我国炼油工业应实行改造与新建并举的方针

目前我国炼油工业的生产能力，特别是加工中东含硫油的能力严重不足，为适应国民经济发展的需要，扩大炼油能力十分必要，根据测算，2010年我国炼油工业的加工量应达到3亿吨，2020年达到4．5亿吨，若按开工率90％计，则2010年我国炼油能力应达到3．3亿吨，2020年达到5亿吨，因此，从现在开始的10年内，需新增炼油能力1亿吨左右，在下一个10年，即2010至2020年，还需新增能力1．5亿吨，根据我国国情，因地制宜，充分利用现有装置潜力通过技术改造来发展炼油工业是十分必要的，但是大型，先进，一体化是我国炼油工业今后发展的主要方向，兴建新厂可采用先进的工艺技术和新的管理机制，取得较高的经济效益，因此，我国炼油工业的发展实行技术改造与兴建新厂并举的“两条腿走路”的方针。     

The Wealth Effect of Domestic Joint Ventures: Evidence from Taiwan

This study presents important international evidence by examining the wealth effect of domestic joint ventures by Taiwanese firms. In opposite to United States evidence, we find that announcements of domestic joint ventures by Taiwanese firms are, on average, associated with significantly negative abnormal stock returns. We also find that the stock market response to announced domestic joint ventures is significantly positively related to the announcing firms' investment opportunities, size of investment and debt ratio, and is significantly negatively related to the business relatedness variable. In contrast, free cash flow, firm size, relative firm size and managerial ownership are found to have no significant power in explaining the market response. Our results support the investment opportunities, synergy and complementarity hypotheses as well as a broad interpretation of the free cash flow hypothesis, but reject the absolute size, relative size and alignment-of-interests hypotheses. This study makes valuable contributions to the literature by providing the first direct evidence on the role of investment opportunities, synergy and alignment-of-interests in explaining the wealth effect of domestic joint ventures     

川酒“黑马”小角楼

就像“天上掉下个郭德纲”，真话和直言凸现了相声的可爱，掀起了文化讨论的涟漪。小角楼酒快马杀入刀光剑影的市场酒林，彰显黑马横空出世的豪迈之气。[编者按]     

中国家电物流:步入发展快车道

尽管只有短短20余年的发展史，中国家电业所取得的成绩却令世人瞩目。目前，中国已名符其实地成了世界家电第一人国，是当之无愧的“家电世界工厂”，国际市场80％的家电产品均来自中国，世界市场80％的知名家电品牌也都“MADE IN CHINA”，家电业已成了中国发展最迅猛，市场化最早，市场化程度最高，     

银企关系与会计信息稳健性——中国资本市场的经验证据

本文以Watts（2003）的契约理论为基础，分析股东与债权人之间利益冲突对会计信息稳健性的影响。虽然会计信息稳健性有助于保护债权人的利益，但是如果股东可以作为公司的债权人，则投资者对会计信息稳健性的需求下降。本文采用Basu（1997）模型分析了2004年中国上市公司会计信息稳健性，发现国家控制的上市公司的会计信息稳健性程度较低，而民营控制的上市公司会计信息稳健性程度较高，但是股东特征对会计信息稳健性的影响，随着银行在公司中利益的增加而趋于一致。     

Through Trial and Error to Collusion*

In this article we study a very simple trial and error learning process in the context of a Cournot oligopoly. Without any knowledge of the payoff functions players increase, respectively decrease, their quantity as long as this leads to higher profits. We show that despite the absence of any coordination or punishing device this process converges to the joint‐profit‐maximizing outcome.     

金融市场分割的成因及效率:信托视角的透析

货币市场与资本市场的长期隔离,造成了资本要素配置效率的损失,究其原因在于资本流动、配置的制度约束,信托制度的不健全,阻碍了信托业的发展,加剧了货币市场与资本市场的隔离程度。通过建立理论模型说明了这一点,并提出政策建议。     

The FRC AND Accounting Standard‐Setting: Should I Still Call Australia Home?

This paper analyses the decision of the Financial Reporting Council (FRC) to replace Australian accounting standards with international accounting standards on 1 January, 2005. Two main topics are considered: the appropriateness of the FRC's directive, and the case against the proposed adoption date. We argue that the FRC has not conducted sufficient consultation with affected parties and that the hasty implementation will impose costs that could have been avoided with the exercise of more caution.     

Executives’ Orientations as Indicators of Crisis Management Policies and Practices*

ABSTRACT The paper examines effects of executives’ orientations on crisis management awareness and practices, drawing on the simplicity and paradox management theories. It is suggested that a focus on single‐sided management constitutes an antecedent of crisis proneness. Employing a set of key corporate domains and based on a holistic organizational approach, the study aims at assessing the extent to which companies are crisis prone or prepared. In a sample of 82 Istaeli business and not‐for‐profit organizations it was found that human resource management, strategy, structure, and unlearning factors significantly predicted crisis preparedness. These results suggest that unlearning, despite a mere allusion to this correlate in the simplicity and paradox management theories, correlates better with crisis preparedness. By contrast, traditional strategy‐related and structural effects were marginally related to crisis management policies. Implications and suggestions for further research are proposed.