环保民间组织在环境公益诉讼中的主体资格研究

中国环保民间组织从无到有、从小到大得到了迅速发展,不仅成为环境保护领域的重要力量,而且成为推动环境公益诉讼的主力军。随着可持续发展理论与实践的日益深化,关于环境公益诉讼的思考成为了学术界探讨的焦点,其中,对环保民间组织在环境公益诉讼中的原告主体资格更是不断进行着深入的探索。通过对相关立法和司法解释中环保民间组织环境公益诉讼主体资格的探讨,为环保民间组织在未来环境公益诉讼中路径的选择指明方向。     

货币政策对金融生态的影响机理及实证检验——基于上市商业银行面板数据的分析

传统的货币理论忽视了货币政策对银行风险承担及金融生态的影响,文章从商业银行的微观视角出发研究了货币政策对金融生态的影响机理。理论层面,金融生态与货币政策制度供给、传导机制和有效性相互关联,货币政策则通过资产价格或估值机制、收入及现金流机制、追求收益机制、杠杆调整机制、道德风险机制和风险转移机制影响商业银行的风险承担;实证层面,构建了货币政策影响商业银行信贷投放和风险承担的数理模型,选取国有和股份制两类共12家上市商业银行2008-2013年的面板数据进行固定效应模型实证检验。结果表明,宽松货币政策导致商业银行的信贷投放规模增加、风险承担意愿增强,有利于优化金融生态,反之则反是;国有商业银行对货币政策变化更敏感,而股份制商业银行对金融生态更敏感。因此,在我国宏观经济管理中,需要货币政策与宏观审慎政策相互协调配合。     

On the Fisher information matrix of a vector ARMA process

We derive a neat and compact representation of the asymptotic Fisher information matrix of a vector ARMA process. Its inverse can be used immediately as the asymptotic covariance matrix of the Gaussian maximum likelihood estimator. We also provide the robust sandwich covariance estimator when the process is non-Gaussian.     

碳无形资产视角下企业低碳竞争力评价研究

环境恶化、能源危机对人类生存和发展的威胁日益凸显,突破资源瓶颈的最终出路是发展低碳经济.伴随后京都时代的到来,提升企业自身的低碳竞争力成为维持生存和发展的重要途径,而提升低碳竞争力的关键是碳资产的积累,它是形成企业低碳竞争力的重要源泉.文章识别了碳资产、碳无形资产、碳有形资产的概念,并尝试对碳无形资产进行了分类;根据碳无形资产的不同类型构建了减排碳无形资产和配额碳无形资产的低碳竞争力评价指标,并列出了系统的评价方法.     

Star power in the eye of the beholder: A study of the influence of stars in the movie industry

Organizations employ various risk-mitigation strategies to cope with the uncertainty in marketing new products. In the motion picture industry, an important strategy is to cast star actors and actresses in movies. The ultimate box-office success, however, depends on multiple stakeholders involved with financing, making, distributing, and watching the movie. In pursuing different goals and interests, the stakeholders may look for different aspects of star power to mitigate their own risk. This paper examines how the influence of stars varies across key stakeholders in the movie market. The results show that, in general, stars have a greater impact on the stakeholders involved in the earlier stages of movie development and exhibition (where the risks are greater) than on those in later stages. Movie project financiers and exhibitors are strongly and directly influenced by star power, but news media and movie audiences are influenced less and only indirectly. Situated at the early stage of the movie “value chain,” the financiers are most concerned with stars’ past box-office performance. Exhibitors, however, are influenced by the “match” between a star’s genre participation history and the genre of a specific movie. By contrast, news media and movie audiences are influenced indirectly through the stars’ impact on earlier stakeholders and their decisions. The findings shed light on the value of employing star elements in new products, the marketing of stars, and movie promotion strategies.     

利用信号围线积分双谱分形特征实现电台识别

信号的双谱能反映信号的细微特征,可用于电台识别中,但将它直接应用于电台识别需要计算复杂的匹配模板,增加分类器的复杂度,影响识别效率。针对此问题,提出了一种将信号围线积分双谱的分形特征作为电台特征参数的识别方法。首先由信号双谱估计值求出围线积分双谱,然后利用盒维数和信息维数定量描述围线积分双谱波形的复杂度,并将这两种分形维数作为特征向量,最后利用支持向量机(SVM)实现电台分类识别。对两部实际电台所发射的2FSK信号利用所提方法进行分析,结果表明在信噪比为7 dB及以上时,电台正确识别率能达到94.29%以上,验证了所提方法的可行性。     

An examination of restructuring charges surrounding the implementation of SFAS 146

This paper provides evidence on how the adoption of Statement of Financial Accounting Standards (SFAS) No. 146, Accounting for Costs Associated with Exit or Disposal Activities (SFAS 146), has changed (1) restructuring-related earnings management, (2) the effect of restructurings on future operating performance, and (3) stock price responses to restructuring announcements. I find that restructuring charges reported after SFAS 146 have a weaker association with smoothing behavior. More importantly, I document that an improvement in future earnings following a normal restructuring charge is attenuated under SFAS 146, consistent with the standard’s adoption resulting in smaller and more frequent (i.e., more persistent) restructuring charges. I further document that the market places a higher valuation multiple on restructuring charges in the post-SFAS 146 regime, compared to the pre-SFAS 146 regime. Therefore the overall results suggest that the market appears to understand the higher persistence of restructuring charges reported under SFAS 146 and values the charges accordingly.     

论高校财务廉政文化建设

十八大报告中首次提出要充分发挥文化的积极作用。作为高校来说,是文化教育、文化传播与创新的重要阵地。近年来,高校违法事件频繁发生,与高校财务管理紧密相关。因此,加强高校财务廉政文化建设,加大财务廉政文化宣传,营造良好的校园财务廉政环境,对于推动高校财务廉政管理,规范高校财务管理,提高教育经费效益,提升高校财务管理水平有积极的意义。     

Common Institutional Ownership and Earnings Management*

This study examines the relation between earnings management and block ownership of same‐industry peer firms by a common set of institutional investors (common institutional ownership). This relation is important given the tremendous growth of common institutional ownership and the significant influence of blockholders on financial reporting. We hypothesize that common institutional ownership mitigates earnings management by enhancing institutions' monitoring efficiency and by encouraging institutions to internalize the negative externality of a firm's earnings management on peer firms' investments. Consistent with our hypothesis, we find that higher common institutional ownership is related to less earnings management. Analyses of a quasi‐natural experiment based on financial institution mergers show that this negative relation is unlikely to be driven by the endogeneity of common institutional ownership. Cross‐sectional tests provide evidence that the negative relation is stronger among firms for which common institutional ownership is likely to generate a greater reduction in institutions' information acquisition and processing costs, and among firms whose severe financial misstatements are more likely to distort co‐owned peer firms' investments, supporting both mechanisms underlying our hypothesis. Our findings inform the ongoing debate on the costs and benefits of common institutional ownership by highlighting an important benefit: the enhanced monitoring of financial reporting.