Managerial Agency Costs of Socialistic Internal Capital Markets: Empirical Evidence from China

This study provides empirical evidence of managerial agency costs in socialistic internal capital markets. Listed Chinese companies are required to disclose the amount of resources that are reallocated to other firms of the parent company, which provides us with a direct measure of the socialistic subsidization of weak member firms by strong member firms within a business group. We hypothesize that in strong member firms, managerial compensation is less sensitive to firm performance because cross‐subsidization makes it difficult for group CEOs to hold the managers in strong firms accountable for their own firms' performance, and also increases the noise in performance measures. We also hypothesize that socialistic cross‐subsidization results in an increase in managerial agency costs of strong member firms due to the low pay‐performance sensitivity and low incentive to work hard. We document empirical results that are consistent with these two predictions.     

Entrepreneurship and industrial clusters: evidence from China industrial census

Small Business Economics - This article studies the synergy effect of entrepreneurship on China’s industrial cluster. We propose an extension to Duranton and Overman’s (The Review of...     

Is China’s Manufacturing Industry Efficient? Evidence from an Energy-Rebound Effect Perspective

Majority of the increase in global energy consumption is from China; hence, studying energy issues, especially in China’s manufacturing industry (CMI), is worthwhile and of much interest in the academic field. Based on the translog cost function, we develop a research framework to study the rebound effect of CMI. Considering the effect of asymmetric energy price, we augment the energy-cost function with asymmetric influence constraint of energy price. Again, we add time series data of CMI’s capital, labor, energy, and mid-input to the model to calculate the direct rebound effect of CMI. We find that the rebound effect of CMI is 44.2%, and CMI still has large energy-conservation potentials. Based on the results of this study, some policy recommendations are provided.     

物流整合与信息共享对企业绩效的影响——关系满意的中介效应

通过问卷调查对中国130家物流外包企业进行数据收集,本研究利用结构方程模型,实证分析了物流整合与信息共享通过关系满意对运营绩效的影响,以及关系长度对关系满意与运营绩效间关系的调节效应.研究表明物流整合促进企业绩效,同时与信息共享通过关系满意促进运营绩效,而关系满意对运营绩效有显著影响,且这种作用会受到合作关系的历史长度的影响.     

POSCO高级钢建材品牌INNOVILT概况

为了顺应建设施工行业的发展趋势,POSCO推出了高端钢建材品牌“INNOVILT”。为了入选INNOVILT品牌,钢建材制作企业必须全部使用POSCO的WTP钢材,并向POSCO提交申请书,通过品牌委员会评审之后,钢建材产品方可以INNOVILT品牌名义销售。终端用户若采用INNOVILT品牌,就意味着选择了绿色环保材料和解决方案。随着产品大纲的不断壮大,INNOVILT品牌产品将充分发挥高性能钢材的优势,在提高工程质量的同时,可缩短施工周期、节省施工成本,市场前景广阔。     

基于DEA方法的内外资星级酒店效率评价与差异分析——以东部省份14个城市为例

近年来,酒店投资规模不断扩大,但整体收益却不尽如人意,内外资星级酒店利润率差距明显。应用DEA方法对2011~2016年我国东部省份14个主要城市的内外资星级酒店效率进行评价,研究发现:从综合效率来看,虽然内外资酒店存在差异,但两者总体水平均较高,且两者波动趋势一致;从技术效率来看,外资酒店略高于内资酒店,两者差距不明显,且差距有缩小的趋势;从规模效率来看,内外资酒店均处于较高水平,但两者差距明显;从效率分类来看,不同效率水平下的内外资酒店技术效率和规模效率表现不同。据此,对内外资星级酒店综合效率与影响因素之间的关系进行了进一步研究。     

不同施钙水平下AMF对刺槐养分吸收的影响

采用盆栽实验研究不同施钙水平和接种不同丛枝菌根真菌(arbuscular mycorrhizal fungi,AMF)对刺槐生长状况及矿质养分吸收的影响。结果表明:适量施Ca能促进刺槐对氮和磷的吸收,当施Ca量保持在0.1~0.2g·L-1时,刺槐全氮和全磷含量在AMF、Ca的共同作用下达到峰值,但施Ca抑制了刺槐对钾的吸收。     

探讨水电暖安装施工技术中常见问题及措施

笔者根据多年工作经验,简要分析水电暖安装施工领域常见问题的应对措施。     

Industry competition in China: an external governance mechanism or an external incentive

We focus on the impact of industry competition on earnings management in listed companies in China. Empirical analysis reveals the following: (1) When competition within an industry is relatively low, it lowers the extent of earnings management; (2) when competition is relatively high, earnings management is promoted.; (3) within an industry, the more intense the competition, the more companies manipulate earnings when in an inferior competitive position; and (4) state‐owned enterprises that are at a competitive disadvantage within an industry rely more on real earnings management strategies, whereas these effects are insignificant in private firms.     

通过对比看印度教材《ASP.NET编程》的若干特色

教材是教学思想与教学内容的重要载体。从中印教材的编者队伍、内容组织、编排特点、知识结构的优化与学习方法等对比,感悟印度的《ASP.NET编程》教材在培养学生解决问题的能力和创新能力上极具特色,对计算机专业的课程改革由学科体系向行动导向课程模式的顺利转型具有重要的借鉴作用。