Timing earnings

Since the opening of China’s securities market, there have been a number of bull and bear cycles. This paper discusses how executives use the market timing approach to manage earnings in different cycles to maximize firm value. We find that Chinese listed companies choose to release more earnings during bull markets and this phenomenon is more evident in companies that are more profitable and have higher valuations. We also find that executives who do not release more earnings during bull markets are more likely to be dismissed.     

红砂岩地区基坑开挖对周边建筑物的影响

本文通过对衢州地区的一个深基坑工程周边的学校食堂、宿舍的建筑物沉降的监测和分析,探讨了红砂岩基坑开挖对周边建筑物产生的影响。监测结果表明,基坑开挖会引起周边建筑物不同程度的沉降变形,且主要发生在基坑开挖前的打桩阶段和基坑开挖阶段。两栋建筑物的沉降累计值基本已超过20mm,且最大的沉降量已接近40mm,较大程度超过房屋沉降监测警戒值,说明开挖的施工方案有待于进一步优化,此结论对于红砂岩地区基坑工程施工具有重要的工程意义。     

How Central Is Too Central? Organizing Interorganizational Collaboration Networks for Breakthrough Innovation

Firms increasingly look to collaboration with alliance partners in their quest for breakthrough innovation. But how does the position of a firm in its alliance network weighted by the centrality of its partners—a concept which we term “partner‐weighted alliance centrality”—and the heterogeneities in the types of partners that it cooperates with—in terms of its private‐public collaboration—influence this quest? Using longitudinal data from the U.S. pharmaceutical industry, we build alliance networks in the period 1985–2001 to investigate these questions. We show that, for breakthrough innovation, collaborating with more partners that are more central in alliance networks the better, but only to a point. Beyond that point, we find that the likelihood of achieving breakthrough innovation drops. Furthermore, and looking at the kinds of knowledge provided by the partners in each firm's alliances, we report that firms with a greater share of private partners, relative to public partners, suffer less from the diminishing benefits of collaboration with central partners when developing breakthrough innovation. Taken together, we make novel contributions about how to organize for breakthrough innovation, and provide actionable managerial advice in terms of selecting collaborative partners in alliance networks.     

未来城市:迈向可持续的垂直城市主义——“世界高层建筑与都市人居学会(CTBUH)2014全球大会”综述

地球上人类的生存依赖于我们对城市的革命性重塑。人们需要考虑每一座建筑是如何在和谐的城市整体中与其它建筑相互作用的,即最大化利用城市和建筑的基础设施、共享资源、生产并储存能源以及探索全新的方式来提升建筑在物质、环境、文化与社会方面为城市做出的贡献。     

我国营养健康食品的发展

随着时代的不断进步和社会经济的不断发展,食品工业在我国的地位也在不断提升。食品的营养与健康越来越成为人们关注的焦点,选择营养健康的食物已成为当下消费者的主要需求。     

中小型高新技术企业初创期融资风险评价——基于模糊支持向量机融资风险评价方法

本文提出了基于模糊支持向量机的融资风险评价方法。该方法能够对融资风险进行有效地评价,从而为防范和规避融资风险提供依据。     

沈阳文化创意产业发展前景研究

文化创意产业是经济发展方式转变、产业结构优化升级的重要增长点。作为老工业基地,沈阳具有丰富的工业和文化资源,但文创产业缺乏核心竞争力。文章分析了文化创意产业的实质,总结了沈阳文化创意产业发展的现状,从政府、产业角度提出未来发展的对策建议。     

新形势下高职院校大学生志愿服务城市社区的若干探索

本文通过实地走访调研某高职院校大学生志愿者参与城市社区志愿服务活动,探讨存在的困难与问题,并提出建议。     

上市公司薪酬激励与独董监督决策研究

当前中国上市公司独立董事收入主要为固定薪酬,有效薪酬激励欠缺必将影响独立董事监督效果.能否建立有效的独立董事薪酬激励,令其发挥监督职能,直接关系到公司治理的成败.文章构建了不同薪酬激励下独立董事监督和大股东掏空决策的演化博弈模型,运用演化博弈方法分析了不同薪酬激励下独立董事和大股东的策略选择过程,论证了薪酬激励对独立董事监督职能发挥的影响.研究结果表明:在将独立董事薪酬分为固定薪酬和可变薪酬的基础上,当给予独立董事固定薪酬,固定薪酬的大小对于独立董事在董事会上提出异议履行监督职能不会产生影响,而如果能够给予独立董事随中小股东等外部投资者的收益升降而增减的变动薪酬,则会激励其有效履行监督职能等行为带来正向的影响.     

基于性能化的工业建筑抗震设计分析

本文提出来在重要的不规则的工业结构设计过程中采用性能化抗震设计的方法及实现。主要阐述了结构抗震性能目标的确定方法,文章结合设计实例分析建筑结构的是否满足选定的抗震性能设计,旨在为其他建筑的抗震设计提供参考和借鉴作用。