国有企业上市对绩效的影响:一种处理效应方法

本文基于1998—2007年中国制造业企业层面面板数据,从盈利、效率和投资三个方面对中国国有企业公开上市对其绩效的影响进行研究。我们特别考察了数据中的样本选择偏差,并且引入项目评估计量经济学中非参数的处理效应估计方法以控制选择偏差以及由此导致股权结构的内生性问题。我们发现公开上市的企业的绩效在上市之前就相对良好。在控制了这种差别及其他的影响因素后,上市提高了国有企业的销售利润率、净利润水平、人均销售额和人均利润额,并促进了企业的资本支出和长期投资。这一结果与忽略选择偏差和内生性时所得到的估计结果有明显差异。     

The Effect of Ultimate Ownership on the Disclosure of Environmental Information

This study empirically examines whether environmental information disclosure (EID) is influenced by the characteristics of a firm's ultimate owners. Based on the EID of publicly listed firms in China, we qualitatively measure the quality of EID of each firm and link those quality scores to firm characteristics to understand the determinants of EID. We further link the EID scores to market valuation of the firm through the Ohlson valuation model to understand whether the market appreciates EID. Our results show that EID is more likely for government‐controlled firms, firms with less hierarchy in their ultimate ownership and firms with more discrepancy between voting rights and cash flow rights. Our results also indicate that the stock market appreciates environmental issues and that EID itself, as well as disclosure quality, is associated with a higher market valuation. Our results still hold with the endogeneity issue controlled.     

基于AutoMod的自动分拣系统建模与仿真

首先分析了自动分拣系统的控制信息流、仿真需求以及仿真建模功能要求,然后结合AutoMod 三维仿真软件,提出了自动分拣系统的三维建模思路和方法,并结合基于AutoMod仿真软件建立的交叉带式和翻盘式自动分拣系统的仿真模型,说明了具体的实现方法,提高了物流自动分拣系统三维建模的效率.     

物业企业服务质量评价研究

物业服务企业要想获得生存与发展,提高服务质量是其必然选择。因此,服务质量评价不但是业主和物业主管部门的要求,而且更符合物业企业自身发展的需要,但当前物业服务质量评价方法比较简单,理论性和系统性等方面都存在不足。物业企业可结合SERVQUAL模型,构建以业主、物业公司及第三方评价为一体的服务质量的评价模型,从而能比较全面地了解自身的服务质量。     

Innovation contests: attracting new solvers and new high-quality solutions

This study extends research on online innovation contests by focusing on the process of an innovation contest. The authors propose that the decision of a solver to join a contest and the likelihood that a solver will submit a high-quality solution are functions of the current number of solvers in a contest and of the current number of high-quality solutions. The hypotheses are tested in an empirical analysis using a unique data set of 1351 online innovation contests for graphic design projects. The study finds that solvers joining a contest and solvers submitting high-quality solutions are two dynamic and interacting processes that impact the outcomes of an innovation contest. More specifically, the results reveal that (1) a solver is less likely to join a contest that already has many solvers, and many high-quality solutions; (2) a solver is more likely to submit a high-quality solution in a contest if the contest has already many solvers or the focal solver has already submitted one or more high-quality solutions; (3) a solver is less likely to submit a high-quality solution if the contest already has many high-quality solutions developed by others. Organizers of online innovation contests need to understand these complex relationships when they manage contests and aim to improve contest performance. This article details the implications of these findings for the theory and practice of innovation contests.     

出口退税政策对出口贸易的持续影响效应研究——来自异质性企业出口生存率的证据

出口退税作为一项贸易调控政策,在一国政府应对国际贸易的大幅波动中发挥着重要作用.文章以企业出口关系持续性作为研究切入点,结合高度细化的出口退税率数据,运用生存分析模型对出口退税政策的实施效果进行系统评估.研究表明:(1)总体而言,出口退税率的变动在短期和长期均对企业出口关系的稳定性产生了显著影响.(2)在短期内,出口退税政策的调整对企业出口持续性的影响不因其所在区域和行业特征的差异而存在显著不同,但在所有制属性层面,民营企业受到的影响程度最大.(3)在长期内,来自东部地区、民营以及低技术行业的企业不仅受政策变动的作用时效更长,而且受政策调整的影响效果也更明显;而来自西部地区、三资以及高技术行业的企业则对出口退税政策调整的反应敏感程度最低.因此,出口退税政策的实施需要结合出口信贷等政策加以综合运用,以保证经济的平稳运行.     

E时代青年社会主义核心价值观的培育路径

青年人是社会发展的重要支撑和国家前进的未来,加强对青年人的社会主义核心价值观培育,使其成中国特色社会主义的建设者和接班人,是在全社会建构社会主义核心价值体系的重要组成部分。然而近年来,随着网络信息技术的不断普及,我国社会已开始迈入全新的E时代,网络信息的传播,一方面给青年人核心价值观培育带来了便利,提升了青年人的积极性,但同时也给青年人正确价值观的树立带来消极影响,     

The Impact of Non-Labor Income Given Job Heterogeneity on Household Time Allocation: The Evidence from China

This paper proposes a theoretical framework based on new household economic theories. A dataset from the 2006 China Health and Nutrition Survey (CHNS) is used. Given heterogeneity in major family members’ jobs, the effect of non-labor income on household time allocation is discussed under two scenarios: jobs with flexible work hours and jobs with fixed work hours in the market. Based on the nature of the employer the major family member works for, employers can be categorized into four categories: government-owned, family contract, privately-owned, and foreign-funded. Each of the four categories is used for dissecting the data into different sets for analysis by category. The results imply that job heterogeneity is significantly correlated to household time allocation. An increase in non-labor income results in a decrease in the time allocated to housework for all households. However, leisure time is allocated differently among different households due to job heterogeneity. An increase in non-labor income leads to less leisure time for households working for government-owned or foreign-funded enterprises, and more leisure time for households working for family contract or privately-owned enterprises.     

对国有独资商业银行新增不良贷款质量真实性原因分析及对策建议

央行对国有独资商业银行新增不良贷款质量的真实性很重视,近年多次组织真实性检查,发现了一些问题,本文就影响不良贷款质量真实性的原因进行分析,并针对问题提出一些对策建议.     

对“藏汇于民”外汇政策的解析

“藏汇于民”的提出,意味着我国外汇政策出现了理念、方面上的变化,将促进我国外汇制度框架的完善,将加速外汇产品的创新,其意义深远。同时,“藏汇于民”的提出,资本流出管制的放松对缓解人民币升值压力也有一定的帮助。总体上看,2006年人民币汇率向上缓步走是趋势,“藏汇于民”并不会改变其短期趋势,不过,上升幅度不会太大。