Volatility of accounting earnings

The theoretical derivation of the volatility of accounting earnings is an important topic. Not only does it concern the uncertainty in earnings measurement, but it also allows for an objective comparison between different accounting allocation procedures. An accounting allocation that yields a lower volatility of earnings can be desirable because it makes periodic earnings better estimates of underlying long-term earnings of a firm over time. Based on this information, accounting professionals can make more rational judgements of the most appropriate accounting method to be used in preparing financial reports. This paper shows how to calculate the volatility of earnings under uncertainty across a range of different scenarios.     

Greasing the wheels of bank lending: Evidence from private firms in China

Bribery, rather than firm performance, largely determines the extent to which private firms access bank credit in China. Bribery enables an economic outcome whereby firms with better economic performance are awarded larger loans. These firms also pay more in terms of bribes. Although satisfactory firm performance does determine whether firms can access loans, it does so only for loans originated by the big-four banks. For loans originated by smaller banks, performance is not essential for firms to secure loan access. Our evidence sheds light on the surprising finding of earlier studies that Chinese banks use commercial logic in their lending practices despite being endowed with a weak institutional framework.     

机构投资者持股、盈余管理与市场反应

由于会计信息的专业性,个人投资者往往难以从会计数据中识别盈余管理;而作为投资专家的机构投资者能否识别盈余管理,并将其融入到市场价格机制中则成为人们关注的焦点。通过检验机构投资者持股对公司股票累计超额报酬率和盈余管理之间关系的影响,研究发现:机构投资者持股较高的股票的超额报酬率与正向操纵性应计利润显著负相关,说明机构投资者股东能从会计信息中识别公司的盈余管理行为,并将其反映到市场价格机制中去。     

长三角文化的累积与裂变：吴文化——江南文化——海派文化

中华文化主要是由南北二元耦合的，北方以黄河文化为标识，南方以长江文化为标识。长江文化主要分三个组成部分，即巴蜀文化、荆楚文化和吴越文化（按照地域概念命名）。其中吴越文化由于历史的原因一般由“吴文化”概念来涵盖，按照地域来说，就是长江中下游文化，主要指今天我们所说的长江三角洲地区。     

Effects of corporate governance on risk taking in Taiwanese family firms during institutional reform

Can internal corporate governance mechanisms (such as boards of directors) and external corporate governance mechanisms (such as institutional reform) promote risk-taking behavior in family firms? This paper argues that conflicts between majority and minority owners, known as principal–principal conflicts, and cronyism in the board of directors affect firm risk taking. Moreover, institutional corporate governance reform to appoint outside directors may not have an immediate effect on reducing these problems. Based on a sample of family firms in Taiwan, we find that outside directors reduce the negative relationship between family ownership/involvement and risk taking. However, when their influence is examined further, it is found that in those sample firms that went public after institutional reform, outside directors did not improve the relationship between family ownership/involvement and risk taking.     

高新园区产城融合的模糊层次综合评价研究——以上海张江高新园区为例

产城融合是一定区域范围内产业发展与城市功能协同共进、良性互动的一种科学发展状态,是城镇化与高科技结合的理想形态.本文构建了高新区产城融合评价指标体系,以张江高新区为例,运用模糊层次分析法对其产城融合度进行综合评价,结果表明张江高新区产城融合已达到较高水平,环境、安全等城镇化质量指标对产城融合起到了至关重要的推动作用,最后提出相关对策建议.     

Foreign direct investment and wage differentials in Taiwan

Abstract

The ease of restrictions on foreign direct investment in China since 1990 has attracted a continuous and dramatic flow of outward investment from Taiwan to the mainland. At the same time, the relative wages for skilled workers in Taiwan have risen mildly despite a rapid increase in the share of educated workers in its labor market. The aim of this paper is to explore the linkage between capital outflows to China and the wage share of skilled workers in Taiwan over the period 1991 – 2001. We find that the pattern of changes in relative wages is consistent with shifts in the relative demand for skilled labor. For the most part, the increases in the relative demand for skilled workers could be attributable to within-industry factors. Findings also indicate that outward direct investment to China has a significantly positive impact on the skilled labor wage share.     

基于连锁加盟形式的大学生创业模式选择——基于温州的调查分析

随着高校毕业生就业形势的日趋严峻,加上国家、社会和高校对大学生创业支持力度的加大,越来越多的大学生开始了自主创业,而连锁加盟凭借其在中国的蓬勃发展和自身独特的经营优势,成为大学生创业首选的一种新模式。通过问卷调查实证分析了温州地区连锁加盟店铺的经营特点,该创业模式对缺少资金、技术和管理经验的大学毕业生具有很强的吸引力,由此推断大学生采取连锁加盟方式创业的具有可行性。     

民国时期的旅行社述论

民国时期旅行社的研究主要集中于对中国旅行社的研究,对当时存在的其他旅行社的系统研究较缺乏。由于背景的特殊性,民国时期的旅行社包括专业性旅行社和非专业性旅行社。当时旅行社开展的主要业务涉及交通、食宿、游览、娱乐等方面,为游览者提供了便利。在当时经济环境、交通环境及政府支持的共同作用下,旅行社的规模不断扩大。但作为中国的旅行社起步阶段,民国时期的旅行社具有明显的时代性和历史局限性。     

单发性裸鼠人肝癌实验模型的建立

为了建立单发性人肝癌动物模型,将1×107个/mL Bel -7402细胞接种于5～6周龄裸鼠左右侧颈背部皮下,待瘤体积约为2 cm3时,取其瘤组织,剪碎,制成悬液,再接种于实验裸鼠右侧颈背部皮下,每日观察裸鼠的成瘤情况,测量并计算其瘤体积及生长率,大体解剖濒死荷瘤鼠,取瘤组织做病理形态学检查。结果显示：裸鼠单发性人肝癌移植瘤的成瘤率为96％,移植瘤生长快,不发生转移,具有肿瘤形态、肝癌组织特点及肝癌细胞超微结构的形态学特征。成功构建了单发性裸鼠人肝癌模型,是进行生物学研究尤其是治疗药物筛选研究的一种理想的肝癌动物模型。