管理层语调能预示公司未来业绩吗?——基于我国上市公司年度业绩说明会的文本分析

本文基于我国上市公司年度业绩说明会的文本数据来研究公司管理层语调是否有助于预测公司未来业绩。我们基于上市公司2005-2012年在全景网召开年度业绩说明会的相关文本数据研究发现,管理层净正面语调与公司T+1年业绩显著正相关,以及管理层正(负)面语调与公司T+1年业绩显著正(负)相关。这些结果说明,在控制了T年公司业绩等因素之后,业绩说明会上的管理层语调仍能够提供关于公司未来业绩的增量信息,也从事后验证的角度表明管理层语调具有较好的可信度。本文的研究发现意味着,管理层披露的文本信息有信息含量且有一定可信度,这对在中国高度依赖语境的文化背景下加强研究了解投资者等是如何挖掘和解读文本信息有重要意义。同时,也说明我国上市公司业绩说明会利用先进信息技术的信息披露实践在一定程度上是有效的。     

食品中单核细胞增生李斯特氏菌改良增菌液的研究

本文通过改变丙酮酸钠以及酵母浸膏添加量,对李氏增菌肉汤(LB₁)进行了改良。通过吸光度法以及平板计数法测定不同优化条件下单核细胞增生李斯特氏菌生长曲线,并采用实时荧光PCR对增菌结果进行特异性验证。得到改良后的增菌液配方为:在商品化李氏增菌肉汤(LB₁)的基础上,添加1 g·L^-1的丙酮酸钠,15 g·L^-1的酵母浸膏,此时前增菌时间可缩短至8 h,且经过验证,特异性良好。使用改良后的李氏增菌肉汤(LB₁)大大缩短了增菌时间,特异性良好,值得推广和应用。     

From central planning towards a market economy: The role of ownership and competition in Vietnamese firms’ productivity

This paper examines the role of ownership and market competition in Vietnamese firms’ total factor productivity (TFP) from 2001 to 2011. Making use of a large panel dataset of manufacturing firms, we find that, on average, both foreign-owned enterprises (FOEs) and state-owned enterprises (SOEs) have performed better than privately owned enterprises (POEs) in terms of their TFP levels. However, while FOEs’ TFP ranked the highest in the period 2001–2006, SOEs “closed the gap” in the period 2007–2011. Moreover, we find that market competition has been effective in enhancing average firm productivity and in reducing the gaps in efficiency across ownership types. SOEs’ remarkable performance may be linked to several concurrent factors experienced during the period 2001–2011, namely, the process of restructuring the state sector during the 2000s, the increased economic integration due to the country's accession to the World Trade Organization (2007) and, finally, the preferential access to financial capital and land granted to SOEs. While some evidence supports SOEs’ equitization as an explanation for their remarkable productivity performance, WTO accession and cheaper access to inputs do not fully explain it.     

When and why employees of non-profits promote their organizations: Determinants of positive staff-word-of-mouth

Employees represent a credible source of information for prospective job applicants of non-profit organizations. However, less is known about when and why staff actively promote their organizations. The authors develop a parsimonious model of determinants of positive staff-word-of-mouth (SWOM) and test this model on the data from a survey of employees of a major Scandinavian missionary organization (Normisjon). The findings show that identification with the organization, organizational climate, and task satisfaction are significant determinants of positive SWOM. The pattern of effects differs for employees with and without formal leadership responsibility. For employees with such responsibilities, organizational identification has a greater effect and organizational climate a weaker effect on SWOM than for employees with no leadership responsibility. Based on the current findings and the broader literature on employer branding and recruitment, the authors offer tentative guidelines for how to increase positive SWOM for nonprofits.     

高管团队内部网络与并购绩效

近年来,高管外部社会网络特征对企业决策的影响受到学术界的广泛关注。与以往研究侧重点不同,本文探究高管团队内部网络结构对企业决策是否产生重大影响,并构建了上市公司高管团队内部网络结构指标。基于社会网络和信息不对称等相关理论,本文实证检验了高管团队内部网络对企业并购决策绩效的影响。结果显示,高管团队内部网络结构密度越高,高管成员之间的沟通越有效,公司并购绩效越好。进一步地分析发现,当并购的复杂度和风险较高、企业所在地区制度环境较差以及高管任职时间较短时,高管团队网络密度对于并购绩效的影响更为明显。最后,本文还发现高管团队内部网络密度高的企业并购后,公司的会计业绩和市场业绩也优于其他公司。     

How do green attributes elicit pro-environmental behaviors in guests? The case of green hotels in Vietnam

This study aims to identify green-hotel attributes and determinants that contribute to guests’ intention generation for visiting a green hotel and practicing pro-environmental actions during their hotel stay. The study’s results find five dimensions (Customer benefit, Energy efficiency, Water efficiency, Recycling policy and Green characteristic) that underlie 24 green-hotel attributes. Out of the five dimensions, Customer benefit, Energy efficiency, and Green characteristic are found to positively affect pro-environmental value and attitude that in turn enhance intention to practice environmentally friendly actions and visit a green hotel, while pro-environmental value does not trigger pro-environmental attitude. Theoretical and managerial implications are discussed.     

A dynamic theory of the declining aggregated labor income share: Intangible capital vs. tangible capital

Reports of the literature documenting the declining labor share of income have increased greatly in the past few years, which is opposed to one of the famous “Kaldor's stylized facts” of growth. The declining labor income share has been observed since the 1980s in a number of countries, and especially in the United States. Recent studies have revealed the following five major driving forces of the declining labor share: (i) supercycles and boom-busts, (ii) rising and faster depreciation, (iii) superstar effects and consolidation, (iv) capital substitution and automation, and (v) globalization and labor bargaining power. We set up a two-sector optimal growth model with the R&D intermediate sectors producing intangible capital. By integrating driving factors (ii) through (iv) above into the model, we demonstrate the long-run decline of the aggregated labor income share.     

深圳人口发展的基本问题

进入21世纪以来，中国的现代化仍然保持高歌猛进的发展势头。持续高速的工业化已经引发世纪之交中国不断加速的城市化浪潮，以至于中国的城市化被人称为是21世纪影响世界的两大事件之一。现在中国的城市化率以每年1．4个百分点递增，已达到42．99％，已有1．5亿农民工在中国的城市中谋生，仅2005年由乡村流入城市的人口数就接近1800万人，而且这个数目正不断刷新。人口的大规模转移，使中国城市人口总量高达56212万人，是世界上城市人口数量最多的国家。有人认为，中国城市人口增长的第四个阶段已经开始。