创业板公司上市后为何业绩变脸?

本文全面揭示了政治关联这一非正式的制度安排对创业板公司上市后业绩变化影响的作用机制。研究发现,在控制了行业环境和公司本身经营特点等因素后,作为一种只在上市时才能发挥作用且相对更容易获取的外部关系,发审委联系并不会导致创业板公司上市后业绩恶化;而作为企业构建后将长期存在的一种关系资源,政治关联才是带来创业板公司上市后业绩变脸的重要因素。政治关联的负面效应进一步表现为:(1)有政治关联的公司更可能进行盈余管理,盈余管理的不可持续性导致了上市后的业绩变脸;(2)政治关联抑制了公司的研发投资,削弱了公司上市后的研发创新能力。本文的经验证据表明,在政府主导资源配置的市场环境下,政治关联会破坏企业的持续成长能力。     

杂交稻与常规稻的技术性状及其经济效益比较——基于南方稻区11个品种的实地调查

运用模糊数学的相关方法,建立了以水稻农艺性状和经济效益为因子的模型。采取单因素评价标准化处理与权重系数赋值方法确定各技术经济指标的权重。利用对南方稻区11个水稻品种的调研数据,计算出11个水稻品种的各指标评价值。研究发现:以"黄华占"和"黄莉占"为代表的常规稻品种总体上具有比较优势。针对目前在实际的水稻育种及推广工作中重视杂交稻、轻视常规稻的现状,提出应进一步加强常规稻的推广力度、完善优质稻的收购和加工体系、扩大优良品种的规模化种植、平衡开展育种专项支持。     

间隔部主动固定电极对患者心功能的影响

目的探讨右心室间隔部主动固定电极对患者心功能的影响。方法选取我院置入永久起搏器的患者90例,将其分为右室间隔部起搏组(RVOTS组)和右心室心尖部起搏组(RVA组),术后比较两组患者的相关参数。结果两组患者术后心电图QRS时限均较术前明显升高,差异均有统计学意义(均P<0.01);两组术后左心房内径(LAD)均较术前升高,RVA组升高较为明显(P<0.05);两组术后左心室射血分数(LVEF)均较术前降低,RVA组减低明显(P<0.05);两组术后左室舒张末期内径(LVEDd)较术前均无明显变化,差异无统计学意义(P>0.05);两组术后心功能纽约心脏病协会(NYHA)分级均较术前升高,但RVA组升高明显,差异有统计学意义(P<0.01)。RVOTS组不良心血管事件发生率明显低于RVA组(P<0.05)。结论 RVOTS起搏有利于双室电激动同步,安全可靠。     

税收征管、法制环境与企业投融资活动

已有多篇文献强调税收征管的“治理效应”对企业行为的影响,却忽视了税收征 管可能存在的“征税效应”。本文立足于中国政企关系现实状况,着眼于系统评估税收征管的 “征税效应”对企业投融资活动的影响。基于2007-2013年中国A股上市公司数据的研究发现： 严格的税收征管提高了公司投资-现金流敏感性,降低了公司投资-托宾Q敏感性,且上述效应 对国有上市公司而言更显著。这意味着,税收征管会加剧上市公司尤其是国有上市公司的融资 约束,损害其投资效率。本文还证实法制环境的改善有助于缓解公司融资约束,提升公司投资 效率。本文不仅为理解税收征管活动的“征税效应”提供了有益视角,更为改善企业投融资环 境提供了政策启示。     

International Diversification, Industrial Diversification and Firm Performance of Hong Kong MNCs

Although multinational corporations (MNCs) are not new to business research, Asian MNCs and their performance have yet to be widely studied. This study investigates the relationship between international diversification, industrial diversification and firm performance of MNCs from Hong Kong. In contrast to previous findings, the results show that Hong Kong MNCs are more internationally diversified, but not performed better, than domestic firms. Also, among Hong Kong MNCs, international diversification has a positive impact on profitability and sales growth, but not on the profitability. Industrial diversification also enhances profitability stability but reduces profitability significantly. Neither the hypothesized inverted U-shaped relationship between international diversification and performance nor the interaction effect from both international and industrial diversification strategies on performance can be validated. Implications are discussed with reference to the local context.     

