Different forms of corporate philanthropy,different effects: A multilevel analysis

This study investigates how different types of corporate philanthropy impact employees' life satisfaction. Grounded in signaling theory, we explore and clarify the nuances among three types of corporate philanthropy values: the absolute value of corporate philanthropy, the value of a firm's corporate philanthropy relative to its past level, and the value of corporate philanthropy relative to the firm size. Results of multilevel analyses on a large scale sample with 218 firms and 2,261 employees at two time points reveal that: the absolute value of corporate philanthropy positively influences employees' life satisfaction; the value of a firm's corporate philanthropy relative to its past philanthropy negatively impacts employees’ life satisfaction; and the value of corporate philanthropy relative to the firm size positively affects employees' life satisfaction. The results indicate that the influences of corporate philanthropy on employees' life satisfaction vary depending on the evaluation benchmarks. Firms may benefit by taking their size and past philanthropy into consideration when making corporate philanthropy investment decisions.     

Security regulations,access to capital markets,and firm performance: Evidence from China

This study explores the cost of security regulations in China, where firms are required to meet a certain profitability benchmark before applying for permission to raise more equity via secondary equity offerings (SEOs). Using a difference-in-differences setting, we show that firms affected by the regulation (i.e., firms with high external financing demands (EFD) but profitability lower than the regulatory requirement) significantly underperform their counterparts, while unaffected firms do not. The affected firms’ performance decline increases (decreases) when the requirement of profitability is more (less) restricted. Consistently, the three-day cumulative abnormal return (CAR) of firms with high EFD is significantly negative (positive) when the regulation is tightened (loosened). Our study provides evidence on how the cost of regulation affects companies that have growth opportunities.     

高管团队异质性、团队冲突与企业绿色绩效——差异化CEO领导风格调节下的整合分析框架

基于高阶梯队等理论，从高层管理团队异质性等要素整合分析视角切入，在探讨高层管理团队驱动企业绿色绩效作用机制的基础上，尝试构建差异化CEO领导风格调节下高管团队（TMT）异质性、团队冲突与企业绿色绩效的理论模型；通过层次回归分析、Bootstrap等方法实证检验异质性高层管理团队的作用机理和边界。研究结果显示：①TMT异质性、任务冲突能显著提升企业绿色绩效，且任务冲突在TMT异质性与企业绿色绩效的关系中起部分中介效应，而关系冲突显著降低企业绿色绩效。多元化构成的高层管理团队拥有更多差异化思想，这些观点通过高层管理团队成员不断分析整合后作用于绿色绩效，而成员间“对人不对事”的关系冲突会弱化该过程，进而对绿色绩效产生负向影响；②变革型CEO领导风格负向调节任务冲突与企业绿色绩效的关系，表明CEO适度简政放权，指导、关怀和保障高管团队成员充分表达观点非常重要。交易型CEO领导风格负向调节关系冲突与企业绿色绩效的关系，说明CEO通过奖惩激励，降低高层管理团队情绪冲突，提升团队凝聚，是推动绿色转型的重要举措。     

确定采矿及建筑施工排水水资源费征收标准的理论方法

在分析排水水资源费的本质、排水与取水水资源费确定方法异同点的基础上,提出理论上排水水资源费征收标准的2种确定方法,即直接利用取水水资源费征收标准进行修正的方法和排水水资源费的边际机会成本法。同时分析目前我国地方省份采矿及建筑施工排水水资源费征收标准的特点,并利用提出的2种排水水资源费征收标准的确定方法分析产生这些特点的原因,论证有些地方省份排水水资源费征收标准高于取水水资源费征收标准的缘由。     

Market Discipline and Deposit Guarantee: Evidence from Australian Banks

This study examines depositor market discipline of Australian banks and its interaction with the 2008 deposit and wholesale funding guarantee. Prior to 2008 market discipline is found for Australian‐incorporated banks. Depositors did not distinguish between major and small banks, but some differences in the degree of market discipline were found for foreign bank subsidiaries. Following the introduction of the 2008 guarantees, market discipline was reduced except for nonhousehold depositors at banks that did not access the wholesale guarantee. Market discipline is also evidenced at foreign bank branches, but weaker for those accessing the wholesale guarantee.     

政府主导下的城镇化与工业化发展及其互动关系

我国城镇化与工业化发展存在着强烈的自上而下的政府主导作用,政府主导与城镇化、工业化之间存在密切的关系.在对政府主导、城镇化与工业化互动关系的机理作用进行逻辑梳理的基础上,运用PVAR模型分地区研究三者之间的长期动态均衡关系.结果表明:政府主导在资源配置中的作用呈下降趋势,市场在资源配置中的地位不断提升;政府主导对城镇化、工业化有较大的影响,但这种影响是阶段性的、不可持续的,且存在区域异质性;城镇化与工业化互动效果欠佳,工业化对城镇化的正向带动作用明显,但城镇化对工业化的支撑作用有限,且地域差异明显.     

基于会计结算的第三方物流企业风险防范问题的研究

第三方物流企业作为向市场交易双方提供专业化物流服务的企业,在目前物流市场交易环境、金融环境和竞争环境不够规范的情况下,其往来账款结算和信用销售存在着较大的风险.第三方物流企业会计结算中相关风险的防范和控制应从以下几个方面着手,从加强内部控制管理出发,重塑和优化会计结算的流程机制,构建有效的会计管理信息系统,外部上要对市场交易环境、竞争环境和金融环境的运行做好全面的分析、监控,强化会计结算的预测、核算和控制功能,从而对销售风险、资金结算风险和呆账坏账风险进行全面的防范和控制.     

Pricing vulnerable options with correlated jump-diffusion processes depending on various states of the economy

In this paper, we use a Markov-modulated regime switching approach to model various states of the economy, and study the pricing of vulnerable European options when the dynamics of the underlying asset value and the asset value of the counterparty follow two correlated jump-diffusion processes under regime switching. The correlation is modelled by both the diffusion parts and the pure jump parts which describe the uncertainty of the value of the risky assets. We develop a method to determine an equivalent martingale measure and a parsimonious representation of the risk-neutral density is provided. Based on this, we derive an analytical pricing formula for vulnerable options via two-dimensional Laplace transforms, and implement the formula through numerical Laplace inversion.     

Robust scheduling for multi-objective flexible job-shop problems with random machine breakdowns

This study addresses robust scheduling for a flexible job-shop scheduling problem with random machine breakdowns. Two objectives – makespan and robustness – are simultaneously considered. Robustness is indicated by the expected value of the relative difference between the deterministic and actual makespan. Utilizing the available information about machine breakdowns, two surrogate measures for robustness are developed. Specifically, the first suggested surrogate measure considers the probability of machine breakdowns, while the second surrogate measure considers the location of float times and machine breakdowns. To address this problem, a multi-objective evolutionary algorithm is presented in this paper. The experimental results indicate that, compared with several other existing surrogate measures, the first suggested surrogate measure performs better for small cases, while the second surrogate measure performs better for both small and relatively large cases.