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2 ( ) , SEC(1971) 30%,,, (Arneson,1981a,1981b; Friedlob,1983;, Johnson and Racette, 1981; Wruck, 1989; Silber, 1991;Hertzel and Smith, 1993; Barclay, Holderness and Sheehan,2007) (discount) Wruck(1989), ( :600497; ) Barclay Holderness Sheehan(2007) (passive investor) (entrenchment) (2007), Hertzel Smith(1993),

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7 : 25% ) % ~ , 892, 400 (600531) 3.02% 2006, , 30.56, 18.58% , %, , 3,,, 0.56 ( ) :,,, 2,,,, %,,, 10%5%, (Jones, 1991; Dechow, Sloan and Sweeney,1995; Dechow and Dichev,2002;,1999;,2003 ),

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12 ( ) ,, (8)Arneson, G. S., 1981a, Nonmarketability Discounts Should Exceed Fifty Percent, Taxes 59, pp.25~31. (9)Arneson, G. S.,1981b, Minority Discounts Beyond Fifty Percent Can be Supported, Taxes 59, pp.97~102. (10)Barclay, Michael J., Clifford G. Holderness and Denis P. Sheehan, 2007, Private Placements and Managerial Entrenchment, Journal of Corporate Finance, 13,pp.461~484. (11)Dechow, P. and I. Dichev, 2002, The Quality of Accruals and Earnings: The Role of Accrual Estimation Errors, The Accounting Review, 77 (Supplement), pp.35~59. (12)Dechow, P., Sloan, R., Sweeney, A., 1995, Detecting Earnings Management, The Accounting Review, 70,pp.193~225. (13)Friedlob, G. T., 1983, What are the Effects of Differ- ( : ; : ) ing Types of Restrictions on Closely-held Stocks?, The Journal of Taxation,58, pp.240~243. ; (14)Hertzel, Michael G. and Richard L. Smith, 1993, Market Discounts and Shareholder Gains for Placing Equity Privately, Journal of Finance, 48, pp.459~485. (15)Johnson, R. D. and G. A. Racette, 1981, Discounts on Letter Stock Do not Appear to be a Good Base on Which to Estimate Discounts for Lack of Marketability on Closely Held : Stocks, Taxes, 59, pp.574~581. (1) :, (2) :,, (3) : (18)Securities and Exchange Commission, 1971, Institutional Investor Study Report (U.S. Government Printing Office,,, (4) :, Washington, D.C.)., (19)Silber, W. L., 1991, Discounts on Restricted Stock: (5) :, The Impact of illiquidity on Stock Prices, Financial Analysts, Journal, 47, pp.60~64. (6) :, (20)Wruck, Karen H., 1989, Equity Ownership Concentration and Firm Value: Evidence from Private Equity Financings,, (7) : Journal of Financial Economics, 23, pp.3~28. ( ) Perceived Uncertainty about the Environment: State, Effect and Response Uncertainty,The Academy of Management Review, 12(1), pp.133~143. (26)O ' Reilly, C. A. l., 1982, Variation in Decision - Makers' Use of Information Sources: The Impact of Quality and Accessibility of Information, Academy of Management Journal, 25(4),pp.756~771. (27)Oliver, C., 1992, The Antecedents of Deinstitutionalization, Organization Studies, 13(4), pp.563. (28)Peng, M.W.,2003, Institutional Transitions and Strategic Choices, Academy of Management Review, Vol 28,pp.275~ 296. (29)Pfeffer, J. and G. R. Salancik, 1978, The External Control of Organizations,New York, Harper & Row. (30)Robertson, M., 1996, Strategic Issues Impacting on Small Firms, Small Firms Contributions to Economic Regeneration, J. R. Blackburn. London, Paul Chapman, pp.59~71. (16)Jones, 1991, Earnings Management During Import Relief Investigations, Journal of Accounting Research, 29, pp.193~ (17)La Porta,R., Lopez-de-Silanes,F., Shleifer,A and Vishny, R., 2000, Investor Protection and Corporate Governance, Journal of Financial Economics, 58, pp.3~27.!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! (31)Rosenberg, V., 1967, Factors Affecting the Preferences of Industrial Personnel for Information Gathering Methods, Information Storage and Retrieval, 3, pp.119~127. (32)Sawyerr, O. O., 1993, Environmental Uncertainty and Environmental Scanning Activities of Nigerian Manufacturing Executives : A Comparative Analysis, Strategic Management Journal, 14(4),pp.287~299. (33)Thompson, J. D., 1967, Organizations in Action, New York, McGraw-Hill. (34)Vandenbosch, B. and S. L. Huff, 1997, Searching and Scanning: How Executives Obtain Information from Executive Information Systems, MIS Quarterly, 21(1), pp.81~107. (35) :,, (35) :,,

