加强信托投资公司治理的探讨

现行法律环境和监管政策对信托公司加强公司治理提出了客观要求;信托公司存在股权结构不合理、激励机制不健全、内部控制不完备等治理问题;信托公司加强治理应将股权改革和加强信息披露、建立问责制结合起来;当前的首要任务是加强公司董事会建设,维护各方利益均衡.     

中国人才地理特征

中国人才地理分布的主要特点是：①东多西少：②南多北少;③江浙一带最密集。这些特点根植于气候、地貌和海岸线等自然环境以及悠久的历史文化背景。以太湖流域为代表的人才密集区和人才的大规模迁移对我国各地区的社会经济发展有重大影响。中国人才地理特征研究是人文地理、文化地理和历史地理的重要内容。有助于洞察文化资源对当今社会经济发展的深远影响。     

中小企业融资困境与对策探讨

中小企业在我国已成为国民经济的重要组成部分。但是,随着商业银行对贷款风险的控制,中小企业融资难问题日益突出。本文从目前中小企业融资现状出发,提出了从内部条件和外部环将两个方面分析中小企业融资困境,并提出了相应的解决对策。     

丛生福禄考扦插繁殖技术及园林应用

以丛生福禄考(Phlox subulata)为材料,采用不同配比的7种基质,选用NAA、IBA 2种外源激素,研究不同扦插季节、不同基质和不同浓度外源激素对丛生福禄考扦插生根的影响.结果表明,4月份适宜扦插生根;珍珠岩:草炭=1:1的生根率最高;1000 mg·L-1 IBA处理生根快,且生根率达100％.     

瓜蒌配方颗粒指纹图谱研究

为了全面反映瓜蒌配方颗粒所含多种组分,明确瓜蒌配方颗粒HPLC指纹图谱的测定方法,对10批瓜蒌配方颗粒进行了HPLC指纹图谱测定及相似度评价。采用HPLC方法,色谱柱为GL Sciences公司InertSustain AQ-C_(18)柱(4.6 nm×250 nm,5μm),以甲醇-0.1%甲酸水溶液为流动相,梯度洗脱,检测波长为260 nm,流速为0.8 mL/min,柱温为25℃,对瓜蒌配方颗粒指纹图谱测定结果进行了相似度评价。结果表明,10批瓜蒌配方颗粒指纹图谱中呈现16个共有峰,相似度均大于0.960,表明瓜蒌配方颗粒具有良好的一致性;此外,在16个共有峰中指认出腺嘌呤、尿苷2个化学成分。瓜蒌配方颗粒指纹图谱反映了瓜蒌配方颗粒的多组分面貌,可为瓜蒌配方颗粒的多组分质量控制提供参考依据。     

Does A Firm's Entry or Exit Affect Competitors’ Value? Evidence from the REIT Industry

We analyze 483 entry and 439 exit events of publicly traded real estate investment trusts (REITs) and find that changes in the number of REITs in the market affect rival REITs’ stock performance. We also partition the sample by the modes of entries and exits as well as by REIT asset type in order to disentangle alternative explanations. Overall, our evidence indicates that the supply effect still matters for stock prices even after considering signaling and price pressure explanations.     

我国连锁企业的现状和发展趋势

随着外资零售业巨头频频在中国市场抢滩,我国连锁业经受到前所未有的冲击。本文着重分析了当前我国连锁企业存在的基本问题及其急需改进之处,并对我国连锁企业的发展前景进行了展望。     

The effect of ownership structure on firm performance: Additional evidence

This article examines the effect of ownership structure on corporate performance, using stock returns as a measure of performance. Based on the 1988–1992 sample period, we find that the level of insider ownership is positively related to stock returns. This result suggests that as managers' equity ownership increases, their interests coincide more with those of outside shareholders. But we also find that the square of the level of insider ownership is inversely related to stock returns, indicating that excessive insider ownership rather hurts corporate performance probably due to the problem associated with managers' entrenchment. Finally, we find that stock returns are positively related to institutional ownership, indicating that institutional owners are active in monitoring management.     

军转民活动与军工企业成长：来自十大军工集团A股上市公司的证据

基于开放式创新理论,将军工企业军转民活动区分为内向型、外向型和耦合型3种模式,构建不同模式军转民活动影响军工企业成长及市场化进程情境作用的整合模型。选取2007-2019年十大军工集团旗下A股上市公司为样本进行实证研究,结果表明：①内向型军转民活动有利于军工企业成长,而外向型、耦合型军转民活动均对军工企业成长无显著直接影响;②考虑中国经济转型期的制度环境,市场化水平越高,内向型军转民活动对军工企业成长的促进作用越强,而只有在市场化水平较高情况下,外向型和耦合型军转民活动才有利于军工企业成长。研究结论有助于拓展军民融合理论研究,为军工企业有效开展军转民活动提供理论参考,也对政府加快推动市场化进程具有重要启示。     

FISCAL EXPENDITURE AND INDUSTRIAL LAND PRICE IN CHINA: THEORY AND EVIDENCE

This paper aims to discover the mechanism behind the positive correlation between local fiscal expenditure and industrial land price in China, a stylized fact discovered by bivariate and regression analyses. The model shows that if the positive externality of government expenditure on growth is sufficiently high, the local government has an incentive to increase public spending in exchange for the reduced demand for industrial land by charging a higher markup and driving up the industrial land price. Therefore, we observe a positive correlation between the local fiscal expenditure and industrial land price. (JEL D42, H72, R51)