收益率差异视角下股票流动性与资本结构关系的再检验

本文在股票收益率差异视角下,选择2000年1月到2015年12月期间中国沪、深市场307家上市公司数据,采用单方程估计法和联立方程组系统估计法研究我国上市公司股票流动性与资本结构的相互影响;并分别从股权分置改革、股权再融资、牛熊市行情三个方面对二者关系的变化与差异进行深入分析。结果表明：股票流动性与资本结构之间存在显著的负向关系,并且随着股票收益率水平的提高,负向影响越来越明显;股权分置改革后、满足再融资资格的上市公司以及牛市行情下两者的相互影响更显著。     

Ripple Effects of CEO Awards: Investigating the Acquisition Activities of Superstar CEOs' Competitors

Research summary : This study proposes that CEOs may undertake intensive acquisition activities to increase their social recognition and status after witnessing their competitors' winning CEO awards. Using a sample of U.S. S&P 1,500 firm CEOs, we find that CEOs engage in more intensive acquisition activities in the period after their competitors won CEO awards (i.e., postaward period), compared to the preaward period. Moreover, this effect is stronger when focal CEOs themselves had a high likelihood of winning CEO awards. Our findings also show that acquisitions by focal CEO firms in the postaward period realize lower announcement returns compared to acquisitions by the same CEOs in the preaward period. Managerial summary : Each year a few CEOs receive CEO awards from business media and CEOs who receive such awards become instant celebrities, that is, superstar CEOs. This study explores how superstar CEOs' competitors react to not winning CEO awards. We find that superstar CEOs' competitors undertake more intensive acquisition activities in the postaward period compared to the preaward period. This is particularly true for competitors who were close, yet did not win CEO awards. In addition, acquisitions by superstar CEOs' competitors are associated with lower announcement returns in the postaward compared to the preaward period. These findings collectively indicate that acquisitions may be used as a channel for superstar CEOs' competitors to elevate their own social status, but at a cost to shareholders. Copyright © 2017 John Wiley & Sons, Ltd.     

我国最低工资标准的就业效应——基于全国和地区的实证研究

利用1996年～2007年全国27个省、直辖市、自治区的面板数据模型,考察了最低工资标准对就业的影响.实证结果表明,最低工资标准的提高对全国总体就业有负影响,但影响力度很小.进一步的地区分析表明,最低工资标准的提高对东、西部地区的就业有负影响,对中部地区的就业则无显著性影响.最后给出了相关的政策建议.     

APEC数字经济合作的最新进展及展望

数字经济改变了传统经济增长方式和贸易模式,催生出新需求、新业态和新领域,数字经济成为全球创新、转型和增长的重要驱动力,随着各国经济联系愈发紧密,数字经济合作逐渐成为国际经济合作的重要议题。APEC顺应数字经济快速发展的趋势,进行了战略规划、运行机制、组织结构方面的改革,以进一步加强亚太地区的数字经济合作。当前,APEC的数字经济议题不断拓展和深化,并在缩小"数字鸿沟"、推进亚太地区隐私保护等领域取得了重要进展。展望未来,信息基础设施建设和数字化转型依然是亚太地区数字经济合作的焦点,APEC应采取更灵活、多元的机制开展合作。     

浅析室内装修与污染防治

居室装修引起的室内污染,极大地威胁着人们的身体健康,本文在大量文献调研的基础上,分析了室内装修污染物甲醛、幕、挥发性有机物、氨、氡等的来源与危害,给出了简易的室内污染判断方法,并从国家政策导向与个人装修实际两个角度出发,提出了室内污染防治对策.     

赤泥的综合利用及其环保功能

赤泥的综合利用,应在巩固其用作建材原料、铺路筑坝、工程回填、农业利用等传统消纳方式的基础上,加强复合型功能性材料的开发和推广,从整体上考虑赤泥中有用物质的回收工艺,并大力开发赤泥的环保功能,从而彻底解决赤泥的污染问题。     

Does Disclosure Regulation Work? Evidence from International IPO Markets*

This study examines whether IPO disclosure requirements mandated by countries’ securities laws are associated with variation in IPO underpricing in international IPO markets. Our empirical analysis uses a unique sample of 6,025 IPOs from 34 countries over the period from 1995 to 2002. We show for the first time that the stringency of disclosure requirements for IPO prospectuses is negatively associated with the extent of IPO underpricing, after controlling for various country‐ and firm‐level determinants of underpricing. Moreover, we find that the disclosure effect on IPO underpricing is moderated by the extent of a country’s capital market integration. Taken together, our findings are consistent with the view that increased disclosure regulation appears to reduce IPO underpricing and hence the cost of equity, and that institutional factors such as capital market integration play an important role in understanding the economic consequences of disclosure regulation in international IPO markets.     

浅谈预算管理

预算管理是计划未来工作的过程,是工作计划的量化体现,同时也促进工作计划目标明确并且相互衔接。加强预算管理,对于规范公司业务流程,提高工作效率,增强可持续发展能力具有重要意义。     

竹农技术创新参与意愿的博弈分析

在假定竹农、科研机构都是理性人的基础上,分析了竹农参与技术创新所带来的参与成本、参与收益,并引入概率,对参与决策进行了博弈分析。认为在市场机制的作用和政府的扶持下,当竹农或科研机构对自己的参与收益达到一定综合概率时,竹农或科研机构就愿意参与技术创新。     

供应链金融的理论与实践概述

在经济全球化飞速发展和供应链管理理念不断深入的背景下,金融与供应链融合而缔造了供应链金融模式.供应链金融是一个处于物流、供应链管理、协作和金融交叉的全新的经营理念和运作模式,值得金融经营实体和供应链管理者的进一步关注与探讨.本文作为对供应链金融理论及实践的概述性文章,在国内外主要研究成果基础上,首次将其与物流金融进行了区别.同时归结了供应链金融的实践运作模式,并提出了供应链金融的发展趋势及进一步的研究方向.