巴西现代农业的发展及其对我国的启示

巴西现代农业的主要特点是:农业资源开发潜力大,重视创汇农业和生态农业的发展,生物技术应用广泛以及农业机械化程度和农业合作化程度高。其对我国的借鉴与启示是:重视农业科技发展、建立完善的现代农业支持体系、加强农工贸一体化的农业产业化经营、充分发挥各种行业协会和合作社的作用、完善农业科技推广体系和加强农业信息技术发展。     

以具有中国特色的学术成果开展国际学术交流的实践与认识

本文由三个部分组成： 第一部分：“学科建设的指导原则”论述了为创建具有中国特色的管理会计新体系，应遵循“以我为主，博采众长、融合提炼，自成一家”的方针，进行学科建设 第二部分：“开展国际学术交流的指导原则”论述了为成功地开展国际学术交流，应坚持自主性与开放性相结合，从严要求，不卑不亢，凸显中国学者优良的气质与风范 第三部分：“二十多 年来开展国际学术交流历程的简短回顾”指出其历程可大致细分为：破冰之旅、凸显中国特色，从更深层次凸显中国特色以及2005年集大成之作。     

医疗垃圾焚烧实验研究

医疗垃圾的数量与日俱增,与生活垃圾相比医疗垃圾带有大量的病毒和细菌,医疗垃圾进行无害化减容化处理是目前迫切需要解决的问题.采用流化床焚烧炉来焚烧医疗垃圾是一种比较高效节能并节约投资的方法.分析了多组分垃圾燃烧特性的基础上通过小型流化床燃烧试验,在增加垃圾热值、加快反应速度、寻求最佳床温和燃烧时间等因素方面研究了如何高效处理医疗垃圾,并使其烟气和灰渣符合排放标准.     

Modelling short- and long-term effects in the aggregate demand for soft drinks

A dynamic regression model for non-durable commodity demand is specified based on the additive unobserved components seasonal model with causal variables. The seasonal component which includes retailer stock effects is modelled as a seasonal ARMA process with fixed temperature effects. The non-seasonal component incorporates both short-run consumer responses and long-run adaptation to steady-state growth paths. Aggregation effects on per capita demand caused by the increase of new consumers as real income grows are investigated and the resulting growth trends accounted for. It is shown that neglecting these trends in the long-run adaptation process is likely to produce biased predictions and misleading estimates of crucial response parameters.     

旅游合同若干理论问题之批判研究

旅游合同属服务合同。旅游合同应涵盖内部旅游关系和外部旅游关系,其本质在于服务性。旅游合同 具有附延缓期限,生效于成立之后的旅游开始。     

Future Realized Return,Firm‐specific Risk and the Implied Expected Return

In this paper, I propose a novel approach to derive a firm‐specific measure of expected return. It builds on recent accounting‐based valuation models developed by Clubb (2013) and Ashton and Wang (2013). The measure is intrinsically linked to commonly used financial ratios, including book‐to‐market, (forward) earnings yield, and dividend‐to‐price, as well as growth and past returns. The empirical evidence shows that it is significantly positively associated with future realized stock returns and also significantly correlated with commonly used risk characteristics in a theoretically predictable manner. The results are likely to be of interest to practitioners and managers in making capital allocation decisions and to academics in need of proxies for firms’ discount rates and expected returns.     

套息交易对中国短期资本流动的影响——基于动态资产组合理论的研究

本文基于动态资产组合最优权重的变化研究套息交易对中国短期跨境资本流动的影响。通过将人民币套息资产、美元无风险资产和美元风险资产作为基础资产,构建国际投资组合,计算动态最优权重并考察其对中国短期资本流动的影响。结果显示,当汇率及利差等状态变量随时间发生改变时,套息交易资产组合的最优权重也会随之发生改变,且能显著地解释我国短期资本流动的变化,但套息交易的资产配置并不是导致当前我国资本流动出现趋势性变化的根本原因。     

产权性质、客户集中度与营运资金动态调整

以2007-2015年我国 A股上市公司为样本,从动态的角度实证研究客户集中度对营运资金管理活动的影响,并考察不同产权性质下影响的差异性.研究结果表明:我国上市公司营运资金存在着目标值,客户集中度是影响企业目标营运资金需求的一个重要因素,并对企业营运资金的偏离程度和调整速度有着显著的影响.具体而言,客户集中度越高,其实际营运资金偏离目标水平的程度越大,且向目标营运资金水平调整的速度也越快;进一步研究发现,客户集中度对营运资金动态调整的影响在不同产权性质下存在着异质性,相对国有企业而言,客户集中度对营运资金偏离程度及调整速度的影响在非国有企业较为显著.     

Determinants and value of enterprise risk management: empirical evidence from Germany

Enterprise risk management (ERM) has become increasingly relevant in recent years, especially due to an increasing complexity of risks and the further development of regulatory frameworks. The aim of this paper is to empirically analyze firm characteristics that determine the implementation of an ERM system and to study the impact of ERM on firm value. We focus on companies listed at the German stock exchange, which to the best of our knowledge is the first empirical study with a cross-sectional analysis for Germany and one of the first for a European country. Our findings show that size, international diversification and the industry sector (banking, insurance, energy) positively impact the implementation of an ERM system, and financial leverage is negatively related to ERM engagement. In addition, our results confirm a significant positive impact of ERM on shareholder value.     

Study of Effective Corporate Tax Rate and Its Influential Factors: Empirical Evidence from Emerging European Markets

This article examines the driving factors of the effective corporate tax rate (ECTR) for a sample of companies listed on five Eastern European stock exchanges (Romania, Hungary, Poland, Bulgaria, and Slovenia), covering the period 2000–2016. The empirical research covers variables regarding firm characteristics (e.g., profitability, efficiency of assets, indebtedness, liquidity, and solvency), firm-level controls, auditing fees, and the statutory rate. The estimated panel data models provide support for a positive link between the ECTR and profitability, debt, capital and inventory intensity, firm size, and statutory rate, strengthening the validity of political cost theory. Further, the negative link between market capitalization and assets growth supports the idea of political power theory.