上市公司控制权转移的财富效应分析

上市公司控制权的转移会改变投资者对目标公司的预期,从而引起目标公司股价的变化,进而使得目标公司股东的财富发生变化。本文采用事件研究法,分行业对2002年我国资本市场上第一大股东发生变更的目标方公司股东财富进行了实证研究。结果表明:对于整个资本市场而言,控制权转移能为目标公司带来显著的财富增加;而对于不同行业控制权转移的财富效应存在着较大的差别,只有原材料企业在公告日前可以获得显著的正财富效应,而工业企业和消费企业的财富效应并不明显。     

农田生态系统碳足迹法:误区、改进与应用 ———兼析中国集约农作碳效率 (续)

近10多年来,国内外农田生态系统碳足迹研究蓬勃开展并取得了某些成果。同时也存在着问题与误区,主要是碳流路径的短路和指标逻辑起点不一,导致研究结果的失真与扭曲。该文论述了全环式与半环式碳流路径的利弊,提出了改进3原则,对当前世界流行的5种指标体系进行比较、综合、筛选、补充与改进,初步形成了适合中国实际情况的包括碳流路径、指标体系及相应参数的碳足迹方法论,并通过1950年以来的全国性农田系统碳流分析和现代高效农田的案例加以验证和剖析,与当前流行的一些主流观点相悖,运用改进的碳足迹法进行的案例研究发现:(1)与多年生林木相似,农田上连年种植的一年生作物同样具有净固碳作用;(2)1952~2012年期间,随着农业集约化程度的不断提高,全国农田生态系统碳效率仍保持在正平衡状态;(3)尽管农田化合物大量投入,但在农田生态系统内增加的固碳量仍超过耗碳量,化学合成物在农田生态系统的合理应用也有减少温室气体的可能性。     

农田生态系统碳足迹法:误区、改进与应用 ———兼析中国集约农作碳效率

近10多年来,国内外农田生态系统碳足迹研究蓬勃开展并取得了某些成果。同时也存在着问题与 误区,主要是碳流路径的短路和指标逻辑起点不一,导致研究结果的失真与扭曲。该文论述了全环式与半 环式碳流路径的利弊,提出了改进3原则,对当前世界流行的5种指标体系进行比较、综合、筛选、补充 与改进,初步形成了适合中国实际情况的包括碳流路径、指标体系及相应参数的碳足迹方法论,并通过 1950年以来的全国性农田系统碳流分析和现代高效农田的案例加以验证和剖析,与当前流行的一些主流观 点相悖,运用改进的碳足迹法进行的案例研究发现:（1）与多年生林木相似,农田上连年种植的一年生作 物同样具有净固碳作用;（2）1952～2012年期间,随着农业集约化程度的不断提高,全国农田生态系统碳 效率仍保持在正平衡状态;（3）尽管农田化合物大量投入,但在农田生态系统内增加的固碳量仍超过耗碳 量,化学合成物在农田生态系统的合理应用也有减少温室气体的可能性。     

传统村落旅游竞争力的可视化模拟与分析——以古徽州为例

目的 全面评估传统村落旅游发展的基础及阶段性特征,是有效引导农旅融合、农民创收和农居焕新的重要路径。方法 文章以古徽州4批次124个国家级传统村落为研究对象,从5个维度构建传统村落旅游竞争力评价指标体系,运用AHP法和EVM法对旅游竞争力进行综合评价。并在此基础上,对传统村落的旅游竞争力进行可视化模拟,全面探讨不同视角、不同方向下传统村落旅游竞争力的空间差异性特征。结果 基于非参数空间统计方法,既能较好地刻画旅游竞争力整体分布的规律性和局部空间异质性,又能优化样点数据的评估误差。结论 总体上看古徽州传统村落旅游竞争力总体处于中等水平,其旅游市场环境、相关配套设施、文化物质环境较好;传统村落旅游竞争力呈现出圈层化的分布格局,北部以徽州区为主、南部以婺源东部地区为主的两大核心区已然形成;各侧视图的空间形态以及典型方向的剖切线,均呈现出明显的“中心—边缘”的空间梯度分布态势,同时也表现出空间上的跳跃和突变。     

