Business Life Cycle and Capital Structure: Evidence from Chinese Manufacturing Firms

This paper uses a panel data‐fixed effect approach and data collected from Chinese public manufacturing firms between 1999 and 2011 to investigate the impacts of business life cycle stages on capital structure. We find that cash flow patterns capture more information on business life cycle stages than firm age and have a stronger impact on capital structure decision‐making. We also find that the adjustment speed of capital structure varies significantly across life cycle stages and that non‐sequential transitions over life cycle stages play an important role in the determination of capital structure. Our study indicates that it is important for policy‐makers to ensure that products and financial markets are well‐balanced.     

DS／FH／TH混合扩频系统抗干扰性能的计算机模拟

<正> 产品质量是产品价值的重要体现,出口产品尤其如此。随着产业革命及其技术经济的蓬勃发展,商品生产日益发达,商品供求逐步由数量型向质量型转变。因此,产品质量的社会性和质量标准的国际化问题,越来越突出地体现在国际市场激烈化的竞争实践中。面对这个现实,     

浅析保险公司的绩效管理

加入WTO以来,我国的保险主体不断增加,为促进公司战略目标的实现,本文,运用控制论、信息论、系统论和数理统计原理,阐述绩效管理的重要意义,针对目前的现状,从加强绩效管理的设想来提高公司的管理水平,调动员工积极性、发挥潜能、增强执行力,将员工的活动与公司的战略目标紧密联系在一起,使绩效管理功能得到体现。     

我国企业对外直接投资的理论创新

构建中国特色的企业对外直接投资理论,必须站在理论高度对我国企业国际化演进规律、进入方式、投资结构、品牌与文化整合等问题进行系统思考,总结和反思中国企业在国际化经营中的成功经验和失败教训,借鉴西方对外直接投资的有益理论和经验,以构建中国企业跨国经营的理论基础,为我国企业实施"走出去"战略提供理论指导和技术支撑。     

Two-agent collusion-proof implementation with correlation and arbitrage

This paper characterizes the optimal collusion-proof mechanism in a two-agent nonlinear pricing environment. Our model allows agents to have correlated types and to reallocate their total purchases among themselves. We show that, under strongly negative correlation, the coalition will, sometimes, be torn apart at no cost. Under positive or weakly negative correlations, however, the threat of collusion forces the principal to distort allocation away from the first-best level obtained without collusion. We also show that, in contrast to the result of Laffont and Martimort (Econometrica 68:309–342, 2000), when the correlation is almost perfectly positive, the possibility of arbitrage prevents the principal from approaching the first-best efficiency.     

Intellectual Capital–Enhancing HR,Absorptive Capacity,and Innovation

This study investigates the role of intellectual capital (i.e., human, social, and organization capital)–enhancing human resource (HR) practices in the development of a firm's absorptive capacity, as well as the mediating role of absorptive capacity in its relationship to the firm's innovation performance. Results show that while human capital–enhancing HR (acquisition and developmental HR) is positively related to absorptive capacity, social capital–enhancing HR affects absorptive capacity through egalitarian HR practices. Organization capital–enhancing HR practices contribute to absorptive capacity through effective information systems. Finally, our findings confirm that the various intellectual capital–enhancing HR practices affect innovation performance through their impact on the firm's absorptive capacity. © 2016 Wiley Periodicals, Inc.     

我国农民市民化”问题研究观点综述

城市化并不简单地等于城市规模的扩张,也不简单地等于城市常住人口的增长。城市化应包括两个方面的变化:一是人口向城市流动,并在城市中从事非农业工作;二是农村生活方式向城市生活方式转变,即随着人口由农村进入城市,他们的价值观、行为方式和生活方式等,也发生了深刻转变。所以,农民市民化是现代社会结构变迁的必然要求,而且将对整个社会经济发展产生深远的影响。本文将近年来国内学者关于农民市民化问题研究观点综述如下。一、农民市民化的内涵姜作培认为,农民市民化指在我国现代化建设过程中,借助于工业化的推动,让世世代代生活在农村的…     

开发生态农业旅游的思考

本文主要阐述了生态农业旅游开发的意义，分析了其开发类型和优势，探讨了生态农业旅游开发应注意的一些问题。     

燕山西段印支运动的探讨

本文根据近年来区调新资料分析研究，初步证实了印支运动在燕山西段下花园地区的客观存在。该运动发生在晚三叠世杏石口组形成之前，运动方向是来自南北方向的强烈挤压，致使本区中新元古代─古生代寒武纪地层发生明显褶皱和断裂，并伴有中基性岩脉侵入。该构造运动对后期侏罗纪煤系地层的发育、分布和构造变化起着控制作用。     

燕山西段杏石口组的确定及其意义

本文利用近几年来１：５万区调新资料，首次确认在燕山西段下花园、八宝山地区晚三叠世杏石口组的客观存在；并就其岩石组合特征和沉积环境、孢粉组合及地层接触关系进行了论述。通过区域对比，探讨了杏石口组的建立对研究冀西北地区中生代地层划分及构造运动的地质意义。