欧盟税收管辖权的现状与趋势

欧盟有关税收问题的规定,约束了成员国的税收立法内容,并且已经超越成员国的独立税收管辖权,导致成员国税收管辖权部分转移,出现超越国家的税收管辖权现象。欧盟法律制度的主要目标之一就是消除统一市场的人为和制度障碍,促进共同市场内部的商品、劳动力、资本和服务流动。欧盟在处理与成员国之间的税收管辖权问题上已经取得了有益的进展,但是,税收管辖权由国家向国际组织行使的转变仍然任重道远。     

国际化人才开发与管理的方法与规律研究

要实现国际化的人才开发与管理,应选择可持续发展型的管理模式;树立现代人力资源观;运用计划性人力资源管理战略;管理角色要从行政角色向战略伙伴转变;应加快我国专业资格互认进程;大力推进人才开发与经济、科技、教育的一体化;按国际惯例办事,使人才开发机制率先与国际接轨;推进人才收入分配制度创新,实现人才价格向价值的回归。     

Employee ownership heterogeneity and firm performance in China

Employee ownership (EO) has gained increasingly significant attention from both business practitioners and policy makers in China. Through the examination of the implementation of EO by China's listed firms from 1992 to 2017 with a total of 3,396 firms and 36,559 firm‐year observations, we explored the relationship between EO implementation and firm performance. In general, we found that over time, EO firms outperform non‐EO firms in China, and the influence of EO is only different in nuanced aspects in different time periods according to the change of policies. The data from the most recent period, that is, 2014–2017, indicate that EO adopters have higher performance than matched non‐EO firms both before and after adoption, but the relative performance does not increase after adoption. We further examined the interactive effect between EO and executive stock ownership (ESO) schemes and found that the adoption of ESO weakens the positive relationship between EO and firm performance. Regarding different types of EO, we found lower performance in companies with high return rights but no control rights, and we found better performance when high return rights are combined with control rights. We suggested policy and managerial implications on the basis of the findings.     

Resilience to the financial crisis in customer-supplier networks

Inspired by the Capital Asset Pricing Model (CAPM) beta, we construct customer and supplier betas to separately investigate potentially different properties of downstream and upstream linkages. With the adjacency matrix acting as a ‘filter’ to extract each company's return covariances with its trading partners, the cross-sectional dependence contained in the customer-supplier network is summarized by our betas. We explore how these two betas are related to a company's resilience to the financial crisis of 2008–2009. We observe that a higher customer beta is generally associated with more resilience during the crisis. Therefore, investors could construct the customer beta to gain insights into the relative negative impact of a potential crisis on a stock's performance.     

Predicting Prepayment and Default Risks of Unsecured Consumer Loans in Online Lending

Online lending provides a means of fast financing for borrowers based on their creditworthiness. However, borrowers may undermine this agreement due to early repayment or default, which are two major concerns for the platform and lenders, since both affect the profitability of a loan. While default risk is frequently focused on credit scoring literature, prepayment has received much less attention, despite a higher prepayment rate being observed in online lending when compared with default. This article uses multivariate logistic regression to predict the probability of both the underlying prepayment and default risks. Real consumer lending data of 140,605 unsecured loans provides evidence that these two events have their own distinct patterns. We consider systemic risk by incorporating macroeconomic factors in modeling and address the influence of economic conditions, which are lessons learnt from the last financial crisis. The out-of-sample validation has shown that both prepayment and default can be accurately predicted. This article highlights the necessity of regulations on prepayment given the fast growing online lending market.     

基于渠道理论的营运资本管理效率对企业价值的影响研究

以2010-2014年我国1183家A股制造业上市公司为研究对象,选取了8个指标变量共5915个样本观察的面板数据,通过建立固定效应模型考察基于渠道理论的营运资本管理效率对企业价值的影响.研究发现,企业价值与衡量营运资本管理效率的综合指标经营活动营运资本周转期显著负相关,并且与经营活动营运资本周转期的各组成部分,如采购渠道、生产渠道和营销渠道营运资本周转期显著负相关.研究结果表明,提高制造业上市公司的营运资本管理效率,可以增加企业价值.管理者可以通过有效的渠道管理,将营运资本周转期维持在最优水平,实现营运资本的高效运转.     

互联网金融与边疆地区经济贸易发展

网络技术的不断发展与完善催生了新经济生态的诞生，这使得传统经济的运行方法和体制构成发生了根本性的变化。网络经济时代相对于传统的实体物质经济时代而言，它以信息及网络技术为依托，利用网络平台进行交易，体现出了成本低廉、互动性强、效率高等优势特征。边疆地域有效利用互联网经营方式、平台建设和管理模式，促进自身贸易发展，是本文研究的重点内容。     

高频彩超在睾丸急症中的应用价值

目的:探讨高频彩超在睾丸急症中的应用价值。方法:回顾性分析48例睾丸急诊患者的彩色多普勒超声声像图。结果:48例患者其中25例为睾丸损伤,12例确诊为睾丸炎,8例为睾丸扭转,3例为睾丸肿瘤。结论:高频彩超诊断睾丸疾病快速准确,可重复性强,能正确判断疾病的发展程度,为临床诊治提供有效依据,为评判疗效提供有力帮助。     

Professional communication in an applied tourism research community

This study addresses the amorphous nature and complexity of professional communication in an applied tourism research community. With empirical data from members of the Travel and Tourism Research Association, the study examines professional communication from the perspectives of academic versus practitioner members. Results of the study contribute to discussions on the two-community theory and utilization theories with respect to the production, dissemination and uptake of travel and tourism research. Practical implications of the study are discussed in relation to association planning and development, and to capacity-building in an applied tourism research community.