Impact of Terrorism on Cross-Border Mergers and Acquisitions (M&As): Prevalence,Frequency and Intensity

This paper contributes to the literature on the impact of terrorism on international business by focusing on the specific case of cross-border mergers and acquisitions (M&As) using bilateral data for 59 countries over the period 2000–2011. We are interested in the following set of questions: (a) the impact of source and host country terrorism on bilateral M&A flows using various measures of terrorism (i.e. prevalence, frequency and intensity); (b) whether terrorism affects developing countries differently; (c) whether good institutions in developing host countries can offset the negative effects of terrorism; and (d) whether terrorism incidents in a particular economy has negative spillovers to its neighbors. To preview the main conclusions, we find that an augmented gravity model fits the data well. While the occurrence of terrorism in either the host or source does not appear to have any impact on bilateral M&A, the frequency and intensity of terrorist attacks significantly deter M&A flows, especially in the latter. We also find that good institutions negate the impact of terrorist attacks in the developing host country. There is also some evidence that regional spillovers reduce M&As in the host country.     

公司社会声望与高管薪酬:公共服务抑或职业声誉

本文基于“隐性—显性”契约激励研究范式,探讨公司社会声望对高管薪酬的影响以及作用机制。本文选取2009—2017年间的非金融A股上市公司为样本,研究发现,拥有较高社会声望的公司,其高管显性薪酬较低。具体而言,公共地位较高的国有企业、具有较高市场声誉的民营上市公司,其高管薪酬平均而言分别比其他上市公司低4.97%和6.30%。进一步地,我们发现公司声望对我国高管显性薪酬契约存在两种作用机制:一方面,公共地位较高的国有企业,可以为高管带来较高的社会声誉和社会认可,满足了“公共服务”类高管的社会声望偏好,从而降低了显性薪酬的支付水平;另一方面,市场声誉较高的民营企业,可以为高管带来较高的职业声誉和未来职业利益,符合“以商为荣”类高管的社会声望偏好,使高管愿意接受较低的显性薪酬。本文的结论为公司声望作为一种有价值的资源,可以对高管显性薪酬形成议价能力提供了重要证据,揭示了公司声望对高管显性契约激励的影响路径;同时,为国有企业高管薪酬契约设计以及激励机制提供了一定启示。     

建立经济责任审计质量体系浅探

审计质量是经济责任审计工作安身立命、赖以生存、健康发展的关键,是审计人员思想素质、政策水平和业务能力高低的集中体现。经济责任审计质量的高低直接影响审计权威的树立和职能作用的发挥。本文就建立经济责任审计质量体系谈点粗浅的看法。 首先,端正认识,树立正确的经济责任审计观念。经济责任审计不仅仅是一项单纯     

电力发展要高度重视电网调峰问题

随着我国电力供需矛盾缓和、低用电水平下的买方市场基本形成,国民经济和社会发展对电力供应的质量逐步提高,大多数电网峰谷差逐步加大,电网调峰已经成为电力工业结构调整的重大战略问题.电网调峰涉及体制、机制、政策和技术等方方面面.所以,解决电网调峰问题也必须按照系统工程的方法,综合分析其成因,探索系统的解决方法,切不可头痛医头,脚痛医脚,只见树木而不见森林.     

两型社会建设研究述评

在人类生存和发展总体环境日益恶化的今天,两型社会的提出具有重要的意义,它将产业结构调整和经济增长方式转变结合在一起,对我国经济和谐发展,落实科学发展观具有重要意义。目前国内关于两型社会的研究主要集中于两型社会的内涵和本质、消费方式变革、工业化战略举措、产业结构调整以及环境保护等上,研究还不够成熟,比较凌乱,深入研究具有重要意义。     

试论循环经济

自从20世纪90年代确立可持续发展战略以来，发达国家正在把发展循环型经济、建立循环型社会看作是实施可持续发展战略的重要途径和实现形式。学术界也从不同角度加紧研究。但是与知识经济相比，当前我国对循环经济的敏锐明显不够。笔者结合可持续发展和生产之间关系，对循环经济作进一步的探究。     

为生态农业辩疑

本文从我国的生态农业与国内外农业的对比分析入手、阐明了我国生态农业的概念内涵和主要特征,澄清了一些模糊认识,为我国生态农业的发展提出了明确方向。     

ERP系统环境下企业内部会计控制体系结构的构建研究

ERP系统在管理控制上所具有的先进性、集成性特点,对企业内部会计控制体系提出了创新需求。本文从会计控制观念、控制方法、控制模式、会计人员知识结构四个方面分析了构建内部会计控制体系的创新需求;并且从整合业务流程和会计流程的视角设计了一个通用的三层内部会计控制体系结构模型,并分析了模型的控制机理。     

Credit Allocation and Firm Productivity Under Financial Imperfection: Evidence from Chinese Manufacturing Firms

The role of the financial system, especially the credit market, in productivity enhancement has interested many researchers. However, how credit allocation affects firms’ productivity in emerging economies remains unanswered. Using data from the Annual Survey of Industrial Firms (ASIF) during 1999–2007, this article examines whether credit allocation impacts Chinese firms’ productivity under financial imperfection. Our results show that the size of credit market has no influence on Chinese firms’ total factor productivity (TFP), while allocating more credit to non-SOEs significantly promotes firm TFP. Our further analysis shows that firms which are less subsidized, smaller, more external financially dependent, and more labor intensive are affected more by credit allocation. As China is the largest emerging economy, our analysis also sheds light on the development of firms in emerging economies.     

全面改善农村支付环境:金融业科学发展的必由之路

本文首先回顾了人民银行开展农村支付环境建设以来取得的成效,分析了当前农村支付服务环境建设中面临的机遇与挑战.在此基础上.提出了改善农村支付服务环境的六项举措.