关于股改前后现金股利影响因素的实证研究

对股改前后影响现金股利水平的公司治理变量研究表明,虽然股改矫正了现金股利与增长机会之间的关系,使股改后当存在增长机会时,公司会减少现金股利的发放,但是我国上市公司的现金股利尚未呈现出全流通资本市场上作为降低控股股东与中小股东代理成本工具的现金股利政策应有的特征,突出表现在股改前后影响上市公司现金股利支付水平的股权结构变量并未发生变化,股改前后都存在股权集中度、第一大股东持股比例及第二到第十大股东持股比例与每股现金股利呈显著正相关、而流通(非限售)股比例与每股现金股利呈显著负相关的关系。     

The Investment Performance of Art in Mainland China

This article investigates price determinants and investment performance for paintings from mainland China using hedonic regression analysis applied to a new dataset from over 190,000 auction transactions. The price index obtained indicates that from 2000 to 2015, the average annual appreciation in value of Chinese art was 8.42% in real USD. Compared with American artwork, global artwork, and traditional financial assets, Chinese art possesses a comparatively better risk and return profile and a low correlation with other assets. Finally, regarding the masterpiece effect, the conclusion is that highly priced Chinese art does not underperform the market.     

漫谈执行力

<正>前不久,听到这样一则故事,大意是:有一位猎人去狩猎,发现了一只兔子。他举枪击中了兔子的一条腿,然后命令猎狗去追赶。过了一会儿,猎狗气喘吁吁地空口而归,说道:"我尽力了,但没追上。"兔子逃回了窝,向同伴们讲述了刚才惊险的一幕,说:"我是拼命跑回来的,要不就没命了"。     

流域水资源管理问题研究

水是人类生存和繁衍之本,也是维持自然生态系统功能和生物多样性、保障区域经济和社会可持续发展的基础性资源。我国目前出现的水危机、水污染和用水效率低下等问题不能全归咎于水资源短缺和缺少有效的节水措施,主要还是由于缺乏一种高效的水资源管理制度造成的。因此,建立一种科学合理和高效的水资源管理制度是我国水资源管理制度改革与创新的关键,也是我国建设水资源节约型社会的一项重要任务和战略目标。本文重点对流域水资源的基本属性、管理体制和管理模式等基础理论进行了系统分析和评价,在此基础上,探讨了我国水资源管理制度的创新与发展思路。     

高职高专英语分级教学改革调查分析

针对目前高职高专学生入学时的英语水平参差不齐的客观情况，根据《高职高专教育英语课程教学基本要求》的精神和因材施教的原则以及语言输入理论，对目前高职高专的英语教学组织形式进行调查，结果发现英语基础差距较大，英语教材难度不够，学生收获不大。因此根据学生的不同程度进行分级教学十分．必要。笔者认为这是提高高职高专英语教学质量和教学效果的可行之路。同时对分级教学的优缺点进行了分析。     

Exploring the effect of diversification strategy on R&D intensity using quantile regression: evidence from France

This study examines the relationship between firm diversification strategy and R&D intensity for a sample of large French companies between 2008 and 2012. Applying quantile regression, we provide evidence that the choice of diversification affects R&D intensity in a differentiated way. The results indicate that a low level of diversification (below the twentieth quantile) has no significant impact on R&D intensity. Conversely, a moderate or high level of diversification has a negative and significant impact on R&D intensity. These findings suggest that R&D intensity seems to be significantly higher in related-business firms than in unrelated-business firms.     

Incentives and teacher effort

Few would contest that teachers are a very important determinant of how much students learn in school, and how to improve teacher performance has been the focus of lively policy debate in both rich and poor countries. This paper examines how teacher incentives, both pecuniary and non‐pecuniary, correlate with teacher effort. Using school survey data from Lao PDR, we estimate measures of teacher effort, including the number of hours that teachers spend preparing for classes and teacher provision of private tutoring outside of class hours, which are not the typical measures used in previous research. Estimation results fit well under the standard labour supply framework and indicate that greater teacher effort is associated with non‐pecuniary incentives such as more teacher autonomy over teaching materials and monitoring as measured by the existence of an active parent – teacher association and the ability of school principals to dismiss teachers. Methodologically, this paper provides a detailed derivation of a simultaneous OLS‐probit model with school random effects that can jointly estimate teacher work hours and tutoring provision.     

规范会计理论与实证会计理论哲学比较

规范会计理论以会计假设为逻辑起点,经过严密的逻辑推理形成一套关于会计“应该是什么”的知识体系,实证会计理论人实际会计行为出发,应用“成本－效益”原则建立各种会计模型,规范会计理论的前提缺乏可验证性,只能神为科学“假说”,而实证会计应用科学方法进行个案研究验证,结论往往受到资料的真实性,代表性和选择资料的倾向性影响,即使正确,也难以形成理论体系。     

基于扎根理论的风险投资网络社群形成影响因素研究

风险投资网络社群的作用受到学者的广泛关注,但关于风险投资网络社群形成的影响因素却很少有研究涉及。基于我国风险投资机构的深度访谈数据,运用质性的扎根理论研究方法,通过开放性编码、主轴编码和选择性编码,探索了风险投资网络社群形成的影响因素。研究发现,VC异质性资源、风险企业特质、VC关系网络特性以及外部投资情景是影响风险投资网络社群形成的4类主要因素。在此基础上,进一步分析了各影响因素对风险投资网络社群形成的影响作用。