Abstract

Reaearch on the VC Investment Targets Selection Based on the Theory of the Signal Transmission

Abstract：Under the background of the financing difficulties of small and medium-sized enterprises in China,the financing problem in young innovation enterprises is extremely highlighted.To this end,this paper uses the successful experiences of developing venture investment in Australia and New Zealand for reference,analyzes the development and operation procedure of these two countries venture investment,and gives an account of how the governments and venture capital institutions affect it,besides,we dissect four primary problems existing in promoting venture investment in China.Finally,we give some constructive suggestions in terms of the government and venture capital institutions to consummate the venture investment market in China.

Key Words：Venture investmentHigh-tech enterprisesFinancing plight

Zhu JianjunLiu YunpengGuo Xiaojun
（Wuhan Textile University Accounting School）

Abstract：This paper uses the signal transmission model of information economy,analyzes the totally effective in signal transmission and not completely effective in both cases,the VC film chooses the target company（a type of innovative enterprises）method.The results show that the expected return of the target company,risk investment company to innovation ability the judgment of the target company is the main factors influencing the investment decisions.If signal transmission completely effective,innovative capability of innovative enterprise will choose high investment,low innovation ability of enterprises to choose investment amount. Otherwise,the risk of both high quality and low quality enterprises can choose high amount of investment,investors face when the adverse selection problem.

the Signal transmission modelVenture investmentInnovation abilityAsymmetric information

Analysis on the Revenue of the Prepayment Financing Participants in Two Core Enterprise Contexts Mi Xiaoyun1Gao Tian2Li Zhanlei1

（1.School of Management Engineering and Business,Hebei University of Engineering；2.College of Economics&Managment，China Three Gorges University）

Abstract：Logistics enterprise has business contacts with all the supply chain participating parties for providing warehousing and transportation services and then has good information integration capabilities and risk control advantages.This paper analysis the prepayment financing operational processes in the situations that logistics enterprise bearing both logistics services and financial services and the supplier is the core enterprise were analyzed and the supply chain revenue forecasting models taking the dealer credit default risk into account were built,and then the expected revenue function of each party involved were given.Through two kinds of core enterprise situation prepaid account receivable financing participants profit function were analyzed.

Keywords：Core enterprisesFinancial serviceRevenue difference

Reaearch on the Haier Group Financial Management And Control Design

Bai Xue
（Management School,Xiamen University）

Abstract:In 2012,Haier Group announced to carry out strategic transformation from global brand strategy to network strategy,and continue to promote“the two-win mode of syncretism of staff and order",which allows users to interact with staff to meet the individual need of users.In order to successfully carry out strategic transformation,Haier Group implemented a series of changes in organizational structure.After the strategic transformation and change of organizational structure,its management system should make appropriate changes.This paper deseigns the system of financial management and control for new organizational structure of the Haier Group.The system of financial management and control mainly includes five parts：financial control system,comprehensive budget management system,incentive and restraint system,fund control system and financial risk control system.

Keywords:Financial management and controlHaier GroupSystem design

Based on the KMV Model of the Corporate Bond Credit Risk Study

Wei Qian1Li LiPing2Dong Zhe2
（1.Institute of International Economy and Trade,Guangxi University of Foreign Languages；2. International Business School of Management,Shanghai University of Finance and Economics）

Abstract：In recent years,the bond credit risk has spread to the big company from small and medium-sized companies.In this paper,by using the KMV model,selection of large companies as samples,divided into low bond credit risk group,high bond credit risk group of 16 companies to research the bond credit risk problem.the time span is 2013,2014 two years,select the risk-free interest rate, total assets and growth rates,equity value and the rate of change,the default of 0.5 points for the parameters,such as application of Matlab software default distance is calculated.Conclusion shows that both from the group analysis,and from a single company to analyze the risk of KMV model are good prediction application tool.In view of the frequent risk,policy should be predicted in advance bond credit risk,break the tradition of corporate bonds“rigid redemption”.