股市波动、金融政策和宏观经济关系研究——基于因子VAR模型

通过因子分析从诸宏观经济变量中提取了金融政策因子和宏观经济状态因子,建立了基于VAR的股价波动、金融政策和宏观经济三变量回归模型。研究表明：金融政策影响股价的表现,而宏观经济状态对股价、股价对金融政策和宏观经济状态的影响均不显著;基于标准差的VAR（5）模型相对于基于收益率的VAR（3）模型能更好地刻画股市波动与金融政策、宏观经济三者之间的关系。     

牛奶纤维的发展与应用

牛奶纤维属于再生纤维中的再生动物蛋白质纤维。它在生产过程中无污染、不破坏环境,并且其使用后的废弃物能够自行降解,是21世纪的主要纺织原料之一。本文阐述牛奶纤维的发展历史、实际应用情况以及未来的发展。     

Diffusion of mobile telephony: An empirical study in Taiwan

Mobile telephony penetration is a major indicator of mobile telephony diffusion. Taiwan had a mobile telephony penetration of 108% in 2002, ranking first in the world. This study analyzes this accelerated diffusion in terms of growth model and determinants of the diffusion rate. To eliminate the inherent uncertainty associated with choosing the optimal growth model, this study compares the performance of three conventional models, namely Gompertz, Logistic and Bass, to identify the most appropriate model, and to distinguish the forces driving the diffusion rate. Empirical results indicate that the most appropriate model is the Logistic model. Network externalities, which this study shows to be the same as the imitation effect in the Bass model, explain the superiority of the Logistic model. Moreover, market competition, which markedly reduces service prices, is identified as a primary driver of the diffusion rate of mobile telephony in Taiwan. Economic conditions, technological innovation and number of operators are insignificant factors. Finally, mobile telephony is a substitute for fixed-line telephony in Taiwan.     

An exploratory study of earnings management detectability,analyst coverage and the impact of IFRS adoption: Evidence from China

Analysts serving as external monitors to managers is a topic of considerable interest in the analyst coverage literature. There are two outcomes of analyst coverage studies: curbing and stimulating earnings management. However, recent studies (such as Yu, 2008) only provide evidence supporting the curbing side. Given the fact that the data of these studies focus on developed markets and the finding of Rodríguez-Pérez and Hemmen (2010) that external governance mechanisms may stimulate earnings management in an opaque information environment, we conjecture whether stimulating side would be dominant in emerging markets. China offers a valuable setting for us to test the question. Using the data of China capital market from 2003 to 2009, we find that analyst coverage stimulates earnings management through above-the-line items (ALIs) where earnings management cannot be easily detected, and curbs earnings management through below-the-line items (BLIs) where earnings management can be easily detected. We also find that the adoption of International Financial Reporting Standards (IFRS) in China does create many new opportunities for managers’ earnings management but does not significantly improve the monitoring effect of analyst coverage. We only find that compared to those without analyst coverage, firms with analyst coverage have a lower level of earnings management through BLIs after IFRS adoption. These findings suggest that information opacity may weaken the monitoring effect of external corporate governance mechanisms and high quality accounting standards in the literal sense may not enhance the monitoring effect of external corporate governance mechanisms if it is not compatible with the market’s institutional environment. In addition, we find that firms with earnings meeting the benchmark have a lower level of earnings management, which indicates that bright-line accounting based rules used in emerging capital markets may constrain the managers’ behavior.     

Robust influence diagnostics for generalized linear models with continuous responses

This article introduces two parametric robust diagnostic methods for detecting influential observations in the setting of generalized linear models with continuous responses. The legitimacy of the two proposed methods requires no knowledge of the true underlying distributions so long as their second moments exist. The performance of the two proposed influence diagnostic tools is investigated through limited simulation studies and the analyses of an illustration.     

中国“一带一路”战略定位的三个问题

"一带一路"战略在大方向基本清晰的情况下,在战略定位上仍然存在着三个有待进一步厘清的问题,包括:"一带一路"是全球战略还是区域战略?"一带一路"应以多重双边伙伴关系为基础还是应以跨区域整合为基础?"一带一路"战略应以西北方向为优先还是应以东南方向为优先?对这三个问题的诠释对于"一带一路"战略的推进有着极为重要的意义。这一战略虽然表现出了一定的全球战略的特征,但在本质上还是区域性的;其的推进必须以多重双边伙伴关系为基础。就目前的具体政治形势与经济形势来看,"一带一路"战略开拓西北面临更大的不确定性。