从国开行的统贷模式探讨中小企业融资难题

中国中小企业的组织形式、企业规模等因素,决定了股票和债券市场不可能成为其有效的融资渠道。没有足够的可抵押资产及相应的担保更无法获得银行贷款。国家开发银行开创性的创造出了一个开放性的融资体系。这个融资体系包括一个向中小企业提供贷款的平台和一个为贷款提供担保的平台。这种开放式融资体系中的贷款模式有效的破解了中小企业融资市场中的规模难题、软信息难题及担保难题,为商业银行提供了有效借鉴。     

Insider Ownership and Firm Value: Evidence from Real Estate Investment Trusts

Real estate investment trust (REIT) provides a unique laboratory to study the relation between insider ownership and firm value. One, a REIT has to satisfy special regulations which weaken alternative mechanisms to control agency problems. Empirically, I find a significant and robust nonlinear relation between Tobin's Q and REIT insider ownership that is consistent with the trade-off between the incentive alignment and the entrenchment effect of insider ownership. Two, many REITs are Umbrella Partnership REITs (UPREITs) which have dual ownership structure. They have both common shares and Operating Partnership Units (OP units). Property owners can contribute their properties to the UPREIT in exchange for OP units. Their capital gains taxes remain deferred as long as they hold onto their OP units and the UPREIT does not sell the properties they contributed. OP units owners are locked in with the firm and have incentive to monitor firm management, but their interests diverge from the common shareholders because their tax bases are much lower. Consistent with the trade-off between positive monitoring effect of OP units and tax-induced agency costs, I find that UPREIT's firm value increases with the fraction of OP units, but the effect is significantly weaker for the UPREITs where insiders hold OP units.     

生态经济学的发展与创新——纪念许涤新先生主编的《生态经济学》出版20周年

生态经济学的提出在美国,生态经济学的诞生在中国。中国生态经济学的发展对于树立科学的发展观、规划观、环保观、政绩观等均做出了重要贡献。本文揭示了该学科发展所存在的缺乏核心概念和基本范畴、尚无完整的学科体系、学科边界和学科性质比较模糊等五个问题。按照确立基本范畴、推动学科交叉和注重实证研究等原则,提出了包括生态系统篇、生态价值篇、生态产业篇、生态消费篇、生态制度篇等五篇、十二章的生态经济学理论体系。     

谈谈实验室标准化管理

ISO／IEC导则25《校准和检测实验室能力的通用要求》是国际标准化组织（ISO）和国际电工技术委员会（IEC）在1990年推荐使用的实验室质量管理的准则，经过了世界范围的各类实验室将近10年的实践．并综合吸取了其他管理体系（如ISO9001和ISO9002）的科学思想，ISO／IEC在导则25的基础上进行了调整、补充和修订，     

推动我国税务代理业发展的思考

我国法制建设的不完善、税务代理机构行为的不规范、税制结构的不完善以及执法刚性的不足等因素制约了我国税务代理的发展,为了推动我国税务代理事业的发展,应该采取以下措施:健全税务代理制度,提高法律级次;明确执业范围,强化管理手段,规范税收代理执业行为;完善税制结构,强化依法治税的社会环境;加强对税务代理市场的培育。     

船舶评估重置全价的确定

由于船舶资产专业性强,在评估该类资产时,评估人员因知识面限制,对如何确定船舶重置全价常感到无所适从.尤其对大型船舶,因涉及商业机密,无法进行直接询价,即便询到价格,其准确度也无从把握.本文详细介绍了船舶资产重置全价应包含的内容及确定过程,供评估人员在有关工作中参考.     

Politically connected boards,value or cost: evidence from a natural experiment in China

This study investigates the net effect of a politically connected board for a firm. Using a natural experiment in China – a regulatory change to forbid bureaucrats from sitting on the board of public firms – we address the causality of the net effect of a politically connected board by testing the market reaction of the shares of firm targeted by the regulatory change to the policy announcement. The stocks of firms with politically connected directors who are targeted by the regulatory change show on average a significantly positive abnormal return, which suggests that the agency cost effect of a politically connected director dominates the value effect. The result is robust to various model settings and to a matched sample using the propensity score methodology. Additionally, the announcement effect of the resignation of a politically connected director is significantly positive, and significantly higher than that of a non‐connected director. Overall, our results suggest that the agency cost effect of a politically connected director dominates the value effect.     

浅议自媒体视域下高校学生管理工作创新思考

近年来,随着网络技术的飞速发展和移动互联工具在大学生中的迅速普及,"无网不在"、"每日必网"迅速成为90后大学生基本的生活方式,学生管理工作受到更加严峻的挑战。本文通过对自媒体平台工具差异化比较研究,结合高校的具体情况,提出了运用自媒体工具推进学生管理工作创新的具体举措。     

构建安定有序的和谐校园

构建和谐社会是国家富强、名族振兴、人民幸福的重要保证。构建安定有序的和谐校园是关系到师生的生命和财产,关系到教学秩序的稳定,关系到学校及社会稳定和谐的大事。     

Emerging bicycle tourism and the theory of planned behavior

In this study, we investigated the process of travelers’ decision formation for bicycle touring as a form of sustainable tourism activity. We extended the theory of planned behavior (TPB), using personal norm and past behavior as predictors and the attractiveness of unsustainable alternatives as a moderator. Results of the modeling comparison showed that our extended TPB model was superior to the original TPB in predicting intention. Our results from the structural analysis revealed that the hypothesized paths linking attitude, subjective norm, perceived behavioral control, personal norm, and intention were supported; and personal norm significantly mediated the impact of subjective norm on intention. Moreover, our proposition that bicycle travelers’ decision-making process would differ based on their level of the attractiveness of unsustainable alternatives was generally supported. Overall, our results help us clearly understand the role of volitional and non-volitional processes, personal norm, past behavior, and the attractiveness of unsustainable alternatives in explaining the intention formation of bike traveling.