国有风险资本与企业融资约束: 如愿以偿还是事与愿违?

我国国有风险资本是否实现了设立之初的目标,即是否纾解了企业融资困难呢?文章基于上市企业微观数据和手动采集的国有风险资本数据对此进行了系统研究.实证结果稳健地显示,国有风险资本可有效缓解企业后续融资约束,我国政府参与风险投资活动是有效的.进一步地,高持股比例、多联合投资、高政治层级的国有风险资本对受资助企业融资约束的缓解作用更强;且国有风险资本对经济欠发达、低制度质量环境下的企业、面临高环境不确定性和高竞争程度企业、民营企业、成长期与动荡期企业能产生更大的影响.机制检验表明,国有风险资本既能通过认证作用显著降低企业信息不对称程度,又能发挥政治关联的资源效应,包括显著促进银企关系和企业的商业信贷获取能力,并提升企业获得政府补贴的水平,从而减轻企业资金负担,缓解其融资约束.经济后果分析表明,国有风险资本能显著降低企业外部融资的股权资金成本和债务资金成本,帮助改善企业融资贵的难题,而且国有风险资本有助于企业在创新和经营方面的良性发展.但国有风险资本并未起到有效监督作用,不能缓解企业代理问题,尤其是会导致第一类代理成本的明显提高,而高管薪酬提升是其中的重要原因.据此,文章认为在未来的国有风险资本发展中,要把握"政府角色"介入的尺度,完善国有风险资本对企业的监督管理机制.同时适当兼顾各地区发展不平衡的情况,对中西部地区的国有风险资本发展提供适当且必要的帮助,以促进国有风险资本在新时期的长足发展.     

Cost Analysis of Calcium in Store Brand versus National Brand Grocery Products

Objective: This study was to determine if calcium fortification yields a higher price per serving in grocery store products. Researchers compared store brand to national brand grocery products in relation to cost in order to examine if calcium values were similar between store brand and national brand products. Methods: A total of 112 store brand and 211 national brand grocery products were collected from three low (national chain store), middle and high priced (Virginia and North Carolina regional store) grocery venues. Products were compared using price and calcium percentage per serving. ANOVA was used to determine between store brand and national brand for price per serving and calcium content, and between grocery venues. Results: National brand fortified products had a significantly lower mean price per serving when compared to national brand non-fortified products (p = 0.0002). There was no statistical difference between store brand fortified and non-fortified products (p = 0.9256). Low priced store brand products had the lowest mean price per serving ($0.34 ±0.24). Conclusions: This study found store brand products have similar calcium content as national brand products. Product cost was lower at low priced store compared to middle and high priced stores.     

Is bank staff interaction associated with customer saving behavior in banks?

Major changes are underway in the U.S. retail banking sector toward heavy investments in technology and fewer in personnel. Using the 2017 survey of household economics and decision‐making (SHED) (n = 11,359), we examine the relationship between saving behavior related to emergency, long‐term and periodic expenses and personal, technological, and hybrid bank account access methods. Binary logistic regression models were used to estimate the odds of reporting various saving behaviors in relation to various banking access methods. Findings suggest that the personal access method is positively associated with savings behavior for periodic expenses for the general population, and negatively associated with emergency savings in people with lower education attainment. Technology is associated with all types of saving behavior, while the hybrid access method is associated only with saving for periodic expenses. As investments in self‐service technology increase, the importance of access methods to savings behavior must be considered.     

在校大学生志愿服务激励管理的影响因素分析 ——以北京世园会为例

在新的时代背景下,对于志愿服务的激励管理越来越重要,大学生作为新时代的青年更应该积极投身到志愿活动当中去,对于志愿服务过程中出现的问题进行解决,让志愿者在服务当中展现出更好的工作状态势在必行.通过影响北京世园会在校大学生志愿者们工作积极性的因素为切入点,发放问卷收集相关数据,运用文献法了解国内外研究现状,使用SPSS统计分析得出影响志愿者工作积极性的因素并提出具有建设性的对策建议,最终达到提升志愿者工作积极性的目的,让越来越多的人愿意投身到志愿服务当中去.     

论生态经济系统稳态

本文论述了生态经济系统非平衡稳定态的概念、特性及其实现的途径。指出生态经济系统稳态,是非平衡的,对外全面开放、激烈竞争、充分利用涨落作用,对内协同、有序、自组织、自适应、自催化、且有非线性作用和支配性、良性运转、进展演替的耗散结构状态。生态经济系统平衡的提法应被生态经济系统稳态的概念所取代。     

宏观经济政策与资本形成机制的契合——资本市场的宏观经济意义分析

资本形成机制的宏观经济含义体现为实现国民收入的良性循环,这一良性循环不只是消费、积累比例的确定,还体现在形成投资的现实效益,这种效益很大程度上体现为经济结构的优化。宏观经济政策在资本市场的传导,便以现实的资本形成机制的顺畅运行为前提。资本市场作为资本形成的实现机制,其宏观意义体现在其对宏观经济政策的顺畅传导中。     

信息时代中小企业的营销创新分析

当今社会科学技术突飞猛进，知识经济初见端倪，信息革命正迅猛的改变人们的生存环境，人们开始从工业社会进入信息时代，信息技术在企业广泛渗透到生产开发，经营管理的全过程中，成为他们发展的基本依据和重要手段。信息化正从整体上引导着企业经济和社会发展的进程。信息技术将成为企业经济发展的关键因素。从改革开放的初期开始，中小企业就不断涌现，成为推动我国经济发展的一支重要力量。中小企业的优势在于：自身规模小，机制灵活，且产品价格低，能满足人们多样化需求。随着我国加入WTO，电子商务的构建，信息时代的来临，信息化正从整体上引导着企业经济和社会发展的进程。激烈的市场竞争环境使我国中小企业日益暴露出竞争力量差，技术力量薄弱的自身劣势。中小企业普遍存在管理水平低下，资金和人才缺乏，信息化程度低下等问题。     

民营科技企业的产权类型及管理特点分析

民营科技型企业是民营经济的重要组成部分。从产权形式上看,有四种主要类型:创业人员以技术入股带动的私营科技企业;家族式科技企业;股份合作制和职工持股制科技企业;有限责任科技企业。文章就上述类型民营科技企业的产权形式及管理特点进行了分述。