The Experts below are selected from a list of 14511 Experts worldwide ranked by ideXlab platform
Qi Mao-qing - One of the best experts on this subject based on the ideXlab platform.
-
Elementary Introduction of Strengthening Subsidiary Company Financial Management
Shandong Metallurgy, 2004Co-Authors: Qi Mao-qingAbstract:With the developing of enterprise collectivize, some problems, which effecting the development of enterprise group, are paid more attention to the financial management of Subsidiary Company. Then measures such as choosing appropriate financial management mode, building financial system and strengthening supervisory control and examine are put forward combined with practice condition of Subsidiary Company financial management.
Sung-il Seo - One of the best experts on this subject based on the ideXlab platform.
-
The Promotion and Prospects of Railway Competition System
2013Co-Authors: Young-jin Hwang, Myung Sagong, Sung-il SeoAbstract:Korean Railway was converted from the state-run railway system extended over 1 century to the korean Railway in 2005. Recently, Korean government is considering policy adopting competition in railway transportation, such as establishment of a Subsidiary Company of the Korail as a Company operating a part line of KTX , separation of deficit line of local railway and railway transportation open for private operators. In the course of promoting these policies, especially, many other issues have been raised like the break of railway network and the break of railway network and causes of inefficiency in Trans-Korean & Transcontinental Railway. In reviewing the introduction of railway competition, comprehensive review is required for of the social value in railway. Therefore, this paper is to examine introduction trend of railway competition and future challenges.
Tang Jie - One of the best experts on this subject based on the ideXlab platform.
-
Elementary introduction of strengthening Subsidiary Company financial management
Technological Development of Enterprise, 2008Co-Authors: Tang JieAbstract:With the development of enterprise group,the group financial control is a matter of concern,the group is to strengthen control of the basic content and important ways.To this end,the need to integrate their financial management of the actual situation,by selecting the appropriate financial management models,establish a sound financial system,strengthening monitoring and evaluation,and other measures to strengthen supervision of the financial subsidiaries to plug financial loopholes and evade financial risks,play Financial management to the strong vitality.
Cao Zhou-tao - One of the best experts on this subject based on the ideXlab platform.
-
Empirical Research Framework for the Multinational Enterprises Management Transplantation Based on the Parent-Subsidiary Company Relationship
Science of Science and Management of S.& T, 2008Co-Authors: Cao Zhou-taoAbstract:From the viewpoint of multinational parent-Subsidiary Company relationship and on the basis of the relative literature review, this paper discovers the correlation between multinational parent-Subsidiary Company relationship and management transplantation in multinational Company. Furthermore this paper analyses how the factors, including multinational parent-Subsidiary Company relationship, Subsidiary Company absorption ability, the interaction and collaboration of managerial knowledge, influence management transplantation in multinational Company. Accordingly this paper gives a theoretical framework for the empirical study of the correlation between multinational parent-Subsidiary Company relationship and management transplant in multinational Company.
-
The Research on Multinational Enterprises Management Transplantation from the Perspective of Parent-Subsidiary Company Relationship
Economic Management, 2007Co-Authors: Cao Zhou-taoAbstract:The multinational enterprises management transplantation to their foreign Subsidiary Company based on parent-Subsidiary com- pany relationship perspective is presented in this paper.The effect of multinational parent-Subsidiary Company relationship to management transplantation mainly depends on the culture integration,trust degree,property fight structure,strategy intent to Subsidiary Company and so on. So the influence of culture integration,trust degree,strategy intent and property fight structure to management transplantation is further discussed in this paper.Furthermore,multinational enterprises management transplantation affected factors was not discussed sufficiently in the existed literature,so as a contribution of this paper,it will be supplemented.The suggestion of improving multinational enterprises management trans- plantation effect will also be put forward.
Hiroyuki Yamada - One of the best experts on this subject based on the ideXlab platform.
-
"Publicly Listed Parent/Subsidiary Pairs: Benchmarking to TOPIX and Market Distortion" (in Japanese)
CIRJE J-Series, 2000Co-Authors: Takao Kobayashi, Hiroyuki YamadaAbstract:This paper explores the impact of publicly listed parent/Subsidiary pairs on the pricing and volatility of companies' shares. We construct a noisy rational expectations equilibrium model in which a parent and its Subsidiary Company are both publicly listed. Two classes of traders participate in the market: institutional investors who have private information on the fundamentals of @listed companies, and individual investors who have no private information. A key feature of the model is that institutional investors attempt to optimize the risk-return tradeoff relative to TOPIX, the capitalization-weighted index of the stock market. Individual investors are assumed to act without reference to any performance benchmark. Within this framework we first establish the rather obvious result that the market portfolio of all outstanding shares is not an efficient portfolio. This result implies that benchmarking to TOPIX, which is the surrogate of the market portfolio without any adjustment for double-counting of parent/Subsidiary pairs, generates excessive demand for shares of the Subsidiary Company. We analyze the equilibrium of our market model and show that (1)the price of the Subsidiary Company's share is pushed up to a level higher than that implied by its fundamentals, (2)the share price of other companies who are highly correlated with the Subsidiary Company receive similar effect, (3)the Subsidiary Company's shares become more volatile and (4)tend to respond more to good news than to bad news. The results of this paper suggest that using TOPIX as the performance benchmark, which is the prevailing practice in evaluating pension fund managers and other institutional investors, may be causing distortion in share prices and volatilities of Subsidiary companies. A new index which corrects for the double counting is worth a serious consideration.
-
Publicly Listed Parent/Subsidiary Pairs : Benchmarking to TOPIX and Market Distortion
CIRJE F-Series, 2000Co-Authors: Takao Kobayashi, Hiroyuki YamadaAbstract:This paper explores the impact of publicly listed parent/Subsidiary pairs on the pricing and volatility of companies' shares. We construct a noisy rational expectations equilibrium model in which a parent and its Subsidiary Company are both publicly listed. Two classes of traders participate in the market: institutional investors who have private information on the fundamentals of listed companies, and individual investors who have no private information. A key feature of the model is that institutional investors attempt to optimize the risk-return tradeoff relative to TOPIX, the capitalization-weighted index of the stock market. Individual investors are assumed to act without reference to any performance benchmark. Within this framework we first establish the rather obvious result that the market portfolio of all outstanding shares is not an efficient portfolio. This result implies that benchmarking to TOPIX, which is the surrogate of the market portfolio without any adjustment for double-counting of parent/Subsidiary pairs, generates excessive demand for shares of the Subsidiary Company. We analyze the equilibrium of our market model and show that (1)the price of the Subsidiary Company's share is pushed up to a level higher than that implied by its fundamentals, (2) the share price of other companies who are highly correlated with the Subsidiary Company receive similar effect, (3)the Subsidiary Company's shares become more volatile and (4)tend to respond more to good news than to bad news. The results of this paper suggest that using TOPIX as the performance benchmark, which is the prevailing practice in evaluating pension fund managers and other institutional investors, may be causing distortion in share prices and volatilities of Subsidiary companies. A new index which corrects for the double counting is worth a serious consideration.
