高原地区抗滑桩边坡稳定性分析

由于实际环境的复杂性与多变性,边坡自然沉积土体的强度参数均具有各向异性和非均质性,强度参数的改变对边坡安全系数具有影响。基于抗滑桩土拱效应的影响,考虑边坡土体强度参数的各向异性与非均质性,通过编程二次开发有限元软件,建立土体强度各向异性和非均质性的抗滑桩边坡模型,分析土体强度参数各向同性与各向异性条件下边坡安全系数的变化。研究结果表明,各向异性的非均质系数为0.5时,对抗滑桩边坡安全系数影响最大,比各向同性均质的边坡安全系数降低22.9%。与水平向黏聚力强度相比,垂直向对抗滑桩边坡稳定性影响更大,土体各向异性与非均质性对抗滑桩边坡稳定性分析十分重要。     

基于因子分析的新基建综合竞争力实证研究

为研究新基建发展水平,在对相关文献进行梳理的基础上,剖析新基建的内涵、特点和发展现状。通过构建新基建综合竞争力指标体系,基于因子分析法,采用省级面板数据对2021年我国的新基建综合竞争力进行分析与评价。结果表明：新基建存在“东强西弱”的区域异质性,东部地区新基建发展水平整体强于中西部地区;在各区域内部新基建发展水平也呈现出一定的不均衡性。最后针对新基建发展态势提出相关政策建议。     

套期保值与企业价值的文献回顾

论文对套期保值与企业价值的理论和实证研究文献作了系统的回顾,全面地归纳和总结了企业套期保值的动因,套期保值同企业价值的关系以及企业利用衍生工具进行套期保值的各种机制。大部分的实证结果表明,套期保值在不同程度上提高了企业的价值。论文的贡献在于对已有的研究方法进行了稳健性分析,并提出进一步的研究方向,包括扩展研究企业套期保值的工具和套期保值的程度;不同套期保值机制及其组合;对实证模型的变量及其关系做进一步的研究和分析;以及将套期保值的成本和损益作为实证模型中的控制变量,以使模型更完整。     

Corporate Venture Capital and Its Contribution to Intermediate Goods Firms in South Korea*

Set by government, corporate, financial and individual sources, venture capitalists in Korea have adapted themselves to the new and uncertain venture capital market through stand‐alone and syndicated investments. The present study raises questions about whether various financial sources contributed differentially to their portfolio firms during the market boom of 2000. Results show that no single capital source showed better performance, and only corporate venture capitalists contributed to intermediate goods firms. The latter finding might reflect the unique ability of corporate venture capitalists to use vertical value‐chain linkages for their investments.     

江苏民营制造企业竞争战略演化中组织资源的影响

文章以江苏272家民营制造企业为样本,探讨处于生命周期不同阶段企业取得竞争优势的竞争战略所构成的演化路径,以及组织资源对竞争战略演化的影响。研究表明,处于初创期、成长期、成熟期的企业,竞争战略呈现“没有明确战略一供应链和低成本战略一差异化战略”的演化路径。在竞争战略演化中,有形资源对竞争战略演化影响不显著,无形资源对差异化战略演化有显著影响,人力资源对低成本战略演化有显著影响。总体来看,人力资源是江苏民营制造企业竞争战略演化的主要推动力,无形资源的作用逐步增强。提升江苏民营制造企业竞争优势,需要加大对员工培训、技术、品牌等的投入,更好地发挥有形资源的作用。     

Heterogeneity of FDI Export Spillovers and Its Policy Implications: The Experience of China

This paper explores the magnitude and heterogeneity of foreign direct investment (FDI) export spillovers in China. Using a Heckman sample selection model estimated over a rich firm‐level dataset in China's manufacturing sector from 2000 to 2003, we find that FDI exerts significant impacts on the exporting behavior of domestic firms, and such impacts are heterogeneous in that some firms receive positive impacts while others receive negative impacts. The heterogeneity of FDI spillovers has significant policy implications as it indicates that government policies need to be more specific and targeted in order for the benefits of FDI to be reaped.     

内部治理、外部环境与农村家族式中小型企业成长

家族式中小企业组织是中国农村社会变革和发展进程中一项制度变迁和制度创新,与农村环境具有天然的契舍性,文章首先对其进行了界定分析了其特征,然后从内部治理和外部环境两个方面,对影响我国农村家族式中小型企业成长的因素进行研究,认为农村中小家族企业“家族化治理”的制度合理性和历史局限性是融为一体的,外部环境因素也对农村家族式中小企业的发展起到决定作用,政策建议提升农村家族企业家的综合素质,实施企业文化创新,改善农村外部环境。     

Aging Workforce,Firm Productivity and Labor Costs in Korea: Are Older Workers Costly to Firms?

Are older workers costly to firms? This study aims to investigate the relationship between an aging workforce on firm productivity and labor costs using a unique Korean firm‐level panel dataset (WPS) covering the period from 2007 to 2011. The primary results show no evidence of a negative relationship between the proportion of older workers and firm productivity, and no significant relationship between the proportion of older workers and labor costs. In addition, the findings of this study implies that failure to account for unobserved firm heterogeneity and endogeneity of changes in age structure biases the results toward finding a correlation between the age structure of workers and firm productivity and labor costs. Consequently, there is a tendency to underestimate the true value of older workers for firms.     

会计稳健性、高管团队特征与债务成本关系研究

文章选取2014年部分A股上市公司为研究样本,检验了会计稳健性对企业债务成本的影响,以及高管团队平均和异质性结构对二者关系的影响。研究结果表明,会计稳健性与债务成本负相关,公司会计稳健性越强,债权人所要求的补偿越低,公司债务成本越低;高管团队平均年龄、平均教育水平、男性占比、年龄异质性和教育水平异质性显著影响会计稳健性与债务成本的关系。文章的研究结论有利于从高管团队建设的视角,选择合理的会计稳健性政策,降低企业的债务融资成本。