Abstract

Abstract：According to the asset light operating ability of real estate enterprises evaluation in this paper，from 4 dimensions of capital operation ability，project operation，asset light resource reserve ability，sustainable development ability construction of asset light business real estate enterprises according to the meta model，and the extension set theory to establish a dynamic evaluation model. Finally，the dynamic evaluation of asset light operating capacity of a real estate enterprise，in order to describe the asset light operating ability of real estate enterprises from quantitative to qualitative change.

Key Word：Light asset management abilityExtension set theoryMatter element modelDynamic evaluation

Limited Attention of the Investor and the Green-Effective of the Security Market——The Mystery of an Explanation between“Billowing Black Smoke”and“Waving Red Sharing Price”

Zhang Yanlong
（Shijiazhuang Posts and Telecommunications Technical College）

Abstract：A large number of abroad studies have shown that if the security market is Green-effective，the share prices may by affected by the enterprise environment ranked.In order to cooperate with the implement of the new environmental protection law，“the list of the most representative polluting enterprises”is launched by Public Environmental Research Center and Securities Times.While part of the listed company’s share price is still rising，this formed an awkward opposing situation between“billowing black smoke”and“waving red sharing price”.Based on the 2015 listed companies as the research object，and using the Event-Method and logistic regression method，the paper empirical examines the mystery.We find that the investor’s limited attention is the major reasons for the mystery.The result shows that the environmental information could not left a significant negative influence on Chinese shock market，but the situation is gradually improving.

Limited attentionGreen-effectiveEvent-method

The Research of Poly Real Estate’s Capital Structure Optimization

Qiao Hong
（HuangHuai University）

Abstract：The real estate industry as the pillar industry of national economy also is a capital-intensive industry，its healthy development is the key to whether effective raising and the use of capital；Whether to the operation of the optimization of capital structure，thus at the lowest financial risk guarantee the sustainable development of the enterprise.Therefore，this article selects poly real estate as the research object，through to the company from 2006 to 2015 the proportion of assets and liabilities structure analysis，both short-term and long-term debt paying ability analysis，inventory turnover analysis reveals the capital structure present situation and discover the existing problems and in combination with affect the capital structure of the internal and external factors affecting the analysis，targeted put forward the relevant optimization advice.

Key words：Poly real estateCapital structureFinancial risk

The Research of Financing Model Innovation of Non Profit Organizations

Deng Xueli
（School of Finance，Shanxi Finance&Taxation College）

Abstract：In the Internet era，the rise of public interest to raise funds for non-profit organizations to create a new model of financing.In this paper，the concept of public service to raise public participation，the main body of the project operation was studied，pointed out the advantages of public service.With the existence of non profit organizations，the legitimacy，ability and credibility of the plight of the public and the public to raise the financing experience，this paper found that the network will be the development trend of China's non-profit organizations financing.According to this，this paper puts forward the innovation strategy from three aspects，which is the main body of the public welfare fund，the platform of the public welfare fund and the donor.

Key words：Public serviceNetwork collectionNon profit organizationFinancing innovation

Threshold Effect of CEO’s Overconfidence on R&D Intensity

Lu JunshengZhu Yanyang
（School of Management，Hubei University of Arts and Science）

Abstract：Scholars have not empirically explained why overconfident CEO increases R&D intensity only in the high-tech industry and state-owned enterprises.This paper analyzes the nonlinear relationship between the CEO overconfidence and R&D intensity by the panel threshold effect model using the R&D data of Chinese high-tech listed companies from 2010 to 2015.The result shows that the effect of CEO overconfidence on the R&D intensity has a significant single threshold effect.The overconfident CEO cannot increase the R&D intensity until the degree of free inquiry exceeds the threshold value，which is about 4.5%.It provides the empirical evidence to explain the different impact mode of CEO’s overconfidence and helps to improve the measures for identification of high-tech enterprise.

Key words：CEO overconfidenceR&D intensityFree inquiryThreshold effect

Extension Evaluation of the Asset Light Operating Ability of Real Estate Enterprises——Based on the Matter Element Analysis

Liu HuaLi Yingjie
（School of Management，Xi'an University of Architecture and Technology）