中小企业融资结构选择的内生性约束模型研究

中小企业的融资结构安排既受到外部环境的影响,更主要的是取决于企业内生性多种变量及其相互关系的作用,尤其是企业家已经成为融资方式选择所关注的对象。本文通过构建一个引入企业家初始财富、经营能力和风险厌恶程度与融资结构选择的模型,揭示这种联系的内在机理,探索企业家控制权在融资结构安排中的作用,为提高融资效率提供一些有益的建议。     

茧质智能检测破解茧丝业难题

丝绸出口历史悠久，一直是我国传统的出口产品，长期以来为国民经济的发展和人民生活的改善做出了积极贡献。迄今为止，丝绸行业仍然是我国能左右国际市场形势，具有较强竞争力产业之一。随着经济全球化趋势的逼近，特别是我国加入世贸组织后，来自国际社会的技术和环境壁垒。给我国丝绸业带来前所未有的压力。作为当今对国际市场依存度较高的丝绸产业，如何通过技术创新，提高丝绸产品技术水平和产品档次，攻克西方设置的经济和技术壁垒，进而增强国际地位，逐步由丝绸大国向丝绸强国迈进，是丝绸行业孜孜以求的目标。     

以思想政治工作促进安全文化建设

煤矿生产,安全为天。安全对于煤炭企业来说是一个永恒的追求目标,同时也是煤炭生产矿井各项工作的核心和基础。近年来,华亭煤业集团公司将思想政治工作与企业安全文化建设相结合,发挥思想政治工作的优势,切实保护广大职工的生存权和发展权,为建设和谐小康文明矿区提供了保证。     

室温下测定钻井液用固体加重剂的密度

实验室测定钻井液用固体加重剂如重晶石粉、石灰石粉、超细碳酸钙粉等密度时,大多采用李氏密度瓶法和甘氏密度瓶法.其主要测定原理都是测定一定质量的固体加重剂排开煤油液体的体积数,从而计算出钻井液用固体加重剂的密度.     

中国电力行业融资问题研究

电力行业的融资方式与过程是与其在国民经济中的地位、作用以及自身的经济技术特征密切联系的,作为资金密集型行业,电力行业的发展,主要靠扩大投入来实现。我国目前电力融资仍然没有脱离计划经济的融资特征,还存在一系列阻碍电力产业资金融通的问题,这在很大程度上影响了整个行业特别是电网经营企业的发展。因此,必须积极寻求符合电力行业发展客观要求的融资方式。     

Death of linkages in host countries? A firm‐level study on the channels of productivity spillovers in the Malaysian manufacturing sector

Productivity spillovers from multinational corporations (MNCs) to local firms have been an area of keen research interest in developing economics. Claims of positive spillovers in the form of technology transfers have been questionable, in part because of the many ambiguous conclusions obtained. The paper argues that the lack of focus in the mechanisms underpinning spillovers may be one of the reasons for the ambiguity. Using local input–output linkages as the mechanism for technology transfer, this study examines the presence and the enabling conditions for spillovers. Accounting for the variations in firms' characteristics, the findings show that skills‐oriented MNCs participating in international production networks transmit horizontal spillovers to local establishments. Vertical spillovers from MNCs are mostly relevant only to lower‐skilled establishments. For skilled and export‐oriented local establishments, technologies learned from producing for international production networks are more significant than forming linkages with MNCs in the domestic market.     

Effects of cross-border capital flows on stock returns of dual-listed firms in mainland China and Hong Kong: Evidence from a natural experiment

This study analyses the effects of the Shanghai–Hong Kong Stock Market Connect policy on the price disparity between A-shares and H-shares of dual-listed companies (DLC). Using a difference-in-difference estimation method, we show that the policy decreases the relative twin cumulative abnormal returns of treated DLC by 3% and narrows the price gaps between A-shares and H-shares. We determine that the rising demand for H-shares, which are newly accessible by mainland investors, drives the price of H-shares up. By contrast, the price of A-shares remains unchanged. Further analysis reveals that cross-border capital flow is the main force of the policy.     

单车场无时间窗甩挂运输车辆调度的启发式算法

考虑了牵引车空驶、带空挂车行驶和带重挂车行驶所引起的成本差异，定义了牵引车运行成本的概念，将总运行成本最小作为调度方案优劣的判别指标，并同时考虑牵引车数量最少。将牵引任务分为四种类型，定义了任务链、虚拟任务、链内交叉和链间交叉的概念，提出了一种求解该类单车场甩挂运输车辆调度无时间窗约束的启发式算法，包括初始调运方案、链内优化、空车调运交叉、牵引车数量优化和链间交叉。最后给出了仿真算例，算法优化后的最终方案与初始方案相比，牵引车数量减少，总运行成本降低，验证了算法的有效性和可行性。     

高大平房仓储粮减损增效探索

高大平房仓储粮第一年秋、冬低温季节利用小功率风机进行下行式机械通风降低基础粮温;储存稳定期在确保储存安全的前提下,进入第2年、第3年秋冬季节则采用自然通风;气温上升季节对仓房实施隔热密闭、仓顶喷淋等一系列控温措施,在低能耗的情况下,可有效控制粮温,且大大减少了因通风产生水分散失而造成的储粮损耗.经过3年的储藏,损耗率低至1.42‰,且稻谷品质达到要求,降低储粮保管费用.     

Is time-variant information stickiness state-dependent?

This paper estimates information stickiness with regard to inflation expectations in the United States and the Eurozone for the 1981/06–2015/12 and 1998/Q4–2015/Q2 periods, respectively, and further investigates whether such information stickiness is state-dependent. Based on a bootstrap sub-sample rolling-window estimation, we find that information stickiness varies over time, which contradicts the strict time dependency implied under sticky-information theory. We provide evidence that information stickiness depends on inflation volatility, which indicates that information stickiness is state-dependent and that it has a time trend. Using a threshold model, we estimate structural changes in the state-dependence and time-trend of information stickiness. The results show that information stickiness has been more dependent on inflation volatility and has had a higher time-trend in both regions following the 2008 financial crisis.