高管薪酬与企业绩效的相关性——以信息技术行业上市公司为例

在对我国信息技术行业上市公司的高管薪酬和企业绩效进行描述性统计的基础上,采用多元线性回归模型,对样本公司的高管薪酬与其绩效的相关关系进行分析。研究结果表明:信息技术行业上市公司的高管薪酬与每股收益和净资产收益率两个财务指标显著正相关,与其他业绩指标不显著相关;在非财务指标中,高管薪酬与资产规模、高管持股、股权集中度、地区等非财务指标相关。这说明,虽然我国上市公司已建立起基于绩效评价的薪酬激励制度,但业绩评价指标过于单一,薪酬激励制度有待完善。     

中国共产党探索现代化道路的百年历程与经验启示

百年来,中国共产党先后探索出五种不同的现代化道路.其中,新民主主义现代化道路,是把马克思主义普遍原理和世界现代化一般规律与中国具体实际结合的独特创造.过渡时期现代化道路,是一个全面学习苏联工业化方法的"舶来模式".社会主义建设时期现代化道路,是试图将苏联工业化内核与我国资源优势和现实需要相结合的理想建设路径.改革开放新时期现代化道路,是通过与一般经济发展规律和世界文明发展方向进行契合对接以确保在与人类共同价值目标融合的过程中实现我国现代化.中国特色社会主义新时代现代化道路,是根据新阶段、新矛盾、新目标、新任务而对我国现代化建设的总体架构、战略部署、布局安排等进行创新升级的结果.     

关于保险行业文化建设的思考

行业文化是行业发展的软实力。先进的保险行业文化,有助于增强行业可持续发展能力,提升行业的凝聚力,彰显行业精神,树立行业良好形象。本文拟从促进行业科学发展的角度,总结提炼先进保险行业文化应包含的核心要素,进而探索保险行业文化建设的基本要求与实现途径。     

基金经理变更的驱动机制与市场异质性——基于1726只公募基金的实证检验

公募基金经理变更会影响基金产品的投资价值和风险收益预期。国内公募基金经理的变更日益频繁,但现有研究多局限在传统的委托代理框架内,偏重于对基金业绩表现与基金经理变更间一元线性关系的探讨,而对考核评价机制与市场环境特征对于上述关系的影响鲜有论及。针对普通股票型、偏股混合型、灵活配置型三类公募基金,采用2006—2019年1 726只基金的39 227个有效样本数据,对公募基金经理变更的驱动机制及其制约因素进行多维度考察,研究发现：基金经理变更对于基金业绩表现的响应主要以相对收益排名形式呈现,而绝对净值增长率的表现不敏感;市场环境变化会制约基金业绩表现之于基金经理变更的实际影响,非平稳市场更容易引发基金经理变更;不同市场环境对基金经理变更存在异质性影响,牛市会形成正向推动,而熊市则会产生负向压缩效应。综合考虑基金经理变更的二元驱动机制及其市场异质性特征,有必要完善基金公司内部的考核评价体系,以进一步规范委托代理关系,同时还应构建更全面和完善的外部评价体系。     

《安全帽生产与使用管理规范》技术要求的探讨

《安全帽生产与使用管理规范》在实际应用中,发现有不完善甚至影响实际操作的地方,经过对安全帽的生产、检验、应用方面的调研和实践工作经验,针对标准中的技术要求得出如下结论：部分技术要求遗漏并与国标有差异,相关参数在修订过程中需要整改。安全帽帽壳的材质单一,造成带有防静电、阻燃性能安全帽的硬度低、工艺过程中质量控制难度大;吸汗带材质限定为纯棉布,在实际应用中汗液挥发慢吸汗效果不理想;需增加防静电性能检验的预置时间,预置时间对防静电检验结果影响较大;安全帽式样及种类单一,不适应集团公司作业场所复杂化的要求,应分工种向多元化安全帽产品发展。     

