Is the relationship between investment and conditional cash flow volatility ambiguous,asymmetric or both?

We investigate the effect of cash flow volatility on investment. Our evidence suggests that financially constrained firms decrease investment (i) when experiencing persistently high volatility; (ii) when experiencing both high volatility and negative cash flow growth realisations; and (iii) when holding low cash levels and experiencing both high volatility and a negative cash flow growth realisations. In financially unconstrained firms, the above effects are either not found or are of relatively low economic importance. Overall, our findings lend support to the financial flexibility literature and tend to contradict predictions of the real options literature.     

Spatial Pattern of Tourist Flows Among the Asia-Pacific Countries: An Examination over a Decade

The spatial dimension of tourism provides insights about travel demands and travel flows and helps destinations in planning, development and management. The last decade has witnessed a steady and rapid growth in the Asia-Pacific region's tourism industry, in terms of both inbound and outbound travel. This particular study aimed to: (a) provide information and explore the changes on the nature of travel flows as measured by the tourist arrivals among the Pacific Asia Travel Association (PATA) member countries for the years of 1995 and 2004; (b) assess general propensity to travel among PATA countries using the concepts of Country Potential Generation Index and Gross Travel Propensity; and (c) examine the shift in the past decade in terms of the relative tourism generation power of PATA countries by comparing and contrasting the 1995 and 2004 indices. The results of the study provide an overview of the spatial patterns of travel flows and travel propensity in Pacific Asia region over a 10-year period. The study demonstrates that the functions of travel flows and indices are complementary and provide an informative picture of spatial travel behavior and demand.     

基于作业流程的国际海空联运航线成本分析

根据海空联运的操作流程，海空联运航线成本可分为海运段成本与空运段成本，每个阶段的成本又由始发地费用、运费、目的地费用三部分组成，所有成本按重量分等级计算海空联运航线单一费率，最后以上海-迪拜-汉堡航线海空联运的案例作了进一步说明．     

速生造林项目投资的一种仿真优化方法

造林项目预期现金流量的影响因素较多,经营过程中需综合考虑以达到最优配置。通过确定速生造林项目现金流量种类,分析其影响因素、发生过程及变化规律,以对各种现金流量建模,并利用计算机软件建立仿真模型。为获得最优净现值,对有决策意义的影响因素进行优化求解,并通过人工测试或系统重复运行找到最优方案。     

"后金融危机时代"外贸企业的现金流控制

现金流对于外贸企业而言生死攸关,然而传统的财务记账方式一定程度上不能及时、有效地反映外贸企业在货币汇兑中的损益。在目前经济尚未完全复苏的情况下,外贸企业的现金流控制成为至关重要的问题。     

山东省入境旅游流的时空结构研究

山东省旅游责源丰富,近年来入境旅游业发展迅速,游客数量和外汇收入均居全国前列.本文通过对山东省入境旅游流的时间和空间结构分析发现,改革开放以来山东省的入境旅游流可分为三个增长阶段,整体呈上升趋势;游客以外国游客为主,港澳台游客年度波动较大;客源国比较集中,入境旅游业发展不稳定,受我国和客源国的经济、政治等因素影响明显.     

Vector network equilibrium problems with capacity constraints of arcs

In this paper, we study a (weak) vector equilibrium principle with capacity constraints of arcs and common arcs in some different paths. We obtain some necessary and sufficient conditions for a (weak) vector minimum cost flow. By virtue of a (weak) Δ-equilibrium principle, we also derive some necessary and sufficient conditions for a weak vector equilibrium flow.     

Do hotel REIT companies face investment constraints? A comparison with C-corporation hotel companies

This study investigates whether corporate investment by REIT hotel companies (hotel REITs hereafter) is more constrained than investment by C-corporation hotel companies (hotel C-corps hereafter). The investments of hotel REITs and hotel C-corps are examined by comparing the sensitivities of investment to cash flow and investment opportunities between the two groups. Results show that the sensitivity of investment to cash flow is positive and significantly higher for hotel REITs than for hotel C-corps, suggesting that hotel REITs are likely to experience more constraints on their corporate investment. This finding suggests that hotel firms and owners should be more cautious about electing to be a REIT if they are planning large investments in the future. In addition, this finding has policy implications; even a small reduction in the rate of mandatory dividend payouts could significantly increase hotel REITs’ corporate investments.     

再论三峡库区旅游地空间的变动与重构——对《论三峡库区旅游地空间的变动与重构》的检验与发展

文章在梳理总结现有三峡旅游地空间结构研究的基础上,以2003～ 2009年三峡旅游地15区县的国内游客数和国内旅游收入数据为基础,运用位序—规模律对空间结构的变动进行了量化研究.文章发现,三峡旅游地总体上已经从空间极化阶段向均衡阶段转变,旅游产品变化、旅游交通完善和政府主导的跨区旅游企业整合等是影响空间重构的主要因素,并还将持续发挥影响.目前三峡旅游地已经形成了以万州和宜昌(夷陵—秭归)为组织核心,东段以三峡大坝—巫山—奉节为主要旅游吸引物,长江主航道、沪蓉、沪渝高速为主要轴线的旅游空间结构,但西段旅游组团的核心由丰都转为武隆,更多地表现为重庆都市圈旅游的特点,旅游空间结构的“东西分化”趋势明显；并有沿大宁河、神农溪等跨区旅游合作轴线向神农架和恩施州南北扩张的趋势.     

型钢混凝土梁-角钢混凝土柱节点的设计

节点为框架结构的关键部位,对结构受力有重要的影响。采用有限元软件ABAQUS,在已有型钢锚脚的梁柱节点试验结果的基础上,给出了节点的设计方法及构造措施。