着眼于新的实际,深化马克思的劳动价值理论

马克思的劳动价值论是剩余价值学说的理论根据 ,已被实践证明其科学性。但它同其他马克思主义基本原理一样 ,必须“与时俱进”。依据知识经济时代的新特征不断深化“劳动”的内涵 ;严格区分价值与财富、价值创造与财富分配的关系。     

电网企业开展节能调度的社会效益和经济风险研究

根据节能调度办法,在满足电网火电负荷及发电量不变的前提下,模拟节能调度对节能减排的影响以及电网企业购电费用的变化。以煤耗最低为约束目标,建立二次优化模型,在保证电网备用容量和各机组负荷分配限制的条件下,重新分配机组负荷,并在合理范围内调整各机组利用小时数,结合煤耗特性曲线和购电单价,分别计算总煤耗和购电费用。由此可以对比出计划调度和节能调度两种调度方式下,总的煤耗及污染物排放变化情况以及电网企业购电费用的变化情况,即分别为电网企业通过节能调度实现的社会效益和化解经济风险。研究表明,通过节能调度,可以实现节能减排的社会效益,但会增加电网企业经济风险。     

Should Venture Capitalists Put All Their Eggs in One Basket? Diversification versus Pure‐Play Strategies in Venture Capital

Managing the different companies in which they invest while at the same time performing portfolio optimization for themselves, venture capitalists position themselves as a pure-play or diversified conglomerate through their cumulative portfolios. I examine the effects of two investment strategies of venture capitalists:  1)  a specialist "pure-play" strategy that maximizes venture capital involvement and  2)  a more generalist strategy of diversification at the "firm" level that minimizes portfolio risk. I find that neither strategy optimizes both venture capital growth and time to entrepreneurial exit, which highlights a need for institutional investors to clarify fund objectives at the time a fund is established.     

Four tigers and the dragon: values differences,similarities, and consensus

This study examines the influence of economic and political factors that contribute to the convergence and/or divergence in value priorities of five East Asian societies—China, Hong Kong, Singapore, South Korea, and Taiwan. We find that political and social-economic factors influence the values orientations of managers within this region. However, economic development level is an insufficient explanation for values convergence without consideration of the societal context and cultural traditions in which that development occurred.

Investor sentiment and interest rate volatility smile: evidence from Eurodollar options markets

This paper studies the extent to which investor sentiment affects the Eurodollar option smile and finds that there is the dynamic interplay between sentiment-driven investors and arbitrageurs. The results reveal a significant relation between investor sentiment and interest rate volatility smile. The significant relations are stronger for put options, for short-maturity options, and for periods with higher uncertainty. The results are robust when considering controlling variables, net buying pressure, different interest rate option models, model-free method, or excluding rational components from the sentiment measures. Our findings favor the limits to arbitrage hypothesis against the positive feedback hypothesis, suggesting that the sentiment effect is transitory. Change in investor sentiment explains the time-varying smile that can be explained neither by rational interest rate models nor by net buying pressure.     

The Real and Accrual-based Earnings Management Behaviors: Evidence from the Split Share Structure Reform in China

This paper investigates the earnings management activities in Chinese listed firms and the impact of the split share structure reform (SSSREF). We demonstrate that Chinese listed firms exhibited a long-term positive relationship between real and accrual-based earnings management activities over the 2002–2011 period. This reflects the environment of weak investor protection and lack of effective corporate governance in China. Our results also indicate that the SSSREF in China has not fundamentally improved firms' quality of financial information. This may be because ownership concentration remains high. However, it is of interest that the reform has created an incentive alignment effect exogenously. We find that firms' use of discretionary accruals was constrained, and they have consequently shifted to less detectable and under-scrutinized real earnings activities after the reform. This shift is similar to that seen with the direct regulatory changes in accounting reporting rules on firms' earnings behaviors in developed countries where the investor protection environment is strong. We suggest that firms' shifting between the accrual and real-based earnings methods is an overlooked area for investors to consider in the emerging market context, and may require the attention of regulators.     

