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Research on Financing Model of the Chinese SMEs in Supply Chain Finance
Issue:
Volume 4, Issue 5, October 2016
Pages:
235-240
Received:
19 July 2016
Accepted:
29 July 2016
Published:
15 August 2016
Abstract: In recent years, with the quickly development of the supply chain finance, the cost of corporate finance would become an important way for enterprises to solve their financial problems. In China, the financing model of supply chain finance mainly for accounts receivable financing, inventory financing pledge financing, advances and financing. Three financing models are used in different larger companies in common. But due to the presence of their own problems, financial supply chain financing model has not been effective used in the small and medium enterprises (SMEs). This paper first describes the major financing model of supply chain finance. Moreover, some problems existing in the supply chain financing in the process of SMEs will be exposed. Finally, aiming at the problems and putting forward the method to solve the problem and to inventory pledge mode as an example, the paper puts forward an optimized scheme.
Abstract: In recent years, with the quickly development of the supply chain finance, the cost of corporate finance would become an important way for enterprises to solve their financial problems. In China, the financing model of supply chain finance mainly for accounts receivable financing, inventory financing pledge financing, advances and financing. Three ...
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The Research of M&A Performance of Private Listing Corporation Based on Different M&A Incentives
Issue:
Volume 4, Issue 5, October 2016
Pages:
241-249
Received:
12 May 2016
Accepted:
27 May 2016
Published:
17 August 2016
Abstract: The paper researches the influence on M&A performance from the perspective of the motive of enterprises mergers and acquisitions. The return on assets was selected to be the indicator to measure enterprises’ performance after mergers and acquisitions, and it functioned as the dependent variable. The paper choose the representative company's agent motivation and the motivation of the equity concentration, the ratio of stated-owned shares, the ratio of managerial ownership, the ratio of circulation shares, Tobin’s Q value and return on equity as independent variables to build the model, and analyzes its impact. The empirical results shows: the ownership concentration and the ratio of the top executives have a positive correlation with the performance of the enterprises, but not significant; The ratio of state-owned shares and the ratio of circulation shares have a negative correlation with the performance of M&A; Tobin’s Q value and return on equity have a significant positive correlation with the performance of the enterprises after M&A. The research indicates: the M&A behavior based on different motivations positively has impact on the performance of enterprises after M&A. The research and analysis of the M&A motive is beneficial to better regulate and supervise the M&A behavior and promote the development of enterprises.
Abstract: The paper researches the influence on M&A performance from the perspective of the motive of enterprises mergers and acquisitions. The return on assets was selected to be the indicator to measure enterprises’ performance after mergers and acquisitions, and it functioned as the dependent variable. The paper choose the representative company's agent m...
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Impact of Foreign Direct Investment on Employment Evidence: Zanzibar Tourism Industry
Ali Othman Abbas,
Zhang Xifeng
Issue:
Volume 4, Issue 5, October 2016
Pages:
250-256
Received:
5 September 2016
Published:
6 September 2016
Abstract: With the advent of globalization, there has been a massive surge of Foreign Direct Investment (FDI) inflows into developing countries during the past two decades. Tourism as one of the currently fast growing industries across the world is one of the few service sectors showing concrete and quantitative trading opportunities for all countries, regardless of their level of development. The objective of the study was to assess the impacts that FDI has, is having, and will have on the well-being and performance of the Zanzibar labour market. The data were collected by the use of questionnaire and interview and analysis were drawn from the tourist investors in particular those in northern and eastern coasts, and Zanzibar Stone Town. The study revealed that there are positive impacts of the foreign direct investment on employment in Zanzibar, as well as positive relationship between direct foreign investment and tourism. We recommend promoting tourism abroad, balancing of tourism and other economic sectors attracting FDI in other sectors of the economy.
Abstract: With the advent of globalization, there has been a massive surge of Foreign Direct Investment (FDI) inflows into developing countries during the past two decades. Tourism as one of the currently fast growing industries across the world is one of the few service sectors showing concrete and quantitative trading opportunities for all countries, regar...
