基于LCC理论的输电线路绝缘子选型研究

对于如何将全寿命周期成本（1ifecyclecost,LCC）管理应用于输电线路绝缘子选型的方案评价,目前的研究尚不多。结合各种类型绝缘子的运行性能及特点,以LCC理论为基础,对输电线路绝缘子全寿命周期内的各种成本进行分解计入,提出了输电线路绝缘子的全寿命周期成本模型,并对该成本模型进行LCC分析和LCC评价,建立起针对绝缘子选型的一整套LCC评价体系。然后结合某220kV输电线路绝缘子选型的实例,研究了LCC评价体系在输电线路绝缘子选型决策中的应用。通过对3种方案的比较分析,得出了输电线路绝缘子选型的技术经济综合最优方案。     

基于SPA的广东省区域经济脆弱性及障碍因素研究

运用集对分析法（SPA）从经济敏感性和应对性角度对广东省21个地级市经济脆弱性进行测度。研究表明：珠三角地区普遍具有较高应对性,但敏感性差别较大,其中深圳、中山、佛山因敏感性较低,经济表现出低脆弱性,而广州、东莞和珠海因敏感性较高,落入中等脆弱性区域。从广东欠发达地区看,东西两翼处于中等及较高脆弱性区域;山区普遍具有高敏感性和低应对性,其经济脆弱性最高。根据障碍因素分析,珠三角最主要障碍因素有R＆D经费/GDP、劳动生产率、消费率等,欠发达地区主要障碍因素是人均GDP、财政收入/GDP等。     

从股票错误定价看投资-现金流敏感性

在传统的投资-现金流敏感性研究基础上,本文运用中国上市公司2003-2008年面板数据,考察了盈余管理造成的股票错误定价对公司投资-现金流敏感性的影响.本文的实证结果表明:当股价处于上升通道中时(即投资者看好投资前景时),公司的投资-现金流敏感性较高,并且融资约束对公司的投资-现金流敏感性影响显著,但盈余操纵导致错误定价对公司投资-现金流敏感性影响不大;股指处于下降通道时,通过盈余操纵导致股价高估的公司,往往无法获得外部股权融资,只体现了更高的稳定股价和投资的意愿,因此,此类公司的投资-现金流敏感性较高.本文运用信息不对称理论,结合投资者情绪和管理者行为分析,对研究结果进行了解释并指出了后续研究的方向.     

经济先行指数与我国宏观经济增长的动态关系分析

信心与宏观经济波动关系的研究对改善和加强宏观经济管理具有重要意义。分析了我国企业家信心指数、消费者信心指数等7种经济先行指数与宏观经济增长的关系,结果表明,我国的经济先行指数与宏观经济增长之间存在着长期稳定关系,但各类经济先行指数对经济波动的敏感性差别较大,其中,企业家信心指数对我国宏观经济趋势的敏感性最强,消费者信心指数最不敏感。因此,为避免我国宏观经济的大幅波动,应通过财税政策和制度设计增强企业家信心。     

The evolution of financial constraints

We demonstrate that the severity of financial constraints has declined over time for two reasons: (i) improved access to external funds as evidenced by a decreased reliance on internal cash flows, and (ii) an inward shifting investment frontier with reduced investment opportunities. The decline in financial constraints coincides with the documented diminishing sensitivity of investment to cash flows, yet we show that cash flows remain a determining factor in helping constrained firms overcome restricted access to external capital. There is a flight-to-quality during economic shocks, where the adverse effects following periods of tightened credit are particularly pronounced for smaller firms, with larger firms appearing largely unaffected.     

银行高管薪酬具有风险敏感性吗？——来自中国上市银行的经验证据

基于我国经济转型期的特殊背景,运用2001—2012年间我国上市银行的数据,从银行风险承担角度检验了银行高管薪酬是否具有风险敏感性。研究结果表明,高管薪酬与风险承担间具有显著负相关关系,即风险承担对银行高管薪酬具有约束作用,也意味着我国上市银行的高管薪酬具有风险敏感性。进一步研究显示：董事会会议次数和独立董事规模未能对高管薪酬风险敏感性产生显著性影响,而董事会规模与风险承担对高管薪酬的约束表现出显著的相互替代关系,但这种替代关系仅体现在非国有控股银行中;另外,相对于非国有控股银行,高管薪酬风险敏感性在国有控股银行中显得更加显著,表明国有控股银行更加注重银行经营风险的控制。     

Chief Audit Executive as Supervisory Board Member and Executive Compensation Contracts

This paper studies a unique phenomenon in China's corporate governance—that chief audit executives (CAEs) sit on supervisory boards (CAE duality)—and examines its effects on executive compensation contracts. Using a sample of listed firms between 2010 and 2018, we find a significant positive relation between CAE duality and pay-for-performance sensitivity, which suggests that the dual position helps integrate monitoring resources and reduces agency costs. This positive relation is more pronounced when companies face a stricter monitoring environment and in non-state-owned enterprises (non-SOEs) than in SOEs. In addition, we find that the recent reforms on compensation strengthen the role of CAE duality in SOEs. Further analysis identifies the reliability of performance information (i.e., earnings quality) and reduced executive self-interested behaviours (i.e., perquisite consumption) as the influencing mechanisms that increase the demand for performance-based compensation and thus improve pay-for-performance sensitivity.     

Excessive managerial entrenchment,corporate governance,and firm performance

This paper investigates the differential impact of positive and negative excessive managerial entrenchment on the CEO turnover-performance sensitivity, CEO compensation, and firm performance. We measure the degree of managerial entrenchment using the E-index introduced by Bebchuk et al. (2009). Our findings suggest that an increase in excess CEO entrenchment reduces the likelihood of CEO turnover due to poor performance. We also show a positive association between excessive entrenchment and CEO compensation as managers gain more power and authority when they are entrenched. On the other hand, excess CEO entrenchment has an inverse correlation with firm performance and firm value. Overall, we propose that excessive managerial entrenchment has a converse impact on board monitoring and shareholders’ welfare.     

基于神经网络的建筑业碳排放强度预测——以京津冀为例

通过统计分析得出影响建筑业碳排放强度的13个影响因素,基于收集的京津冀相关数据,运用逐步回归分析找出其中6个关键因素.借鉴五折交叉验证解决数据稀缺问题,采用神经网络对京津冀建筑业碳排放强度进行预测.利用敏感性分析简化模型,筛选出4个核心因素.结果表明,此模型预测精度高达99％,同时根据挖掘出的核心因素和关键因素,提出建筑业节能减排的建议.