Key words：The company bondsCredit risk KMV modelDefault distance

Risk Investment and High-tech Enterprise Development——the Experience and Revelation from Australia and New Zealand

Mao Yajuan1Lin Teng2Cheng Yijie1
（1.College of Economics&Management,South China Agricultural University；2.Guangdong Province Zhongshan Municipal Local Taxation Bureau）

Abstract：Under the background of the financing difficulties of small and medium-sized enterprises in China,the financing problem in young innovation enterprises is extremely highlighted.To this end,this paper uses the successful experiences of developing venture investment in Australia and New Zealand for reference,analyzes the development and operation procedure of these two countries venture investment,and gives an account of how the governments and venture capital institutions affect it,besides,we dissect four primary problems existing in promoting venture investment in China.Finally,we give some constructive suggestions in terms of the government and venture capital institutions to consummate the venture investment market in China.

Key Words：Venture investmentHigh-tech enterprisesFinancing plight

Reaearch on the VC Investment Targets Selection Based on the Theory of the Signal Transmission

Zhu JianjunLiu YunpengGuo Xiaojun
（Wuhan Textile University Accounting School）

Abstract：This paper uses the signal transmission model of information economy,analyzes the totally effective in signal transmission and not completely effective in both cases,the VC film chooses the target company（a type of innovative enterprises）method.The results show that the expected return of the target company,risk investment company to innovation ability the judgment of the target company is the main factors influencing the investment decisions.If signal transmission completely effective,innovative capability of innovative enterprise will choose high investment,low innovation ability of enterprises to choose investment amount. Otherwise,the risk of both high quality and low quality enterprises can choose high amount of investment,investors face when the adverse selection problem.

Key words：the Signal transmission modelVenture investmentInnovation abilityAsymmetric information

Analysis on the Revenue of the Prepayment Financing Participants in Two Core Enterprise Contexts

Mi Xiaoyun1Gao Tian2Li Zhanlei1
（1.School of Management Engineering and Business,Hebei University of Engineering；2.College of Economics&Managment，China Three Gorges University）

Abstract：Logistics enterprise has business contacts with all the supply chain participating parties for providing warehousing and transportation services and then has good information integration capabilities and risk control advantages.This paper analysis the prepayment financing operational processes in the situations that logistics enterprise bearing both logistics services and financial services and the supplier is the core enterprise were analyzed and the supply chain revenue forecasting models taking the dealer credit default risk into account were built,and then the expected revenue function of each party involved were given.Through two kinds of core enterprise situation prepaid account receivable financing participants profit function were analyzed.

Keywords：Core enterprisesFinancial serviceRevenue difference

Reaearch on the Haier Group Financial Management And Control Design

Bai Xue
（Management School,Xiamen University）

Abstract:In 2012,Haier Group announced to carry out strategic transformation from global brand strategy to network strategy, and continue to promote“the two-win mode of syncretism of staff and order",which allows users to interact with staff to meet the individual need of users.In order to successfully carry out strategic transformation,Haier Group implemented a series of changes in organizational structure.After the strategic transformation and change of organizational structure,its management system should make appropriate changes.This paper deseigns the system of financial management and control for new organizational structure of the Haier Group.The system of financial management and control mainly includes five parts：financial control system,comprehensive budget management system,incentive and restraint system,fund control system and financial risk control system.

Keywords:Financial management and controlHaier GroupSystem designAbstract：In recent years,the bond credit risk has spread to the big company from small and medium-sized companies.In this paper,by using the KMV model,selection of large companies as samples,divided into low bond credit risk group,high bond credit risk group of 16 companies to research the bond credit risk problem.the time span is 2013,2014 two years,select the risk-free interest rate,total assets and growth rates,equity value and the rate of change,the default of 0.5 points for the parameters,such as application of Matlab software default distance is calculated.Conclusion shows that both from the group analysis,and from a single company to analyze the risk of KMV model are good prediction application tool.In view of the frequent risk,policy should be predicted in advance bond credit risk,break the tradition of corporate bonds“rigid redemption”.

Based on the KMV Model of the Corporate Bond Credit Risk Study

Wei Qian1Li LiPing2Dong Zhe2
（1.Institute of International Economy and Trade,Guangxi University of Foreign Languages；2. International Business School of Management,Shanghai University of Finance and Economics）

Key words：The company bondsCredit risk KMV modelDefault distance

Risk Investment and High-tech Enterprise Development——the Experience and Revelation from Australia and New Zealand

Mao Yajuan1Lin Teng2Cheng Yijie1
（1.College of Economics&Management,South China Agricultural University；2.Guangdong Province Zhongshan Municipal Local Taxation Bureau）