高管过度自信、研发投入跳跃与企业绩效——来自中国上市公司的经验证据

基于间断平衡理论和高阶梯队理论，以2007-2017年中国沪深两市902家制造企业为样本，实证分析研发投入跳跃对企业绩效的影响以及高管过度自信的调节作用。结果显示：研发投入正向跳跃和负向跳跃均有助于提升企业绩效，高管过度自信正向调节研发投入跳跃与企业绩效间的关系。引入高管过度自信这一重要高管特征作为调节变量，有助于重新认识管理者心理偏差对企业创新行为和绩效的影响，较好地弥补了研发投入跳跃对企业绩效影响机制的研究空缺，丰富了创新间断平衡理论研究。研究表明，企业应重视高管心理特征的影响并结合自身实际情况，合理选择研发投入策略以改善企业绩效。     

不同模式农地整治前后农户收入流动性研究*——以江汉平原和鄂西南山区部分县市为例

[目的]考察农地整治前后农户的收入流动性,并分析不同模式的农地整治对农户收入流动性的影响差异。[方法]运用双重差分模型探讨不同农地整治模式下农户收入流动性差异。[结果](1)农地整治对农户收入流动性具有显著正向影响,在实施农地整治后农户收入有明显的"上升"流动趋势;(2)新型农业经营主体主导的农地整治模式对农户收入流动性具有显著正向影响;(3)农户家庭劳动力规模、农地经营面积和非农收入占比对农户收入提升具有显著的正向影响,农户收入初始位置对收入流动性具有显著的负向影响。[结论]农地整治可增加农户收入,促进农户收入向上流动;相对于政府主导模式的农地整治而言,新型农业经营主体主导模式对农户收入的提升作用更大。因此,应进一步推进农地整治,深化改革政府主导模式的农地整治项目管理体制,大力创新农地整治模式,鼓励新型农业经营主体参与农地整治,为稳步提升农户收入创造条件。     

高效液相色谱法同时测定食用油中7种抗氧化剂的方法研究

本研究利用高效液相色谱同时测定食用油中没食子酸丙酯(PG)、没食子酸月桂酯(DG)、没食子酸辛酯(OG)、叔丁基对苯二酚(TBHQ)、叔丁基对羟基茴香醚(BHA)、2,6-二叔丁基对甲基苯酚(BHT)、2,6-二叔丁基-4-羟甲基苯酚(Ionox-100)7种抗氧化剂的测定方法,样品中的抗氧化剂经正己烷溶解、乙腈萃取后,经C18柱分离,乙腈-1.5%乙酸溶液体系为流动相进行梯度洗脱,紫外检测器检测,外标法定量。选择线性范围在1~100mg/L,结果表明7种抗氧化剂呈良好的线性关系,相关系数r大于0.999,方法的测定低限为0.8~2.0mg/kg,回收率在89.3%~110.1%,变异系数在1.5%~4.9%。该方法准确、快速、重现性好,可用于大批量食用油检测中7种抗氧化剂的定量分析。     

汇水系统绿地雨洪调蓄研究——以武汉港西汇水系统为例

绿地有一定的雨洪调蓄功能，雨洪状况下，如何在汇水系统尺度利用和保护绿地亟待研究。选取95处位于武汉港西汇水系统的地块，调研地块性质，利用ArcGIS提取不透水比例及平均坡度，并进行SWMM水文模型演算。通过实验性模拟结果的对比，得出汇水系统的绿地雨洪调蓄效率(λ＝0.13m3/m2)、汇水系统(g＝36%)和各类用地(g＝18%～47%)基于雨水调蓄理念下的最低绿地率，使汇水系统水文状况达到海绵城市建设标准。讨论了不同重现期下汇水系统的绿地雨洪调蓄效能，旨在完善绿地雨洪调蓄的研究方法、指标体系及利用与保护策略，为相关研究与实践提供借鉴。     

Is the Best Interest of the Child Best for Children? Educational Attainment and Child Custody Assignment

Between the 1970s and 1990s, state custody laws moved from maternal preference to the “best interests of the child” doctrine, which gives fathers and mothers equal treatment in child custody assignment. We exploit exogenous variation across states in the timing of this custody law change to estimate the long-term implications of exposure to a gender-neutral custody law regime. We find that childhood exposure to gender neutral custody laws has a negative effect on educational attainment. A child exposed to gender neutral custody law is less likely to graduate from high school by 1.5 to 2.0 percentage points.     

