Performance Commitments of Controlling Shareholders and Earnings Management

Since the Split Share Structure Reform took effect in China in 2005, holders of nontradable shares (controlling shareholders) have had to negotiate with holders of tradable shares (minority shareholders) to gain the liquidity right. In a typical deal reached, the controlling shareholder agrees to pay share compensation to minority shareholders and, in many cases, also pledges to meet a specific firm performance target (performance commitments). Using this reform setting, we examine the impact of performance commitments on earnings management behavior, and find the following results. First, less profitable firms have greater incentives to make performance commitments that help to reduce the share compensation that controlling shareholders have to pay. Second, firms entering into such commitments engage in earnings management to meet the promised performance target when actual performance falls short, and firms facing greater default costs tend to manage earnings more aggressively. Third, depending on the performance metric stipulated in the commitment contract, firms employ varying methods to manage earnings. We also find that firms that rely on earnings management to meet their performance targets display inferior performance in the postcommitment years relative to firms that do not. Overall, our evidence is consistent with performance commitment contracts (with costly defaults) between a firm's controlling and minority shareholders causing incentives for earnings management.     

浅谈Co-Mo系宽温耐硫变换催化剂的硫化

介绍耐硫变换催化剂的硫化机理、硫化及其注意事项,并阐述耐硫变换催化剂硫化条件对催化剂活性的影响.     

Exploring the Implications of Virtual Reality Technology in Tourism Marketing: An Integrated Research Framework

The proliferation of the Internet and other technological innovations has transformed the structure of the tourism industry as well as affected how tourism destinations are perceived and consumed. The 3D virtual world provides opportunities for destination marketing organizations to communicate with targeted markets by offering a rich environment for potential visitors to explore tourism destinations. However, as of yet, there is little understanding about how to effectively market tourism destinations to virtual world participants who are technology users as well as potential consumers. The purpose of the present study is to develop a research framework that integrates the technology acceptance model (TAM) and self‐determination theory to understand how tourists use a 3D virtual world. Primary data were obtained for this study through self‐administered Web questionnaires. The data were conducted in a laboratory setting with 186 participants. This study contributes to the empirical TAM literature by applying the model to a 3D virtual tourism site. Additionally, this study provides a research framework to capture the entertainment nature of a 3D virtual world by extending the TAM to incorporate psychological elements of self‐determination theory to understand consumer experience. From the perspective of tourism professionals, this study contributes to an understanding of how best to construct informative and interactive tourist destinations in 3D virtual worlds to attract potential online and real‐world tourists. Copyright © 2015 John Wiley & Sons, Ltd.     

浅析石油价格上涨成因及对我国经济的影响

2004年以来,国际油价一直处于攀升态势,世界性的石油价格指数持续高位运行,已经对我国经济及能源战略产生了一定的影响。深入剖析石油价格上涨的背景成因,探讨油价上涨对我国宏观经济及相关产业的负面影响,并提出积极应对石油价格上涨的措施和建议,这是本文作者论述的主要观点和内容。     

积极应对后WTO时代绿色壁垒对我国农产品出口的影响

加入世贸组织以来,绿色壁垒逐步取代了关税和配额,成为我国农产品出口面临的最大障碍。面对复杂苛刻的技术法规、标准和质量认证制度,要迅速熟悉和掌握WTO的“绿色”规则、应承担的义务和赋予成员的有关权利,加快制定有关法律法规和技术标准,确定与国际接轨的我国产品标准体系。政府和企业要采取多种措施积极应对并最终跨过后WTO时代的新贸易壁垒。     

绿色农产品消费意愿的经济学分析

本文通过对绿色农产品消费者群体的划分,采用指数效用和需求价格弹性等综合性指标来全面深入反映绿色农产品消费意愿。实证结果表明以中青年、文化程度较高和白领职员为主的人群是绿色农产品的主要消费群体。绿色农产品的需求价格弹性较高,消费者对价格比较敏感,绿色农产品对普通农产品的消费替代还不高。在各类农产品中,消费者对绿色蔬菜的需求程度最高。     

海洋渔业资源可持续利用的经济管理

本文在海洋渔业资源出现耗竭式捕捞的情形下,尤其在山东提出打造蓝色经济区的情形下,运用相关的经济理论论述了海洋渔业资源出现过度捕捞的症结所在,海洋渔业资源由于产权虚置,作为公共物品,其过度捕捞产生外部不经济,市场不能完全调节渔业资源可持续发展,需要政府进行干预调控。要保护海洋渔业资源可持续利用,首要的就是控制海洋渔业资源的捕捞量,本文还结合现行的相关可持续利用渔业资源的措施,提出了相关的改善建议及措施。     

深圳制造业垂直专业化程度分析

本文运用Hummels(2001)提出的垂直专业化概念,深入剖析深圳制造业中的通信设备、计算机及其他电子设备制造业;电气机械及器材制造业;仪器仪表及文化、办公用机械制造业;塑料制品业;金属制品业;交通运输设备制造业;纺织服装、鞋、帽制造业七大门类的国际垂直专业化程度,得出相关的政策建议。     

文化产业投资的特点及融资问题研究

文化产业被称为21世纪的朝阳产业,各国对文化产业的发展都非常重视。近几年我国文化产业发展较快,但一直以来投资不足、融资渠道单一等问题严重制约着文化产业的发展。文化产业投资与其他产业相比具有高收益、高风险的特点,应结合文化产业投资的特点来探讨文化产业的融资模式和融资渠道的拓展问题。     

对政府主导型经济发展模式的思考

一些地方政府承担了大量的经济建设职能,将较多精力投入招商引资、土地经营,从而造成过大的行政渗透和扭曲,影响市场的有效运行.其原因主要是间接税比重过高,不动产收入激励过度,自主性财政收入不足.应改变对地方政府行为的激励方向,降低间接税比重,调整现行的与土地、房屋有关的财政收入制度,改革土地制度,合理划分各级政府的财权.