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Influence of Sustainable Logistics on Operational Performance of Timber Processing Firms in Nakuru County
Issue:
Volume 4, Issue 5, October 2016
Pages:
257-262
Received:
21 August 2016
Accepted:
2 September 2016
Published:
22 September 2016
Abstract: This study was informed by the literature gap on the relationship between sustainable logistics and operational performance, especially among processing firms in Kenya. It aimed at establishing the influence of sustainable logistics on operational performance of timber processing firms in Nakuru County. Data for the study was collected from Comply Company. This was a cross sectional survey where data was collected at single point in time for the purpose of the study. The study involved employees in procurement, finance and marketing departments of Comply Company as respondents. Data for the study were collected by aid of structured questionnaires that were checked for validity and reliability before actual data collection. Collected data were coded, cleared and analysis through statistical packages for social sciences (SPSS). Regression analysis with one tailed t-test ware used to establish the relationship between Sustainable Inbound Logistics, Sustainable Outbound Logistics and Operational Performance. The findings revealed that there is significant positive influence of Sustainable Inbound Logistics and Sustainable Outbound Logistics on Operational Performance. The study recommends that manufacturing and processing organizations should consider sustainable logistics activities in their operations if they are to achieve improved operational performance. The study further suggests that study be conducted to explore on sustainable logistics activities that would be used to achieve operations improvement in service industry.
Abstract: This study was informed by the literature gap on the relationship between sustainable logistics and operational performance, especially among processing firms in Kenya. It aimed at establishing the influence of sustainable logistics on operational performance of timber processing firms in Nakuru County. Data for the study was collected from Comply ...
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A Test of Asymmetric Volatilityin the Nigerian Stock Exchange
Issue:
Volume 4, Issue 5, October 2016
Pages:
263-268
Received:
8 March 2016
Accepted:
12 May 2016
Published:
28 September 2016
Abstract: This study seeks to test for the presence of asymmetric effect in the Nigerian Stock Exchange. In order to achieve the objective of the study, the researcher obtains the average market return, the equilibrium market returns generated by the risk factors of the APT, and then subjects them to asymmetric tests using the TAR-GARCH technique. Findings from the study reveal that equilibrium market return generated by pre-specified APT does not significantly respond to information asymmetry. This implies that is volatility does not really change with information. However, the equilibrium market return generated by statistical APT exhibits the presence of information asymmetry whereby the volatility of stock returns significantly responds to information. This reveals the presence of leverage effect in the Nigerian stock market whereby stock returns volatility increases with bad news but the volatility reduces with good or positive news. The researcher recommends that government agents in respect of this market should provide more adequate means of information diffusion into the market at zero cost to all participants.
Abstract: This study seeks to test for the presence of asymmetric effect in the Nigerian Stock Exchange. In order to achieve the objective of the study, the researcher obtains the average market return, the equilibrium market returns generated by the risk factors of the APT, and then subjects them to asymmetric tests using the TAR-GARCH technique. Findings f...
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Money Supply as a Conduit of the Consumption in the Saudi Economy: A Co-integration Approach
Issue:
Volume 4, Issue 5, October 2016
Pages:
269-274
Received:
30 August 2016
Accepted:
8 September 2016
Published:
28 September 2016
Abstract: This paper focuses on exploring the conduit through which wealth, aggregated by broad money supply, affects the real private consumption in the Saudi economy. In other words, the relationship between money supply (proxy of wealth), among other variables, and the real private consumption function. This study covers the period of 1985-2014. The short and long-run relationships are estimated using co-integration techniques. The results support the existence of positive effects of wealth over private consumption. Also, consumption is affected negatively by changes in prices in the long-run.
Abstract: This paper focuses on exploring the conduit through which wealth, aggregated by broad money supply, affects the real private consumption in the Saudi economy. In other words, the relationship between money supply (proxy of wealth), among other variables, and the real private consumption function. This study covers the period of 1985-2014. The short...
