家族企业代际间双向利他行为交互效应的探索

以血缘、亲缘为纽带的情感维系以及由此引发的一系列利他行为是家族企业治理的显著特征之一。文章以利他行为发出者的不同将家族企业利他行为分为垂施利他和反哺利他，一方面分析垂施利他的影响因素和行为呈现，另一方面将研究重点置于由反哺利他主体角色身份的不同、子代经理人品行特征的迥异所带来的利他行为水平的波动和利他效应的差异，再通过双向利他行为博弈模型的构建和交互效应的分析，探索利他行为对家族企业治理带来的影响。     

阿仑膦酸钠联合唑来膦酸治疗绝经后骨质疏松症患者的临床效果

目的探讨阿仑膦酸钠联合唑来膦酸治疗绝经后骨质疏松症(PMO)患者的临床效果。方法选取新疆克拉玛依市中心医院2017年9月至2020年1月收治的PMO患者122例作为研究对象,随机分为单一用药组和联合用药组,各61例。单一用药组仅采用阿仑膦酸钠治疗,联合用药组采用阿仑膦酸钠联合唑来膦酸方案,比较两组治疗前后骨密度(BMD)、骨源性碱性磷酸酶(BALP)、骨钙素(BGP)及抗酒石酸酸性磷酸酶-5b(TRACP-5b)及不良反应发生情况。结果治疗后,联合用药组股骨颈、腰椎以及Ward’s三角区的BMD明显高于单一用药组,差异有统计学意义(P<0.05);治疗后,联合用药组BALP、TRACP-5b以及BGP明显低于单一用药组,差异有统计学意义(P<0.05);两组治疗期间不良反应发生率比较差异无统计学意义(P>0.05)。结论阿仑膦酸钠联合唑来膦酸能够提高骨质密度,改善骨质代谢,为临床治疗提供了新的治疗方案。     

The Pollution Premium

This paper studies the asset pricing implications of industrial pollution. A long-short portfolio constructed from firms with high versus low toxic emission intensity within an industry generates an average annual return of 4.42%, which remains significant after controlling for risk factors. This pollution premium cannot be explained by existing systematic risks, investor preferences, market sentiment, political connections, or corporate governance. We propose and model a new systematic risk related to environmental policy uncertainty. We use the growth in environmental litigation penalties to measure regime change risk and find that it helps price the cross section of emission portfolios' returns.     

Conditional Equity Premium and Aggregate Corporate Investment

We document a strong negative relation between aggregate corporate investment and conditional equity premium estimated from direct stock market risk measures. Consistent with the investment-based asset pricing model, the comovement with conditional equity premium fully accounts for aggregate investment's market return predictive power. Similarly, conditional equity premium is a significant determinant of classic Tobin's q measure, although q has much weaker explanatory power for aggregate investment possibly because of its measurement errors. Moreover, the positive relation between aggregate investment and investor sentiment documented in previous studies reflects the fact that both variables correlate closely with conditional equity premium.     

基于BP神经网络的公允价值有用性评价

公允价值在上市公司和国有企业的启用时间分别已满两年和一年,从其财务报告中我们不难看出:涉及范围非常广泛的公允价值,在财务报告的应用中却持谨慎态度。本文以此为背景,以企业实际调研资料为依据,借助BP神经网络工具对公允价值的有用性做出了进一步的分析评价。