论我国地方财政风险的个性特征

我国地方财政风险，不同于一般的财政风险。从整体考察，它具有分散性、非均衡性和传导性；从结构考察，具有隐蔽性、发展性和内生性，同时它又受外部因素的影响很大。     

Characteristics of Earnings-Leading Versus Price-Leading Firms

This study attempts to identify firm characteristics that explain the disparity between the information content of accounting earnings and stock prices. Granger's causality concept was employed to classify sample firms into four groups: price-leading firms, feedback-system firms, earnings-leading firms, and no-causation firms. The feedback-system firms were either combined with the no-causation firms or eliminated entirely to form three sample groups. The entire sample firms then were divided into two classes. The first is for estimation, and the second is for prediction. Results indicate that firm size, capital structure, R-square of regressing prices at time t against earnings at time t – 1, R-square of regressing earnings at time t against prices at time t – 1, and percentage of shares held by institutions are the significant explaining variables. The application of the coefficient estimates to the hold-out sample indicates that 76.2% of the firms can be correctly classified into the corresponding groups. These results were consistent with those from canonical discrimination and other multivariate statistical methods.     

Mutual fund characteristics, managerial attributes, and fund performance

This study provides a comprehensive examination of recent mutual fund performance by analyzing a large set of both mutual funds and fund attributes in an effort to link performance to fund-specific characteristics. The results indicate that the hypothesized relationships between performance and the explanatory variables are generally upheld. After taking into consideration general market conditions and fund investment objective, the characteristic variables that relate to fund popularity, growth, cost, and management also explain performance. Finally, after controlling for survivorship and benchmark error as well as fund-specific factors, the results refute the performance persistence phenomenon.     

Environment–strategy co‐evolution and co‐alignment: a staged model of Chinese SOEs under transition

Economic reform in China has attracted growing attention from around the world owing to its significance for theory and practice. What has been largely missing in the literature is the temporal dimension, i.e., the changes over time in key variables such as organizational environment, firm strategic adaptations, and the performance implications. In this study, we investigate environment and strategic adaptations 12 years after Tan and Litschert examined these issues in 1990. Following a staged model, the study found that (1) organizational environment and firm strategic adaptations have co‐evolved over time, (2) a new configuration has emerged and is related to improved performance, and (3) such a relationship is moderated by the stage during transition in which firms were founded. Specifically, firms founded since 1990 are more proactive and innovative than firms that had existed in the previous stage. Copyright © 2004 John Wiley & Sons, Ltd.     

Logics,Leaders, Lab Coats: A Multi‐Level Study on How Institutional Logics are Linked to Entrepreneurial Intentions in Academia

Situated in the context of academia, this study integrates ideas from institutional theory, person‐environment fit theory and leadership research to conceptualize and examine the cross‐level link between the organizational‐level institutional logic of research commercialization and the entrepreneurial intentions of researchers. Multi‐level analyses based on a sample of 254 researchers working for 85 research group leaders in 49 German research institutes reveal that two distinct attributes of research group leaders – that is, their track records of entrepreneurial behaviour and their entrepreneurial intentions – play a significant role in transmitting the organizational‐level logic to the individual level. We also observe a complementary interaction between organizational‐level commercialization logic and the entrepreneurial track records of leaders. We discuss how these findings advance our understanding of science commercialization through academic entrepreneurship and how they inform institutional theory and theory development in other domains of entrepreneurship research.     

云南省老油房石灰岩大理石矿矿床特征及矿石工艺特征

在充分收集区域地质、野外调查和样品测试分析的基础上,系统地研究了云南省西畴县老油房石灰岩大理石矿的地质背景、成矿条件、矿床特征及矿石的工艺特征。结果表明该矿区矿体产状稳定,成层状产出;品种为灰色生物灰岩大理石,矿石体重适中;吸水率低,抗风化能力强;莫氏硬度较低,便于切割分离;耐磨率适中,便于打磨抛光;抗压、抗折、抗剪强度满足饰面石材工业技术指标要求;荒料率、板材率明显高于国家标准,适宜开采;可为大理石矿的勘查、开采、加工等方面工作提供参考。     

中国货币国际化的趋势预测与人民币的范式选择

货币国际化是一个动态的历史过程。通过对其历史进程的考察,可以清晰地对未来货币国际化进程加以预测。文章认为,中国的人民币国际化进程刚刚起步,但却面临与以往世界货币迥异的道路、环境和结构,迫切需要走出一条符合中国国情的货币国际化道路。     

Profiling the segments of senior tourists throughout motivation and travel characteristics

Interest in tourism market segmentation of seniors has been increasing in recent years as the tourism industry has begun to be aware of their importance for the sector. This is a very heterogeneous group, with greater purchasing power and lifestyle-oriented entertainment and enjoyment of leisure time by performing travel than previous generations. This study strives to contribute towards the hitherto scarce research on segmentation in senior tourism. Specifically, this work aims to determine the existence of various profiles of senior tourism by means of using socio-demographic variables, motivation and characteristics of travel of seniors. For this, two complementary analysis techniques, the nonlinear canonical correlation (OVERALS) and a two-stage cluster analysis, were used. Five market segments were identified according to the behavioural variables analysed that allow marketers to target this group in the most convenient manner and to exploit new market opportunities.     

Determinants of Consumer Preferences for Honey in the Democratic Republic of Congo

Honey is one of the important non-timber forest products consumed in the Democratic Republic of Congo (DRC) and, as such, an important source of income for many households. However, poor knowledge of buyers’ preferences in the marketing of honey presents a major challenge to the profitability of the honey enterprises. The research presented in this article identifies key consumer characteristics that influence the preferences of honey consumers in the DRC. The primary data source used in this analysis is drawn from a survey of 214 consumers. Results show that consumers who are married and have reached at least the level of secondary education have a strong preference for local forest and savannah honey. Those between the ages of 30 and 50 do not prefer honey from beekeeping, but would rather have it imported. We conclude that segmentation of the honey market and increasing consumer awareness must go in tandem in order to develop a good marketing strategy.     

供给侧结构性改革推进四川省玉米产业转型发展策略

[目的]随着中国粮食产量的"十二连增",国内农业生产的主要矛盾也逐步由总量不足转向结构性矛盾,其中玉米产业面临的矛盾尤为突出,玉米产业结构调整是我国农业供给侧结构性改革推进中的首要任务。四川既是全国玉米生产的重要省份,也是玉米消费大省,如何推进玉米产业供给侧结构性改革、实现产业转型发展还有待于思考。[方法]文章从供需平衡、供给结构、供给效益和供给效率4个角度分析了四川玉米产业供给侧的特征,同时从要素供给、社会化服务和产业链3个方面分析了影响四川玉米产业发展的制约因素。[结果]四川玉米消费结构呈现多元变化,从口粮消费为主转变为以饲料、工业加工消费为主;草食畜牧业发展迅速,饲用作物需求量增大;农业科技支撑力度明显,玉米育种成就突出。[结论]提出从优化品种结构、推行种养循环、培育新型经营主体、拓展产业链等方面推进四川玉米产业的转型升级。