The Wealth Effects of Fairness Opinions in Takeovers

This paper explores the wealth effects associated with a bidder's decision to solicit a fairness opinion in a takeover transaction. Using a hand‐collected sample with bidders’ filing proxy statements, this paper finds that the use of fairness opinions does not negatively affect bidder shareholders’ wealth, a finding that contradicts prior studies’ findings. In addition, I find a positive wealth effect associated with bidder use of fairness opinions in the post‐Rule 2290 period. Collectively, these results are consistent with a fairness opinion being used by bidder management as a means to facilitate transactions rather than a mechanism to entrench management.     

Managing and financing metropolitan public services in China: experience of the Pearl River Delta region

Under China’s current fiscal policies and inter-governmental relations, it is a significant challenge to finance and deliver public services across jurisdictions. This challenge was met in the Pearl River Delta region in southern China with a collaborative governance approach. Directives from higher-level governments and horizontal inter-city fiscal arrangements were successfully combined to deliver public services. Effective networks should be developed to improve co-ordination and collaboration in delivering cross-jurisdictional public services.     

外资风险投资在中国内地投资影响因素研究

借用国际生产折衷理论,并结合不确定性理论研究影响外资风险投资决策的因素,结果发现:当中国内地与投资国(地区)的创业水平越高、文化差异越小时,外资风险投资的投资可能性越高;创业水平越高,投资规模和数量越大;文化差异越大,外资风险投资的数量越多.本文建议进一步改善中国内地创业环境,以更多地吸引外资风险投资,提高企业创新动力,推进优质企业国际化.     

Independent director cash compensation and earnings management

This study examines the impact of independent directors’ cash compensation on firms’ financial reporting quality using a sample of Chinese listed companies from 2002 to 2008. Unlike in the U.S. where most listed firms provide stock-related compensations to outside directors, Chinese listed companies compensate independent directors with cash only. This context offers a cleaner setting for examining the effects of independent director cash pay on earnings management. Our study documents a positive association between independent director cash compensation and the magnitude of earnings management. This suggests that compensating independent directors with higher cash pay compromises their independence and reduces their effectiveness in financial reporting oversight. Our results are robust to an array of sensitivity checks. These findings have important implications for both investors and policy makers by showing that independent directors’ cash compensation is also a significant determinant of financial reporting quality.     

Housing Preferences of Temporary Migrants in Urban China in the wake of Gradual Hukou Reform: A Case Study of Shenzhen

In the wake of the recent announcement by the State Council concerning the provision of public rental housing across China, and the gradual reform of China's household registration system (hukou), this article explores how potential adjustments in government housing policies (namely access to public rental housing) influence the housing preferences of temporary migrants who are currently residing inside the chengzhongcun (urban villages) of Shenzhen. The results indicate that dissatisfaction with rental cost and living conditions in these urban villages are the key reasons for migrants wishing to move into public rental housing if it is offered to them — and not the fact that they are treated differently within the hukou system. Public rental housing is welcomed in particular by newly arriving migrants who live outside the Shenzhen Special Economic Zone (SEZ), and migrants who have decided to remain in Shenzhen for the foreseeable future. By contrast, dissatisfaction with urban villages is the sole contributor to housing preferences for those residing inside the SEZ.     

浅析北京四合院与中华文化之联系

北京四合院是中国民居的代表,同时也蕴含中华文化的博大精深,本文从多个方面阐述四合院的文化价值以及对四合院与中华文化互相影响进行探讨。     

基于能力结构关系模型的泛珠三角旅游合作创新研究

针对现有关于合作创新研究存在的缺乏对能力定量化内在性关注、结果较为粗浅、解释力较差等不足,文章选取泛珠三角九省区为研究对象,依据2015年的样本数据,引入能力结构关系模型,开展旅游创新能力结构、能力结构耦合度及其利益分配的测度,深入分析综合创新能力结果基础上,探讨合作创新耦合度以及合作创新获益分配格局形成的原因.研究认为,泛珠三角区域旅游业创新能力存在较大差异,空间发展极不均衡,创新要素跨区域流动存在阻碍,区域内合作创新范围和效率不高.广东省和其他省区合作创新的耦合度偏低,属低程度耦合,而广西、海南与其他省区合作创新的耦合度偏高,合作创新的可能性大;两省区之间旅游合作创新的可能性会受创新能力相似性与地理邻近因素影响.广东省与其他省区旅游合作创新的总获益值最高,但合作较不稳定,江西、贵州、广西这些综合能力比较相似的省区间获益比接近于1,进行旅游合作创新最稳定.基于此,提出推动泛珠三角区域旅游合作的3点对策建议.     

跨境资本流动宏观审慎管理与资本管制的比较研究

充分发挥跨境资本流动宏观审慎管理和资本管制这两种工具的比较优势,对于维护我国金融稳定具有重大的现实意义。跨境资本流动宏观审慎管理通过改变境内借款者向境外贷款所面临的实际利率,提高境内借款人的融资成本,遏制其过度借贷,具有防范化解的特征,适合常规使用;资本管制通过阻断境内居民与非居民间的金融交易,隔离国内和国际金融市场,具有强制性特征,可作为最后手段。这两种政策工具都有一定的负面影响,也可能降低繁荣时期的经济增长速度。在新的国内外形势下,我国应进一步完善跨境资本流动预警监测体系,优化管理框架和法律制度,丰富政策工具箱,强化货币政策和跨境资本流动管理政策的双支柱调控框架,加强政策工具之间的协调与配合,强化信息披露和预期引导,加强与主体经济体的政策协调。     

大学计算机文化基础课程考核方式探究

本文通过笔者学校对大学计算机文化基础的改革,就本课程一体化教学模式下的考核方式进行研究,让学生在完成工作任务的过程中,学到相关的理论知识和实践技能,使学生具备适应工作岗位的职业素养,培养成为素质全面的技能型应用人才。     

秋葵鲜肉包的工艺研究

为提高包子的营养价值,将一定量的秋葵粉添加到面粉中制作秋葵包,以感官评分为考察指标,通过多次实验得到的最佳配方。结果表明:秋葵粉的添加量对面团的口感及色泽有显著的影响。秋葵鲜肉包的最佳配方为:面粉200g、秋葵粉80g、酵母3g、泡打粉3g、白糖5g和水140g。此配方制作出来的秋葵鲜肉包的口感滑嫩,入口蓬松喧软。之所以选择秋葵鲜肉包的工艺研究,选用秋葵是因为其是典型的低脂低糖食材,并且由于其中含有锌和硒等微量元素,可以增强人体防癌抗癌能力,营养保健价值很高。