上市公司控股股东增持动机

以我国A股市场中在2008年和2011年控股股东增持股份的上市公司为研究对象,研究控股股东增持股份的原因。研究发现:增持可能是大股东在一定政治目的下结合公司自身财务情况而采取的行为。     

Corporate social responsibility and stakeholder value maximization: Evidence from mergers

Using a large sample of mergers in the US, we examine whether corporate social responsibility (CSR) creates value for acquiring firms' shareholders. We find that compared with low CSR acquirers, high CSR acquirers realize higher merger announcement returns, higher announcement returns on the value-weighted portfolio of the acquirer and the target, and larger increases in post-merger long-term operating performance. They also realize positive long-term stock returns, suggesting that the market does not fully value the benefits of CSR immediately. In addition, we find that mergers by high CSR acquirers take less time to complete and are less likely to fail than mergers by low CSR acquirers. These results suggest that acquirers' social performance is an important determinant of merger performance and the probability of its completion, and they support the stakeholder value maximization view of stakeholder theory.     

Profiting from innovations: the role of new game strategies in the case of Lipitor of the US pharmaceutical industry

In exploring why innovators often do not profit from their innovations, researchers concentrate on innovators versus imitators and the extent to which owners of complementary assets capture profits from innovations. The literature provides scant attention to factors that sap profits from innovations. This paper argues that an innovator's positioning vis‐à‐vis customers, suppliers, complementors, and other co‐opetitors plays a critical role in the innovator's profitability. The article explores how an innovator can use new game strategies to better positioning, thus capturing rents from innovations and enabling further innovations in the future. The study examines the case of Lipitor, one of the world's best‐selling drug, to illustrate how positioning can play in a firm's ability to profit from its innovations.     

中国农民专业合作社金融支持研究——基于石家庄市的个案分析

近年来，在中央及地方政府的扶持倡导之下，中国农民专业合作社得到了迅速发展。但由于缺乏有效金融支持，中国农民专业合作社的持续发展受到很大制约。文章选取作为河北省省会的石家庄市的农民专业合作社进行个案研究，分析其金融支持不足的现状及成因，以点透面，为我国农民合作事业金融支持问题提供参考建议。     

完善社会保险基金监管制度的几点思考

我国社会保险基金监管制度存在监管法律法规缺失,监管机构不健全等问题,需从以下几方面进一步完善：提高立法层次,完善社会保险基金监管的法律法规体系;建立健全社会保险基金监管机构;深入推进社会保险基金监管的市场化改革。     

Voluntary disclosure practices by foreign firms cross-listed in the United States

This is one of the first large-scale studies to examine the voluntary disclosure practices of foreign firms cross-listed in the United States. We proxy for voluntary disclosure using three attributes of firms’ management earnings guidance: (1) the likelihood of issuance; (2) the frequency of earnings guidance; and (3) a guidance quality measure. After first establishing that market participants view these firms’ disclosures as credible and economically important (i.e., the disclosures are negatively related to analyst forecast errors and the implied cost of equity capital), we compare cross-listed firms’ disclosure practices with comparable US firms and explore variations in disclosure practices among cross-listed firms. We find that cross-listed firms issue less frequent and lower quality management earnings guidance than comparable US firms. We further show that the gap between US and cross-listed firms widened after passage of Regulation FD, a regulation which induced greater public disclosure of firm-specific information. Focusing on the sample of cross-listing firms, we show that firms from common-law countries disclose more than firms from code-law countries. Finally, our results indicate that cross-listed firms that do not list on an organized US exchange provide more frequent and higher quality disclosure than those that do list on organized exchanges.     

Financial repression and external openness in an endogenous growth model

An endogenous growth model has been developed that extends Sidrauski (1967), Roubini and Sala-i-Martin (1992,1995) and Lucas (1988) by combining financial development, human capital investment, and external openness. Financial development and trade liberalization are shown to increase the economic growth rate by increasing the marginal benefits of human capital investment. Expansionary governments are, however, provided with an incentive to increase the money supply growth rate, to repress the financial sector, to close its economy, and to impose a high proportional income tax rate.     

Does the Control-based Approach to Consolidated Statements Better Reflect Market Value than the Ownership-based Approach?

Motivated by the recent Discussion Paper (DP) issued by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) on how to define reporting entities, this study investigates the value relevance of consolidated statements under the ownership-based approach of U.S. Accounting Research Bulletin No. 51 (ARB 51) and the control-based approach of International Accounting Standard No. 27 (IAS 27). The results show that consolidated financial statements based on a broader definition of control provide more useful accounting information than those based only on majority-ownership control. We also address one concern raised in the DP, namely, whether a reporting entity should use the common control model to include entities that are under common control of an individual investor or family. The results suggest that accounting standard boards should include the common control model in defining the group reporting entity for firms with complex ownership structures.     

体育院校附属竞技体育学校发展的SWOT分析

文章运用SWOT分析方法对附属竞技体育学校发展面临的机遇与挑战进行分析,结合新时期社会对运动员培养的新要求,对附属竞技体育学校的发展进行预测。     

中嘉8号杨树转Bt植株的分子检测

用分子生物学方法对中嘉8号杨树转BtCry1A基因株系进行了检测和鉴定。通过PCR、ELISA和SDS-PAGE等实验证实,BtCry1A基因不仅存在于中嘉8号杨树基因组中,而且获得了较高的表达。PCR阳性植株Bt毒蛋白含量平均为3.32 ppb,Bt毒素蛋白分子量约为130 kD。实验结果表明,课题组前期获得的中嘉8号杨树转Bt植株具有进行生物测定和大田释放试验的价值。