On the tax bias against investments in fixed assets: Empirical evidence from China

China's new Corporate Income Tax Law was passed in March 2007 and took effect on 1 January 2008. We take advantage of this tax law change and use a difference‐in‐differences approach to empirically estimate the impact of taxation on asset structure. Employing the Chinese Industrial Enterprises Database from 2002 to 2008 to implement the analysis, we find evidence suggesting the presence of tax bias against investments in fixed assets. We address two potential concerns about our analysis and argue that our conclusion is not China‐specific; it is a general lesson for modern finance theory that is portable to developed countries.     

中国酒店餐饮中的食品营养问题分析

随着人们消费观念的提升和生活节奏的加快,在餐馆酒店就餐机会越来越多。酒店就餐已成为中国人的一种生活方式。目前,我国酒店餐饮业蓬勃发展,但也存在着诸多问题,如片面追求食物色香味,忽视与人健康息息相关的营养问题,这些问题导致我国酒店餐饮业发展不均衡,长期以往,对居民身体健康将产生不利影响,因此解决酒店食品营养问题成为摆在酒店行业的重要工作。本文从酒店餐饮中食品营养现状出发,分析问题存在的原因,进而提出解决问题的方法,为我国酒店餐饮业的发展提供新的思路和发展方向。     

塔里木油田哈得区块标准井及标准井标准工艺流程的构建

为缩短钻井周期、节约钻井成本,塔北项目部率先提出了以标准井及标准工艺流程为经度,以标准化设计、标准化安全管理、标准化工期及费用、标准化质量控制及考核机制为纬度的"五标"管理理念,而标准井及标准工艺流程为构建"五标"管理理念的关键。根据对哈得区块已完钻的直井、水平井、侧钻井、定向井的统计分析,并结合实际生产开发情况,确定了以直井和水平井作为哈得区块标准井的井型;根据标准井产层的各项地层参数,确定了相应标准井的钻头尺寸组合、钻进深度、套管规格、套管下深、泥浆体系、测井等参数,从而构建了哈得区块直井和水平井2种井型的标准井;同时依据各标准井构建了相应标准井的标准工艺流程。通过塔北项目部的生产实践表明,标准井及标准井的标准工艺流程的构建大大有助于提高油田的经济效益和管理效率。     

员工创造力激发研究评述：多层次多视角机制与精神性动力

员工创造力是组织创新的先决条件和根本源泉，员工创造力激发成为经典的研究主题，并取得了相当丰富的研究成果，然而，国内却鲜见针对员工创造力激发机制进行全方位、多层面和多视角的梳理与总结。对员工创造力的激发机制研究进行系统回顾和深入分析，首先，从员工创造力激发的理论基础出发，总结员工创造力激发的经典理论；其次，按照个体、团队和组织的逻辑顺序对以往散见在各个组织层次的员工创造力激发机制进行多视角梳理和探讨。随着研究的深入，组织内精神性逐渐成为员工创造力激发的新兴动力，为此，从多个视角归纳基于精神性的员工创造力激发机制；最后，展望未来研究方向，以期推动员工创造力激发机制研究走向深入和完善。     

高铁时代的小城市发展——基于人口空心化的研究

高铁快速发展带来整体经济的突飞猛进,也带来小城发展变化.文章通过选取2010至2018年881个小城市的面板数据,研究高铁建设对小城发展的影响.研究发现:高铁开通可能引致部分小城人口的外流,或许加剧了部分小城人口的空心化程度.作用机制甄别结果表明,高铁通过引致消费需求外流、滞后产业结构升级和助推房价攀升途径予以实现,其中滞后产业结构升级是更为重要的传导途径.异质性分析结果表明,对不同规模的小城市而言,高铁开通可能造成人口流失的程度具有明显差异性,城区人口规模在0-20万的小城市,人口流失程度要明显低于城区人口规模在20-50万的小城市.进一步研究发现,高铁建设并未形成开通高铁小城和未通高铁小城间的经济增长差距;同时,对于开通高铁小城间的内部经济增长差距,也未得到有效验证.总之,小城应充分考虑自身区位劣势、资源禀赋和产业布局等条件,在符合高质量发展的要求下发展高铁经济.     

IMMEDIATE SETTLEMENT OR ENDURING A STRIKE: THE CHOICE OF SIGNALS

Some labour contract negotiations involve strikes while most conclude with immediate settlement. This article offers a model of union‐firm negotiation with private information to show that either strikes or immediate settlement will take place in the equilibrium. Different from most signalling literature where the signals are exogenously given, this article endogenizes the choice of signals. We compare two signals, the employment level and the strategic delay. We show that the low‐revenue firm will choose the signal which gives it higher payoff while separating itself from the high‐revenue firm.     

Determining the integrated volatility via limit order books with multiple records

The integrated volatility plays an important role in risk management and portfolio selection, the estimation methods regarding the quantity have been widely investigated, either under low-frequency data or high-frequency data, or a combination of both. In this paper, we propose a measure for the integrated volatility via limit order book data with possible presence of multiple records. The estimator is valid under mild conditions and it is easily implemented. The finite sample performance of the proposed estimator has been verified by simulation studies and we apply the method to some real high-frequency data-sets as well.     

A new spread estimator

A cynosure of the academic literature relating to initial public offerings (IPOs) is the question of why they are “mispriced” so frequently. The large and growing literature addressing this question is evidence as to its intractability. This paper develops a theory of underwriters’ behavior suggesting that they will exploit their private information to minimize the bilateral risks to themselves of firm-commitment IPOs. That minimization may cause them to knowingly underprice the issue. The main result in this paper is based, in part, on the premise that the random character of the investors’ demand for shares in the secondary market, given the spread, is governed by an estimable conditional probability distribution. The underwriters exploit their private knowledge of that probability distribution to influence the number of shares in the offering in such a way as to minimize their expected loss function.     

泛长三角地区产品专业化分工实证——基于产品互补模式的研究

泛长三角区域发展分工合作是目前区域经济研究的一个热点问题。本文依据产业经济学中产业优势理论，基于产品互补模型运用产品专业化系数测算的方法，对泛长三角区域四省一市的产业结构进行了实证分析，根据得出的结论提出了分工合作建议。