中国企业税负高低之谜:寻找合理的企业税负衡量标准

作者梳理了企业税负衡量标准的相关文献,运用微观经济学中的"死角损失"原理,观测中国近年来的广义宏观税费负担,发现其依然处于偏高的水平上。尤其对于贡献绝大部分税费的企业来说,整体税负过重的倾向并无根本改观,其中非公经济的税负更是连年超过国有企业。在对企业税负的衡量中,作者采用了世界银行的总税率指标进行国际比较,同时在对企业实际税费负担的计算中以上市及非上市公司为代表,测算了企业销售利润率与税利率之间的变动关系,进而阐述中国税制所存在的问题,据此提出针对性较强的政策建议。     

How to Tie Equity Compensation to Long-Term Results

Companies, investors, and regulators around the world are now seeking to tie executives' payoffs to long-term results and avoid rewarding executives for short-term gains. Focusing on equity-based compensation, the primary component of top executives' pay, the authors analyze how such compensation should best be structured to provide executives with incentives to focus on long-term value creation.
To improve the link between equity compensation and long-term results, the authors recommend that executives be prevented from unwinding their equity incentives for a significant time period after vesting. At the same time, however, the authors suggest that it would be counterproductive to require that executives hold their equity incentives until retirement, as some have proposed. Instead, the authors recommend that companies adopt a combination of grant-based and aggregate limitations on the unwinding of equity incentives.
Grant-based limitations would allow executives to unwind the equity incentives associated with a particular grant only gradually after vesting, according to a fixed, pre-specified schedule put in place at the time of the grant. Aggregate limitations on unwinding would prevent an executive from unloading more than a specified fraction of the executive's freely disposable equity incentives in any given year.
Finally, the authors emphasize the need for effective limitations on executives' use of hedging and derivative transactions that would weaken the connection between executive payoffs and long-term stock values that a well-designed equity arrangement should produce.     

一种双机热备份计算机系统

本文探讨了计算机系统冗余备份的工作原理和实现方法，介绍了一种实用的双机热备份切换、控制系统和其切换、控制单元的组成和工作原理。     

Rating Cooperative and Commercial Bank Bonds: a comparative approach

Abstract ** :  The primary objective of this article is to find whether bonds issued by commercial and cooperative banks are rated similarly or not. We then compare the performance of two quantitative methods, namely seemingly unrelated regressions (SURE) and recursive partitioning algorithm (RPA), at explaining bond ratings based on the same set of quantitative indicators. Using the regression model, cooperative banks' credit risk is more sensitive to the quality and size of assets. For commercial banks, elements relative to debt more clearly stand out. In the RPA model, a subtree for the financial cooperatives is created which provides evidence of some differentiation in the rating process. Also, the RPA model outperforms the parametric method whether performance is measured by the percentage of correct classification or the size of the average rating prediction error.     

Effects of litigation under the Endangered Species Act on forest firm values

The Endangered Species Act (ESA) has been a source of litigation and subject to court interpretation during the past several decades. In this study, event analysis was employed to examine the impact of six court decisions related to the ESA on the financial performance of U.S. forest products firms. The finding of abnormal returns revealed that all six events generated the expected positive or negative returns, and among them, four were statistically significant. Changes in systematic risk reflected the reaction of the stock market to the verdict announcements. Programs designed for habitat conservation can be implemented to compensate private landowners or firms for costs associated with protecting species on private forestlands.     

阿苯达唑及其代谢物在欧洲鳗鲡体内的药代动力学及残留研究

在试验水温（25±2）℃条件下,按2 mg/kg的浓度给欧洲鳗鲡浸浴阿苯达唑36 h,高效液相色谱法测定血浆和肌肉组织中的药物浓度,研究阿苯达唑在欧洲鳗鲡体内的代谢及消除规律。结果显示：阿苯达唑和阿苯达唑亚砜的血药时间数据符合一级吸收二室开放模型,阿苯达唑砜符合一级吸收一室开放模型;其消除半衰期分别为34.15h、99.34h、46.00 h,最大血药浓度分别为3.887、6.830、1.738 mg/L,达峰时间分别为7.27h1、8.00h、40.67h,药时曲线下面积（AUC）分别为129.71、921.95、236.58 mg.h/L。选取可食组织肌肉作为残留检测的靶组织,以农业部残留限量100μg/kg为最高残留限量,在本试验条件下,建议休药期不低于23 d。     

地理资本视角下村级多维贫困测度及贫困类型划分*——基于重庆市1 919个市级贫困村调研数据

[目的]精确测度村级多维贫困以及划分贫困类型,是当前提高贫困识别精准度,进一步推进农村精准脱贫的战略需求。[方法]文章基于重庆市1 919个市级贫困村的调研数据,构建地理资本视角下村域多维贫困测度指标体系,并采用多维贫困测度模型、指标贡献度模型和最小方差方法系统揭示了重庆市贫困村多维贫困程度、贫困类型及其空间分布特征。[结果](1)重庆市贫困村多维贫困程度呈两端大中间小的"哑铃状"结构,贫困程度极化特征显著,区域发展具有不平衡性。空间分布上,贫困村多维贫困程度呈从渝东北、渝东南分别向渝西地区逐渐减轻的特征,贫困村多维贫困程度存在明显的地域性差异;(2)重庆市贫困村贫困类型主要分为单资本缺失型、双资本缺失型、三资本缺失型、四资本缺失型4个类型,其占比分别为9.07%、20.27%、66.91%、3.75%,三资本缺失型是最主要的贫困类型。[结论]重庆市贫困村致贫因素复杂多样,需要根据各自的贫困特征,因地制宜地开展差别化的帮扶工作。科学推进精准扶贫战略,力争实现2020年全面脱贫。     

中央投资项目地方配套资金问题研究——以福建省新增投资项目为例

受地方财力困难等因素影响,中央投资项目地方资金配套压力进一步加大。针对地方财政收支矛盾加剧情况,本文从加强管理、拓宽融资渠道等方面提出了解决地方配套资金困难的建议。     

风冷热泵型家用空调器除霜、除冰控制方法研究

对风冷热泵型家用空调器在低温制热过程中结霜、结冰的原因进行了分析,提出几种常用的除霜、除冰的控制方法,结合空调器的实际运行情况提出一种典型的除霜、除冰控制方法。