我国旅行社客户数据库的开发与应用

在面对互联网的竞争和消费者追求旅游消费个性化的背景下,旅行社传统业务受到了强烈的冲击,旅行社建立客户数据库是应对竞争和提高自身竞争力的有效手段.因此,有必要对客户数据库建立的必要性、开发程序及数据库的相关问题进行探讨,以便更好地服务于旅行社.     

证券公司内部控制的研究与探索——基于寻租视角的“防火墙”建设

近年来不断有证券公司由于违规操作等经营失败倒闭,另一方面证券市场金融创新又给证券公司带来一系列的寻租领域。本文从证券公司的寻租角度,提出了如何完善证券公司内部控制的“防火墙“机制的思路。     

开放经济下的经济增长模型:中国的经验

本文从三个方面,以8个分指标为基础构造了衡量对外开放程度的变量——对外开放度指数,该指数较传统的外贸依存度更好地刻画了1978~2003年间中国经济对外开放程度的变化过程。在此基础上,本文运用动态建模方法建立了开放经济下的经济增长模型,从短期和长期的角度动态地考察了对外开放对经济增长的影响,很好地模拟了开放经济下中国经济增长的变化规律。实证研究的结果证实了对外开放不仅在短期内有效地促进了经济增长,而且也显著地进入了长期均衡方程。     

中嘉8号杨的组织培养和植株再生

选用中嘉8号杨(P.deltoides,I-69 ×I-63)叶片进行组织培养,结果表明,诱导愈伤组织和分化不定芽,主要取决于细胞分裂素和生长素的配比.在温度(25±2)℃、相对湿度75%、光照16h/d、光强3000lx条件下,适宜的愈伤组织诱导培养基是MS BA 1.0 mg/L 2,4-D0.1 mg/L 蔗糖30g/L 琼脂6.5g/L;愈伤组织分化不定芽培养基是BA 0.5mg/L 2,4-D0.1mg/L 蔗糖30g/L 琼脂6.5g/L.试管苗在室温下炼苗10～15 d,移栽前开瓶炼苗2～3d,移栽成活率达90%以上.     

DT公司工资改革基本框架研究

自1993年至今，DT公司一直延续执行职位结构工资制，在公刮转入经营市场化、劳动力市场化和外部市场压力越来越大的情况下，明显存在工资结构不合理、关键岗位和重要岗位人员工资缺乏竞争力等问题，急需工资改革。工资改革拟确定的目标是：从安全运营、优质服务、效益优先出发，按照建立现代企业工资制度的要求，根据DT公司的实际，实现“两个转变，一个调整”。工资改革的内容主要是：转变工资决定机制，整合工资结构；调整工资水平，初步理顺工资关系；初步建立起新的绩效考核体系；建立起动态的、激励导向明确的工资正常调整机制。     

Which Traders Contribute Most to Price Discovery? Evidence from the KOSPI 200 Options Market

We examine which group of investors—individuals, institutions, or foreigners—has more information about the true price process in the Korea Stock Price Index 200 (KOSPI 200) options market. Using the Hasbrouck (1995) information share and the Gonzalo and Granger (1995) common factor weight approach, we show that foreigners are the most informative about the efficient price process, and domestic institutional investors as well as individual investors have small contribution to price discovery. This result holds firmly, even after controlling for the effects of trading volume and the number of trades. Our empirical results suggest that foreigners are informed traders in the KOSPI 200 options market, consistent with the findings of Ahn, Kang, and Ryu (2008).     

Non‐audit Services and Auditor Independence Depending on Client Performance

We posit that the effect of non‐audit fees on auditor independence in Korea is based on audit client performance. Further, we suggest that an audit client with low performance has an incentive to purchase non‐audit services (NAS) from an incumbent auditor to facilitate earnings management and steer accounting practices in a preferred direction. We find evidence that as non‐audit fees in Korea increase, auditor independence is reduced only for low‐performing audit clients. Thus, unconditional prohibition of NAS seems unnecessary. Regulators and policymakers should examine the motivation for purchasing NAS, particularly among audit clients with poor performance.     

Labor market evaluation versus legacy conservation: What factors determine retiring CEOs' decisions about long‐term investment?

Do CEOs nearing retirement attempt to boost short‐term firm performance or do they care more about what type of legacy they will leave behind? The two opposing predictions about the behavior of CEOs upon retirement suggest that retiring CEOs' decisions about certain long‐term investment items may be more complex than suggested in the literature. In search of an answer to this question, we examine the relationship between CEO retirement and the level of firm commitment to corporate social responsibility (CSR). The results show that CEO retirement has a negative effect on firm commitment to CSR. However, we found that the negative effect becomes weaker when CEOs retire at relatively older ages or are retained on the board of directors of their own firms. Our finding suggests that CEOs who face weaker pressure from the labor market for corporate directors may pay more attention to preserving their legacy. Copyright © 2014 John Wiley & Sons, Ltd.     

Does corporate governance transparency affect the accuracy of analyst forecasts?

Using country‐level proxies for corporate governance transparency, this paper investigates how differences in transparency across 21 countries affect the average forecast accuracy of analysts for the country's firms. The association between financial transparency and analyst forecast accuracy has been well documented in previous published literature; however, the association between governance transparency and analyst forecast accuracy remains unexplored. Using the two distinct country‐level factors isolated by Bushman et al. (2004 ), governance transparency and financial transparency, we investigate whether corporate governance information impacts on the accuracy of earnings forecasts over and above financial information. We document that governance transparency is positively associated with analyst forecast accuracy after controlling for financial transparency and other variables. Furthermore, our results suggest that governance‐related disclosure plays a bigger role in improving the information environment when financial disclosures are less transparent. Our empirical evidence also suggests that the significance of governance transparency on analyst forecast accuracy is higher when legal enforcement is weak.     

Private benefits of control and firm leverage: An analysis of Korean firms

This paper investigates the leverage choices of an entrenched controlling party. If debt effectively curbs the private benefits of control, the controlling shareholder is given incentives to avoid debt. Using estimates of the private benefits of control and financial statement data from selected Korean firms, we find that a controlling party with large private benefits tends to lower debt. This relationship was concentrated after the Asian financial crisis. However, before the crisis, firms that affiliated with Korean conglomerates, chaebols, used more debt as private benefits increased. A financial reform program triggered by the crisis seems to have actuated the disciplining role of debt. JEL Classification G32, G34