经营绩效反馈、环境不确定性与企业广告投入

基于2012～2015年深沪两市A股上市公司样本数据,对经营绩效反馈和企业广告投入之间的关系进行了理论分析和实证检验,并进一步考察了环境不确定性的调节作用。研究结果表明：（1）当企业未实现资本市场经营预期时,随着实际绩效低于经营预期程度的增大,企业广告投入将减少;（2）当企业实现资本市场经营预期时,随着实际绩效高于经营预期程度的增大,企业广告投入将增加;（3）当企业未实现资本市场经营预期时,与低不确定性环境相比,高不确定性环境中企业经营绩效负反馈对广告投入的负向影响将增强;（4）当企业实现资本市场经营预期时,与低不确定性环境相比,高不确定性环境中企经营绩效正反馈对企业广告投入的正向影响将增强。     

论省级电网公司对直属供电企业资本性支出预算的控制

省级电网公司通过基于资本性支出与供求两方面的分析,针对资本性支出预算的主要影响建立合理的控制、约束机制,能够引导下属单位权衡利弊,自觉、自主、科学合理地控制资本支出预算,在资本性支出需求和资本性支出能力间寻求平衡,让省级电网公司尽量回避资本性支出决策时的信息劣势地位,依靠某种"自动平衡"机制解决对直属供电企业资本性支出预算的控制。     

PPP项目资本合作网络:理论模型和案例分析

私人投资者是PPP项目公司的股权投资者,其之间是退出门槛较高的长期资本合作。本文基于社会网络分析方法,提出了PPP项目资本合作网络的理论模型,以2014~2019年财政部PPP项目库中执行阶段项目的数据为基础,构建了私人投资者资本合作网络,对网络基本特征、最大合作集群和节点的中心性进行了分析。研究结果表明:(1)私人投资者之间的资本合作已形成了社会网络,且网络规模仍将继续增长;(2)总体来看,最大合作集群的平均度随时间的演化而减小、平均路径长度随时间的演化而增加;(3)最大合作集群在一定程度上表现出金融机构中心性。     

Bias and Error in Mine Project Capital Cost Estimation

Previous analyses of small samples of mining projects have found that feasibility studies tend to underestimate the as-built capital costs of the project. Our review of 63 international mining and smelting projects confirms that as-built capital costs are, on average, 14% higher than as estimated in the bankable feasibility study. There is little attenuation over time of this bias in capital cost estimation, appearing to reflect an absence of learning on the part of the project sponsor or the consulting engineering firm. We argue that this persistence of bias is instead intentional and rational, driven by a scarcity of project financing and the need by project sponsors to inflate the project economics in a bid to secure financing. We find some empirical support for our contention. A second phase of the analysis examines estimation error. Roughly half of all projects' as-built capital costs fall outside of the expected ± 15% of the feasibility study capital cost estimate, even after allowing for intentional estimation bias. Cost overruns of 100% or more happen in roughly 1 out of 13 projects. Smaller projects have less estimation accuracy than large projects. Finally, our analysis of the cost overrun data reveals that a shifted lognormal probability distribution should be used when modeling mining project capital costs in a Monte Carlo analysis.     

Employee Financial Participation and Productivity: An Empirical Reappraisal

Avner Ben‐Ner and Derek Jones cast doubt on the notion of a simple causal link between financial participation (FP) and productivity, and consequently on the validity of much of the empirical literature that has sought to quantify this relationship. This paper is an attempt to investigate this proposition. Our empirical reappraisal revealed that the route through which employee share ownership and profit‐sharing schemes achieve these gains is quite separate and more involved than either the theory or prior empirical research suggests. This is particularly evident by extending the complementarities thesis beyond purely participatory bundles to embrace firm‐specific and organizational variables. Our analysis also addressed recent calls to aid the interpretation of the observed effects of FP by creating a link between the use and operation of FP and its impact on productivity.     

