The HRM–capital market link: Effects of securities analysts on strategic human capital

This article develops theory about an agency problem affecting the strategic human capital (SHC) of the firm. It proposes three categories of SHC‐related choices managers must make that imply a trade‐off between near‐ and long‐term performance. Dispersed shareholding, firm coverage by securities analysts, and their practice of publishing quarterly earnings forecasts are argued to entail a bias in management incentives, shifting the balance in this trade‐off toward near‐term performance. To restore the balance, securities analysts would need to distinguish transitory from recurring effects of SHC‐related choices in their valuation models (e.g., treating certain labor cost savings during cyclical downturns as transitory). Restoring the balance would also require them to anticipate long‐term effects in their long‐term earnings forecasts (e.g., long‐term positive effects of retaining employees with valuable skills during cyclical downturns). The article discusses specific transitory cost effects and long‐term effects they could potentially take into account. The skills and incentives needed by analysts to account for such effects are argued to vary across firm segments.     

Cost‐reflective pricing: empirical insights into irrigators’ preferences for water tariffs

Using prices to improve the efficiency with which water resources are allocated is now widely accepted in principle if somewhat difficult to achieve in practice. Whilst there are some technical difficulties associated with full‐cost recovery in irrigation, the lack of political will to tackle reform remains a significant impediment. This article reports the results of an empirical investigation into farmers’ preferences for changes to water prices and tariff structures. We conclude that some of the preferences of farmers are conducive to price reform. We also find evidence that public subsidy of infrastructure in irrigation is not always aligned with the preferences of farmers.     

中国粮食虚拟水驱动效应与空间联动分析

以中国粮食虚拟水为主要研究对象,运用LMDI指数分解法,对粮食生产用水量的驱动效应进行分解,从结构、粮食产量、经济发展和人口规模4个重点驱动效应方面实行量化研究,并利用geoda软件求得莫兰指数,分析粮食用水量的空间相关性以及其各种驱动效应在省际间的影响,并针对中国粮食生产用水的现状提出建议。     

苏北地区农业完全成本水价农户承受力调查——基于水源地生态补偿的视角

南水北调东线一期工程江苏段的主要目标是向苏北供水,缓解该地区的农业用水短缺问题。但现行农业水价未考虑水源区的机会成本损失,不利于调动水源区环境保护积极性。论文设计单边界CVM引导技术,估算了苏北农户以提高农业水价的方式对水源区生态补偿的支付意愿。研究发现,苏北农户生态补偿支付意愿为7.63元/亩,但在不同作物种植结构和不同城市存在较大异质性。未来3年内,苏北农业用水每年所提供的生态补偿资金总额在1.526~1.679亿元之间。在发达地区探索构建绿色导向的农业水价体系有利于为其他地区提供先行示范效应。     

Feelings of ownership and volunteering: Examining psychological ownership as a volunteering motivation for nonprofit service organisations

Given many nonprofit service organisations rely on volunteers to provide valued services to their communities, examining the factors that impact the retention and recruitment of volunteers is of central importance for the success and longevity of many community-based services. Psychological ownership is a phenomenon whereby objects that are not physically or legally possessed can be the target of ownership feelings. While such psychological ownership has been examined in the paid-employment literature as an antecedent for prosocial behaviours, there has been no examination of psychological ownership within the volunteering literature. As such, this paper examines the role of psychological ownership as a factor in volunteer retention for predominantly community-based nonprofit service organisations by examining how the sense of ownership over the nonprofit service provider affects volunteering attitudes and intentions. Alongside ownership, previous volunteering behaviours, and time pressures are also examined as contributing factors. Results indicate that volunteering does increase ownership perceptions, and those ownership perceptions have positive outcomes for volunteering behaviours. However, time pressure is a significant moderator of these relationships and different volunteering behaviours can be observed for high and low time-pressured volunteers.     

习近平治水理念研究

[目的]总结习近平治水理念,为指导水利绿色发展提供指南。[方法]以习近平讲话和出版的论述为基础材料,开展系统的综合分析。[结果]习近平治水理念主要包括:水利为民、系统治水、生态优先、科学先行、节水优先、空间均衡、两手发力、久久为功辩证思维和国家安全。[结论]习近平治水理念是立足于中国国情水情富有创新性的水利理论概括和经验总结,是指导新时代中国水利工作的指南,是水利绿色发展的科学世界观和方法论,可为世界水利发展提供中国智慧。     

基于经济阈值效应的地方政府举债压力弹性研究

地区所处经济阶段差异会使地方政府行为激励产生异质性,进而影响地区举债压力弹性。从经济阈值效应的独特视角,探究不同经济门槛区间压力波动引起的地方政府举债行为变化,利用举债压力弹性解释地方政府债务规模扩张成因。基于我国283个地级市数据,构建门槛面板模型对理论假设进行经验检验。研究发现:从低到高的经济阈值区间下地方政府举债压力弹性翻倍增长,尤其是在第三经济阈值区间,举债规模扩张呈现加速度特征;财政压力对地方政府举债的刺激作用,只有在第三经济阈值区间才会得以释放;“土地财政”的存在强化了地方政府举债对压力变化的敏感度,并助推了地方政府举债压力的弹性波动。经济处于发达阶段的地方政府的举债压力敏感度,显著高于处于欠发达阶段的地方政府,因此,高水平的城市举债压力弹性及其潜在的债务风险应成为下一步关注的焦点。     

复杂地质条件下高面板堆石坝工程质量控制措施阐述

在复杂地质条件下,需要加强高面板堆石坝工程质量管控工作,严格地按照国家出台的质量安全责任规章,提高建设质量。论文主要围绕高面板堆石坝工程、工程质量控制措施两个方面进行探讨,确保混凝土面板堆石坝的施工质量。     

中国水资源利用秩序评价

水资源利用秩序反映了水资源供给侧效率和需求侧公平的程度。采用秩序模型对我国30个省级行政区2008—2017年的水资源利用状态进行测度,通过测量高低收入人群收入差距的变动状况度量公平程度,使用数据包络分析法将全要素生产率的增长进行分解,从而度量其效率发挥状况,将二者综合,计算水资源总秩序水平。研究结果表明:我国大多数省级行政区水资源利用纵向秩序较好、横向秩序较差,因此应采取措施,以保障水资源利用秩序保持在较高且比较稳定的水平上。     

机构投资者能抑制盈余管理吗?--基于退出威胁视角的经验证据

退出威胁是股东参与公司治理的重要方式。本文以2010?2017年A股上市公司为样本,检验机构投资者的退出威胁与企业盈余管理之间的关系。结果显示:机构投资者能够抑制企业的真实盈余管理,而对应计盈余管理的影响并不显著;机构投资者退出威胁能够降低真实和应计盈余管理水平。进一步考虑机构投资者异质性发现,相比敏感型机构投资者,抗压型机构投资者退出威胁更可能降低企业真实盈余管理水平;当管理层的薪酬对股价越敏感时,机构投资者退出威胁的作用越大;机构投资者退出威胁的影响效应在民营企业中更显著。本文的研究结论为认识我国机构投资者,尤其是以QFII和社保基金为代表的抗压型机构投资者在公司治理中的作用提供了新的思路。