view social capital of the firm as real options, which provide the firm with some flexibility in many cas. However, at times, some put options written by the firm can impo costs to the firm, thus creating negative social capital. firms do not have boards of directors or shareholder meetings. Entrepreneurs contributed 77 percent of the equity capital in 2002
and 80 percent in 2000 to the firms, and the average return on equity was about 24 percent in 2002 and 19 percent in 2000.
现代小说推荐Our study examines how social capital, financing capital, and human capital affect firm performance becau we can argue strongly that the factors are important in the success and survival of the Chine private firms. Indeed, the results from our analys indicate that: (1) social capital, measured by cumulative charitable contributions as a percentage of total asts, positively affects the financial performance of the firms; (2) financing capital, measured by the ratio of equity to total capital, is also positively related to return on asts; and (3) human capital, proxied by the management-to-employee ratio, is positively related to financial performance in 2000 but not in 2002. The age of the entrepreneur is negatively related to performance for the two surveys, implying that younger entrepreneurs perform better.
The rest of the article is organized as follows. We first review the literature related to the financial performance of private or newly privatized firms in China along with their determi
nants. Then we prent the methodology and data of this study. Our study contains a large sample of private Chine firms with the empirical analysis and results prented. The final ction describes the conclusions.
A number of authors have examined the financial performance of private firms in China and its determinants. Wei et al. (2003) examine the pre- and post-privatization financial and operating performance of 208 firms privatized during the 1990–1997 period (firms listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange). Their results reveal significant improvements for the publicly traded firms in real output, real asts and sales efficiency but no significant change in profitability. At the same time, they show significant improvement in profitability compared to fully state-owned enterpris. Child and Pleister (2003) u two studies of private firms in China to show that gover-nance systems and managerial capability influence the economic behavior of private firms. One important constraint in China is the availability of capital for establishing and expanding private companies. Attraction and development of competent managers are also important for the continued growth of Chine firms.
