“引洮工程”引发的受水区污染治理研究

[目的]为了解决甘肃中部安定区、陇西县、渭源县、临洮县、榆中县和会宁县的人畜饮水、工业用水、生态用水及农业灌溉用水问题,引洮工程通过九甸峡水利枢纽抬高水位将黄河上游洮河支流水资源引入受水区。在受水区,在调水增加本区供水总量的同时,相应增加了增量水资源使用后带来的废污水,客观上对污染治理工作水平提出了更高要求,轻视排污问题将加剧受水区乃至下游的水系污染程度,影响受水区经济社会的可持续发展。[方法]文章采用文献研究法从理论上探讨了环境容量、排污权及其关系。采用定额计量法计算了调水带来的COD和氨氮增量。[结果]调水使得受水区COD和氨氮每年分别增加6 914. 30t和1 440. 48t。就COD而言,受水区平均排放量占该区环境容量的51. 12%,似有较多的容量结余,但区内排放极不平衡,榆中和会宁已经超排。就氨氮而言,受水区平均排放量将占该区环境容量的151. 55%,总体超排很严重。区内除临洮以外,其余5县区均超排,其中,榆中和会宁超排1倍以上。[结论]排污量是假定增量污水符合二级排放标准的前提下计算的,如果处理率低、排放达标率低,则超排现象会更为严重。对此,要从宏观上进行综合治理,诸如完善政府、社会与市场共同治污机制、排污权配置的过渡性制度安排、污水处理企业改革及引导受水区进行产业结构调整等。     

农户减少化肥用量和采用有机肥的意愿研究——基于洱海流域上游面源污染防控的视角

[目的]过量施用化肥导致水体富营养化是造成洱海流域上游面源污染的主要原因之一,调查分析农户减少化肥用量和采用有机肥的意愿有助于了解其调整施肥结构的行为。当前研究忽视了农户减少化肥施用强度和采用有机肥的意愿间的替代性,未能开展联立研究。[方法]基于洱海流域上游397个水稻种植户的问卷调查数据,通过Bivariate-Probit模型对农户减少化肥用量和采用有机肥两种意愿进行分析。[结果]年龄负向影响农户减少化肥量的意愿,农户对有机肥好处的认知正向影响其减少化肥量的意愿,农户参加农业社会化服务对其减少化肥用量和采用有机肥的意愿均产生正向影响,相比之下,对农户采用有机肥意愿的促进作用更大。[结论]引导农户参加农业社会化服务以及加强宣传和培训,提高农户对有机肥作用的认知可能是加强其减少化肥用量和增加有机肥施用量意愿的有效途径。     

Winning us with trifles: Adverse selection in the use of philanthropy as insurance

Research Summary: We study the use of corporate philanthropy as a form of reputation insurance, developing a formal model of such insurance to examine how the terms of insurance in equilibrium change under different assumptions about the firm and its stakeholders. We then test the predictions from this model in the U.S. petroleum industry and find that philanthropic donations offer insurance‐like benefits, but are also positively associated with subsequent oil spills—firms that give more, spill more—with this association being stronger for spills that are under firms’ control and in states with low civic capacity. These results are consistent with an adverse selection/moral hazard equilibrium and suggest that the use of philanthropy as reputation insurance may benefit firms at the cost of society. Managerial Summary: Firms that donate to social causes develop a reputation for being socially responsible, and are often given the benefit of doubt when negative information about them comes to light. But are philanthropic firms truly more responsible? We argue that firms that donate more may be more likely to do harm—those that expect to do harm later are likely to give more now, and those that know their reputation protects them may become less careful. Evidence from the U.S. petroleum industry is consistent with this argument, with firms that give more having more subsequent oil spills, but only the type of spills that are under the firm's control, and only in states where the firm faces weaker scrutiny.     

Strategic entry or strategic exit? International presence by emerging economy enterprises

By proposing an integrated strategic choice framework, we theorize the distinctive dynamics of international expansion by emerging economy enterprises. Specifically, we explicate how these firms build international presence based on combined strategic entry (i.e., prompted by internal capabilities such as innovation and diversification) and strategic exit (i.e., pushed out by external handicaps at home such as institutional obstacles and market competition). Further, a firm’s cooperative ties with foreign multinationals in the former’s home country fortify the strategic entry intent, while ties with home government institutions weaken the strategic exit intent. We also demonstrate that building international presence helps bolster firm performance, highlighting the economic catch-up consequence of international expansion. Analyses of a two-year imbalanced panel data of 2136 firms statistically support our hypotheses.     

Friends along supply chain and relationship-specific investments

Review of Quantitative Finance and Accounting - This study investigates whether the presence of school ties between supply chain partners encourages relationship-specific investments. Using Chinese...     

