房价与企业高管薪酬业绩敏感性

非房地产企业受房价上涨的吸引投资于房地产业务，虽然能给企业带来业绩增长，但这使得企业业绩很难衡量高管的努力程度，业绩质量也不高，根据高管薪酬的最优契约理论，企业业绩在高管薪酬契约中的使用权重会被降低。基于中国35个大中城市的房价数据以及中国非房地产业的上市公司数据，研究发现：高房价显著降低了企业高管薪酬业绩敏感性，这一影响在高管薪酬契约有效性较高时更显著；以上结论在使用DID模型控制反向因果内生性问题后依然成立。     

政府质量、市场化程度与现金—现金流敏感性——来自后金融危机时期的经验证据

在中国式经济增长进程中,政府作为"幕后推手"日益引发各界关注。政府的质量取决于政府所提出的制度安排,而企业行为是对政府所制定的制度的反应。本文以2009—2011年我国上市公司经验数据为样本,检验政府质量、市场化程度与现金—现金流敏感性间的关系。实证结果发现,随着政府质量的提升,企业运用内部现金流积累现金的倾向减弱,表现为现金—现金流敏感性降低。同时发现,这种变化在不同市场化程度地区的企业中会呈现不同的特征。具体而言,伴随政府质量的提升,市场化程度较低地区的企业受惠于制度环境的优化,其现金—现金流敏感性显著降低,而市场化程度较高地区的企业这一变化并不明显。本文为解释地方政府推出制度优化经济环境的微观机制提供了经验证据。     

滨海区域生态区划研究——以北戴河新区为例

滨海区域生态系统不稳定,沿海城市的生态环境问题已经成为全球关注的重点。滨海地区生态区划是根据滨海区域区位、自然资源、环境条件及开发利用要求,选取相应的生态环境指标对区域状态进行评价,并划分为不同类型的生态单元的过程。文章以北戴河新区为例,从生态敏感性、建设用地适宜性和景观格局安全性等3个生态要素中共选取14个指标建立生态区划指标体系,运用GIS技术进行生态要素的空间分析,最终将北戴河新区分为生态涵养、生态旅游、生态服务和生态农业等4个生态主区以及15个生态亚区,并针对4个区分别给出了未来发展方向和保护对策。     

An extended peer communities’ knowledge sharing approach for environmental governance

This paper is devoted to propose an approach to implement the idea of extended peer knowledge to environmental governance by means of engaging the «extended peer communities». Socially robust knowledge relies on transparency and citizen participation. These two underlying elements take the form of both assessment and post-assessment decision support systems. Initially, during the assessment process citizens and stakeholders are engaged in the framing, proposal of alternatives, and evaluation criteria. Then the analysts assessed the alternatives proposed by means of DSS. Then, in a second stage, the analysts inspired in the idea of transparency, gave back the assessment result to the «extended peer community» who were able to give their opinion regarding the results and suggest potential parametric changes that were used for sensitivity analyses. The authors explore the proposed extended peer communities’ knowledge sharing for environmental governance assessment using a case study applied to a sustainable mobility planning process carried out in Tenerife (Canary Islands). The results gathered highlight that this approach is of use for guaranteeing the robustness of complex environmental decisions under high levels of uncertainty.     

Non-compensation-related consultant service and CEO compensation

This study examines how consultants’ non-compensation-related consulting service (NCS) affects the contractual usefulness of accounting and stock information in executive compensation, as reflected in pay-performance sensitivity. The hypothesis is based on anecdotal evidence suggesting that consultants’ provision of NCS is likely to adversely affect the quality of CEO compensation plans. We investigate whether the consultants providing NCS are involved in potential conflicts of interest. The results show that CEO pay is higher in companies where consultants provide NCS and have a higher NCS fee ratio. The pay-performance sensitivity in CEO compensation decreases when consultants engage in NCS. The overall results are consistent with NCS representing a conflict of interest and compromising the quality of compensation committees.     

应用轨迹灵敏度计算临界切除时间的新方法研究

文章提出了一种可以描述故障后系统稳定程度的灵敏度指标,根据系统稳定性逐渐恶化指标趋于零的特点,计算了系统部分参数的临界值;根据稳定指标与故障切除时间在一定范围内的良好线性关系,估算了系统故障临界切除时间;并在单机无穷大系统与10机典型新英格兰系统下进行验证,证明了该方法的正确性。     

股权分置改革、管理层薪酬业绩敏感性与机构投资者治理效应——基于中国上市公司的经验证据

股权分置改革是影响我国上市公司治理的重大制度变革,而管理层薪酬业绩敏感性是衡量公司治理有效性的常用指标。文章旨在分析与检验股权分置改革前后我国上市公司管理层薪酬业绩敏感性的变化以及机构投资者在这一过程中的治理效应。基于2002年-2008年我国A股面板数据的经验证据显示:股权分置改革后,我国上市公司管理层薪酬业绩敏感性总体上得到了提高;机构投资者有助于提高管理层薪酬业绩敏感性,但在股权分置改革前后的变化不显著;相对于境内机构投资者,合格境外机构投资者在股改后显著提高了管理层薪酬业绩敏感性。     

航电枢纽工程财务增效机制研究

航电枢纽工程大多面临投资大、运行费用高、发电产出少、财务效益差等问题。为促进其可持续发展,真正实现以电养航,在对航电工程财务因子敏感性分析的基础上,依托嘉陵江流域典型枢纽,深入研究其财务增效机制。研究表明,争取电价补贴和调整资本金结构并举是改善航电枢纽运营环境,增强企业经营活力的有效、可行措施。     

Analysis of Employee Performance during Cross-cultural Service Encounters at Luxury Hotels in Hawaii,London and Florida

Globalization has motivated managers and scholars in the tourism industry to focus more attention on the problems and characteristics of the cross-cultural service encounter. During these interactions, differing cultural norms and values often create misunderstanding and conflict, which can result in an unhappy customer, a frustrated service provider and lost business. Therefore, the focus of this study was to analyze the effect of intercultural sensitivity on tourism employee performance in cross-cultural service encounters in three similar, but distinct service-dependent markets: the Hawaiian Islands, Greater London (UK) and the state of Florida. The results indicate that tourism employees with high intercultural sensitivity generally scored significantly (p < 0.05) higher than employees with low intercultural sensitivity in terms of service attentiveness, revenue contribution, interpersonal skills, job satisfaction and social satisfaction as they relate to cross-cultural encounters. There was no significant difference in results for motivation to work, tenure (years at present organization) and primary rewards (compensation, recognition, etc.). Implications of the findings are discussed.