The long-run performance of acquiring firms in mergers and acquisitions: Does managerial ability matter?

This paper examines the association between the managerial ability of acquiring firms and their long-term performance after mergers and acquisitions (M&As). Based on M&A data for U.S. firms from 2000 to 2012, we find that acquiring firms with higher managerial ability achieve better long-term operating performance and stock returns. We also find that the positive effect of managerial ability on long-term performance is more pronounced when acquirers and target firms belong to the same industry. The result suggests that managers who have higher ability to manage their firms, i.e., to generate higher revenues for given resources, are more capable of achieving higher synergy benefits and better post-acquisition performance in same-industry acquisitions than in cross-industry acquisitions.     

Bankruptcy prediction for small- and medium-sized companies using severely imbalanced datasets

Bankruptcy prediction is still important topic receiving notable attention. Information about an imminent bankruptcy threat is a crucial aspect of the decision-making process of managers, financial institutions, and government agencies. In this paper, we utilize a newly acquired dataset comprising financial parameters derived from the annual reports of small- and medium-sized companies. The data, which reveal the true ratio between bankrupt and non-bankrupt companies, are severely imbalanced and only contain a small fraction of bankrupt companies. Our solution to overcome this challenging scenario of imbalanced learning was to adopt three one-class classification methods: a least-squares approach to anomaly detection, an isolation forest, and one-class support vector machines for comparison with conventional support vector machines. We provide a comprehensive analysis of the financial attributes and identify those that are most relevant to bankruptcy prediction. The highest prediction performance in terms of the geometric mean score is 91%. The results are validated on two datasets from the manufacturing and construction industries.     

公司为什么放弃债务的收益呢？

经典资本结构理论认为债务具有税盾效应和财务杠杆效应，因此公司会选择适当的负债以获得债务的税收收益。但是，现实中一些公司的负债很低，甚至为零。公司为什么放弃债务的税收收益呢？本文以2007～2011年中国A股上市公司为研究样本，从行为公司金融的视角分析管理者能力是否导致公司采用“低杠杆”策略。结果表明，中国上市公司存在普遍的低杠杆现象，管理者能力的差异是导致公司采用“低杠杆”策略的重要原因。     

老年综合征的评估研究

随着现阶段人口老龄化趋势越来越明显，我国的老年综合征患者数量逐渐增多，《老年综合征管理指南》对老年综合征有相关阐述，认为老年综合征是指老年人因多种非疾病原因或是疾病原因所引起的同一（或临床表现）老年病症，例如睡眠障碍、吞咽障碍、跌倒、褥疮等均属于老年综合征病症。     

金融素养、家庭财富与家庭创业决策

本文利用2015年中国家庭金融调查(CHFS)数据,分析了金融素养、家庭财富与家庭创业决策三者之间的关系。整体上,金融素养的提高显著增加了家庭参与创业的可能性,但家庭参与创业面临着"财富约束效应";而金融素养对家庭财富具有替代作用,提高金融素养有效缓解了家庭的"财富约束效应",促进家庭参与创业。同时,研究发现家庭财富对家庭创业决策的影响并不存在明显的城乡差异,但金融素养更能缓解农村家庭创业所面临的"财富约束效应"。另外,提高金融素养能有效缓解家庭的信贷约束,增加其风险偏好,间接地促进创业。     

试论大数据技术在生态环境保护领域的应用架构及相关技术

促进大数据在生态环境保护领域的深化应用,可以提高生态环境监管能力,并实现环境管理工作精细化。实践中需要把握生态环境信息化的大数据需求,对其应用架构及相关技术进行深入探究,以从多维度出发挖掘有价值的信息,更好地服务生态环境保护工作。     

财务共享下管理会计在中小企业的应用研究

为提高企业的综合效益,论文对管理会计在中小企业中的应用问题展开详细讨论,以此为基础,提出管理会计在财务共享模式下的具体应用策略,为中小企业未来的可持续发展及经济效益稳定增长提供有利保证。     

基于快铁融合的上海铁路集装箱快运站选址研究

快铁融合可以充分发挥快递企业和铁路运输的优势,有效提升物流作业效率,达到运输资源分配平衡的效果,是多元化运输的发展方向。在既有和计划建设的铁路货运站中选择铁路集装箱快运站与快递企业集散网络衔接,以快递企业时间满意度和集散运输成本为目标,构建基于时间满意度的铁路集装箱快运站选址模型,以上海铁路集装箱快运站为例进行实证分析,提出保证铁路集装箱快运站与快递企业合理衔接的对策,为铁路集装箱运输融入快递市场提供决策支持,加速快铁融合的实施。     

浅谈铁路建设项目资格预审申请文件、商务标编写方法及建议

2014年以来,铁路固定资产投资每年基本稳定在8000亿元左右,对施工企业而言,要抓住当前的有利机会,争取更多的施工任务。结合当前铁路建设项目资格预审及招标的特点,简要介绍资格预审申请文件、商务标的编写方法,提出相关建议,以期为从业人员提供借鉴。     

Corporate association strategies and consumer responses: The relative effectiveness of CA versus CSR communication strategy by industry type

Given the importance of communication in the realm of corporate associations, this study analyzes the roles that communication strategies play in the formation of corporate associations. The study examines (1) whether particular types of associations (corporate ability or corporate social responsibility associations) can be developed through CA- or CSR-based communication strategies, and (2) the relative effectiveness of these two association types at amplifying favorable consumer responses across three different industries (consumable goods, durable goods, and stigmatized goods). An experiment was conducted to test the proposed model with six Fortune 500 companies. The results demonstrate that communication strategies can effectively facilitate a particular type of association. Differing levels of association effectiveness were found within each industry. For the consumable goods industry, CA associations are found to be more effective than CSR associations. For the durable goods industry, CSR associations are more influential at enhancing consumer attitudes and purchase intent than CA associations, while CA associations have a larger impact on supportive communication intent. In the case of the stigmatized industry, CSR associations play a determinant role in fostering positive consumer responses. This study provides managers and communication specialists with more concrete guidance for choosing a particular corporate positioning and communication strategy.