有限公司隐名出资的法律规制研究

隐名出资是经济领域内普遍存在的现象,它对于活跃市场有积极意义,但也存在一些亟需解决的法律问题.通过阐释隐名出资的起源、成因及分类,分析隐名出资常见的法律问题及其司法实践,提出了立法完善的建议.     

Finding diamonds in the rough: Analysts’ selective following of loss‐reporting firms

Investors face greater difficulty valuing loss‐reporting than profit‐reporting firms: losses may be due to very different reasons (e.g., poor operating performance or investments in intangibles, and financial accounting information is of more limited use for valuing loss‐making firms than profit‐making firms. Because of increased uncertainty about loss firms’ future financial and business viability, we hypothesize that financial analysts will be more selective when choosing to follow loss firms than profit firms, with the result that “abnormal” analyst following will be more informative to investors regarding the future performance of loss firms than profit firms. Consistent with this prediction, we find that abnormal analyst coverage is useful for predicting firms’ future prospects, and is more strongly associated with future performance (stock returns and ROA) for loss firms than for profit firms. The market, however, does not seem to use this useful information when pricing loss firms: for loss firms a portfolio investment strategy based upon abnormal analyst following can generate positive excess returns over 1‐ to 3‐year holding periods. These results are stronger for persistent‐loss firms than for occasional‐loss firms. We conclude that abnormal analyst following contains useful information about firms’ future prospects, and even more so for loss firms than for profit firms.     

Firm R&D,Processing Trade and Input Trade Liberalisation: Evidence from Chinese Firms

This paper examines the impact of input trade liberalisation on firm R&D activity by taking China's accession to the WTO as a quasi‐natural experiment. Different from ordinary imports, processing imports in China enjoy zero tariffs and are not affected by input trade liberalisation due to the WTO accession. The paper uses disaggregated firm‐level production data and transaction‐level trade data to perform difference‐in‐difference analysis by taking processing import firms as a control group. An intensive empirical search shows that after China's accession to the WTO, input trade liberalisation fostered firm R&D significantly. The findings are robust to different measures and various empirical specifications.     

组织内平行影响文献综述及研究展望

平行影响是指组织内部门成员在工作过程中影响其他部门成员的态度、观念和行为,是组织内伴随工作任务出现的一个日常事项,理解和掌握平行影响的过程和策略将有利于影响者的价值实现和作用发挥,对组织内部门地位提升的意义也很重大。本研究从影响的概念及相似概念的区分开始,梳理平行影响的概念及意义,并对平行影响的结果、过程及策略行为的研究进行整理,最后提出平行影响未来研究的展望。     

Effects of sexual harassment on employees’ family undermining: Social cognitive and behavioral plasticity perspectives

This study examined the effects of workplace sexual harassment on family undermining. The investigation focused on the mediating role of moral identity and the moderating role of organization-based self-esteem (OBSE). The results, which were based on employee-spouse dyadic data collected in China, indicated that employees’ perceptions of sexual harassment were negatively related to their sense of moral identity and positively related to family undermining behavior. Moreover, reduced moral identity mediated the relationship between sexual harassment and family undermining. Furthermore, OBSE attenuated the main effect of sexual harassment on moral identity and the indirect effect of sexual harassment on family undermining via reduced moral identity. Our findings offer insightful theoretical contributions and managerial implications that indicate new directions for research on sexual harassment and work-family relations.     

Does Foreign Venture Capital Provide More Value‐added Services to Initial Public Offering Companies in China?

This paper uses all 1404 initial public offerings (IPO) undertaken between 2002 and 2012 in China to analyze whether venture capital (VC) investment, especially foreign VC investment, brings more or less value‐added services to the invested companies during the 3 years following the IPO. The results show that venture capitalists choose to invest in companies with higher value potential, and, in turn, the value of the companies increases after the IPO is undertaken; foreign VC adds more value to companies than domestic venture capital. However, the profitability of VC‐backed and non VC‐backed companies after IPO does not differ significantly. Nevertheless, it is shown that VC plays an active role in China.     

紧紧围绕市场的决定性作用深化经济体制改革——-读张卓元新作《十八大后经济改革与转型》

张卓元教授的新作《十八大后经济改革与转型》一书,前不久已由中国人民大学出版社出版。这部新作虽然部头并不很大,含金量却很高。由于这部专著是他在参与起草《中共中央关于全面深化改革若干重大问题的决定》(以下简称《决定》)的基础上撰写的,因而他能够吃透《决定》精神,准确地进行解读。全书除导论外分两大部分:一部分是按照《决定》的精神深入阐述十八大后的经济改革问题;另一部分是分析十八大后10年内的中国经济走势问题。导论部分尽管篇     

Weighing asset pricing factors: a least squares model averaging approach

Empirical evidence has demonstrated that certain factors in asset pricing models are more important than others for explaining specific portfolio returns. We propose a technique that evaluates the factors included in popular linear asset pricing models. Our method has the advantage of simultaneously ranking the relative importance of those pricing factors through comparing their model weights. As an empirical verification, we apply our method to portfolios formed following Fama and French [A five-factor asset pricing model. J. Financ. Econ., 2015, 116, 1–22] and demonstrate that models accommodated to our factor rankings do improve their explanatory power in both in-sample and out-of-sample analyses.     

大学英语体育生课堂参与现状的调查分析

本文通过课堂观察和问卷调查的研究方法,以渭南师范学院部分体育生为调查对象,从四个方面对学生大学英语课堂参与现状进行了调查和分析,并提出树立学生课堂自主参与意识、深化课堂教学改革、切实完善大学英语评估体系和建立良好的师生关系等相应对策,以改善大学英语体育生课堂参与的现状。