Does Interindustry and Intraindustry Information Help Predict Financial Distress?

This study investigates whether and how the accounting ratios of peer firms within the same industry (the industry peers) or firms within the industry of their customers (the downstream peers) help improve the predictability of sample firm financial distress. We document that the Z‐score factors of the companies with high correlation in stock returns help predict financial distress. The results show that accounting‐based ratios of the industry peers and the downstream peers enhance the accuracy of early warnings of financial distress, especially when prior returns of peer firms are highly correlated with the sample firm.     

深度休闲对主观幸福感的影响研究——以苏南地区城市居民为例

深度休闲对优化苏南地区休闲产业建设,进一步提升居民休闲生活质量有重要影响。文章通过问卷调查的方式收集苏南地区城市居民深度休闲行为的数据,研究苏南地区城市居民深度休闲行为特征及深度休闲对主观幸福感的影响。结果发现:(1)苏南地区城市居民进行深度休闲活动的场所主要为户外;(2)闲暇时间不足是限制苏南地区城市居民进行深度休闲活动的主要因素;(3)苏南地区城市居民的深度休闲活动总体程度不高,愿意在深度休闲活动上投入大量时间和金钱的人更是少数;(4)苏南地区城市居民从事深度休闲活动产生的强烈认同感和坚持不懈的毅力对主观幸福感有着显著的积极影响。     

Turning corporate environmental ethics into firm performance: The role of green marketing programs

In this study, we develop a better understanding of the mechanisms by which corporate environmental ethics influences performance through the adoption of substantive actions. The empirical results of a moderated mediating analysis show that firms with higher environmental ethics are more likely to implement green marketing programs, consisting of the green production, pricing, distribution, and promotion programs and then improve firm performance. It is also observed that closure mechanism negatively moderates the mediation effect of green marketing programs because it leads to low trust and unwillingness to internal cooperation. These findings indicate that the value of corporate environmental ethics could not be determined in a vacuum, both strategy and people do matter when pursuing environmentally driven performance.     

Career concerns,shareholder monitoring and investment efficiency: From the perspective of compensation contract rigidity in Chinese SOEs

This paper presents theoretical analysis of how career concerns and shareholder monitoring affect chief executive officer(CEO) agency costs. We investigate inve...     

公司创业投资对企业价值创造的影响机制——基于CVC项目异质性视角

公司创业投资(Corporate Venture Capital,CVC)是企业价值的重要来源。本文基于CVC项目异质性视角,探讨控股与非控股CVC项目治理结构下CVC投资组合多元化与企业价值关系的差异以及组织冗余调节效应的差异。通过2000~2012期间沪深主板78家上市公司CVC项目投资的686个创业企业样本组成的非平衡面板数据的实证研究发现:非控股型CVC项目治理结构下,CVC投资组合多元化与企业价值之间呈"U形"关系,组织冗余对两者关系具有积极的调节作用。     

粮库机电设备招投标流程

机电设备招投标一般是由甲方委托所指定的公共交易平台代为发起,在所需条件范围内设置标书内容和所需交易条件,依照法律程序所规定的程序内容,对多个参与方提交的技术方案、报价、响应条件进行评审,从中选择最接近中标单位条件的一种交易方式。本文主要针对各企业机电设备招投标事项进行归纳总结。     

A bootstrap test for jumps in financial economics

An i.i.d. bootstrap is applied for the ratio test of Barndorff-Nielsen and Shephard (2006) for jumps in jump diffusion processes. Asymptotic validity is established for the bootstrap test both under the null of no jump and under the alternative of jumps. Finite sample simulation shows that the bootstrap test has more stable size than the ratio test of Barndorff-Nielsen and Shephard (2006).     

环境与就业维度下出口商品结构优化——以江苏为例

利用计量方法从环境和就业这两个指标来考察江苏出口商品结构优化,其中环境指标主要是通过碳排放指标来体现的。通过研究发现江苏九大类出口商品在环境和就业指标上都无此消彼长现象,其中对两指标都具显著影响力的为机械及运输设备,化学品及有关产品和按原料分类的制成品这两类出口商品仅对环境有着显著影响力,对就业不具显著影响力,至于其他种类的出口商品则对环境和就业这两个指标都不具显著影响力,最后得出江苏出口商品结构优化的最明确方向,即大力促进机械及运输设备的出口,抑制化学品及有关产品和按原料分类的制成品这两类出口商品的出口。     

《中华人民共和国标准化法》修订工作若干问题之探讨

近日,国家质量监督检验检疫总局以"质检办法函[2010]891号"文件下发了《关于征求对〈中华人民共和国标准化管理法(草案)〉意见的函》,专题征求对该法的修订意见。经认真研读,初步了解了该法修订草案的修法思路和特点,也发现了一些值得进一步研究和商榷的学术、技术问题,特介绍如下,与各界标准化同仁共同探讨。