铜模浇铸阳极铜脱模剂的应用

介绍了阳极铜浇铸工艺中硫酸钡脱模剂的使用现状,在此基础上研究了粒度、添加物以及水分对脱模剂使用的影响,通过生产实验得到了脱模剂的优化条件:添加10%B2O3、40%Si O2、5%Al2O3、5%Ca O,添加物粒度150-200在目的范围,铜模预热温度200℃-220℃;提出了一种改善脱模剂使用效果的研究路线。     

信息披露、公司规模与债券市场发展困境

我国债券市场面临着缺乏规模效益、发展不均衡等发展困境。通过实证结果表明：我国债券市场准入的门槛限制与公司信息披露质量不高是造成其发展困境的主要原因;在公司规模一定时,信息披露质量越高,债券融资比例越高;信息披露质量一定时,公司规模越小,债券融资比例越高。因此,降低债券市场准入的门槛限制,提高公司信息披露质量是促使我国债券市场走出发展困境的两个关键措施。     

Constructing a Multifactor Model for the Shanghai Stock Exchange

ABSTRACT

We examine the validity of five factor models for explaining the time-series and cross-sectional variations in stock returns in the Shanghai Stock Exchange. The factor models include four models proposed by previous literature. Moreover, we propose a four-factor model (comprising market, size, book-to-market, and sales-to-price factors) to explain variations of stock returns in the Shanghai Stock Exchange. The results show that the Shanghai stock market exhibits size, book-to-market, and sales-to-price effects. Both the adjusted coefficient of determination and regression model intercepts indicate that the proposed four-factor model explains variations of stock returns in the Shanghai Stock Exchange more effectively in comparison with other multifactor models.     

Nonparametric Evaluation of Economies of Scope in the Context of Technical Efficiency: The Case of Rice and Vegetable Farms in Korea

This paper provides a nonparametric evaluation of economies of scope in the context of technical efficiency allowing for non‐convexity, with an application to Korean rice and vegetable farms. Relying on non‐parametric‐free disposal hull and data envelopment analysis approaches and input–output data for rice and vegetable farms from the Korea Farm Household Economy Survey data collected in 2007, this article examines technical inefficiency and its decomposition under non‐convexity and convexity. Empirical measures of technical inefficiency and its decomposition results are provided, with a focus on a component of technical inefficiency associated with economies of scope (i.e. diversification benefits) under non‐convexity in production technology. The decomposition measures of technical inefficiency include pure technical inefficiency, size inefficiency and diversification inefficiency. The results provide empirical evidence supporting size‐dependent diversification strategies, where benefits of diversification are larger for small farms on average compared to those of large farms.     

Customs-related Transaction Costs,Firm Size and International Trade Intensity

customs are generally perceived as a time-consuming impediment to international trade. However, few studies have empirically examined the determinants and the impact of this type of government-imposed transaction costs. This paper analyses the role of firm size as a determinant of customs-related transaction costs, as well as the effect of firm size on the relationship between these costs and the international trade intensity of firms. The results of this study indicate that customs-related transaction costs repress international trade activities of firms, even at low levels of these costs. The paper identifies transaction-related economies of scale, simplified customs procedures and advanced information and communication technology as main determinants of customs-related transaction costs. It is shown that when these factors are taken into account, firm size has no effect on customs-related transaction costs. Policy implications are considered for firm strategy and public policy.     

Uncertainty and Growth of the Firm

Using data from a survey of 1,097 small and medium-sized non-listed Dutch firms we investigate the relation between growth of the firm and uncertainty. We focus on the impact of sales uncertainty on various types of investment. We find that sales uncertainty, measured by the conditional variance, has a mixed impact on various investment decisions. We include an analysis of the relevance of financial structure and firm size on the growth-uncertainty relation.     

Reexamining the Expected Effect of Available Resources and Firm Size on Firm Environmental Orientation: An Empirical Study of UK Firms

An emergent body of literature examined why some firms apply some environmental initiatives while other firms do not take responsibility for their natural environment? Thus, firm environmental orientation (responsiveness and performance) are linked in the literature to several variables. Unfortunately, the relationship between firm environmental orientation and either available resources or firm size showed mixed results and inconclusive evidence. Therefore, the aim of this paper is to show empirically how available resources and firm size can explain differences in firm environmental responsiveness and environmental performance. Econometric results of environmental responsiveness using the logistic regression model demonstrated that firm size does appear to add something unique in explaining differences in environmental responsiveness while available resource can be safely dropped from the model. However, econometric analysis of environmental performance using the maximum-likelihood random effects model showed strong evidence that available resources and firm size are significant predictors of firm environmental performance.     

Invariances and Diversities in the Patterns of Industrial Evolution: Some Evidence from Italian Manufacturing Industries

This work explores and compares some basic properties of corporate growth process at both aggregate manufacturing level and disaggregated sectoral levels. Using an extensive dataset on Italian manufacturing firms, we investigate which properties of firm growth dynamics are robust under disaggregation. We compare the results obtained with three different definitions of firm size, namely total sales, number of employees and value added. Our analysis suggests that while different sectors are characterized by significant differences in firm size distributions, in the degrees of concentration and in the autoregressive structure of the growth processes, there are also regularities which hold across all of them, such as the approximate unit root nature of the growth process and the power exponential shape of the growth rates density. Together, these “stylized facts” suggest challenging puzzles on the drivers of corporate growth and the resulting industrial structures.     

Modelling international tourism and country risk spillovers for Cyprus and Malta

Small Island Tourism Economies (SITEs) are developing sovereign countries that rely on tourism as a source of exports, and need a consistent inflow of foreign investment in order to facilitate economic growth. Access to international capital markets helps SITEs smooth out their consumption over time, while absorbing adverse domestic production shocks. This paper provides a comparison of tourism growth, country risk returns and their associated volatilities (or uncertainty) for 2 SITEs, namely Cyprus and Malta. Monthly data are available for both international tourist arrivals and composite country risk ratings compiled by the International Country Risk Guide (ICRG) for the period May 1986 to May 2002. The time-varying conditional variances of tourism growth and country risk returns for the 2 SITEs are analysed using multivariate models of conditional volatility. Empirical results show that Cyprus and Malta are complementary destinations for international tourists. Changes to tourism patterns in Cyprus lead to changes to tourism patterns in Malta. Hence, tour operators and national tourism promotion authorities in Cyprus and Malta should collaborate closely in marketing and promoting joint tourism products. Moreover, foreign entities interested in investing in the tourism sectors of Cyprus and Malta should consider investment projects that span a long period of time. The performance of the tourism sector and the associated composite risk are independent of each other for the two countries. However, there is a direct relationship between the tourism sectors of Cyprus and Malta and their respective country risk settings.     

我国存在最优政府规模曲线吗

本文运用格兰杰方法对我国1978-2004年政府支出与经济增长的因果关系进行检验,结果表明:经济增长是我国政府规模的格兰杰原因,但政府规模不是经济增长的格兰杰原因。这一结论说明我国并不存在最优政府规模曲线,但验证了瓦格纳定律,同时也为我国现阶段的财政政策取向提供了有益的参照。