内部控制、治理环境与投资者保护

本文研究了内部控制质量对投资者保护的影响,以及不同治理环境对内部控制治理功能的影响。研究发现:内部控制质量的提高,或更为充分的内控信息披露有助于抑制大股东资金占用,有助于抑制经理人与股东之间的代理成本;治理环境越差的地区,内部控制治理效应越高。这说明,对于投资者保护较弱的地区,内部控制可能成为补偿弱投资者保护负面影响的一种替代机制。本文研究意味着,近年来推出的内部控制相关制度起到了积极的效果;此外,完善上市公司内部控制,对于治理环境较差、投资者利益得不到有效保障的地区显得尤为重要。     

Separating what we eat from where: Measuring the effect of food away from home on diet quality

Many argue that food away from home (FAFH) is a contributing factor to the obesity epidemic, showing that body mass index and consumption of FAFH are positively correlated. However, correlation analyses using a simple regression approach, such as the Ordinary Least Squares (OLS), do not prove that FAFH causes weight gain. We use a first-difference estimator to establish a causal relationship between FAFH and dietary intakes. Using dietary recall data from the 2003–2004 National Health and Nutrition Examination Survey and the 1994–1996 Continuing Survey of Food Intakes by Individuals, we find that FAFH does indeed increase caloric intake and reduce diet quality, but that the effect is smaller than if estimated using OLS. Thus, models based on associations are likely biased upward, as much as 25% by our estimates.     

基于交易成本理论的工程合同类型与交易成本探讨

工程合同类型选择问题在工程实践中研究较为广泛,然而对于该问题的更深层次的探讨,特别是在经济学领域的探索却相对较少。在经济学理论影响社会显著发展的当今,应用经济学理论探讨社会经济问题是十分必要的。论文以新制度经济学中交易成本理论研究成果为基础,通过对交易成本的重新理解,分析其与不同合同类型问的联系,得到具有一定指导性的结论,有助于进一步研究和探索。     

东北地区产业结构变化对经济增长贡献的实证研究

东北地区是建国初期我国优先发展重工业的重点地区。改革开放后,我国进行经济体制改革,区域产业结构进行了相应调整,东北地区产业结构随之改变,失去了工业发展优势,经济增长速度放缓。经过产业结构调整,东北地区的产业结构趋向合理,促进了地区经济增长。     

Underwriter reputation,earnings management and the long‐run performance of initial public offerings

This study contributes to the extant literature on the nature of earnings management surrounding initial public offerings (IPOs) by investigating the role of underwriter reputation. We argue that prestigious underwriters will protect their reputation by carefully monitoring and certifying financial information on IPO firms, thereby limiting any potential earnings manipulation. As a result, those IPO firms that are associated with more prestigious underwriters are likely to exhibit substantially less‐aggressive earnings management. Conversely, we find the existence of a negative relationship between earnings management and the post‐offer performance of an IPO firm’s stocks only for those firms associated with less‐prestigious underwriters.     

Corporate Hedging Policy and Equity Mispricing

We show that firms’ use of derivatives is negatively associated with stock mispricing. This result is consistent with the notion that hedging improves the transparency and predictability of firms’ cash flows resulting in less misvaluation. Furthermore, we show that the negative relationship between mispricing and hedging is particularly strong when market value is below fundamental value, which is consistent with prior evidence that hedging has a positive impact on firm valuation. Finally, we provide evidence that a “spread‐out” hedging policy that entails the use of a variety of derivative contracts can be more effective in reducing mispricing.     

高校教育成本核算方法比较研究

高校教育成本核算是高校教育成本管理的核心,但目前高校教育成本核算在实践中举步维艰。本文通过将高校教育成本核算方法进行比较研究,提出了将战略成本管理思想初步应用于高校教育成本核算中的新思路。     

基于公司治理结构的财务控制模式选择

公司治理结构是公司制度的核心,良好的公司治理结构是提高企业经营管理效率的基本要素。科学、有效的内部控制制度,是现代企业实现其经营管理目标的有力保证。公司治理能促使财务控制有效运行,是保证财务控制功能发挥的前提和基础,是实行财务控制的制度环境。财务控制在公司治理中担当的是内部管理监控系统的角色,加强和完善企业财务控制,应从完善公司治理出发完善企业财务控制环境,财务控制作为管理当局为履行管理目标而建立的一系列规则、政策和程序,与公司治理有着密不可分的关系。     

金融机构票据融资发展问题探析及建议

近几年,我国票据市场的票据签发量和贴现量均大幅增加,整体呈现快速发展趋势。但票据量及价格的大幅、频繁波动,也影响了票据融资功能的正常发挥。本文通过实证分析发现,贴现余额增量与实际信贷余额增量以及货币供应量M1余额增量均呈反向变化趋势,表明贴现量变化对货币供应量的调控产生了一定的负面影响。其主要原因在于,信贷考核指标中包含了票据贴现数量,票据贴现成为贷款数量调节器。为此,文章就如何完善金融机构票据管理,进而促进票据市场健康发展提出了相关建议。     

Influence of design training and spatial solution strategies on spatial ability performance

Numerous studies have reported that spatial ability improves through training. This study investigated the following: (1) whether design training enhances spatial ability and (2) whether differing solution strategies are applied or generated following design training. On the basis of these two research objectives, this study divided the participants into design and non-design groups. Each participant in these groups was required to complete three spatial tests and one solution strategy questionnaire. This study found that the participants in the design group outperformed those in the non-design group regarding spatial visualization and spatial relations; however, the two groups showed no difference in visuospatial perceptual speed performance. The design and non-design groups adopted different solution strategies; the design group used the holistic strategy, whereas the non-design group used the analytical strategy.