棚户区改造项目成本测算及资金平衡研究

结合棚户区改造项目的特点,分析棚户区改造项目成本测算的重要性及难点,例如前期难以精准估算拆迁量、拆迁周期难以预估、内部收益率基准值难以确定,然后阐述棚户区改造项目资金平衡测算,包括实施单位的盈利模式、资金平衡方案的确定、资金平衡的难点问题等,为棚户区改造的投资管理提供一定的建议和参考。     

Mortgage Credit Availability, Housing Starts and the Integration of Mortgage and Capital Markets: New Evidence Using Linear Feedback

This paper employs linear feedback measures to examine the relationship between housing starts and the availability of mortgage credit. Estimates are obtained using monthly data with samples ending with May 1978 and beginning with June 1978. The results indicate that mortgage credit availability contributed significantly to short-run cycles in housing starts in the earlier sample. Such feedback is considerably smaller, however, in the later sample. The results suggest the housing finance sector has become integrated with the overall capital market as the result of the deregulation of thrift deposit rates and the development of the securitized mortgage market.     

论投资项目经济评价基础--资金等值计算

文章对各种投资项目资金等值计算进行了详细讨论。并给出了相应的合理处理与计算方法。特别是计息期长于支付期的投资项目资金等值计算。     

高等学校基本建设投资项目财务评价

从微观角度，依据我国现行财税制度和价格体系的要求，阐述了高校基本建设投资项目财务评价的职能、原则、内容、重要意义，以及评价指标的确定和计算方法。     

廊桥

一个值得深思的栏目我认为,贵刊的"管理方略"是个不错的栏目。从2006年开办此栏目至今10余期的容量,系统地介绍了当下流行的各种管理思潮与理念,从差异化到精细化到标准化管理,从5S到人本到流程到融合管理,从思想的舶来品到本土化的思考与实践等等,     

廊桥

媒体关注★2007年度中央电视台(1套)播报《施工企业管理》文章荧屏回放★接天连地识全局——2007年第10期"视点观察"栏目引起较大反响够组织、编辑这样一组有实例、有厚度、有思想的文章很是难得。从这组文章不难看出中施企协的思想深度和理论水平,没有"二政读者评刊     

廊桥

因时而变因你而新编辑同志:你好!我是建筑企业的一名员工,平日里很少看电视,只喜欢看看书。2005年底,第一次接触到了贵刊,看过一期后便喜欢上了它,这可以     

廊桥

读者评刊策马前路要奋蹄编辑同志:你好!如今的《施工企业管理》杂志已经成为全国建筑系统各行业和社会各界广大读者“沟通信息的桥梁,研究问题的园地,切磋发展的平台,学习理论的课堂”。2007年度对贵刊来说,是机遇与风险并存,为此提出几点希望。首先,见证和推动我国建筑业成就与竞争力是贵刊的己任,这就给贵刊提出了更高的要求。因此,要把杂志办得更具有行业特色,赋予她更加强大的生命力,同时要特别注意杂志发行后的效果反馈。其次,版面与栏目的设置,要注意栏目名称的思想性和艺术性的统一。有些栏名包含的内容范围太大。再次,杂志切忌开“…     

廊桥

读者评刊《报告》可为我们企业说了真话编辑同志:你好!我在拜读了贵刊2007年第4期上刊登的《2006年建筑施工行业发展报告》后,深有感触。     

廊桥

读者评刊是良师,是益友,是舞台《施工企业管理》是博学的良师。杂志容量大,栏目多,导向性强。"管理方略""战略管理""项目管理"等栏目,从不同层面、不同视角为企业和从事企业管理的人员打开了一扇扇管理知识之窗;"法治在线""以案说法""律师问答"等栏目又从法律的角度给企业以启迪和警示;国际市场栏目则为企业提供了可资借鉴的世界著     

廊桥

如饮甘醇,受益良多编辑同志:你好!贵刊的特色和优势体现在以下几个方面:一是版式活跃。插图与文字相得益彰,恰到好处;排版活跃,不拘一格;按语、导读提纲挈领;标题吸引眼球,引人注目,乃精雕细刻之结晶。这一切源于贵刊的精心策划和合理编排,体现编辑部的别具匠心的编辑水准。二是选题精确。贵刊的选题非常宽泛,既不雷