“十五”期间中国电力工业发展趋势——以发展为主题加大结构调整力度

一、贯彻党的十五届五中全会精神，以发展为主题，促进国民经济和社会发展。　　1.电力“十五”计划的方针和总量指标　　“十五”期间电力仍将是快速发展阶段，同时也是加快产业结构调整，实现增长方式根本性转变的关键时期。综合考虑“十五”期间国民经济和社会发展态势，全国“十五”期间电力需求平均增长速度预计在5％～6％，以满足国民经济到2010年再翻一番的要求。　　预测2005年全社会用电将达到17 660亿千瓦时，为此“十五”期间应实现以下主要计划指标：　　装机投产规模9 930万千瓦，关停退役小机组约2 500万千瓦（其中国家电力公…     

CEO Share Ownership and Firm Value

This study examines the effect of CEO ownership on firm performance. The findings suggest that CEO ownership and firm performance are jointly determined. Firm performance affects CEO ownership positively and in turn, CEO ownership has a positive effect on firm performance. Our results also show that firms managed by founder CEOs have better performance and that the CEO duality structure is beneficial in a turbulent environment.     

MULTIVARIATE COINTEGRATION TESTING OF THE EFFICIENCY OF AUSTRALIA'S SPOT FOREX MARKET

Efficiency in Australia's spot FOREX market is tested using daily, weekly and four-weekly data subsequent to the floating of the dollar in 1983. Earlier research using pairwise cointegration tests of currency markets has suggested little evidence of market inefficiencies. However, multivariate cointegration tests carried out in the paper, based on canonical transformation of the exchange rate data, suggest the existence of long run equilibrium relationships among the spot rates, implying the existence of market inefficiency in the FOREX market.     

内地与香港证券市场一致行动制度比较研究

一致行动在证券市场上有其现实诱因,但同时也有损害其他投资者利益之虞,因此必须对一致行动人进行法律规制。我国内地上市公司收购法律制度中一致行动人规则已逐步建立起来,但与香港特区的立法相比,依然存在一定的缺陷。借鉴香港的立法经验,内地立法应对一致行动人进行严密界定,列举推定一致行动人的范围,明确一致行动人的法定义务和违反法定义务的法律责任。     

湖南省小城镇建设投融资机制探索

是否有足够的资金投入对于推进小城镇建设至关重要。本文分析了湖南省小城镇建设的投融资现状,在此基础上提出了创新湖南小城镇建设投融资机制的具体思路。     

FANUC数控系统典型故障分析

以FANUC-0系列为例，介绍典型故障的分析方法，并列举了10例故障诊断实例。     

Managerial ownership and firm performance: Evidence from China's privatizations

We examine the relationship between managerial ownership and firm performance for a sample of Chinese State-owned enterprises (SOEs) privatized over the period 1992-2000. The results indicate that managerial ownership has a positive effect on firm performance. Although return on assets (ROA) and return on sales (ROS) decline post-privatization, firms with high managerial ownership and, specially, high CEO ownership, exhibit a smaller performance decline. The difference is highly significant, with or without controlling for residual state ownership and changes in the firm's operating environment. We also find that the influence on firm performance becomes less significant at higher levels of CEO ownership. In contrast, performance continues to increase with managerial ownership. This finding suggests that, beyond a certain point, the distribution of shares would be more effective if extended to the whole management team instead of being limited to the chief executive.     

论中国双重身份的困境与应对

国际体系作为行为体的互动所形成的整体结构,是中国实施对外政策的环境与舞台。在国际体系中,身份是决定中国的利益、立场和实现利益之途径的一个基本因素。中国长期以来一直强调自己是一个发展中国家,但随着国力的增强,在当今正日益被视为一个"大国"。由于发展中国家与大国参与国际互动有迥异的机制与结果,因此中国面对着双重身份的困境。事实上,中国被赋予的"大国"形象和外部世界针对中国所开始的权力政治互动,已使得中国面对的国际环境凸显了消极的影响。要破解这一困境,中国一方面需要从主观上认清自己的真实身份和不同互动机制的影响,另一方面则需要恰当解决客观上两种机制并存所带来的困扰。在对外关系中,中国需要应对国际体系所内含的权力政治、国际制度与观念建构等主要影响机制,适宜地开展实力外交、制度外交和公共外交。中国只有利用体系的系统效应,趋利避害,处理好实力的发展与运用以及国家形象的塑造问题,才能更好地实现国家发展的目标。