Uncertainty and Financing Constraints

Using a panel of Dutch listed firms this paper provides empirical evidence for the hypothesis that more risky firms are confronted with more severe capital market constraints than relatively less risky firms. The paper also contributes to the discussion on the usefulness of cash flow as a measure of financial constraints. We present a stochastic version of the Kaplan-Zingales (1997) model. We show that cash flow sensitivity can be used as a meaningful indicator of financing constraints if firms are classified by the degree of uncertainty they face and if the uncertainty originates from cost uncertainty.     

Experiential Learning – A Case Study of the Use of Computerised Stock Market Trading Simulation in Finance Education

Abstract

Finance is a popular programme of study in UK higher education despite it being a challenging subject that requires students to understand and apply complex and abstract mathematical models and academic theories. Educational simulation is an active learning method found to be useful in enhancing students’ learning experience, but there has been limited pedagogic research attention on its use in finance education within the UK. This paper, utilising an on-line survey, provides a snapshot of the current usage of finance-related simulations across the 97 UK universities offering finance programmes. The paper also reports the findings of a case study that offers insights into the effectiveness of introducing computerised simulation into a postgraduate finance course from both a student and tutor perspective. It highlights an enhancing learning experience for students through concrete experience and reflective observation, increasing their understanding of difficult and complex finance concepts.     

扬子石化利用尾气提纯氢气的经济可行性分析

扬子石化公司对氢气的需求量不断增加，拟建一套利用尾气提纯氢气的装置来填补缺口，为此对扬子石化公司利用尾气提纯项目进行成本，盈利能力及不确定性分析，研究项目的经济可行性。     

Strategic Responses to Competitive Pressure: The Case of Township and Village Enterprises in China

This study assesses the configuration between strategic orientation and industrial environment for Chinese township and village enterprises (TVEs), the organizational form which has played an increasingly important role in Chinese economic development and structural reform. We argue that the complexity, dynamism, and hostility of the industrial environment influence TVE managers' perception of competitive pressure, which in turn affects the firm's strategic orientations such as innovativeness, proactiveness, risk-taking, and analysis. Our analysis, based on a survey of TVE managers in Tinjin and Jiangsu, demonstrates that complexity and dynamism of industrial competition have a systematically positive impact on TVE's innovativeness, proactiveness, risk-taking, or analysis. Environmental hostility is not significantly associated with any strategic orientations adopted by Chinese TVEs. Implications of the findings are discussed.     

高职院校学生职业能力的培养

教育哲学认为,教育的本质是培养人的社会活动。高职教育是培养高素质的职业人的教育。通过接受高职教育,学生不仅要获得"第一职业",更需要在未来职业中发展自己;不仅要有就业的能力,更要有开拓职业空间的能力。     

交易费用视角下的金融集聚效应

从交易费用视角看,产业集聚可以扩大市场广度,增加市场深度,从而拓展市场范围,促进分工的进一步发展并实现分工的利益.金融集聚作为产业集聚的一种形式,通过和当地服务业、制造业的互动拓展了金融产业的市场广度;通过金融企业之间的竞争合作关系增加了金融产业的市场深度,对区域金融产业产生积极的集聚效应,促进了地区金融业的良性发展.     

金融稳定分析的宏观模型综述及展望

金融系统的稳定性水平是金融功能是否有效发挥的反映,加入WTO后中国政府对经济系统进行了诸多方面的改革,金融系统的稳定性得到明显提升,但也存有压力与风险。金融稳定分析的宏观模型包括扩展的宏观经济模型、动态随机一般均衡模型和网络模型。其中,动态随机一般均衡模型具有较好的现实拟合度,应用性较强。应根据中国的社会背景和特殊的金融制度,构建中国特色的动态随机一般均衡模型。     

山野菜清洗除杂设备的整体设计

采用国际先进的气水辊刷喷淋联合清洗新工艺,山野菜经过气水两相的强烈搅混作用和气泡爆裂产生的声波成为振动源的作用而清除泥土和杂物,再经辊刷对植物叶片和毛发等的粘附作用以及高压水喷淋达到清洗干净。     

B2C电子商务模式下的物流配送研究

物流配送是电子商务运作的一个重要环节,在整个商务活动中起着举足轻重的作用.目前,在线交易中的信息流已通过互联网基本实现,资金流的安全也在一定程度上得到了解决,但物流仍是电子商务开展的一大瓶颈.B2C作为电子商务的运作模式之一,存在着配送不及时、配送成本高、无法送货等问题.不解决物流配送的问题,B2C模式就难以快速发展.本文针对B2C模式的特点和对物流配送的要求,提出了B2C电子商务模式下建立物流配送系统的解决思路。     

患者满意度调查对医院管理的作用

目的通过住院患者对医护人员服务态度、医疗护理质量、住院环境、是否存在滥收费现象及心理指导的满意度调查,研究患者满意度调查对医院管理的作用。方法对2009年1～2月与11～12月接受满意度调查的住院患者进行回顾性分析。结果患者满意度调查开展前后,实验组医护人员操作、医护人员服务态度、病区环境、是否存在滥收费及心理指导等方面内容评分均高于对照组,两组比较差异有统计学意义(P<0.05);且实验组投诉率较低。结论患者满意度调查可以提高患者对医院的满意度,降低投诉率,及时发现工作中存在的问题。医院应注意提高医护人员的操作及服务态度,杜绝滥收费现象,并定期对患者进行心理指导,加强患者对医院的信任,利于医院的管理。