年轻高管与企业股价崩盘风险：来自“代理冲突观”的证据*

在企业纷纷实施高管年轻化战略的背景下，本文从股价崩盘风险的视角分析和检验了年轻高管风险偏好的经济后果及其作用机理。本文基于“个体认知观”和“代理冲突观”展开理论推演，采用中国沪深A股非金融上市公司的数据，检验发现，年轻高管会显著加剧企业未来的股价崩盘风险，且这种影响主要存在于民营企业，在国有企业并不显著。进一步针对具体作用机制的检验发现，年轻高管在投资决策中选择了更多能迅速提升个人收益的风险性投资项目，但在不能迅速提升个人收益的风险性投资项目上与年长高管没有显著差异。同时，年轻高管对股价崩盘风险的加剧效应仅仅存在于高管在上市公司领取薪酬的样本企业，且更高的独立董事比例能显著抑制年轻高管的股价崩盘风险加剧效应。这表明，年轻高管个体认知层面的风险偏好被其追求个人私利最大化的代理冲突所扭曲，进而为年轻高管风险偏好的“代理冲突观”提供了实证证据。     

Turning corporate environmental ethics into firm performance: The role of green marketing programs

In this study, we develop a better understanding of the mechanisms by which corporate environmental ethics influences performance through the adoption of substantive actions. The empirical results of a moderated mediating analysis show that firms with higher environmental ethics are more likely to implement green marketing programs, consisting of the green production, pricing, distribution, and promotion programs and then improve firm performance. It is also observed that closure mechanism negatively moderates the mediation effect of green marketing programs because it leads to low trust and unwillingness to internal cooperation. These findings indicate that the value of corporate environmental ethics could not be determined in a vacuum, both strategy and people do matter when pursuing environmentally driven performance.     

YouTubers’ networking activities during the 2016 South Korea earthquake

While YouTube has become an important social networking platform for risk and crisis communications, research into its role and use during environmental disasters has not been conducted. The present study investigates how Korean YouTubers reacted during the 2016 Gyeongju earthquakes. Two kinds of data were collected from the most popular YouTube clips on the earthquake (from AfreecaTV and YonHap news): the most frequently used words in the replies to the comments and the networked forums among YouTubers. Findings suggest that YouTube has become a channel for quickly increasing public awareness of crises and for promoting safety strategies. InDegree Centralization is higher in professional videos. Hierarchy measure’s value is one, which means the reply-to network is not two-way. There is sparse close-knittedness in amateur videos. Community clusters emerge in amateur videos over time. The results also reveal that YouTubers on AfreecaTV are more likely to express emotional opinions than their counterparts on YonHap news are.     

Vertically Related Markets,Foreign Competition and Optimal Privatization Policy

This paper examines the optimal privatization policy in vertically related markets in which an upstream public firm competes with a foreign private rival in supplying a produced input to the domestic and foreign downstream firms competing in the domestic market. It shows that if the upstream public firm's market share is sufficiently high, full nationalization is optimal and the resulting profit margin is positive. However, complete privatization is never optimal. Numerical simulations reveal both the diverse optimal privatization regimes and the patterns of optimal privatization levels with varying numbers of the domestic and foreign downstream firms.     

舾装作业中考虑周期驱动的虚拟单元多阶段动态调度研究

多品种小批量离散型生产企业面临的大量不确定因素会干扰其生产的连续性,其中,船舶生产由于其技术与管理特点在此类生产中具有典型性.本文将以船舶舾装生产为例,在保证设备负荷均衡及资源利用率的基础上,研究该环节的虚拟单元调度问题,以提高企业的生产效率.文章以最小运输距离为目标,在充分考虑瓶颈资源约束的基础上,构建周期驱动下分割计划期的数学模型,并以结合任务分配和时间约束的混合蚁群算法求解.通过在某船厂舾装环节的应用发现,本文所提方法能够有效降低当前舾装各作业的平均完成时间,具备可行性.     

贯彻新发展理念 推动高质量发展 确保全面建成小康社会圆满收官——学习中央经济工作会议精神的几点体会

刚刚结束的中央经济工作会议是在党的十九届四中全会之后召开的一次十分重要的会议。习近平总书记在会上发表重要讲话,全面总结2019年经济工作,深刻分析当前经济形势,系统部署2020年经济工作。李克强总理在讲话中对2020年经济工作作了具体部署。这里,就学习中央经济工作会议精神谈几点认识体会,核心是贯彻新发展理念,推动高质量发展,确保全面建成小康社会圆满收官。     

锚企业与科技新城共生模式研究:以阿里巴巴和杭州未来科技城为例

以阿里巴巴和杭州未来科技城为例，采用Logistic模型探讨锚企业与科技新城共生模式，结果表明：总体而言，阿里巴巴和未来科技城属于互利共生模式，阿里巴巴成长会促进未来科技城发展，而未来科技城发展也会反哺阿里巴巴的成长。2013-2016年两者共生系数之间的差值不断缩小，表明阿里巴巴和杭州未来科技城的共生模式从偏利共生转向互利共生。     

信息化水平对生产率的直接效应和间接效应——劳动力技能结构的中介作用

构建了关于信息化水平、劳动力技能结构以及生产率的理论框架,探讨了信息化水平对生产率的直接和间接影响,以及劳动力技能结构在其中的中介作用,并利用中国省际面板数据对理论框架进行验证。结果表明:信息化水平对生产率同时具有直接影响和间接影响;信息化水平对生产率的直接影响呈现出动态的阶段性特征,两者之间存在U形关系,信息技术对生产率的促进作用只有在信息化水平达到一定程度后才能显现;信息化水平对生产率的间接影响通过劳动力技能结构的中介作用来实现:信息化水平的提升对低技能劳动者有明显的挤出效应,并带来了中、高技能劳动力需求上升,导致劳动力技能结构升级,从而促进劳动生产率以及资本生产率的提高;劳动力技能结构在信息化水平与全要素生产率之间的中介作用不显著。要使信息化更好地发挥作用,必须匹配较高水平的人力资本,劳动者需要进行持续学习与提升,以适应不断变化的社会需求。     

影片《功夫熊猫》中美国文化的模因分析

模因论是解释文化进化规律的一种新理论。运用模因论对美国动画电影《功夫熊猫》进行研究，可探讨其中独特的美国文化模因，即个人主义的复制及传播。