农村要“通”,城市要“畅”

<正>在城市人口急速膨胀、汽车数量快速增长的今天,交通出行已成为日常生活中居民最为关注的话题之一。道路体系作为交通大系统中的主要载体,在我国的城市、小城镇、农村地区表现出明显的差异性,成为制约各自交通发展的瓶颈。2008年1月8日在成都召开的第三届公共服务评价国际研讨会上发布的《2007年零点中国公共服     

从哲学角度浅析高校校园文化

高校校园文化的变化,就是高等教育整个哲学的变迁,所以有必要对高校校园文化进行反思与创构.伦理人性是高校校园文化的精神前提,创造个性是高校校园文化的人文使命,民族本性是高校校园文化的教育归属.这一教育理念的反思与创构,必将彰显高校校园文化真善美的功能导向、价值规范、时代魅力与人文风采.     

Corporate capital structure and pension-funding strategy

This article provides an integrated analysis of pension funding and corporate financing strategies in the presence of default risk. The article shows that when the marginal personal income tax rate is constant, the financing decision with respect to pension funding is influenced entirely by tax considerations. When the marginal personal income tax is progressive, the optimal financing of pension funding depends on the cyclical nature of the firm (as characterized by the sign of beta), the riskiness of pension assets, and ERISA regulations concerning the pension-benefit guaranty rate, the marginal pension insurance premium and the firm's legal responsibility for its unfunded pension obligations. It is shown that a necessary condition for partial pension funding is that the marginal insurance premium imposed by PBGC must be less than actuarially fair, and a necessary condition for pension funding to be financed by both debt and equity is that beta must be positive.     

大丰县化肥厂生态型工业的生态经济评价

本文首先从生态经济学的角度,认为生态型工业是生态系统层次的仿生学。然后对大丰县化肥厂这一典型的生态型工业企业进行了实证分析,将各种生态影响经济量化进行生态经济综合评价。     

On the Technically Efficient Organization of an Industry: A Study of U.S. Airlines

In nonparametric analysis of production efficiency, the focus of attention is typically on the individual firm. In this article, we evaluate efficiency in resource utilization at the industry level. We propose an integer programming model to measure the extent of input saving possible if the observed output level of the industry is allocated to an optimal number of identical firms. This approach is applied to data for U.S. airlines covering the period 1970–84. Our results confirm that there were too few airlines prior to deregulation and suggest that there were too many firms during the early years of the post-deregulation era.     

产权性质、客户集中度与营运资金动态调整

以2007-2015年我国 A股上市公司为样本,从动态的角度实证研究客户集中度对营运资金管理活动的影响,并考察不同产权性质下影响的差异性.研究结果表明:我国上市公司营运资金存在着目标值,客户集中度是影响企业目标营运资金需求的一个重要因素,并对企业营运资金的偏离程度和调整速度有着显著的影响.具体而言,客户集中度越高,其实际营运资金偏离目标水平的程度越大,且向目标营运资金水平调整的速度也越快;进一步研究发现,客户集中度对营运资金动态调整的影响在不同产权性质下存在着异质性,相对国有企业而言,客户集中度对营运资金偏离程度及调整速度的影响在非国有企业较为显著.     

Indexing mergers and acquisitions

We measure the efficiency of mergers and acquisitions by putting forward an index (the ‘M&A Index’) based on stochastic frontier analysis. The M&A Index is calculated for each takeover deal and is standardized between 0 and 1. An acquisition with a higher index encompasses higher efficiency. We find that takeover bids with higher M&A Indices are more likely to succeed. Moreover, the M&A Index shows a strong and positive relation with the acquirers’ post-acquisition stock performance in the short run and operating performance in the long run. After constructing three portfolios under a buy-and-hold strategy, we find that efficient portfolios with the highest indices earn higher equity returns and monthly alphas than inefficient portfolios with the lowest indices. Overall, our findings indicate that the M&A Index is positively associated with merger outcomes for acquirers.     

美军航空备件合同商保障的主要做法与启示

美军航空备件合同商保障是以提高装备性能为目的。文章首先界定出美军备件合同商保障的基本内涵,在此基础上．探讨了美军航空备件合同商保障的主要做法。结合新时期我军装备保障改革实际．提出建立全寿命周期的合同商保障机制等几点启示,其意义在于促进我军航空备件保障体系的现代化建设。     

实物期权理论分析与应用

随着世界经济全球化的进程进一步加快,企业面临市场中不确定性越来越大,传统的投资决策理论（以净现值法为代表）已越来越不能适应公司投资决策的需要。本文首先指出传统的风险投资项目价值评估方法的局限性,然后对实物期权理论加以介绍,最后介绍实物期权的应用框架。     

关于建立“南京航运交易所”的模式设想

介绍了我国航运交易所的发展现状,论述了建立"南京航运交易所"的必备条件,提出了建立"南京航运交易所"的模式设想。