我国高新技术企业集群嵌入全球价值链的演进与升级--以中关村电子信息企业集群为例

全球价值链为中国高新技术产业的升级指明了方向与路径，沿着全球价值链升级是中国高新技术企业集群发展的必经之路。技术贸易是嵌入全球价值链的初级阶段，中国高新技术企业应抓住国际产业转移的机会，在全球价值链中进行战略收购与联盟，逐步实现我国高新技术企业集群工艺升级和产品升级。以中关村电子信息企业集群的演进与升级为例进行了实证分析、     

China’s manufacturing performance from a multilateral perspective: 1980–2004

This paper examines international competitiveness of China’s manufacturing industry during the period of 1980–2004 from a multilateral perspective in terms of purchasing power parities, relative price levels, labor productivity and unit labor costs. The various measures of PPPs in China’s manufacturing industry are found to be approximately 3.7 RMB per international dollar in the base year 1997. Since the mid-1980s, the relative price of China’s manufacturing products has been declined and is the lowest compared with the US, UK, Germany, Japan and South Korea. The unit labor cost is found to show a declining trend with some fluctuation. The labor productivity of China’s manufacturing industry is relatively low and is found to converge with other countries since 1992. __________ Translated from Economic Research Journal (经济研究), 2005, (12) (in Chinese)     

知识视角下的发明过程研究综述

创新是一个国家兴旺发达的不竭动力,发明是创新的关键环节之一,对国家科技事业发展意义重大,但是有关发明过程本身的研究还不够细致深入。根据近代和当代对发明过程的研究,通过整合已有的发明过程理论,认为知识获取、知识表示和知识重组是发明过程的核心环节。从知识视角出发,总结了信息管理、知识管理和发明方法领域针对上述3个环节的研究现状和趋势。最后,对发明过程的研究进行了展望,提出了用知识表示描述发明过程的观点。     

Effects of the US monetary policy shocks during financial crises – a threshold vector autoregression approach

This article analyzes the impact of monetary policy during periods of low and high financial stress in the US economy using a threshold vector autoregression model. There is evidence that expansionary monetary policy is effective during periods of high financial stress with larger responses having a higher proportionate effect on output. The existence of a cost channel effect during periods of high financial stress implies the existence of a short run output-inflation trade off during financial crises. Large expansionary monetary shocks also increase the likelihood of moving the economy out of a high financial stress regime.     

Economic burden in patients with ALK + non-small cell lung cancer,with or without brain metastases,receiving second-line anaplastic lymphoma kinase (ALK) inhibitors

Abstract

Aims: To describe the real-world economic burden of patients with anaplastic lymphoma kinase-positive (ALK+) non-small cell lung cancer (NSCLC) treated with post-crizotinib, second-line ALK inhibitor therapy.

Materials and methods: Retrospective analysis using data from US Optum: Clinformatics Data Mart administrative claims database. Adult patients with ALK?+?NSCLC treated with ceritinib or alectinib as second-line ALK inhibitors between 1 January 2011 and 30 September 2017 were included. Healthcare costs and resource utilization for up to 1?year of therapy were calculated on a per-patient-per-month (PPPM) basis and stratified by presence or absence of brain metastases (BM). Multivariate regression analysis was performed to identify factors associated with costs. Top ten cost drivers of non-inpatient procedure costs were recorded.

Results: One hundred and twelve patients received second-line ALK inhibitors. Total mean PPPM healthcare costs were $23,984 for all patients receiving up to 1?year of post-crizotinib, second-line ALK inhibitor therapy. Total mean PPPM costs for patients with BM on or prior to post-crizotinib, second-line ALK inhibitor therapy were 1.37-times as high as those for patients without BM (p?=?0.0406). Mean PPPM outpatient visits and inpatient hospitalization stays were higher for patients with BM versus no BM. The main cost drivers for non-inpatient procedures were radiation therapy, medications, and diagnostic radiology.

Limitations: Analyses did not include newer ALK-directed therapies. BM development after the index date (defined as the date of the first claim for a second-line ALK inhibitor) may have been misclassified as non-BM. Findings may not be generalizable to patients with no health insurance coverage.

Conclusions: Treatment of patients with ALK?+?NSCLC with ceritinib or alectinib as post-crizotinib, second-line ALK inhibitor therapy represents a high economic burden. Healthcare costs and resource utilization were significantly higher for patients with ALK?+?NSCLC with BM versus no BM.