过犹不及:管理层净语调对融资约束的影响研究

文本信息是企业信息披露的重要组成部分,以2010—2020年召开业绩说明会的中国A股上市公司为研究对象,利用文本分析方法进行文本信息提取,实证检验业绩说明会管理层净语调对融资约束的影响及作用机制。研究发现,管理层净语调能显著影响企业融资约束且两者之间呈现U型关系,意味着随着管理层净语调的增加,起初对缓解融资约束具有积极作用,超过拐点(0.591)后具有消极作用,存在“过犹不及”现象。机制研究发现,管理层净语调通过影响分析师关注进而影响企业融资约束,且明星分析师与非明星分析师的作用机制有所不同。此外,文本信息披露质量会对管理层净语调与融资约束之间关系产生异质性影响。研究结论拓展了文本语调对融资约束影响的研究,可以为信息使用者特别是中小投资者合理使用信息提供经验证据、为上市公司和监管部门改善信息披露质量提供决策参考。     

P2P 网贷模式下的小微企业融资渠道探究

P2P网贷模式是一种新兴的互联网金融模式,近几年它的崛起与发展为小微企业提供了便捷、快速,而又低于民间借贷利率的融资渠道,有效缓解了小微企业长期面临的融资困境。P2P网贷模式顺应了金融服务实体经济的趋势,是普惠金融的一种方式,正成为传统金融领域的有利补充。本文首先将小微企业传统融资模式和 P2P网贷模式作比较,然后提出 P2P网贷模式的发展优势,即为小微企业融资提供了有保障的发展平台,进而探究小微企业如何利用 P2P网贷平台进行有效融资。     

我国宏观经济先行指标、一致指标和滞后指标研究

<正>一、国内外现有的景气指标体系1.美国的先行指标体系美国的先行指标体系主要包括四类:资金类、消费类、设备物质类和综合类。以美国国家经济研究局为例,劳动力类采用失业保险的平均每周初次申请、制造业平均每周工作小时;资金类采用S&P500股票价格指数及货币供给     

Investigation on Dumpling Issue——Remarks from China＇s State Council Information Office

From the very beginning of the dumpling incident,China has pay great concern on the problem and moved rapidly to find the reason and take further actions.Series of investigations carried in both countries by co-organized experts＇ team received a primary fruit as the true picture of the incident.Each time, China IS sparing no effort responsibly to solve the products quality dilemma,which other countries face in the same.     

Sino-America Dialogue Brings Long-term Cooperation

Dialogue between China and U.S. is various in channels, among which Sino-U.S. Strategir,Economic Dialogue paves way for a smoothly-going and long-term cooperation in bilateral relations.The dialogue focuses on bilateral and global strategic economic issues of common interests and concerns.     

浅谈班主任如何与学生交谈

情感交流是教师与学生之间的桥梁,是班主任管理工作顺利开展的“润滑剂”。恰当、及时、真诚、平等的情感与思想的交流,有利于形成良好的学风和校风,促进学生身心的健康发展。总结班主任工作总结,浅谈班主任与学生交流时的注意事项。     

Trade Promotion from Neighborhood

If you are considering to trade with companies in Japan or expanding your .business to Japan, we are ready to help from the very beginning.＂ You will find this greeting at the first sight on the Chinese website of Japan External Trade Organization （JETRO）. JETRO has committed itself in delivering highly efficient and quality services to meet the demand of internal and external customs including Japanese companies, hence winning a good reputation in the international trade arena. In recent years, with its priority in advancing business cooperation in South and East Asia, JETRO has made great achievement in promoting trade between China and Japan. Therefore, China＇s Foreign Trade interviewed Mr. Yoichi Maine, Deputy Director General of JETRO BEIJING.     

IPR Strategy,from Contest to Chess Game：Interview with Ma Xiushan, Deputy Secretary General,China Intellectual Property Society

China＇s Intellectual Property Rights（IPR） system was established in 1985. In its 21 years of existence, it has undergone unusual changes. IPR, as a new idea to be considered in constructing socialist market economy, helps promote internationalization and implement the strategy of ＂walking out＂, is so important that the Central Government has paid special attention to it. In 2005, China launched a mission to draft a National IPR Strategy, and in order to do so, the State Council has organized a leading group called the National IPR Strategy Committee, which is headed by Vice Premier Wu Yi. 28 State Council departments have also participated.     

试谈固定资产减值准备的会计处理

《企业会计制度》第五十六条规定：“企业应当在期末对固定资产逐项进行检查，如果由于市价持续下跌，或技术陈旧、损坏、长期闲置等原因，导致其可收回金额低于账面价值的，应当计提固定资产减值准备。”这里的账面价值是指固定资产原值扣减已提累计折旧和固定资产减值准备后的净额；     

“狗不理”对日商标战始末

“狗不理”金字招牌差点砸了“从1993年我们开始担任该商标的法律顾问时，‘狗不理’和大多数企业一样，其商标的保护还处于最原始的使用，国家首批服务商标注册以及后来的驰名商标认定，大多是在动员之下勉强为主。[第一段]