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Accounting Implications of Cost Involvement in Peace-keeping on the Economic Growth of Nigeria: The Case of Niger-Delta
Akabom Ita Asuquo,
Egbe Esso Dickson,
Chinenyenwa Blessing Emechebe,
Ebri Okobe Uduma
Issue:
Volume 4, Issue 5, October 2016
Pages:
275-283
Received:
21 March 2016
Accepted:
18 April 2016
Published:
11 October 2016
Abstract: The study on accounting implications of cost involvement in peacekeeping on the economic growth of Nigeria; the case of militancy in the Niger-delta region was designed to ascertain the extent of cost involvement by government in peace-keeping and its implications on the economy. For this purpose, secondary data were obtained from the Central Bank of Nigeria (CBN) statistical bulletin and Nigerian National Petroleum Corporation (NNPC) statistical bulletin of 2014 for the relevant variables. The longitudinal research design was adopted in shaping the investigation. The regression model was employed to express the causal relationship between the dependent and the explanatory variables, and the Pearson Product Moment Correlation Analysis was used to determine the strength and direction of the relationship. The hypotheses were tested at five percent level of significance using the Student t-test. The result showed the following: the cost of peacekeeping significantly affects the growth of the economy; the cost of peacekeeping significantly affects the recurrent expenditure of government; Oil revenue does not significantly contribute to the economic growth of Nigeria; and losses from vandalized Oil pipelines does not significantly affect Oil output. However, it was recommended that more attention should be paid to the plight of the people of the Niger-delta region in order to completely discourage the use of militancy as a tool for seeking redress.
Abstract: The study on accounting implications of cost involvement in peacekeeping on the economic growth of Nigeria; the case of militancy in the Niger-delta region was designed to ascertain the extent of cost involvement by government in peace-keeping and its implications on the economy. For this purpose, secondary data were obtained from the Central Bank ...
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The Four Dimensional Design and Application of Experience Bank
Issue:
Volume 4, Issue 5, October 2016
Pages:
284-291
Received:
13 October 2016
Published:
13 October 2016
Abstract: This paper discusses that under the background of experience economy, how can traditional banks transform and upgrade their environments, services, products and marketing through cloud computing, big data, mobile communication, social network, and Internet of Things, so as to create quality customer experience.
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Study of Interactive Development Model of Producer Services and Manufacturing Industry Based on Symbiotic Theory
Issue:
Volume 4, Issue 5, October 2016
Pages:
292-297
Received:
13 October 2016
Published:
13 October 2016
Abstract: Although the relationship between producer services and manufacturing industry has become the focus, the related theoretical problem has been little investigated. From the perspective of symbiosis theory, this paper analyzes the interactive development model of producer services and manufacturing, and analyzes respectively the symbiosis organization mode and symbiotic behavior mode. The two symbiosis units exist eight symbiotic modes, and the characteristics of each symbiotic mode are given. In addition, the interaction stages of production service industry and manufacturing industry are divided into 4 stages, which include the infancy stage, growth stage, maturity stage and integration stage.
Abstract: Although the relationship between producer services and manufacturing industry has become the focus, the related theoretical problem has been little investigated. From the perspective of symbiosis theory, this paper analyzes the interactive development model of producer services and manufacturing, and analyzes respectively the symbiosis organizatio...
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Economic Impact of MAB Microfinance Program on Borrowers Household: Evidence from Rural Area of Bangladesh
Shamsuddin Ahamad,
Rosni Bakar,
Zulkarnain Lubis
Issue:
Volume 4, Issue 5, October 2016
Pages:
298-302
Received:
8 September 2016
Accepted:
21 September 2016
Published:
17 October 2016
Abstract: Bangladesh is a pioneer and home of conceptualizing microfinance program. It has taken so many programs to reduce poverty and bring about socio-economic changes in the rural community. Since 1993, Muslim Aid UK, Bangladesh (MAB) is working with poor vulnerable people to improve their socioeconomic status through delivering interest-free microfinance in Bangladesh. This study is, therefore, aims to examine the economic impact of MAB microfinance program on borrowers’ household income and consumption expenditure. Towards the achievement of its objectives, this study used descriptive and statistical techniques. To assess the impacts, primary data were collected from 95 borrowers from Chittagong district of Bangladesh. The simple random sampling method was followed to select the borrowers’. Multiple Linear Regression model were used to analyze the data. The findings revealed that MAB borrower’s income and consumption expenditure increased after receiving the microfinance loan. Based on the results, the findings also revealed that amount of loan, loan sufficiency and religiosity had the most significant effect on income. In case of consumption expenditure, the amount of loan, tenure and loan sufficiency shown the significant effect.
Abstract: Bangladesh is a pioneer and home of conceptualizing microfinance program. It has taken so many programs to reduce poverty and bring about socio-economic changes in the rural community. Since 1993, Muslim Aid UK, Bangladesh (MAB) is working with poor vulnerable people to improve their socioeconomic status through delivering interest-free microfinanc...
