浅谈当前反腐败形势下的新闻舆论监督

本文分析了新闻舆论监督的特点、地位和作用,指出了当前反腐败斗争形势下新闻舆论监督面临的困难,提出了应对策略减少行政权力对新闻媒体的随意性干预;建立新闻舆论监督的法律制度;采用隐性采访;与其它监督相结合.     

Dividends and share repurchases during the COVID-19 economic crisis

In this article, we examine dividends and share repurchases of S&P 1500 firms during the COVID-19 crisis characterized by the stock market crash and a relatively quick stock price recovery propelled by technology stocks. We find that the great majority of firms either maintain or increase the level of dividends during the crisis period. Yet, the relation between the dividend payout and reported earnings is negative and significant. This relation also holds for other types of payouts, including share repurchases and special dividends. Moreover, we find that both forecasted and realized earnings of up to 1 year into the future are negatively associated with current dividends, implying that existing payout policies are unsustainable in the longer term. Surprisingly, the difference-in-differences test shows that firms strongly affected by the COVID-19 crisis have higher dividend payouts (relative to net earnings) compared to unaffected firms. The same test indicates that strongly affected firms significantly reduce repurchases.     

中国互联网企业创业初期成功影响因素研究

在回溯国内外企业成功与失败影响因素研究文献的基础上,以200家中国互联网企业为代表,深入研究了影响互联网初创企业成功的主要因素,从中选出有代表性、容易进行客观判断的14项影响因素进行Logistic回归。结果表明,5项因素显著影响中国互联网企业初创成功,其中,领域先驱企业、BAT体系或获得BAT投资等因素对企业具有正向影响;成立后马上获得第一笔投资、“海归”创始人以及市场分散程度等因素具有负向影响。最后,对显著影响因素进行讨论,进而提出关于市场与产品类型选择、互联网产品发展战略以及融资与战略合作关系等方面建议。     

差序式领导、交互记忆系统对团队知识转移绩效的影响机制研究

差序式领导作为本土企业的领导风格,对团队知识转移的作用机制尚不清楚。基于团队认知理论和本土领导理论,提出研发团队差序式领导、交互记忆系统和知识转移绩效之间关系的概念模型,并进行实证检验。研究表明,差序式领导中照顾沟通、提拔奖励、容忍犯错分别对交互记忆系统和团队知识转移绩效具有显著消极作用;交互记忆系统对团队知识转移绩效具有积极促进作用;交互记忆系统在其间存在中介作用,并会减弱差序式领导对团队知识转移绩效的负面影响;未发现知识转移渠道对差序式领导与交互记忆系统间关系的调节作用,但是,差序式领导通过交互记忆系统对团队知识转移绩效的间接影响受到知识转移渠道的调节。     

Earnings Surprises in Analysts' Forecasts,Mandatory Disclosure,and Share Repurchases

This paper examines the impact of forecast errors and the mandatory disclosure of repurchase transactions required by 2003 Securities and Exchange Commission (SEC) regulations on share repurchases. We define forecast errors as the difference between analysts' forecasted earnings and actual earnings. We argue that firms with positive forecast errors imply greater information asymmetry, which may induce them to signal through share repurchases. We show that both the repurchase target and analysts' forecast revision are positively related to forecast errors. Furthermore, these associations are more pronounced in the low disclosure period (1989–2003) where greater information asymmetry between managers and outside investors is found, while increased transparency in the high disclosure period (2004–2006) leads to more significant improvement in long‐term performances for firms with positive forecast errors. The results are consistent with our expectations that the information asymmetry implied in forecast errors, along with a shock change from the introduction of the 2003 SEC regulation, affect both corporate and analysts' behaviour.     

Who Makes the Choice on IPO Underwriting Methods? Issuers Versus Underwriters

Using unique Taiwanese initial public offering (IPO) features, we examine whether the underwriters control the issue method choice (the expected revenue collection hypothesis) or whether the issuers make the choice in the best interests of the pre‐IPO shareholders (the expected net wealth gain hypothesis). We find that the choice of issue method is consistent with maximizing pre‐IPO shareholders’ expected net wealth gains. The findings also suggest that most IPO issuers do not choose auctions. Though we offer insights into why IPO auctions have been declining, we note that this evidence cannot completely explain the total disappearance of auctions in many countries.     

投资者情绪指数的经验模态分解：基于增发窗口期的实证研究

投资者情绪是资产定价的重要影响因素。针对以往研究不能较好分离投资者情绪不同成分的局限,引入经验模态分解方法,以实现对投资者情绪的分解。以2013年实施增发的上市公司为样本的实证研究结果表明,经验模态分解方法能够有效地分离出投资者情绪的高频和低频部分。其中,低频部分反映了投资者对股市的长期预期,而高频部分反映了窗口期投资者对增发的情绪变化。同时,增发前投资者会对增发事件产生过度反应,而在增发事件完成之后,投资者的过度反应情绪会逐渐调整,并且该调整过程具有非线性特征。     

组织支持感对员工知识共享行为的影响：自我效能的中介效应

员工知识共享行为能够促进知识在组织边界内产生溢出效应,从强化内部动机的视角引入自我效能分析组织支持感与员工知识共享行为之间的关系,并构建概念模型进行实证研究具有重要的理论价值。实证结果表明：组织支持感的三个维度中工作支持、价值认同对员工的知识获取行为和知识贡献行为都具有显著的正向影响,关心利益只对员工的知识获取行为具有显著正向影响;自我效能在工作支持、价值认同与知识贡献之间和在价值认同与知识获取之间起到完全中介作用,在工作支持与知识获取之间起到部分中介作用。     

蒸发波导条件下海上超视距通信距离研究

大气波导的存在对海上电磁波传播产生严重影响,蒸发波导因发生概率、波导高度等特殊性对舰载微波通信装备影响尤为突出。研究了蒸发波导特征及电磁波形成波导传播条件。利用抛物线方程分布傅里叶算法计算蒸发波导条件下电磁波传播损耗,提出了基于蒸发波导条件下海上超视距通信距离估算方法及计算流程。仿真分析不同波导高度电磁波传播损耗,验证了该方法的可行性。仿真结果表明蒸发波导条件下,可实现海上微波超视距通信,能够定量估算有效通信距离,通信距离可达上百公里。研究结论对指导舰载微波频段的通信应用具有重要意义。