R&D intensity,firm performance and the identification of the threshold: fresh evidence from the panel threshold regression model

This article tests whether there is an optimal level of research and development (R&D) intensity at which point a firm is able to maximize its performance. An advanced panel threshold regression model is employed to investigate the panel threshold effect of R&D intensity on firm performance among publicly traded Taiwan information technology and electronic firms. The results confirm that a single-threshold effect does exist and show an inverted-U correlation between R&D intensity and firm performance. This article demonstrates that it is possible to identify the definitive level beyond which a further increase in R&D expenditure does not yield proportional rewards. Some important policy implications emerge from the findings.     

IAS 39 reclassification choice and analyst earnings forecast properties

In October 2008, the International Accounting Standards Board amended IAS 39 to allow banks to retroactively reclassify financial assets that previously were measured at fair value to amortized cost. By reclassifying financial assets, a bank can potentially avoid recognizing the unrealized fair value losses and thereby increase its income and regulatory capital during a market downturn. We examine the implications of the reclassification decision by banks for the properties of financial analyst earnings forecasts during 2008–2009, when economic conditions were highly volatile. We find that the reclassification choice during the financial crisis reduced analyst forecast accuracy and increased forecast dispersion. We also find that the observed decline in analyst forecasting ability is limited to the year of adoption when the economic environment was highly volatile.     

苏南地区浅圆仓进口大豆三温变化特性研究

在苏南地区高温高湿环境条件下,使用浅圆仓储藏进口大豆时,粮温容易受到外温、仓温的影响。本文对浅圆仓储藏进口大豆时的三温变化、水平方向粮温的变化和垂直方向粮温的变化进行了研究,探讨了三温变化特性,为浅圆仓安全储藏进口大豆提供技术依据。     

基于SSM技术的O2O信用卡付租系统设计与实现

针对当前社会中上班族租房支付房租的便利性问题,本文以020网络租房系统项目为背景,通过利用先进的支付技术让广大上班族能够使用信用卡支付房租,同时利用目前比较流行的框架开发技术SSM（spingMVC、SpringSecurity、MyBatis）对系统进行设计与实现.     

航空应急救援装备保障能力体系研究

在航空应急救援行动中,救援装备保障是重要的行动基础,急救援装备保障能力的高低直接影响应急救援任务。论文运用因子分析方法,通过指标筛选,从救援人员素质保障能力、救援装备保障力量能力、应急动员指挥能力等方面,构建了航空应急救援装备保障能力指标体系,对航空应急救援装备保障能力研究提供了科学依据。     

On the competition between an online bookstore and a physical bookstore

This study examines the relative competitiveness of online and physical bookstores. Online bookstores have the advantage of being able to provide a wide range of books while minimizing inventory costs, but customers must wait several days for their books. Physical bookstores allow consumers to immediately obtain their books, but consumers must pay a transportation cost to visit the store. We can find the condition such that online bookstores charge a lower price than physical bookstores and take a larger market share, and attract a higher proportion of consumers who prefer variety. The implication of the welfare analysis is also discussed.     

多市场接触、技术联盟与企业突破式创新——组织惯例及势力范围的调节作用

通过选取苏浙皖三省电子信息企业进行实证分析,揭示多市场接触与企业突破式创新之间的关系,并探讨技术联盟形成的中介效应以及组织惯例、势力范围的调节作用。结果显示：多市场接触对竞争企业间技术联盟形成与企业突破式创新均具有正向影响;技术联盟对多市场接触与企业突破式创新的关系起部分中介作用;组织惯例和势力范围均正向调节多市场接触与企业技术联盟的关系;企业拥有的组织惯例越成熟以及企业间势力范围不对称性越显著,技术联盟在多市场接触与突破式创新之间的中介作用就越强。结论进一步丰富了多市场接触和突破式创新相关研究,为企业应对不断变化的外部环境,寻求可持续创新发展提供了理论参考,具有一定的指导意义。     

外资开放、市场分割与产业升级——基于双循环新发展格局视角的探讨

文章首先通过定量识别《外商投资产业指导目录》，构造出我国外资开放度指标，然后，采用价格法测算了我国省际地区市场分割程度，同时借助贸易增加值核算框架测度了我国各省市制造业细分行业的产业升级；在此基础上，将交互模型与非线性模型相结合，实证考察了市场分割视角下外资开放对产业升级的非线性影响。研究发现：第一，外资开放与产业升级之间存在"倒U型"关系。第二，市场分割的弱化会对外资开放与产业升级之间的"倒U型"关系起到缓解，甚至翻转的作用，特别是在外资开放程度较高时，外资开放对产业升级的抑制作用会随着市场分割弱化而得以缓解，甚至转变为促进作用。换言之，我国在持续深化外资开放以推动产业升级过程中需要配合统一的大市场。第三，在解决内生性问题、替换指标、加入更多控制变量以及剔除部分样本之后，结果依然稳健。上述研究表明，构建"双循环"新发展格局是进一步推动我国产业升级，实现高质量发展的重要战略选择，而打破市场分割促进以统一大市场为基础的国内大循环的畅通是当前阶段重要的突破口。