基于个性化的江西省乡村旅游空间分布及评价

［目的］通过对个性化的江西省乡村旅游区的空间分布进行研究，并对个性化的红色旅游资源进行评价，以期对乡村旅游的发展提供新的思考路径，建立具有个性化的乡村旅游体系。［方法］运用GIS102操作平台对江西省119个红色乡村旅游区的空间分布情况进行研究，通过计算最临近点指数、地理集中指数和核密度计算分析其空间分布特征。以资源要素价值、开发价值和社会效益组成评价层，下分14个指标，对江西省红色旅游资源进行评价研究。［结果］(1)江西省红色旅游区分布类型为集聚型，分布不均衡； (2)在评价准则层中，旅游资源要素价值权重最大，为0647 9，其次为社会效应，权重为0229 9，开发条件权重最低，为0122 2； (3)指标层权重排名前三位的依次为资源完整性、教育性和组织管理，权重值分别为0162 0,0116 5和0111 7。［结论］江西省乡村红色旅游区数量较多，但整体呈集聚型分布特点； 旅游资源要素价值权重最高，且整体资源禀赋较强，社会带动效应明显，具有极强的开发价值。     

Blockchain,bank credit and SME financing

Quality & Quantity - Blockchain is an emerging decentralized architecture and distributed computing paradigm and has recently attracted intensive attention from all sectors of society. This...     

中小股东"在线发声"与企业会计稳健性——来自雪球论坛的证据

长期以来,中小股东参与公司治理的实际效果饱受质疑,而社交媒体为中小股东提供的"在线发声"平台极大地扭转了中小股东边缘化的弱势局面.文章基于2013-2017年雪球股票论坛的讨论帖数据,分析了中小股东在雪球股票论坛的讨论对企业会计稳健性的影响及其机制.研究发现,中小股东在社交媒体上的在线讨论显著提高了被讨论公司下一年的会计稳健性,这一作用主要通过增加监管介入、抑制大股东掏空和降低企业盈余管理水平实现.此外,社交媒体讨论提高会计稳健性降低了债务融资成本,增加了股东权益保护,提高了公司业绩.因此,社交媒体已成为影响会计稳健性的重要因素,是中小股东参与公司治理的新"通道".文章的研究有助于揭示社交媒体的公司治理价值,丰富和更新中小股东在公司治理中的作用和功能,为会计稳健性的影响因素研究提供新的视角与证据.     

农机社会化服务采纳、禀赋差异与农村经济相对贫困缓解

进入以缓解相对贫困为重点的后扶贫时代，农村经济相对贫困问题仍不容忽视。农机社会化服务作为小农户与现代农业有机衔接的桥梁，对于推进乡村振兴战略和脱贫攻坚有序衔接具有重要作用。文章讨论的核心议题是农机社会化服务采纳如何缓解农村经济相对贫困，并尝试建立了“农机社会化服务采纳——禀赋差异缩小——农村经济相对贫困缓解”的理论分析框架。为此，文章首先对农机社会化服务采纳影响农村经济相对贫困的作用机制进行了理论分析，然后利用2750份河南省农户问卷调查数据，运用Logit模型，实证检验农机社会化服务采纳对农村经济相对贫困的影响，并通过替代核心自变量和变更样本的方法进行稳健性检验，运用PSM模型和IVProbit模型以及ERM模型进行内生性讨论，最后通过中介效应模型对其作用机制进行验证。结果表明，农机社会化服务采纳对农村经济相对贫困具有显著负向影响，缓解了农村经济相对贫困。考虑内生性后，结论仍具有稳健性。进一步的机制验证发现，农机社会化服务采纳通过缩小劳动力禀赋差异和技术禀赋差异，缓解农村经济相对贫困，劳动力禀赋差异缩小和技术禀赋差异缩小的中介效应占比分别为21.22%和7.36%。可见，应将完善农机社会化服务供需体系纳入农户相对贫困治理机制考虑范畴，引导农户从传统家庭化生产转向现代社会化生产，扩大农机社会化服务采纳范围；同时完善就业服务等相关配套体系以吸纳释放的弱劳动力，促进农户收入增长，缓解农村经济相对贫困。     

Go beyond tokens: Number and type both matter

Drawing upon token theory and critical mass theory, this study examines whether all female directors are equally considered as tokens. We argue that inside female directors are less likely than outside female directors to be considered as tokens because they are more powerful and influential. Using a 10-year sample of Chinese publicly listed firms on the Shanghai or Shenzhen Stock Exchanges from 2008 to 2017, we find that even one inside female director can make a significant contribution to corporate social responsibility (CSR), while outside female directors do not have a positive effect on CSR until their number reaches the critical mass (i.e., three). The results suggest that the predictions of token theory and critical mass theory vary across female director types. These findings contribute to the current literature by integrating female director typology with their numerical representation to explain their token status.