基于扎根理论的风险投资网络社群形成影响因素研究

风险投资网络社群的作用受到学者的广泛关注,但关于风险投资网络社群形成的影响因素却很少有研究涉及。基于我国风险投资机构的深度访谈数据,运用质性的扎根理论研究方法,通过开放性编码、主轴编码和选择性编码,探索了风险投资网络社群形成的影响因素。研究发现,VC异质性资源、风险企业特质、VC关系网络特性以及外部投资情景是影响风险投资网络社群形成的4类主要因素。在此基础上,进一步分析了各影响因素对风险投资网络社群形成的影响作用。     

Drivers of research impact: evidence from the top three finance journals

We study the characteristics of all published papers in the top three finance journals (JF, JFE and RFS), and how these paper characteristics affect the number of citations in Google Scholar and the Web of Science database. First, we find the characteristics in the universalist perspective remain constant while the characteristics in the constructivist and presentation perspectives increase over time. Second, some characteristics are significantly different between the high-impact and the low-impact papers. Third, paper quality, research method, journal placement and paper age are the most important drivers. Last, different drivers play different roles in different journals.     

中小企业信贷融资信用担保缺失研究北大核心

文章深入分析了国内中小企业信贷融资信用担保缺失现状,指出我国中小企业信贷融资信用担保缺失的深层次原因在于担保体系机制设计不合理,导致担保资源未能充分发挥效用。文章创新地提出应重整体系结构,完全取消政府直接担保机构,并对担保体系发展提出了有益的建议。     

Asymmetric capital structure adjustments: New evidence from dynamic panel threshold models

We develop a dynamic panel threshold model of capital structure to test the dynamic trade-off theory, allowing for asymmetries in firms' adjustments toward target leverage. Our novel estimation approach is able to consistently estimate heterogeneous speeds of adjustment in different regimes as well as to properly test for the threshold effect. We consider several proxies for adjustment costs that affect the asymmetries in capital structure adjustments and find evidence that firms with large financing imbalance (or a deficit), large investment or low earnings volatility adjust faster than those with the opposite characteristics. Firms not only adjust at different rates but also seem to adjust toward heterogeneous leverage targets. Moreover, we document a consistent pattern that firms undertaking quick adjustment are over-levered with a financing deficit and rely heavily on equity issues to make such adjustment.     

大学生网络游戏成瘾矫治的个案研究

通过一例网络游戏成瘾大学生矫治的研究,探讨这类学生的心理健康教育的方法。研究结果表明:针对个案对象的表现特征,探究产生网络成瘾的原因,并采取适宜地矫治方法,能够使网络游戏成瘾大学生的心理和行为得到改善。     

基于TPL的质押融资业务分析

通过对第三方物流企业中储公司的质押业务开展情况、质押监管发展趋势、物流金融业务流程及质押融资业务风险进行分析,研究了基于TPL的质押融资风险与防范策略。针对质押融资业务的特点,力图较全面地分析物流企业在开展质押业务过程中存在的风险,期望能对物流企业和银行有所启示。     

加油站储油罐火灾、爆炸危险性定量分析

采用地下储罐爆炸和池火灾计算方法对加油站储罐爆炸和池火灾进行了定量分析,确定了事故状态下的危害半径。     

A non-expected utility model and its application in practical auctions

ABSTRACT

This article presents a non-expected utility decision model which is nonlinear in the winning probabilities. The model not only explicitly expresses bidders’ attitudes to risk, but also addresses their preference over the bidding criteria. To demonstrate how to apply the model in the practical auction design, the first- and second-price auctions with both commission rate and reserve price are examined, respectively. For nonrisk-neutral bidders, the equilibrium bidding strategies are characterized, in which the commission rate has a significant influence on the bidding strategy through the critical valuation. However, the existence of the optimal commission rate is uncertain, but once it exists, it depends on the information rent of the highest or second highest order valuation in terms of the inverse hazard rate. With risk-aversion bidders, the only difference to the optimal reserve price is a constant between the first- and second-price auctions. The revenue comparisons show that the classical Revenue Equivalence Theorem fails in practical auctions with the commission rate. This article extends the application of the decision-making model in the auction design in theory and provides some guidance for the auction house and the seller to make their decisions in reality.     

Endogenous cyclical corporate tax burden in China: The role of tax quotas and growth targets

Using data from China Annual Survey of Industrial Firms and addressing potential endogeneity problem, we find that corporate tax burden in China is procyclical during recessions and countercyclical during booms. The cyclicality is stronger for enterprises whose corporate income taxes are levied by Local Tax Bureau (LTB). Procyclicality of corporate tax burden during recessions is larger for enterprises located in county, non-state-owned enterprises (non-SOEs), non-high-tech enterprises and large-medium enterprises. Furthermore, tax quotas and growth targets of local governments enhance procyclicality during recessions and the countercyclicality of corporate tax burden during booms. Tax collection and government spending are important channels through which tax quotas and growth targets affect the cyclicality of corporate tax burden, respectively. This paper provides important policy implications for China during economic recessions.