Does Foreign Venture Capital Provide More Value‐added Services to Initial Public Offering Companies in China?

This paper uses all 1404 initial public offerings (IPO) undertaken between 2002 and 2012 in China to analyze whether venture capital (VC) investment, especially foreign VC investment, brings more or less value‐added services to the invested companies during the 3 years following the IPO. The results show that venture capitalists choose to invest in companies with higher value potential, and, in turn, the value of the companies increases after the IPO is undertaken; foreign VC adds more value to companies than domestic venture capital. However, the profitability of VC‐backed and non VC‐backed companies after IPO does not differ significantly. Nevertheless, it is shown that VC plays an active role in China.     

Stock Option Schedules and Managerial Opportunism

This study investigates some of the most important avenues that mangers use to manipulate the value of stock option grants. It also compares the use of these avenues in firms that issue scheduled options and in firms that issue irregular options. We document that before the Sarbanes‐Oxley Act (SOX), cumulative abnormal returns were significantly negative in the 30‐day window before an option grant, but cumulative abnormal returns turned significantly positive after the option grant. This pattern is more pronounced for irregular options, and the evidence supports the hypothesis that opportunistic manipulation of strike prices by CEOs maximized the value of the option grants. We find the disclosure requirement of option grants included in SOX successfully curtails opportunistic behavior in firms that issue scheduled options, but has a lesser effect stopping opportunistic behavior in firms that issue irregular options. Firms granting irregular options take larger negative discretionary accruals in advance of the grant than firms that grant scheduled options, and the degree of downward earnings management increases with the size of the subsequent grant. We further show that firms are more likely to issue irregular options when they offer larger option grants, have a less independent board, receive less analyst coverage, have a new CEO, exhibit poor prior performance, have higher stock return volatility and are smaller in size.     

加强考风建设 确保高校人才培养质量

良好的考风是一所学校教学效果、教学管理的综合反映,是确保人才培养质量的关键,本文针对高校考风出现的问题,提出了加强考风建设的途径。     

基于社会资本视角的企业自主创新能力建设

建立以企业为主体的自主创新体系是我国科学发展战略的必然选择。本文使用近年来不断发展的社会资本理论去探讨企业自主创新的内在机理和规律,并提出相应的政策建议。     

基于循环经济的环境管理会计投资决策方法探讨

企业运行循环经济模式是可持续发展的要求,然而传统管理会计投资决策方法理论仅考虑投资项目运营对本企业经营状况和财务成果所造成的影响,忽视了循环经济条件下的环境保护和资源利用、社会可持续发展等因素,存在一定缺陷,因此要建立面向循环经济的环境管理会计投资决策方法,从经济系统、生态环境系统和社会系统对项目进行全面的评价,以达到将宏观的循环经济模式与微观的企业环境管理会计投资决策相结合的可持续发展目标.     

“拼”消费，时尚又节约

在全球经济下滑的大背景下.现在买一件贵的东西都能让人心疼半天.于是"拼"生活开始渗透到一些年轻人的生活当中.这种俗称为"搭伙、凑份子"的消费方式已经被延伸到越来越多的生活领域.只要是身边的消费,几乎都可以"拼"一下.     

新形势下的房地产企业的战略转型

面对新形势和房地产宏观调控政策，房地产企业应该尽快调整战略目标。完成战略转型，以此提高核心竞争力。在新形势下房地产企业应该从经营理念、赢利模式和产品结构上尽快完成企业的战略转型。     

预应力锚固体系的试验及有限元研究

文章以预应力锚固技术在工程中的应用为研究对象,在理论与实践研究的基础上,通过实验研究和有限元分析方法相结合,对锚具锚固性能进行研究。依据对锚具进行静载锚固性能实验,测得相关的实验数据,从而为实现运用有限元分析锚具提供必要的数据支持。随后,运用ANSYS软件对锚具进行数值分析,获得在荷载状态下锚环和夹片的相互作用的状况,从而实现对锚具在整个实际张拉条件下的力学变化过程的进一步了解,进而为锚固体系进行优化设计及锚具的最优设计方案提供理论依据和实验数据,该研究可为其它工程应用提供一定的指导。     

浅谈加强水利工程造价管理的路径选择

在我国水利工程项目造价管理工作的开展与进行过程中,受到外界及人为因素影响的现象极为普遍,这些问题都是及时得到有效处理和解决的,进而才能促进我国水利工程造价管理工作发挥更大的作用和意义。     

债券定价机制中的税收效应分析

债券定价模型阐释了在假定无交易税的条件下债券资产的定价机制.然而,交易税与所得税都会影响债券资产价格.拓展的债券含税定价模型能够揭示资产定价机制中的税收效应机理,并反映资产定价机制中的税收因素与风险因素的相互作用过程.