英文摘要

英文摘要

Abstract:This paper takes Haier's Financial Shared Service Center as a longitudinal case study.Through the open channel and semi-structured interviews,the paper studies the establishment and operation and the working capital management performance of Haier in 2007～2014.This paper argues that∶at every stage of the financial shared implementation,performance management of working capital have different degree of change.The financial sharing mode can not only improve financial process efficiency,but also can accelerate the transmission speed of capital flow and information flow through process standardization and resource integration, rationalize circulation channels of working capital,so as to improve working capital management performance.

Keywords:Financial shared modeWorking capital management performanceChannel management

The Study of Enterprise Target Costing Management Based on WLCC Theory——A Case of G Motor Company

Liu Yunguo1He Qian2Zeng Zhaokun3Zhang Lila1
（1.Xinhua College of Sun Yat-sen University；2.Gac Toyota Motor Company；3.Guangdong Vocational Institute of Public Administration）

Target costing as an emerging management mode for further deepening and development of the cost management,is different from the management of occurred cost in traditional cost management.It calls for cost control during the design and development stages of the product,sets up cost target,and takes it as the lighthouse and criterion for the follow-up process.Target costing guides the cost management and improvement in purchasing,production,sales and service stage of the entire product lifecycle. From the perspective of product lifecycle,this paper discusses the specific“how to do”problem of target costing,through the case study of the specific operation and application of the target costing of G motor company in each stage of product lifecycle.

Product lifecycleTarget costingCost management

Investor Sentiment and Dynamic Asset Pricing Model

Xiao XunyongZhang Rengui
（School of Economics and Commerce,South China University of Technology;School of Economics, Shenzhen Polytechnic）

Abstract:To illustrate the variable investor sentiment effects on asset prices,this paper presents a dynamic asset pricing model. The model shows that investor sentiment has a systematic and significant impact on the equilibrium,and time varying sentiments can lead to various price changes.Moreover,the equilibrium stock price is the wealth-share-weighted average of the stock prices that would prevail in an economy with one sentiment investor only.Finally,the model expounds the benefits long-term reversal phenomenon based on investor sentiment on the fluctuation of wealth mechanism.The model offers a partial explanation for the financial anomalies of excessive volatility and benefits long-term reversal.

Keywords:Investor SentimentTime-varying sentimentAsset pricing model

Political Election、Management Risk Preference Diversity and Corporation Investment

Chen ChengZhao Libin
（School of Accounting,Wuhan Textile University）

Abstract:Considering Chinese special system background,we study the effect of political uncertainty on the corporate investment from an angle of management risk preference.Our study found that,risk aversion management is more inclined to reduce investment expenditure under this background.Policy implications of this study is that the government should improve the existing system,reduce the external risk of political election to the enterprise investment,so as to ensure the stability of the company investment.For enterprises,they should improve corporate governance,and make reasonable investment strategies to help management hold cautious attitude in the face of external uncertainties.

Keywords:Political electionUncertaintyRisk preferenceCorporation investment

Research on the Cost and Benefit of Establishing a Traceable System of Dairy Enterprises

Li YuzeQiu Shuping
（College of Economics&Management,Tianjin University of Science&Technology）

Abstract:In recent years,many dairy enterprises are exposed major problems in the safe production,the State Food and Drug Safety Administration attaches great importance to this industry.Producers,consumers and governments give considerable attention to the dairy industry;the traceable system to track the quality and safety issues of dairy industry emerges gradually.This article studies the influencing factors and mechanism of cost-benefit on traceability system of dairy enterprises theoretically,and provides the basis for further research.

Keywords:Dairy safetyTraceable systemCostBenefit

Enterprise Working Capital Management Performance in Financial Shared Mode——A Longitudinal Case Study of Haier during 2007～2014

Jin Cancan1Wang Zhuquan1Wang Hailong2
（1.School of Management,Ocean University of China;2.Dagong Global Credit Rating Co.,LTD）