The role of change agent as mediator in the relationship between HR competencies and organizational performance

Human resource (HR) practitioners, as change agents, are responsible for easing the impact of changes in their organization and to protect employees against the side effects of these inevitable changes. Sometimes, the change helps to produce a significant increase in performance and the company can boost sales and production without additional cost. Several vital competencies that are reviewed in this paper include business knowledge culture management, effective relationship and human resource development skills. Based on the findings of this study, not all competencies are related to the role of change agent. HR practitioners who are unable to function as change agents will inevitably create a barrier against their becoming a well-integrated strategic partner. Therefore, the role of change agent also mediates the relationship between certain HR competencies and organizational performance.     

An analysis of the relationship between HR professionals' competencies and firms' performance in Malaysia

This study examines the competencies of human resource professionals in the manufacturing companies of Malaysia. The competencies that are examined in this study are business knowledge, strategic contribution, HR delivery, personal credibility, HR technology and internal consultation. All these competencies will be tested whether or not they are significantly related to a firms' performance. The sample employed here consists of HR professionals from Malaysian manufacturing companies in the southernmost state of Malaysia, Johor.A total of 89 firms responded to the survey exercise. This study uses quantitative methods such as spearmen ρ correlation and multiple regression analysis to test the variables. The finding shows that the top nine ranking HR competency factors are from the domain of personal credibility and HR delivery. The respondents' self-rated competency shows that personal communication, legal compliance, effective relationship and performance management rank above all other factors. Competencies such as strategic contribution, business knowledge, HR technology and internal consultation have significant correlation with firms' performance. Furthermore, it is found that out of all HR competencies, the highest contributions to a firm's performance are strategic contribution and internal consultation.     

Work Design–Related Antecedents of Turnover Intention: A Multilevel Approach

Previous research on employee‐turnover intention has focused mostly on a single level of analysis. This multilevel study of 1,149 employees and 144 managers from a 21‐store Taiwanese retail home improvement chain demonstrated that individual and store‐level factors were significantly associated with employee‐turnover intention. Job characteristics explain within‐store variance. In addition to age and tenure similarity among employees, transformational leadership and compensation explain between‐store variance. Theoretical and practical implications of the research are also discussed.     

Model averaging by jackknife criterion in models with dependent data

The past decade witnessed a literature on model averaging by frequentist methods. For the most part, the asymptotic optimality of various existing frequentist model averaging estimators has been established under i.i.d. errors. Recently, Hansen and Racine [Hansen, B.E., Racine, J., 2012. Jackknife model averaging. Journal of Econometrics 167, 38–46] developed a jackknife model averaging (JMA) estimator, which has an important advantage over its competitors in that it achieves the lowest possible asymptotic squared error under heteroscedastic errors. In this paper, we broaden Hansen and Racine’s scope of analysis to encompass models with (i) a non-diagonal error covariance structure, and (ii) lagged dependent variables, thus allowing for dependent data. We show that under these set-ups, the JMA estimator is asymptotically optimal by a criterion equivalent to that used by Hansen and Racine. A Monte Carlo study demonstrates the finite sample performance of the JMA estimator in a variety of model settings.     

农民工返乡刨业的现状与问题调查——基于全国24省157村885户的调查

就业是民生之本,创业对就业具有促进作用,农民工返乡创业这一重要现象,对于发展农村经济,促进城乡一体化．建设社会主义新农村意义重大。文章通过对全国26个省126个村885位农民工的问卷调查与访谈,了解当前我国农民工返乡创业的基本状况,分析其存在的主要问题,并就如何引导农民工返乡成功创业提出了对策建议。