The effect of corporate real estate ownership on R&D innovation: credit relief vs. resource replacement in China

Against the background of supply-side structural reform and the real estate financialisation in China, this study investigates the impact of real estate holdings on R&D investment using data of enterprises listed on the Shanghai and Shenzhen stock exchanges. Our empirical results yield five main findings. First, enterprises holding more real estate assets face more serious financial constraints, thus restraining corporate innovation efficiency. Second, when the profit margin gap between entity enterprises and the real estate industry is larger, enterprises are more inclined to transfer industrial capital into the real estate industry, thus reducing R&D investment. Third, when the degree of marketisation is high, intensified market competition, the optimal allocation of factor and product markets, and stronger patent protection will weaken the restraining effect of corporate real estate holdings on R&D investment. Fourth, monopoly enterprises obtain potential profits more than undertaking risks from the real estate industry, they are more willing to hold real estate, thus strengthening the restraining effect of real estate holdings on innovation. Finally, investors' regional preference intensifies the restraining effect of corporate real estate holdings on R&D investment. Our empirical evidence can guide entity enterprises on how to effectively balance short-term (non-productive) and long-term (productive) capital investment.     

新疆高校人才队伍建设思路与路径探析

人才队伍建设是高校事业发展的基础性工程,是高校建设和发展的核心问题。新疆高校因政治、历史、地域等因素,在人才队伍建设方面有其特殊性。论文通过了解新疆高校人才队伍建设面临的问题,有针对性地提出了双轮驱动、三面协同、四位一体、五大创新的具体路径,以期对新疆高校人才队伍建设的实践有所启示。     

Time-consistent mean–variance asset-liability management in a regime-switching jump-diffusion market

Financial Markets and Portfolio Management - This paper investigates the time-consistent optimal control of a mean–variance asset-liability management problem in a regime-switching...     

中国区域农业科技资源配置能力及比较优势研究*——基于省级农业科学院视角

[目的]通过测算各地区农业科技资源的配置能力,分析其比较优势并找出不足以便弥补差距,促进各区域农业科技配置能力的提高,为各地区农业经济的发展提供支持。省级农业科学院作为各省市规模最大、综合实力最强的农业科研机构,是农业科技创新的重要主体之一,分析其科技资源配置能力具有重要的现实意义。[方法]基于2009—2016年相关数据,遴选了有代表性的评价指标体系,运用突变级数法计算农业科技资源配置能力,运用NRCA模型定量分析农业科技资源配置效益的比较优势。[结果]山东农业科学院科技资源配置能力位居全国第一,甘肃、江苏、青海农业科学院分别在农业科技人力、物力、财力资源方面具有明显的比较优势。[结论]省级农业科学院科技资源配置能力区域差异十分明显,但区域格局变化不大,且大致与各地区经济实力相吻合;农业科技资源配置能力较高的农业科学院大多在农业科技物力资源配置效益方面具有比较优势,在农业科技人力、财力资源配置效益方面不具备比较优势。     

The Investment Performance of Art in Mainland China

This article investigates price determinants and investment performance for paintings from mainland China using hedonic regression analysis applied to a new dataset from over 190,000 auction transactions. The price index obtained indicates that from 2000 to 2015, the average annual appreciation in value of Chinese art was 8.42% in real USD. Compared with American artwork, global artwork, and traditional financial assets, Chinese art possesses a comparatively better risk and return profile and a low correlation with other assets. Finally, regarding the masterpiece effect, the conclusion is that highly priced Chinese art does not underperform the market.