盈余管理与企业竞争力

本文以盈余管理的客观性和中性的价值取向为基础,初步探讨了目前我国盈余管理的相关问题及对策,认为盈余管理对提高企业竞争力有着积极的作用,只有认识盈余管理的积极作用并加以正确的引导,对其有害的部分加以监控或治理,才有利于提高企业的竞争力,以确保企业可持续发展的战略。     

知识经济时代:传统经济学面临挑战

知识经济的迅猛发展 ,引起了整个社会生产和生活的巨大变革 ,传统经济学也面临挑战 ,在诸如经济学的基本假设、基本原理、微观和宏观经济等方面都显示了一些新的经济现象和经济规律 ,它表明 ,传统经济学需要修正、补充和创新。     

市场和政府:扩大内需的约束条件

七次降息未能扭转通货紧缩现象,其原因在于以间接融资为主的金融市场,利率机制自发调节存在 失灵的区域,而宏观调控缺乏运作的基础,也存在盲目性。应加快利率市场化进程,促进金融市场直接融 资的迅速发展,才能有效实现币值稳定和经济增长。     

论当前形势下食品抽检监测与食品安全

当前食品安全事关人们的身体健康,食品抽检监测质量与食品安全问题已经引发全社会的关注和重视.本文主要讨论了当前形势下抽检监测对于食品安全的重要意义.针对我国存在的食品安全主要问题展开分析,针对现存问题采取科学、有序的食品抽检监测措施,为保障人们的生命安全和健康做出积极贡献.     

催化轻汽油醚化工艺技术综述

介绍了 NExTAME、CDEthers、DET、LNE 等4种具有代表性的催化轻汽油醚化工艺及流程,并对这些工艺的技术特点进行了总结。探讨了原料中杂质对醚化反应的影响,指出原料中的二烯烃、金属阳离子、腈类氮化合物是醚化催化剂最主要的中毒物,应分别采取选择性加氢、增设原料净化器和水洗等预处理措施,将催化轻汽油中的二烯烃、金属阳离子、腈类分别降至1000,1,1 mg/kg 以下。另外还举例说明了轻汽油醚化装置投产后可大幅度提高炼厂的经济效益,且装置具有较好的抗风险能力。     

Firm litigation risk and the insurance value of corporate social performance

This paper advances the risk management perspective that superior social performance enhances firm value by serving as an ex ante valuable insurance mechanism. We posit that good social performance is more valuable as an insurance mechanism for firms with higher litigation risks. Moreover, value generation of corporate social performance (CSP) depends on whether a firm has gained pragmatic legitimacy (i.e., a firm's financial health) and moral legitimacy (i.e., whether or not a firm operates in a socially contested industry) among its stakeholders. We find that the value of CSP as insurance against litigation risk is practically significant, adding 2 to 4 percent to firm value. But CSP is less likely to create value if the firm is in financial distress or is operating in socially contested industries. Copyright © 2013 John Wiley & Sons, Ltd.     

Does corporate social responsibility influence the corporate performance of the U.S. telecommunications industry?

This study uses a two-stage approach to explore the relationship between the operational performance of U.S. telecommunications companies and their implementation of corporate social responsibility (CSR). In the first stage, this study adopts the dynamic data envelopment analysis model to measure the efficiency of the telecommunications industry in the U.S. from 2004 to 2008. The empirical results show that the corporate efficiency of those companies that implemented CSR was higher than that of those companies that did not. In the second stage, the study adopts OLS and 2SLS to explore the influence of the execution level of CSR on performance. The results show that the Kinder, Lyndenberg, and Domini & Co (KLD) social ratings indexes are significantly and positively related to corporate performance. Finally, this study suggests ways in which corporate policy makers can enhance CSR in order to improve corporate performance in the U.S. telecommunications industry.     

Political hazards and entry modes of Chinese investments in Africa

Africa has achieved the fastest growth rate of inward foreign direct investment (FDI) recently. Yet heightened political hazards present substantial challenges to foreign firms in Africa. This study examines the entry strategies that firms may take to mitigate such hazards by exploring the relationship between political hazards and entry mode choices in Africa. We further consider how an investing firm’s host country experience and foreign aid provided by its home country government to host countries in Africa can influence this relationship. In a sample of listed Chinese firms’ investments in Africa from 2000 to 2014, we find that Chinese firms tend to use the joint venture mode when political hazards are high in an African country. This relationship is weakened when they accumulate host country experience and when the Chinese government’s foreign aid to an African country increases. Our findings point to firm-level strategies to mitigate political hazards as well as instruments available to home country governments to help their multinational firms operating in host countries characterized by unstable political environments.     

近期国际石油价格回顾与预测

8月份,美国经济数据好转提振了人们对世界经济恢复前景的信心,加上国际能源机构（IEA）上调全球石油需求预估,以及美元下跌等因素的影响,国际原油价格走势较为强劲,大部分时间维持在70-75美元／桶波动。美国西得克萨斯轻质原油（WTI）、英国布伦特原油和亚洲迪拜原油的现货平均价格分别为71．05、72．83和71．34美元／桶,较7月份分别上升了6．95、8．22和6．52美元／桶。