控制权、现金流权分离与企业经营风险关系研究

本文从理论上研究了控制权与现金流权分离、控制股东目标函数和企业经营风险之间的内在关系,研究发现在两权分离的情况下,逐利本性会使控制股东谋求控制权私有收益的动机更为强烈,由此带来成本的增加和利润的减少,使得企业经营风险增大.本文采用2007～2011年间中国上市公司面板数据进行了实证检验,证实了现金流权与经营风险负相关,控制权和两权分离度与经营风险正相关.     

复合钢管对接接头力学性能试验研究

对内衬不锈钢复合钢管对接焊焊接接头试验进行了分析,获得了内衬不锈钢复合钢管对焊后的焊接部位的抗拉强度、刻槽锤断、侧弯的力学性能情况。结果表明:按照SY/T 4103-2006要求,可以进行力学性能试验。     

Inbound Travelers' Selection Criteria for Hotel Spas in Hong Kong

With a growing number of travelers enjoying spa experiences, it is vital that hotels understand their preferences. As Hong Kong has a high visitor inflow and is in the preliminary stages of hotel spa development, an examination of the selection criteria used by inbound travelers when choosing hotel spas should provide Hong Kong hoteliers with the information needed to further develop and refine their facilities. This study examines the selection criteria that inbound travelers use to gain insight into how demographic factors and travel characteristics affect their spa-related decisions. A measuring instrument was developed based on in-depth interviews of spa industry professionals and secondary data. The results reveal that relaxation, pampering, and beautification were the main reasons that people visited hotel spas; with the three most important major selection dimensions being therapists, price, and product and treatment types. Of the 28 selection criteria studied, professional skills, product and service knowledge, sense of privacy, range of facilities, and product branding were the most important attributes. The implications of these findings and directions for future research are discussed here.     

Z-score模型最优分割点的确定方法比较——基于违约风险预测能力的分析

Z-score模型在对企业进行财务困境和违约风险判别方面具有重要的应用价值,最优分割点的确定方法对于提高模型的违约风险判别能力至关重要.本文以医药生物行业上市公司为样本,运用Fisher逐步判别法从15类财务比率中筛选出判别能力较强的7个指标构建了Z-score模型,并尝试采用加权平均法和考虑先验概率及误判成本的ZETAc模型法分别确定最优分割点.研究发现,ZETAc模型法预测企业违约风险的能力明显优于加权平均法.     

企业技术创新与政府补贴行为间关系的实证研究——基于创业板上市公司的经验证据

以我国创业板上市公司为研究样本,探讨了企业技术创新对政府未来补贴的影响。实证检验结果显示:我国创业板上市公司的创新活动与政府未来补贴力度不显著相关,而创新绩效与政府未来补贴力度显著正相关,即创新绩效越好的企业越能获得更多的政府未来补贴。最后指出提高企业的创新能力进而获取更好的创新绩效才是企业长久的生存之计。     

What is the Relationship Between REIT Governance and Earnings Management?

The empirical corporate finance literature claims that better corporate governance constrains earnings management, while others argue that the unique legal and reporting structure of REITs may reduce the need for such internal corporate governance. Using a sample of publicly traded REITs for the 2004–2008 time period, we examine the relationships amongst corporate governance, accruals earnings management, manipulation of Funds from Operations (FFO), and real earnings management. We find that corporate governance quality is unrelated to accruals earnings management and manipulation of FFO. At first glance, the findings suggest that managers need less internal oversight because of the more transparent reporting structure of REITs. However, we document that REITs engage in significant real activities manipulation for earnings management purposes. Our empirical findings further show that corporate governance characteristics, in particular board size, independence, number of board meetings and audit committee financial expertise, are essential for constraining such activities. Finally, by focusing on a subset of REITs that act in ways which previous research has identified as more susceptible to earnings management activities, we demonstrate that good corporate governance effectively reduces accruals earnings management and manipulation of FFO for these REITs. Overall, our findings indicate that, despite the unique legal and reporting structure, REITs engage in certain forms of earnings management, and that the ability for REITs to manipulate earnings is reduced when corporate governance is more effective.     

Learning Approaches and Outcome‐Based Teaching and Learning: A Case Study in Hong Kong,China

Outcome‐based education is a pedagogical process which focuses on the achievement of certain specified results. Outcome‐based teaching and learning (OBTL), therefore, is concerned with curriculum design and ensuring that the contents, delivery, activities, and assessments are all aligned to help facilitate students to attain specific intended learning outcomes. This study explores whether and how outcome‐based teaching impacts on the learning approaches of one cohort of undergraduate business students at a university in Hong Kong, China to undergo outcome‐based teaching, newly introduced as part of a university‐wide policy to adopt OBTL. The learning approaches of these business students were measured using John Biggs's (1987 Biggs, J. 1987. Student approaches to learning and studying, Melbourne: Australian Council for Educational Research.  [Google Scholar]) Study Process Questionnaire (SPQ) to determine whether these students tended to favor surface learning approaches, deep learning approaches, or achieving learning approaches upon initial entry into the university. Changes in learning approaches were tracked, after a semester's exposure to OBTL, through survey and focus group interview methods. Findings indicated a significant amount of transference between learning approaches deployed by these students, demonstrating a high level of adaptability.     

不同类型农户借贷行为特征

本文以全国农村固定观察点的农户调查资料为基础,对17类农户的借贷水平、借贷规模、借贷发生率和借贷来源倾向、借贷用途倾向进行了分析.通过分析发现:农户借贷行为的差异主要体现在纯收入、家庭经营类型和非农化程度,这些差异主要表现为借贷规模的差异,并形成两类不同的借贷规模分布类型.同时农户的借贷规模、借贷来源倾向和借贷用途倾向均呈现出层次分明的结构性特征.由此本文提出了农户借贷行为的三种类型:被动借贷型农户、保守借贷型农户和主动借贷型农户.     

Are financial development and corruption control substitutes in promoting growth?

While financial development and corruption control have been studied extensively, their interaction has not. We develop a simple model in which low corruption and financial development both facilitate the undertaking of productive projects, but act as substitutes in doing so. The substitutability arises because corruption raises the need for liquidity and thus makes financial improvements more potent; conversely, financial underdevelopment makes corruption more onerous and thus raises the gains from reducing it. We test this substitutability by predicting growth, of countries and industries, using measures of financial development, lack of corruption, and a key interaction term. Both approaches point to positive effects from improving either factor, as well as to a substitutability between them. The growth gain associated with moving from the 25th to the 75th percentile in one factor is 0.63–1.68 percentage points higher if the second factor is at the 25th percentile rather than the 75th. The results show robustness to different measures of corruption and financial development and do not appear to be driven by outliers, omitted variables, or other theories of growth and convergence.     

中美合并商誉减值测试方法的思考

本文首先比较了中美两国对合并商誉进行减值测试的方法,即"一步法"和"两步法",之后对两国采用不同减值测试方法的原因进行分析,最后归纳了两种减值测试方法对会计信息质量的影响及其产生的不同经济后果。