The conditional nature of the value of corporate governance

Agency theory suggests that governance matters more among firms with greater potential agency costs. Rational investors are unlikely to value safeguards against unlikely events. Yet, few studies of the relation between governance and firm value control for investor perceptions of the likelihood of agency conflicts. Shleifer and Vishny [Shleifer, A., Vishny, R.W., 1997. A survey of corporate governance. Journal of Finance 52, 737–783] identify investment-related agency conflicts as the more severe type of agency conflicts in the US. We measure the perceived likelihood of this type of agency conflict using free cash flow (Jensen, M.C., 1986. Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review 76, 323–329). We find that firm value is an increasing function of improved governance quality among firms with high free cash flow. In contrast, governance benefits are lower or insignificant among firms with low free cash flow. We show that not controlling for this conditional relation between governance and firm value could lead to erroneous conclusions that governance and firm value are unrelated.     

Underwriter reputation,earnings management and the long‐run performance of initial public offerings

This study contributes to the extant literature on the nature of earnings management surrounding initial public offerings (IPOs) by investigating the role of underwriter reputation. We argue that prestigious underwriters will protect their reputation by carefully monitoring and certifying financial information on IPO firms, thereby limiting any potential earnings manipulation. As a result, those IPO firms that are associated with more prestigious underwriters are likely to exhibit substantially less‐aggressive earnings management. Conversely, we find the existence of a negative relationship between earnings management and the post‐offer performance of an IPO firm’s stocks only for those firms associated with less‐prestigious underwriters.     

广东城乡收入差距的现状与平抑对策研究

目前,广东省城乡人均收入的差距比已达到3.12,基尼系数达到0.394,已临近贫富差距警戒线。根据广东省城乡人均收入差距形成的原因,本文提出的平抑对策是:加强对农业的支持与保护,加快区域经济的协调发展,提高农业劳动力的综合素质,转变农业生产方式、提高农业劳动生产率,加快一体化的城乡社会保障体系建设。     

多维企业家社会资本、企业吸收能力与企业绩效研究

基于社会资本理论,将企业家社会资本划分为市场、制度及金融3个维度,利用139家中国创业板上市公司数据,对企业家社会资本、企业吸收能力、企业财务绩效及创新绩效的内在关系进行实证分析。实证结果表明,企业家市场社会资本对企业财务绩效和创新绩效具有显著的正向影响,企业吸收能力与企业财务绩效及创新绩效显著正相关。企业吸收能力正向调节企业家市场社会资本与企业财务绩效和创新绩效的关系,也正向调节企业家制度社会资本与企业创新绩效的关系。     

Is exchange rate stability beneficial for stabilizing consumer prices in China?

This study examines the relationship between real effective exchange rates (REERs) and the consumer price index (CPI) in China, utilizing a bootstrap Granger full-sample causality test and a sub-sample rolling-window estimation. Considering structural changes, we assess the stability of the parameters and find that both the short-run and long-run relationships between the two estimated variables are unstable. This result suggests that full-sample causality tests cannot be relied upon. We instead employ a time-varying (bootstrap) rolling-window approach to revisit the dynamic causal relationship, and we find that the CPI is affected by the REER for several sub-samples due to the role of exchange rate pass-through (ERPT) under the managed floating exchange rate regime in China. These findings provide further proof of the impact of stable exchange rates on the maintenance of relatively steady price levels especially during the economic crisis and economic reform in China. The policy implication of these findings is that maintaining exchange rate stability is beneficial for controlling inflation during the economic crisis and economic reform.     

希尼尔水库搅拌桩防渗墙施工监理质量控制

深层搅拌法防渗适用于淤泥土、粉土、砂至粗砂等地质条件.希尼尔水库坝基础防渗处理采用了深层搅拌桩工艺,取得了较好的经济效益,防渗效果良好.本文主要介绍了搅拌桩防渗墙施工监理质量控制的关键步骤及质量检测.     

城市规划与社区规划的异同和互融

当前社区已成为我国城市结构中的基本构成,全面推进社区建设成为建设和谐社会的一项重要内容。从人文视角探索了基于社区发展理念的城市规划编制办法,以求将社区发展的规划理念、规划方法、规划内容与策略等有机地融入城市规划;并以位于杭州市旧城区的长庆单元控制性详细规划的编制为例,分析了操作层面的具体措施。     

常规兵器试验设计和开发过程中的质量控制

通过对常规兵器试验如何进行＂设计和开发过程的质量控制＂这一具体问题的研究,将PDCA循环管理模式用于试验的设计和开发过程。文章结合常规兵器试验设计和开发的工作实际,探讨了在试验设计和开发工作中借鉴PDCA循环理论与实践,进一步提升试验设计和开发的工作效益,使试验设计和开发向标准化发展,进而促进试验设计和开发质量的全面提升。     

中韩新能源产业合作的经济效应实证研究

本文主要探讨中韩新能源领域的合作,尤其是对两国新能源领域中合作的经济效应进行评估。为了评价合作的经济效应,本文建立新能源合作的相对收益指数,并利用向量自回归模型(VAR)探寻能源合作指数(ECI)和贸易、GDP之间的关系,从而论证中韩新能源产业合作的重要性。     

Demand-following or supply-leading? Trade openness and financial development in China

This study explores the causal relationship between financial development and trade openness in China, using the research methodology namely bootstrap Granger full-sample causality test and sub-sample rolling-window estimation. The results reveal that there is a significant bidirectional relationship between financial development and trade openness in China, pointing out the existence of both ‘demand-following’ and ‘supply-leading’ hypotheses. Furthermore, their relationship fits well the fact that China has experienced economic restructuring and structural changes in the past few decades. As financial development improves trade openness robustly, the Chinese policymakers should further increase financial reform to promote trade development.