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Success and Failure of the Overseas M&A-Cases of Chinese Enterprises
Ruo Nan Zhang,Tae Won Kang 전북대학교 산업경제연구소 2015 아태경상저널 Vol.7 No.2
Under the era of globalization, countries all around the world depend on one another. This trend allows international brownfield investment - mergers and acquisitions- to be an obvious feature of the world economy. As a member of the World Trade Organization, China has opened its economy. The economy enables Chinese firms to compete internationally. Compared with ones in developed countries, China’s cross-border investment is still at an infant stage in terms of investment volumes. Nonetheless, multinational corporations in China are growing. In this regard, it is necessary to do research on success and failure of Chinese firms’ international brownfield investment.
The Effect of Maturity Mismatch between Investing and Financing on Audit Pricing
YIN, Hong,ZHANG, Ruo Nan Korea Distribution Science Association 2020 The Journal of Asian Finance, Economics and Busine Vol.7 No.9
This research investigates the consequences of the increase in corporate use of short-term debt in China over the past decades. Using a sample of Chinese firms from 2007 to 2018, we empirically explore the effect of corporate use of short-term debt for long-term investment (SFLI) on audit pricing. We first examine the relationship between SFLI and audit pricing for different groups of firms. Then, we investigate the role of the increase in short-term debt in alleviating principal-agent conflicts and reducing agency costs. We have four primary empirical findings. First, auditors tend to charge SFLI clients higher fees. Second, the negative relationship between SFLI and audit fee is found in private firms, firms audited by Chinese domestic auditors, and firms with higher information asymmetry. Third, the time auditors spent on SFLI clients is significantly more than that spent on non-SFLI clients, suggesting that the decrease in audit fee is not due to the decrease in cost. Fourth, SFLI significantly reduces the agency costs of the firm, which auditors regard as a low risk signal and grant an audit fee discount. Our findings suggest that the decrease in debt maturity, not only influences managerial behaviors, but also influences auditors' risk assessment and pricing decisions.
Globalization Strategy for China's Film Industry
Zhao Ling xiao,Niu Jing,Zhang Ruo nan 한국유통과학회 2016 KODISA ICBE (International Conference on Business Vol.2016 No.-
China's film industry has a one-century-long history during which with the rise and fall of China's politics and economy. Nowadays China's film industry is faced both golden opportunities and unprecedented challenges. A large number of outstanding Chinese film makers have acted positively and the China's film industry has had a brand-new appearance. However, compared with other countries, China still has much room for development. Started from the present development situation of China's film industry, this thesis analyzed the development process of North America, South Korea film industry markets. Drawing their advantages and abandoning their disadvantages, this thesis comes up with some related adjustments in industry management system and development strategies. China's film industry not only enjoys room for improvement in film-making ideas and logical components, but also is categorized as a part of international economy because of the change in business philosophy.