What Drives the Relationship Between Financial Flexibility and Firm Performance: Investment Scale or Investment Efficiency? Evidence from China

Financial flexibility helps improve firm performance. By using data from Chinese listed companies, we examine whether investment scale or investment efficiency drives the relationship between financial flexibility and firm performance via a special mediator testing method that is widely used in the psychology literature (Baron and Kenny, 1986). We find that financial flexibility has a significant and positive effect on both investment and firm performance. However, investment scale rather than investment efficiency seems to drive firm performance. This finding helps us understand that Chinese companies tend to emphasize investment expansion more than they do investment efficiency to improve firm performance.     

投资者状态偏好及其决定因素

Status quo bias is an important factor which affects investors’ decision-making. The extant research on this issue only takes the prospect theory into consideration. In fact, framing effect, investor emotion and information structure are also important variables affecting status quo bias. This paper explores the impact on investors’ status quo bias from the perspectives of framing effect, investor emotion and information structure, using the experimental method. Results show that investors’ status quo bias is higher in the price differential frame than in the ratio frame of the investable portfolio. In addition, investors’ status quo bias does exist in the three emotions conditions. Particularly, status quo bias is lower in the positive emotion investors and higher in the negative emotion. Respondents’ choice of certain options is five times as uncertain options. The level of status quo bias in self-status assignment group is higher than that in external-status assignment group.     

农业生物技术的接力创新:特性、机理及政策启示

采用多案例研究方法,通过研究8个典型案例验证了农业生物技术的接力创新在发生范围、创新类型、接力关系及接力方式等方面的特性。基于农业生物技术创新过程及生物农业产业的其他特征,进一步研究了农业生物技术接力创新的形成机理,并对相关特性进行了解释。最后,针对中国农业生物技术创新提出了若干政策启示。     

农村社会资本理论及其分析框架

社会资本是一个具有高度概括力的新解释范式。它是存在特定共同体之中的以信任、互惠、规范和合作为基本特征而构建的社会参与网络。引入社会资本理论来研究中国农村社会问题,必须要结合中国农村的社会实际,不断强化和培育农村社会资本的积极效应,以提高现代中国农村的治理绩效。     

论农业适度规模经营风险及其特征

一般认为,农业适度规模经营风险较农户小规模经营要低。本文对此提出了新的看法:与农户小规模经营相比,农业适度规模经营在某些方面反而增加了经营的风险。围绕这一观点,文章进行了深入分析,并提出了防范的基本思路。     

协同视角下我国县乡电子商务与物流发展研究

在国家、地方、行业与企业推动下,我国县乡电商与物流增速明显,逐渐成为拉动县乡经济与流通的新增长点。县乡电商与物流在我国起步较晚,仍处于初级发展阶段。与城市相比,在硬件与软件上,县乡电商与物流整体水平偏低,差距较大,且相关理论缺失。通过梳理我国县乡电商与物流发展现状,认为县乡电商与物流缺乏协同,并以协同学理论为指导,对阻碍县乡电商与物流发展的问题与障碍进行剖析,提出一系列具体措施,以期能够实现我国县乡电商与物流协同发展的目的。     

The Translation of English News Headlines

News headline translation is one of the most important types of news transhtion. As news headline is strongly purposeful, the tramhtion of it must be achieved by some special methods, The history of news headline tramlation is almost as long as that of newspapers, but it has not been attached enough attention to. In the last twenty years, Chinese scholars of this field have paid much greater attention to news headline transhtion. Concerned studies of principles of news headline translation have also been made remarkable progress.     

翻译研究之有声思维方法探析

有声思维翻译研究方法是翻译研究的实证方法之一，它在翻译学研究中取得了一定的成功，但其操作过程和方法论还存在很多问题，有待于更进一步的认识和研究。本文将对有声思维翻译研究方法的历史、概念、理论基础及其在研究翻译过程中的研究成果等相关问题进行基本的论述，并对有声思维翻译过程研究的未来发展提出一些建议。     

通路相关不确定系数在化学品风险评定中的应用

制定化学品安全限量时需要使用不确定系数来减少不确定性，确保能充分保护暴露人群。本文简述人群包括成年人、老年人、儿童、新生儿和种族群体的单态性代谢和多态性代谢通路基础上不确定系数，它的应用将有助于提高我国化学品风险评定水平。