240 kA普通平底电解槽低电压生产探索

强化电流是提高铝电解槽产量和经济效益的有效手段,广西投资集团银海铝业有限责任公司240 kA普通平底电解槽通过强化电流和降低电压,实现平均电压在4.0 V以下平稳运行,降低直流电耗约200 kW·h/t-Al。     

Analysts' Forecasts Following Forced CEO Changes

This paper examines analysts' earnings forecasts during the period of uncertainty following a change of chief executive officer (CEO). It distinguishes between forced and non‐forced CEO changes, and examines whether analysts utilize their information advantage to reduce the heightened uncertainty of a forced change of CEO. Examining a sample of Australian companies followed by analysts between 1999 and 2009, we find that forecasting accuracy is lower and earnings forecasts are more optimistic for firms experiencing forced CEO turnover compared to firms not undergoing such a change. However, dispersion is not statistically different. The results suggest that forced CEO turnover events provide a challenge to the forecasting environment for analysts. During CEO changes, investors should be aware that forecasts are less accurate and have an optimistic bias.     

The Effects of Four Dimensions of Strategic Orientation on Firm Innovativeness and Performance in Emerging Market Small- and Medium-Size Enterprises

We investigate the effects of technology, entrepreneurial, market, and learning orientations on firm innovativeness, and the mediating effect of firm innovativeness on these relationships, using a survey of 374 small- and medium-size enterprises in Korea. The results reveal that, while technology, entrepreneurial, and learning orientations significantly influence firm innovativeness, firm innovativeness has a significant effect on firm performance. We also find that firm innovativeness has a statistically significant mediating role in the relationships of technology, entrepreneurial, and learning orientations to firm performance. Our study contributes to strategic management and emerging market literature by identifying the pivotal role of innovativeness for firms that seek to benefit from various types of strategic orientations.     

An SAO‐based text‐mining approach for technology roadmapping using patent information

A technology roadmap (TRM) links technologies with a company's strategic objectives and so supports acquisition of required technologies in advance of needs. It is a powerful tool for strategic planning and technology management. Because technology is changing rapidly and market competition is fierce, the role of a TRM is becoming increasingly important. To support the role of a TRM, many firms and governments that use roadmapping are becoming interested in reducing costs while retaining objectivity during TRM development. One suggestion to achieve these goals is to use the keyword‐based quantitative approach to creating a TRM, but the information provided by the approach is limited because of the characteristics of keyword information. To solve this limitation, this research uses the concept of ‘function’ to support quantitative analysis for developing a TRM. The concept of function can provide information on the uses and purposes of a technology. To represent a function, a subject–action–object structure is commonly used. The suggested approach allows research and development (R&D) managers to extend the views of product and technology during development of a TRM. In addition, by reducing the time required to develop a TRM, the proposed approach supports quick and accurate decision‐making by R&D managers.     

裂缝性潜山变质岩油藏的合理生产技术对策——以鸭儿峡油田志留系油藏为例

裂缝性潜山变质岩油藏的生产特征复杂,以鸭儿峡油田志留系为例对该类油藏的开发特征进行了分析。结果表明,油藏开发过程中高产井产量递减速度快、累积产油量高、持续时间长,低产井生产状态不稳定,注水初期油井见效明显,油藏含水变化复杂。油井转注、分层酸化压裂、卡水和深抽提液措施实施后油井含水下降,产油量明显上升,显示出良好的开发效果,为后期稳产提供了坚实的技术保障。     

千帆竞逐"大家纺时代"

目前,在三大纺织最终产业--服装、产业用纺织以及家用纺织中,以家纺的发展最为显著,家纺纤维加工的比重已经达到发达国家水平.家纺产业从最初满足人们铺铺盖盖、遮遮淹掩与洗洗涮涮,到展示和体现人们的生活品味和情调,并成为中国纺织工业新的增长点.家纺产业之所以能取得如此发展,一是由于行业组织的整体规范和战略化思考有效的推动;二是依靠权威性展会来和产业互动,更重要的是家纺企业的努力和调整创新,因而才真正形成今天"大家纺"的发展格局.     

中间组织理论:基于不确定性与缓冲视角

本文认为,在市场经济条件下,生产性组织赖以生存的最基本功能在于对不确定性的处理和缓冲机制的建立。本文基于不确定性理论．探讨了生产性组织形态向中间组织形态的演进,提出应对不确定性的缓冲功能与利用不确定性的创新功能两个方面是组织形态演进的核心问题。缓冲功能打破了一体化组织的边界,是中间组织形态的必要条件;创新功能真正决定着中间组织的发展与壮大,是中间组织的充分条件。     

Factor pricing in commodity futures and the role of liquidity

This paper empirically investigates the pricing factors and their associated risk premiums of commodity futures. Existing pricing factors in equity and bond markets, including market premium and term structure, are tested in commodity futures markets. Hedging pressure in commodity futures markets and momentum effects is also considered. This study combines these factors to discuss their importance in explaining commodity future returns, while the literature has studied these factors separately. One of the important pricing factors in equity and bond markets is liquidity, but its role as a pricing factor in commodity futures markets has not yet been studied. To our knowledge, this research is the first to study liquidity as a pricing factor in commodity futures. The risk premiums of two momentum factors and speculators’ hedging pressure range from 2% to 3% per month and are greater than the risk premiums of roll yield (0.8%) and liquidity (0.5%). The result of a significant liquidity premium suggests that liquidity is priced in commodity futures.     

Short-sale constraints and informational efficiency to private information: A natural experiment

Exploiting a regulatory change in short-sale constraints (Regulation SHO) as a natural experiment, this paper examines the effect of short-sale constraints on informational efficiency of stock prices to private information. I find that short-sellers act as informed traders prior to forthcoming analyst news and trade on negative private information. When short-sale constraints are relaxed for pilot stocks (treatment group), both trading volume and stock price sensitivity increase prior to the analyst announcement for bad news but not for good news, relative to that of nonpilot stocks (control group). The findings are consistent with the Diamond and Verrecchia model that predicts that short-selling increases the speed of adjustment of stock prices to private negative information. In the cross-section, the effect of Reg SHO is stronger in stocks of firms with weak and uncertain information environments (i.e., small firms and firms with high analyst forecast dispersion).     

关于人民币汇率弹性增强背景下完善银行资产负债管理的思考

随着我国调节国际收支效果的显现与人民币汇率形成机制市场化程度的不断提高,近年来人民币兑美元即期汇率走势曲折反复,人民币汇率逐渐向均衡水平靠拢,促使企业转变长期以来的汇率预期,着手修复自身资产负债货币错配。这一过程也给商业银行的资产负债货币结构带来显著变化,增加了商业银行本外币流动性管理和资产负债管理难度。对此,商业银行应通过完善自身资产负债管理方式,积极应对这一挑战。