双边投资协定对发展中国家吸引FDI的影响——基于面板数据的实证研究

由于国际直接投资有利于促进东道国的经济发展,发展中国家越来越多地通过签署双边投资协定(BIT)来吸引FDI,但BIT在吸引FDI方面的有效性值得检验。本文基于47个发展中国家的双边投资协定和国际直接投资数据,利用STATA10.0计量软件,采用面板数据模型分析了BIT对发展中国家吸引FDI的影响,同时,为了更全面研究BIT对吸引FDI的影响,还考察了BIT与制度质量、单边投资自由化之间的关系,结果显示BIT有利于发展中国家FDI流入的增长,且与制度质量、单边投资自由化之间存在替代关系。     

上市公司分部信息披露动因与约束

分部信息的披露主体主要是上市公司.公司出于竞争投资者有限的资金等目的有自愿披露分部信息的动因.由于分部信息披露存在成本,在没有管制的情况下,企业出于自身利益最大化考虑,将通过对收益和成本的权衡来决定分部信息披露.由于分部信息披露的外部性、分部信息分布的不对称性等,不能完全依赖于自愿披露,必须对分部信息披露进行适度的管制,强制公司披露分部信息.     

I Feel Your Pain: The Effect of Regulator as a Minority Shareholder on Merger and Acquisition Performance

We examine the effect of a regulator-led advocate for minority shareholders on merger and acquisition (M&A) performance in China. In recent years, the China Securities Regulatory Commission established the China Securities Investor Services Center (CSISC), which began its ownership of 100 shares of public firms in 2016. The CSISC advocates for the interests of minority shareholders proactively. Focusing on abnormal stock returns in M&A announcements, we find that acquirers that have the CSISC as a shareholder (CSISC acquirers) exhibit higher positive abnormal stock returns than non-CSISC acquirers. Cross-sectional analysis suggests that the core results are mainly driven by firms with severe agency problems and weak external/internal monitoring, and those not controlled by the state. In addition, we find that CSISC acquirers have better long-term performance and encounter more M&A failures than non-CSISC acquirers. Our findings indicate that although the CSISC only holds 100 shares of listed companies, it plays an effective role in monitoring and driving firms to make appropriate M&A decisions.     

国际黄金市场发展状况及其趋势分析

在新的国际货币体系下，黄金的货币性虽然被取消，但由于黄金本身所拥有的保值性、安全性、流动性等属性，使其最根本的金融属性并没有降低。全世界40多个大小不一的黄金市场作为金融市场的构成部分，近10年来有了更快的发展。分析各主要黄金市场发展的现状，研究其发展趋势，对于研究其未来的发展路径以及对金融市场的作用具有相当重要的意义。     

Crowding-out effect of the current food stamp subsidy scheme

We construct a model to illustrate that the current food stamp subsidy scheme fails to achieve its stated aim due to the crowding-out effect. More specifically, if the household income is sufficiently low, only a corner solution exists, and a full subsidy is needed.     

论我国企业管理范式的转换

从我国企业管理范式的特点和转换出发,阐述为适应即将到来的知识经济时代的要求,我国企业的管理范式必然向创新型管理转换。     

中国经济转型中的资本形成及其效应:一个二元特征

相对于计划经济和成熟的市场经济,转型经济中的资本形成机制具有自身的独特模式。本文结合中国的转型经验,揭示了中国资本形成过程中的一个二元特征:即工业部门中政府主导的资本形成途径和农业中以自发力量为主的资本形成过程,并简要的指出这二元特征的就业效应及其对中国经济发展可能产生的影响。     

新形势下医院财务管理问题与方法探讨

随着医疗卫生体制改革的不断深化,医院财务管理逐渐成为医院经济工作的核心。在新形势的医改过程中,现代医院财务人员要打破传统财务制度的局限性和理财观念,在医院预算管理、资本运营和网路信息化方面探讨出适合医院长期发展的新路子。     

新型PA纳米纤维及其生产技术简介

日本纤维生产商东京TORAY工业公司已经创造出一种新的生产技术,它制得的纳米复丝形状单丝直径要比传统的超细微纤长丝直径还要低两个数量级。     

An intelligent service matching method for mechanical equipment condition monitoring using the fibre Bragg grating sensor network

Due to the advantages of being able to function under harsh environmental conditions and serving as a distributed condition information source in a networked monitoring system, the fibre Bragg grating (FBG) sensor network has attracted considerable attention for equipment online condition monitoring. To provide an overall conditional view of the mechanical equipment operation, a networked service-oriented condition monitoring framework based on FBG sensing is proposed, together with an intelligent matching method for supporting monitoring service management. In the novel framework, three classes of progressive service matching approaches, including service-chain knowledge database service matching, multi-objective constrained service matching and workflow-driven human-interactive service matching, are developed and integrated with an enhanced particle swarm optimisation (PSO) algorithm as well as a workflow-driven mechanism. Moreover, the manufacturing domain ontology, FBG sensor network structure and monitoring object are considered to facilitate the automatic matching of condition monitoring services to overcome the limitations of traditional service processing methods. The experimental results demonstrate that FBG monitoring services can be selected intelligently, and the developed condition monitoring system can be re-built rapidly as new equipment joins the framework. The effectiveness of the service matching method is also verified by implementing a prototype system together with its performance analysis.