道路运输行业面向节能减排的I/M制度检测方法研究

I/M制度是保证汽车处于良好的技术状况,投资最少、最有效、最根本的途径。文章介绍了适用于我国道路运输行业现状的I/M制度在实施时所能采用的检测方法。并且对这些检测方法进行了详细的分析及比较。     

The impact of firm strategy on performance measures used in executive compensation

We investigate the relationship between firm strategy and the use of performance measures in executive compensation. Our analysis shows that there is an increased emphasis on sales in the determination of executive compensation for firms pursuing a cost leadership strategy, which seek to achieve their competitive advantage through low price and high volume. In contrast, there is a decreased emphasis on accounting measures in firms pursuing a differentiation strategy, which require investments in brand recognition and innovative products, investments that are subject to unfavorable accounting treatment. These results indicate that compensation committees link executive rewards to firm strategy.     

关于旅游业跨国经营动因的思考

政府一方面是以各种各样的优惠政策积极吸引外资投资中国旅游业,另一方面又在积极推动本国旅游企业走出去跨国经营。对于这种似乎矛盾的现象需要从旅游业跨国经营的动机、跨国经营优势交换及全球化学习背景下的整体利润观等角度进行解读,对跨国经营优势概念也需要从体系化角度进行新的解读。     

跨国公司环境责任研究——对传统观点经济学分析的修正

在寡头垄断市场条件下,只要总收入的价格弹性大于总成本的价格弹性,公司就能从承担环境责任中获利,获利的多寡取决于需求曲线的价格弹性。进一步将修正扩展到多国模型,结论显示:只要满足上述条件,跨国公司承担环境责任,以无污染的方式生产产品,全球市场价格上升,需求量下降;但总收入随价格上升而增加,利润率水平随价格上升而上升。     

股权结构对上市公司并购绩效影响的实证研究

本文结合我国上市公司股权结构特征,分析了股权结构对并购绩效的作用机理,并对其进行实证研究。研究表明:国有股东属性与公司并购绩效正相关;第一大股东持股比例越高,并购绩效越差;其他大股东的制衡能力越强,公司并购绩效越好。     

基于状态空间模型的中国房价变动的影响因素研究

本文选择1999至2009年的中国房屋销售价格指数、GDP、货币供应量M2和人均可支配收入的季度数据作为研究样本,通过建立状态空间模型并运用卡尔曼滤波对其估计和分析,分别得到了以上因素对房价影响力的动态特性。由此得出的结论主要包括：人均可支配收入和货币供应量是长期内影响房价的两个主要因素,前者对房价的影响稳定而后者的影响波动较大,此外GDP是另一个对房价影响稳定但影响力稍弱的因素;在2009年中国总体房价快速上涨的过程中,货币供应量对房价的影响强度明显超过了其他两个因素。     

Willingness to pay for brands: a cross‐region,cross‐category analysis

Using survey data collected in multiple locations (California and Texas in the United States and Revohot in Israel), we quantify category‐ and location‐specific variations of consumers’ willingness to pay (WTP) for brand products after controlling for consumer characteristics. We find that consumers have a similar qualitative assessment of brand value in different product categories across different locations. That is, consumers have a stronger preference and higher WTP for brands in consumer electronics, followed by clothing and then processed food, and the lowest in fresh produce. Furthermore, we simulate price premiums and market shares of brands relative to generic products in different categories. Simulation results suggest that brands in fresh produce have the highest price premium but lowest market share. Despite the similarities, the magnitude of WTP for brands as well as the simulated price premium and the corresponding market share in the same product category are location variant. The similarities and dissimilarities suggest validity of having global brand strategies adapted to local conditions, that is, the so‐called “thinking globally and acting locally” strategy.     

跨国公司与东道国当地企业的合作方式及其经济内涵

跨国公司与东道国当地企业的合作存在五种形式：一是与供给商的合作；二是与客户的合作；三是与竞争者的合作；四是与技术伙伴的合作；五是具有外溢效应的合作。采用何种形式的合作，取决于TNC要实现的目标以及SME的合作能力；为建立与TNC更加紧密的合作关系，在东道国政府制定相关鼓励政策的同时。SME还应努力提高人员素质和技术水平，以增强自身的合作能力。     

Determining fair values of performance‐vested and forfeiture‐embedded employee stock options

This study provides a new approach to determine the fair value of ESOs by extending the performance‐vested option pricing model. The model developed in this study takes both vesting period and forfeiture rate into consideration to capture characteristics of ESOs. Empirical and sensitivity analyses give evidence for the importance of these two elements. Empirical results also support that the derived model can be employed to increase the accuracy of ESOs’ fair value.     

Dividends,research and development expenditures,and the value relevance of book value for UK loss-making firms

We extend prior research on the value relevance of accounting information for loss-making firms by allowing the coefficient of book value to vary across three distinct set of loss-making firm observations in our valuation model. Our key findings are, first, that book value is a less important determinant of equity value for either high R&D-intensive firms or dividend-paying firms, relative to firms with low R&D-intensity and zero dividends. Prior literature suggests that book value is a strong indicator of firm value for loss-making firms. This reasoning stems from book value's role as: (i) a proxy for the value of the possibility of abandoning or adapting the firms' net assets; and/or (ii) a proxy for expected future normal earnings. Our work suggests that this prior literature does not fully capture the valuation role of book value for loss-making firms. Second, we also find that dividends are value relevant, but generally only when the valuation role of book value is contextualised by allowing its coefficient to vary across high R&D-intensive firms, and dividend-paying, loss-making firms.