Giving fish or teaching to fish? An empirical study of the effects of government research and development policies

This study compares how government research and development (R&D) subsidy and knowledge transfer from universities and public research institutions stimulate a firm's new product development. More importantly, we emphasize that the effects of these governmental R&D policies on new product development can be achieved not only directly, but also via a mediating role – a firm's innovation capability. Furthermore, we test how other external knowledge sources (such as knowledge from universities and public research institutions) interact with government R&D support to stimulate new product development. The results, based on an investigation of 270 Chinese firms, suggest that both government R&D subsidy and knowledge transfer from universities and public research institutions enhance new product development. The results also show that although government R&D subsidy and knowledge transfer from universities and public research institutions has a direct impact on new product development, innovation capability does mediate the above relationships. Moreover, unlike the findings that other external knowledge sources have a direct influence on new product development as indicated by the previous literature, our findings suggest that external knowledge sources substitute with the government R&D subsidies and complement with knowledge transfer from universities and public research institutions. The results confirm the old sayings that teaching to fish (knowledge transfer from universities and public research institutions can complement with other external knowledge sources) is much better than giving fish (government R&D subsidies substitute other external knowledge sources). This paper enriches current literature of government R&D support policies to firm new product development by providing empirical evidences.     

Cost effectiveness analysis of a next generation risk assessment score for cardiovascular disease

Objectives:

The goal of this study is to determine the cost-effectiveness of MIRISK VP, a next generation coronary heart disease risk assessment score, in correctly reclassifying and appropriately treating asymptomatic, intermediate risk patients.

Study design:

A Markov model was employed with simulated subjects based on the Multi-Ethnic Study of Atherosclerosis (MESA). This study evaluated three treatment strategies: (i) practice at MESA enrollment, (ii) current guidelines, and (iii) MIRISK VP in MESA.

Methods:

The model assessed patient healthcare costs and outcomes, expressed in terms of life years and quality-adjusted life years (QALYs), over the lifetime of the cohort from the provider and payer perspective. A total of 50,000 hypothetical individuals were used in the model. A sensitivity analysis was conducted (based on the various input parameters) for the entire cohort and also for individuals aged 65 and older.

Results:

Guiding treatment with MIRISK VP leads to the highest net monetary benefits when compared to the ‘Practice at MESA Enrollment’ or to the ‘Current Guidelines’ strategies. MIRISK VP resulted in a lower mortality rate from any CHD event and a modest increase in QALY of 0.12–0.17 years compared to the other two approaches.

Limitations:

This study has limitations of not comparing performance against strategies other than the FRS, the results are simulated as with all models, the model does not incorporate indirect healthcare costs, and the impact of patient or physician behaviors on outcomes were not taken into account.

Conclusions:

MIRISK VP has the potential to improve patient outcomes compared to the alternative strategies. It is marginally more costly than both the ‘Practice at MESA Enrollment’ and the ‘Current Guidelines’ strategies, but it provides increased effectiveness, which leads to positive net monetary benefits over either strategy.     

探究食品企业品牌建设与提升对策

品牌是企业的重要资产,是企业在市场竞争无形要素中最核心的要素,是培育企业核心竞争力的重要支撑。针对食品企业品牌存在的定位不明确、品牌形象不鲜明与缺乏创新能力、品牌维护力度不强等问题,食品企业建设与提升品牌,应提高对品牌资产重要性的认识;突出品牌个性,进行恰当的品牌定位;增强企业研发和创新能力,创立企业自主品牌;适度进行品牌延伸和规模扩张,壮大企业规模;科学宣传,提高品牌的知名度与培养高素质的品牌经营人才。     

Configuration of innovation and performance in the service industry: evidence from the Taiwanese hotel industry

This study attempts to state some facts about the importance of innovation in the service economy, and especially the hotel industry by classifying the configurations of innovation in Taiwanese hotels, as well as considering the types of innovation configuration that will maximise performance. Technological innovation, organisational innovation, and human capital innovation may be key sources of innovation. This study classified the configurations of innovation based on several innovation activities with two-step cluster analysis. Numerous empirical findings facilitate improved understanding of the relationship between the configurations of innovation and firm performance in the Taiwanese hotel industry.