This paper explores the industrial environment captured by factors of technological innovation rate and market size,through a method of literature-based competitive alliance counting from empirical events of home and abroad.The result shows that competitive alliances occur in sectors with their market size and technological innovation rate at both high or both low levels,whereas competitive alliances are more frequently happening in industries with both high levels of market size and technological innovation rate,such as transportation equipment,communications,computer and electronic equipment,chemical materials and chemical products,The conclusions provide reference and implications for the implementation and management of competitive strategic alliances.

The paper examines the relationship between managerial ownership and firm performance for 66 samples of Chinese public state-owned enterprises(SOEs) privatized by doing Management Buyout(MBO) over the period from 1997 to 2009.The empirical results indicate that managerial ownership has a negative effect on firm performance in the short term,but it does not in the long term.Considering the influence of changing of managerial ownership on firm performance,if there is a high-low percentage of changing(+31%~+50%,-31%~-50%),management buyout would exert positive influence on firm performance.

<正>一、引言大力发展第三产业是加快推动我国经济发展方式转变的一个重要方向,旅游业作为第三产业中的重要行业,其发展现象和水平值得关注。我国旅游企业由于发展起步晚,在投资规模不断扩大的同时,投融资结构也呈现出不平衡的状态。

本文从不完善因素出发对相关公司财务理论进行了系统的回顾,重点阐释了在税收、破产成本、代理冲突以及信息不对称等不完善因素的作用下,公司投融资决策间的相互作用关系。

委托代理是现代公司的典型特征,公司中广泛存在的代理冲突通常会导致投资决策的非最优化。因此,关注委托代理关系下公司投资决策的非效率问题,并为之提供相应的对策成为了学术界的焦点问题。文章从股东债权人代理、股东经理人代理以及大小股东之间的代理三个方面对公司投资过程中的非效率问题进行了研究,并相应地分析了非效率投资行为的治理途径。

This paper analyzes equity-holders' investment and financing decisions under the real option models.The analysis on these models highlights interaction effects between policies of investment and financing,and the fact of being determined simultaneously.The results hold that it is the only way maximizing the value of stockholders that decision-makers realize interactions of investment and financing,and harmonize these two decisions each other.This conclusion can help us harmonize investment decisions and financing decisions each other,and improve efficiency of investment and financing,hence better performance for enterprises.