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81.
The Agri-Environment Footprint Index (AFI) has been developed as a generic methodology to assess changes in the overall environmental impacts from agriculture at the farm level and to assist in the evaluation of European agri-environmental schemes (AES). The methodology is based on multi-criteria analysis (MCA) and involves stakeholder participation to provide a locally customised evaluation based on weighted environmental indicators. The methodology was subjected to a feasibility assessment in a series of case studies across the EU. The AFI approach was able to measure significant differences in environmental status between farms that participated in an AES and non-participants. Wider environmental concerns, beyond the scheme objectives, were also considered in some case studies and the benefits for identification of unintentional (and often beneficial) impacts of AESs are presented. The participatory approach to AES evaluation proved efficient in different environments and administrative contexts. The approach proved to be appropriate for environmental evaluation of complex agri-environment systems and can complement any evaluation conducted under the Common Monitoring and Evaluation Framework. The applicability of the AFI in routine monitoring of AES impacts and in providing feedback to improve policy design is discussed.  相似文献   
82.
Zusammenfassung  Wie werden Unternehmen in der Praxis bewertet? Welche bewertungstheoretischen Grundlagen liegen der Bewertung zugrunde? Welche Themenstellungen im Rahmen des Akquisitionscontrolling sind von zentraler Bedeutung für den Erfolg von M&A-Transaktionen? Als Gegenstand vieler Diskussionen und Faktoren mit erheblichem Einfluss auf den Unternehmenswert k?nnen beispielhaft folgende Spannungsfelder aufgeführt werden:
•  Die übliche Annahme einer ewig werthaltigen Wachstumsrate bei der Bestimmung des Terminal Value führt h?ufig zu einer übersch?tzung des Terminal Value, weil das klassische Modell die zur Finanzierung des ewigen Wachstums notwendige h?here Kapitalbindung (z. B. Wachstumsinvestitionen und Working Capital) übersieht. In den meisten F?llen scheint es eher angemessen, davon auszugehen, dass sich zukünftig die Rendite (ROIC) den Kapitalkosten ann?hert.
•  H?ufig wird Wertvernichtung durch M&A mit Fehlern in der Post-Merger-Integration-Phase begründet. Dabei wird nicht selten übersehen, dass Synergien im Vorfeld überbewertet werden und bei entsprechender Berücksichtigung im Kaufpreis im Nachgang des Unternehmenskaufes h?ufig gar keine M?glichkeit mehr besteht, nachhaltige Value Creation zu erzielen.
Diese und weitere Fragestellungen werden – unterstützt durch einen theoretischen Leitfaden – anhand einer Fallstudie aus der Bewertungspraxis dargestellt sowie diskutiert und es werden L?sungsvorschl?ge hierfür angeboten.
Summary  How should the value of a company be measured, and what tools and valuation methods should be used? What are the drivers in M&A that create a successful and value creating transaction?
•  It is not uncommon in M&A to use perpetuity growth rates when calculating the terminal value. Generally, we do not share this view as it neglects the incremental capital investments (ROIC) in fixed assets or working capital necessary to enable growth. To avoid overestimating the terminal value it is more appropriate that returns on incremental capital investment converge to the cost of capital (WACC).
•  The main reason commonly mentioned in literature for value destruction in M&A valuations is mistakes in the post-merger-integration phase. On many occasions – and in literally all industry sectors – synergies are valued quite optimistically. As a result, the transaction value paid is too high, so there is no real chance to create additional value in the first place.
These, and other aspects of M&A’s will be addressed and discussed in this case study. The study will be based on our experiences in M&A-transactions, supported by the valuation basics and methodologies. The case study will draw conclusions, provide recommendations and possible solutions.
  相似文献   
83.
In online information settings, a few people tend to contribute, while the majority of people consume. For this latter group of readers, electronic word of mouth (eWOM) provides information about products or service experiences that rarely are available from manufacturer-controlled sources, which makes this source of information especially helpful. In turn, eWOM influences readers' attitudes, intentions, and behavior. Manufacturers also hope to monitor and positively influence eWOM content, such as by supporting and building brand communities. But eWOM readers might doubt the credibility of information if it is mostly positive, and the usefulness of eWOM information depends on its credibility. This study offers an empirical and theoretical validation of how specific utilitarian and social functions of eWOM affect attitudes toward and intentions to read eWOM. In particular, trustworthiness is the most important credibility dimension; it affects both functions. Perceived expertise also enhances the utilitarian while similarity improves the social function of eWOM.  相似文献   
84.