13 MANAGEMENT WORLD No ment the general path to and the method of controlling the prices of BSG. The Structure of Consumers Affects in the Context of the Chinese Culture and their Effects on the Equity of China s and Foreign Brands by He Jiaxun The academic world s operation of measuring consumers affection for brands differs at present, and quite limited is the cross-cultural study on the conceptualization of brand affect. In this article, we have formed the conception of brand affect in China s cultural background and offered a dual-dimensional measurement model that consists of "real emotion" and "assumed emotion". By the use of sampled-data, we have tested and verified the reliability and efficiency of our measurement, and have gauged its effect on the brand assets and the difference in the impact mechanism in terms of Chinese and foreign brands. The results show that the assumed emotion toward domestic brands has more effect on loyalty to brand and its results than foreign brands. The result of this study has, from a new aspect, revealed the variation in the shaping of Chinese and foreign brand asset and has important theoretical implications for management. Offering Benefit under the Cover of "Giving Grand Banquets" Directional Private Placement: The Phenomenon, the theory and the Institutional Origin:A Study Based on the Case of Yunnan Chihong Zinc & Germanium Co.,Led by Zhu Hongjun, He Xianjie and Chen Xinyuan In this article, based on the case of the directional private placement to the big shareholders (DPPTBS) of Yunnan Chihong Zinc & Germanium Co., Ltd., we have studied the problems of the benefit coordination between big and other shareholders which has occurred in the process of listed-companies carrying out the program of DPPTBS; we have further analyzed its theoretical foundation and the root in system. We have found that, although the big shareholders of Yunnan Chihong Zinc & Germanium Co., Ltd. have blown their own trumpet by saying that DPPTBS is the behavior of benefit coordination between the big and other shareholders, DPPTBS has become a tool with which big shareholders of listed companies have, in the process of implementing their plan of DPPTBS, tunneled their way to sending interest to themselves from the listed company. In our opinion, the existing DPPTBS, of which the general markets and the supervising departments have many great expectations as of financing and the improvement of company management, is essentially a "double-edged sword": only when the related binding conditions and the system prerequisites are met, can DPPTBS play its role efficiently. The article is of certain enlightening significance in the formulation of related policies, laws and regulations for DPPTBS, which is being gradually perfected. Editor in Chief: Vice Chief_Editor: General Editor: President: Sponsor: Add: Tel: Li Kemu Tian Yuan,He Shaohua,Lu Jian & Jiang Dongsheng Xie Yue Gao Yanjing Development Research Centre of the State Council,P.R.C. No.8 Dazhongsi,Donglou,Beijing,China (010) MANAGEMENT WORLD Original Name:ADMINISTRATIVE WORLD

( ) : ,,, 10 %,,, :,,,,, : (1) ; (2), ; (3), ; (4), ; (5) ( ), (2003),,,,,,, , 20,, ST,,,, :? ( ) 3 ( ) 77

( ) : ,,, 10 %,,, :,,,,, : (1) ; (2), ; (3), ; (4), ; (5) ( ), (2003),,,,,,, , 20,, ST,,,, :? ( ) 3 ( ) 77 2005 4 3 ( 100084) : 1998 2002,,, 10 %,,, :,,,,, : (1) ; (2), ; (3), ; (4),; (5) ( ),(2003),,,,,,, 1997 1, 20,, ST,,,,:? ( ) 3 (70473046) 77 :,?,, Modigliani Miller (1958), Jensen Meckling (1976),Grossman