煤矿安全事故频发的原因及对策

煤炭是基础性能源,它的健康发展对国民经济快速稳定发展起着不可估量的作用.本文针对我国煤矿安全生产形势,分别从客观和主观两方面详细地剖析了煤矿安全事故频发的原因,并提出了对策,研究结果对煤矿安全生产具有一定的指导意义.     

Political rights and the cost of debt

We examine the impact of country-level political rights on the cost of debt for corporate bonds issued by firms incorporated in 39 countries. Similar to, but separate from, the relation for creditor rights, greater political rights are associated with lower yield spreads. A one standard deviation increase in political rights is associated with an 18.6% decline in bond spreads. We find evidence that political and legal institutions are substitutes; marginal improvements in political rights produce greater reductions in the cost of debt for firms from countries with weaker creditor rights. We examine potential factors through which political rights may affect the cost of debt and find that greater freedom of the press provides an important channel for reducing bond risks. Moreover, debt of firms with cross-listed equity trades at a premium in U.S. markets, but this relation appears to be more consistent with improved visibility than with bonding effects.     

以交易为目的的资产评估价值相关性研究——来自A股市场的经验证据

本文试图通过对我国上市公司资产重组中资产评估结果的确定及影响因素进行实证分析,来验证以交易为目的的资产评估的价值相关性。研究发现,不同重组方式对净资产的增值率没有显著影响,而不同评估方法下的评估结果则显著影响了净资产增值率;重组事件中评估标的物属于上市公司时,对市场没有显著影响,但长期股权投资则对股价有解释力。     

Decomposing Pioneer Survival: Implications for the Order‐of‐Entry Effect

In contrast to previous studies of pioneer survival that directly compare the survival of market pioneers with later entrants, this paper proposes that a market pioneer, as the first entrant, operates under two distinctly different survival processes, one during the initial monopoly period and another during the later competition period. The two processes of market pioneers need to be separately estimated and compared with the survival process of later entrants. This paper demonstrates a method for decomposing the pioneer's survival and empirically shows how researchers can compare the pioneer survival in two periods with that of later entrants and identify period‐specific advantages of pioneering. Our empirical analysis using data collected from two different types of industries—a low‐tech (i.e., newspaper) industry and several high‐tech industries—reveals several interesting new findings that illustrate the advantages of decomposing pioneer survival. For example, this paper shows that when treating first‐mover survival as a single process, one can only find an oversimplified pattern showing that first movers have a survival chance equal to that of second movers in the newspaper industry, but a lower one than the second movers in high‐tech industries. However, when analyzing the first‐mover's survival as a sequence of monopoly and competition processes, new insights emerge. In the newspaper industry, the pioneers can have survival advantages in both the monopoly and the competition periods relative to the second movers, and there is a significant survival advantage for those second entrants who delay market entry until the first entrant exits. In contrast, the overall pioneer survival disadvantage identified in the high‐tech industries when treating the survival as a single process comes from the survival disadvantage in the competition period but not in the monopoly period. Furthermore, our empirical analyses using data from two types of industries reveal completely different patterns with regard to the pioneer survival advantage, which suggests that being first can benefit pioneers in both two‐market periods in low‐tech industries but can be extremely risky for pioneers to gain any survival advantages in both two‐market periods in high‐tech industries because the former markets have relatively low market and technology uncertainties, and organizational change is less important; whereas the latter industries have significantly high market and technology uncertainties, technological advances emerge frequently, and firms are required to adapt themselves quickly to a fast‐changing environment.     

绿色配额初始分配与定价:模式设计及应用

绿色配额只有在政府强制实现对环境产权有偿初始分配的前提下才能有效发挥引导行为的"限外奖正"作用。由于绿色配额客体的公共属性,初始分配实质上是把社会总体福利置于理性微观主体间的配置,应综合考虑福利的代际补偿成本和个体的代间交易成本,在实行标价限量配置方式下,以边际环境损害为基础,体现交易成本地区差异的定价机制。     

纳税人权利保障问题的法律探讨

纳税服务是实现税收征管活动的一项重要措施,而纳税人权利的保障在纳税服务中又起着核心作用.现实中纳税人权利的保障存在一定的障碍,应依法确立纳税人权利保障的体系,从根本上提高纳税服务.     

浅议非公有制企业职工的劳动权益维护

近几年,我国非公有制经济不断发展壮大,非公有制经济已经成为社会主义市场经济的重要组成部分。但由于各种原因,一些非公有制企业职工的劳动权益难以得到有效维护。必须规范非公有制企业劳动关系,建立健全有关的劳动法律、法规。进一步加强对非公有制企业执行《劳动法》及有关法规情况的监督检查,在非公有制企业中营造公平、规范的劳动法制环境,切实保障非公有制企业职工的劳动权益不受损害,显得十分重要和迫切。     

定向增发公司盈余管理研究

文章按照定向增发公司发行对象分组,分析了各组公司在发行前后共计11个季度的盈余管理情况。发现公司只对大股东发行股份时,发行前没有操纵利润,但发行后存在较强盈余管理;当机构投资者参与定向增发时,企业在发行前后都进行了盈余管理,发行后盈余管理的程度有所降低。机构投资者参与定向增发的程度越大,企业在增发过程中盈余管理的持续性和程度都越大。盈余管理的动机可能是为了保证企业承诺业绩的实现。     

我国区域性征信管理体系建设中存在的问题及建议

西方发达国家大部分都建立了成熟的社会信用征信管理体系.目前,我国的征信管理系统建设主要是十多个省、市、地区在各自行政区域范围内建立的区域性征信管理系统.作者在考察我国多个地区的征信管理系统建设的基础上,总结了尚存在由政府包揽、管理规章过于粗略、信用信息被垄断、把政府信用网站的数据等同于征信服务公司的数据、征信公司普遍亏损以及当成政绩工程建设等问题,并分析了造成这些问题的原因;最后,在借鉴发达国家相关经验的基础上,对建立征信管理体系的模式,信息公开和保护个人隐私及企业秘密,政府、征信公司和企业三方的关系等问题提出了建议.