CEO Overconfidence and Long‐Term Performance Following R&D Increases

We examine the relation between Chief Executive Officer (CEO) overconfidence and significant increases in research and development (R&D) expenditures. Although prior studies reveal a significantly positive market reaction to increases in R&D expenditures in both the long and short run, we find that long‐run stock performance is positive only for firms whose CEOs are not overconfident. Our findings, which may be attributable to overinvestment and the overestimation of future cash flows, imply that R&D resulting from overconfident behavior does not provide any value to firms.     

钉住制度、国际收支失衡与比索危机

1994年12月,墨西哥金融危机爆发,并很快波及其他拉美国家,形成了一场震惊世界的拉美经济危机。比索钉住美元的汇率制度是此次危机的根源,国际收支失衡是此次危机的导火索。本文在宏观经济学的框架内,尝试分析钉住制度、国际收支失衡与比索危机之间的内在联系,并从钉住制度的退出时机和顺序的选择、货币政策与汇率政策的实施、钉住制度造成本币高估及其负面影响、经常项目逆差的潜在风险、过分依赖外国资本的弊端以及社会稳定的重要性等方面总结了墨西哥金融危机的启示。     

Common Institutional Ownership and Earnings Management*

This study examines the relation between earnings management and block ownership of same‐industry peer firms by a common set of institutional investors (common institutional ownership). This relation is important given the tremendous growth of common institutional ownership and the significant influence of blockholders on financial reporting. We hypothesize that common institutional ownership mitigates earnings management by enhancing institutions' monitoring efficiency and by encouraging institutions to internalize the negative externality of a firm's earnings management on peer firms' investments. Consistent with our hypothesis, we find that higher common institutional ownership is related to less earnings management. Analyses of a quasi‐natural experiment based on financial institution mergers show that this negative relation is unlikely to be driven by the endogeneity of common institutional ownership. Cross‐sectional tests provide evidence that the negative relation is stronger among firms for which common institutional ownership is likely to generate a greater reduction in institutions' information acquisition and processing costs, and among firms whose severe financial misstatements are more likely to distort co‐owned peer firms' investments, supporting both mechanisms underlying our hypothesis. Our findings inform the ongoing debate on the costs and benefits of common institutional ownership by highlighting an important benefit: the enhanced monitoring of financial reporting.     

构建我国金融安全边界体系的政策建议

金融科技使金融风险的复杂性、传染性凸显,一些西方发达国家以国家安全为由对我科技产业及发展进行打压等,使我国金融安全面临较多风险.通过金融科技风险事件案例分析发现,金融科技通过对金融基础设施、主权货币、金融监管体制、金融市场的影响,进而影响国家金融安全.应通过以人民币国际化和"新基建"建设强化金融基础设施安全边界,以监管机制改革及法律法规建设强化金融监管系统安全边界,以金融安全审查机制建设强化金融安全防御边界,以金融科技行业标准及全球治理机制的建设强化金融安全攻击边界,构建国家金融安全体系.     

河南省城际铁路运营管理存在的问题及发展策略

在分析河南省城际铁路发展现状的基础上,对河南省城际铁路运营管理存在的问题进行梳理.以问题为导向,运输需求为基础,对河南省城际铁路当前发展阶段下适宜的管理模式进行探讨,认为现阶段委托运营管理模式最适合当下河南省城际铁路发展的需要,并提出了促进河南省城际铁路运营管理发展的策略.具体包括制定灵活的运营管理策略、完善城际铁路站场枢纽周边交通运输方式衔接、积极推动城际铁路站场枢纽及沿线土地综合开发和建立城际铁路综合开发利益保障机制.     

Moderating effects of the fit between service tangibilization and organizational performance

As the significance of service industry grows, its relationship to overall economic growth and organizational performance (OP) has also become an issue of prominence. Tangibilization is widely known as one of the means of overcoming the weaknesses of service intangibility and improving OP. This research explores the relationship between service tangibilization and OP. Furthermore, the moderating effect of the fit between service tangibilization and OP will also be discussed in the business context. Specifically, the Korean natural gas industry is selected to test the developed hypotheses. The managers who have experience with managing a service business in either the wholesale or retail sector of this industry were surveyed. The results imply that there exists a significant relationship between service tangibilization and OP, with the mental fit positively strengthening some of the relationships between these two constructs. It can be inferred from this that it is important for companies in the natural gas industry to attain the right fit of mental tangibilization in order to effectively deploy service tangibilization and maximize their OP.     

基于决策树的土地利用覆盖分类及变化研究——以济宁市任城区为例

以济宁市任城区为研究对象,获取研究区域2001年、2006年和2011年三期Landsat ETM与TM影像,通过ENVI遥感影像处理软件分析了研究区影像的光谱特征以及植被归一化指数（NDVI）、建筑归一化指数（NDBI）以及水体归一化指数（NDWI）,利用决策树算法确定各地类的综合阈值,建立决策树模型,得到了土地利用覆盖分类结果并取得了良好的分类精度。同时通过对研究区2001至2011年的土地利用动态度及土地利用转移矩阵的分析得出研究区在研究期内的土地利用覆盖变化特征,最终得出结论：（1）利用决策树分类能够获得较高的分类精度;（2）任城区城镇化发展迅速,城镇化在区域土地利用覆盖变化过程中起到了主导性的作用。     

农村学校布局调整政策中地方政府行为动机分析

城镇化加速带来的人口聚集程度以及城乡教育事业发展水平的明显差异,对以往依据行政区划对农村教育资源进行布局的方式提出了新的挑战。2001年起实施的以 “适当合并”、“整合资源”为主要施政意图的农村小学 “布局调整”政策,却在实际执行中引发了优质教育资源在城镇 “过度集中”的新问题,由此引起了农村地区所面临的种种农村内部和城乡之间,因资源配置不均衡而导致的 “不公平”现象的讨论。该文以上述基础教育资源布局调整政策为背景,首先运用统计数据和实地调研相关案例,描述了自 2001年政策实施以来,城乡学校以及校均学生数量的变化、农村地区的 “点校”运转状况以及地方财政资金在城乡学校之间基础建设上的分配情况;并通过建立全国30个省1998~2010年农村小学学校数量变化影响因素的面板模型,对地方政府撤并农村小学的行为动机进行了验证,结果证实了 “效率优先”的行为动机。文章在最后分析了这种以通过 “学校进城”迫使学生进城,推动城镇化的效率导向,是源自利益相关者的缺位,另一方面也提出了从根本上解决城乡基础教育资源配置问题的思路与进一步研究的方向。     

经济学的理性假设辨析

理性历来是经济学研究秉持的最基本的行为假设,然而自从其概念诞生以来,经济学家们对它的理解与解释却众说纷纭。理性的框架应界定为:利己性、最优化与偏好一致性。对理性假设应该采取秉持实证主义思想,维持理性假设的态度与措施;当理论与现实矛盾时,谨慎地适当地扩展理论模型或环境假设,扩展的底限是维持理性的内在一致性,上限则取决于理论的一般性与现实性的权衡。     

浅析新高等学校会计制度若干问题

为适应我国高等教育事业的发展,财政部对高等学校会计制度的改革力度不断加大,经过2009年和2010年两次意见稿后,新高等学校会计制度《高等学校会计制度》（财会〔2013〕30号）终于出台。新会计制度与原制度相比,有着较大的进步与创新,同时也存在着一些不足,本文主要对这些不足进行探讨并给出建议。