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Effect of Firm Size on Corporate Borrowing of Oil and Gas Firms in Nigeria
Inyiama Oliver Ikechukwu,
Ubesie Cyril Madubuko
Issue:
Volume 4, Issue 5, October 2016
Pages:
303-308
Received:
17 August 2016
Accepted:
29 August 2016
Published:
18 October 2016
Abstract: The purpose of the research was to investigate to what extent the size of a firm in Nigeria oil and gas industry affects the magnitude of external borrowings. The study went further to examine the relationship between firm size and financial leverage in the same industry; as well as the causal relationship among the variables under study. Simple regression model was formulated to guide the analysis. The analysis of the time series data reveals that financial leverage is significantly but negatively affected by firm size in the industry. This implies that as firms increase in total assets, the firms tend to play down on sourcing for fund through external borrowing. The outcome is in line with some previous studies and in accordance with the theoretical framework of the study. There is no causality running from either Firm Size to Financial Leverage or otherwise, at 2 years lagged period; which implies that Financial Leverage does not granger cause Firm Size and vice versa. A negative relationship was revealed between firm size and financial leverage; though very insignificant; which implies that firm size and financial leverage change/increase in opposite direction in oil and gas industry. Therefore, firms at growth age, with a growing asset base, will need external borrowing more than a firm at mature or declining age with huge asset base and accumulated retained earnings.
Abstract: The purpose of the research was to investigate to what extent the size of a firm in Nigeria oil and gas industry affects the magnitude of external borrowings. The study went further to examine the relationship between firm size and financial leverage in the same industry; as well as the causal relationship among the variables under study. Simple re...
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The Banking System and the Derivatives: The State of the Art and the Management Mechanisms
Mostéfaoui Sofiane,
Yousfat Ali
Issue:
Volume 4, Issue 5, October 2016
Pages:
309-313
Received:
3 January 2016
Accepted:
5 April 2016
Published:
27 October 2016
Abstract: The financial transactions witnessed an explosion and huge dealings with financial derivatives. The sense of these assets comes from the dependence of their values on the principal ones (the original asset: bond, equity, exchange rate…). The objective behind the emergence and the wide uses of them is to hedge the financial securities against risks and reduce the volatility of their revenues. This paper attempts to shed light on the impact of the financial derivatives on the safety and soundness of the banking system by analyzing the determinants of this impact and the sensitiveness of the banking system to risks associated by the usage of the financial derivatives.
Abstract: The financial transactions witnessed an explosion and huge dealings with financial derivatives. The sense of these assets comes from the dependence of their values on the principal ones (the original asset: bond, equity, exchange rate…). The objective behind the emergence and the wide uses of them is to hedge the financial securities against risks ...
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Evaluation on Traditional Commercial Street Space Quality of Tourism Ancient Town in China---- A Case of Xing’ping Town
Wen-Yi Fan,
Noel B. Salazar
Issue:
Volume 4, Issue 5, October 2016
Pages:
314-320
Received:
2 November 2016
Published:
3 November 2016
Abstract: This exploratory paper investigates traditional commercial street space quality in tourism ancient town to inspect its adaptability in tourism environment and improve its management. Existing literatures have highlighted the role of street quality at different aspects but most with a narrow focus on urban city design. However, this paper regards traditional commercial street as "social space" and a typical kind of cultural tourist resource. With space users’ perspective, this paper pays attention to thoroughly evaluation on the quality of traditional commercial street far more beyond material assessment. Questionnaires are assessed to tourists, local commercial tenants and residents in the case study of a typical Chinese tourism ancient town Xing’ping in southern China. Principle Component Analysis (PCA) is applied and gets instructive results. It finds that the quality of traditional commercial street space in tourism ancient town is co-determined by five factors. They are the spatial culture factor, spatial function factor, spatial accessibility factor, spatial activity factor and spatial supporting factor, in which the spatial culture factor takes up the first place. The results indicate several strategies for improving traditional commercial street space quality in tourism ancient town.
Abstract: This exploratory paper investigates traditional commercial street space quality in tourism ancient town to inspect its adaptability in tourism environment and improve its management. Existing literatures have highlighted the role of street quality at different aspects but most with a narrow focus on urban city design. However, this paper regards tr...
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