Agriculture has played a central role in Africa's long‐term economic development. Previous research has argued that the low productivity of African economies has posed significant challenges to African efforts to produce an agricultural surplus or to develop commercial agriculture. Low agricultural productivity has also served as a key explanation for the transatlantic slave trade, on the basis that it was more profitable to export humans overseas than to grow and export produce. However, the field has suffered from a lack of comparable empirical evidence. This article contributes to this field by presenting quantitative data on historical land and labour productivity in Africa, from a case study of the agricultural productivity of Senegambia in the early nineteenth century. Focusing on five key crops, our results suggest that both land and labour productivity was lower in Senegambia than it was in all other parts of the world for which we have found comparable data. This article thus lends support to claims that stress ecological factors as one of the main determinants of Africa's historical development.  相似文献   
85.
In this paper, we present a process model exploring the roles played by digital technologies (DTs) in the organization of collective action (CA) of social movements (SMs) at different points in their lifecycles. The process model, which is based on an exploratory case study of the Italian Five Star Movement, relates the environmental conditions to the working logic, structure and use of DTs at three different stages of the SMs. We explain how these choices are adopted at each stage to address internal and environmental challenges and how they create further challenges to be addressed to pass to the next stage. We further explore the dynamics between the logic of connective and collective action and reflect on the growing need for structures and control. By so doing, our work addresses the need for a better understanding of the coevolution between DTs and organizational structures and of the ways in which DTs are used to mobilize people to sustain CA along the SM lifecycle.  相似文献   
86.
A series of seminal papers argues that poaching hampers company‐sponsored general training. Empirically, however, the existence and extent of poaching remain open questions. We provide a novel empirical strategy to identify poaching. We find that only few apprenticeship training firms in Germany are ‘poaching victims’ or ‘poaching raiders’. Victims are more likely to be in a temporary downturn and raiders are more likely to be growing. Victims hardly change their training strategy after poaching and poaching seems be a transitory event. This is an important result for countries that intend to introduce apprenticeship‐type training and need to convince firms to participate in training.  相似文献   
87.
We model endogenous catastrophic risk in a new way. We call it “inertia risk”, which accounts for delays between physical variables and the hazard rate – a characteristic often observed in reality. The added realism significantly affects optimal policies relative to the standard model of catastrophic risk. The probability of a catastrophe occurring at some point in time can span the entire interval [0,1], and is not 0 or 1 as is typical in standard models. Inertia risk can also generate path dependences. We illustrate the implications for policy in a simple model of climate change.  相似文献   
88.
Recent studies cast doubt on the ability of abstract experiments to predict decision‐making in the field. Thus, scholars have argued for more ‘realism’ by introducing context to field experiments. Yet, such realism may work against the induced values of monetary incentives in economic experiments. It is an open question whether contextual framing works best with or without inducing values, through methods such as the use of monetary incentives. Using a sample of 146 German farmers, we compare experimentally the predictive power of a framed lottery in an agricultural context vs. using an abstract version. For one half of the sample, lotteries are incentivised; for the other half, they are hypothetical. Although risk preferences differ between treatments, all four lottery tasks correlate poorly with farmers’ real‐world use of risk management instruments such as harvest or hail insurance. Subjects who start with an agricultural framing are willing to take significantly greater risks in the lotteries. More generally, our findings cast doubt on the ability of lottery tasks to predict risk‐taking in the field.  相似文献   
89.
We respond to the new article by Hayo, Neumeier, and Westphal (HNW), which is a critique of our 2006 article. The principal contribution of that article wa  相似文献   
90.
What are the long-term effects of universal preschool programs on child outcomes? We review 26 studies using natural experiments to estimate the effects of universal preschool programs for children aged 0–6 years on child outcomes measured from third grade to adulthood. Studies comparing universal preschool with a mix of parental, family, and private modes of care show mixed effects on test scores and on measures related to health, well-being, and behavior. All estimates for outcomes related to adequate primary and secondary school progression, years of schooling, highest degree completed, employment, and earnings indicate beneficial average effects of universal preschool programs. Three of the included studies calculate benefits-to-costs ratios and find ratios clearly above one. Universal preschool tends to be more beneficial for children with low socioeconomic status and there are not consistently different effects for boys or girls. Only three studies compare two alternative types of universal preschool programs in terms of long-term outcomes.  相似文献   
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