最低工资标准、人力资本扩张与企业成本加成*

本文以人力资本扩张为切入点，构建了最低工资、人力资本扩张影响企业成本加成的理论框架，并使用中国1998-2013年284个地级市的工业企业数据进行了经验研究。结论显示：最低工资上调会显著抑制企业成本加成的提升，削弱了企业的市场势力，但该抑制效应在人力资本扩张的背景下得以缓解。同时本文通过进一步分组回归发现，最低工资标准与人力资本扩张对企业成本加成具有明显的异质性影响。因此，适度、稳定调整最低工资标准及推动人力资本质量的整体提升有助于保持企业成本加成能力及其动态竞争力。     

CEO age and tax planning

This study investigates the association between CEO age and corporate tax planning. Using a sample of 11,537 firm‐year observations from the fiscal year 1997–2013, I find CEO age exerts an economically significant influence on firms’ tax policies, incremental to economic determinants identified in prior research. Specifically, CEO age is positively related to cash and GAAP effective tax rates, and negatively related to permanent book‐tax difference, suggesting that older CEOs are less likely to take actions to lower tax burden. The results hold across different model specifications and robustness tests to address potential bias arising from endogeneity, sample selection issue, and the confounding effect of CEO tenure.     

浅议CPA审计行业专门化问题

随着我国市场经济体制改革的不断完善,CPA审计行业所面临的社会环境也因此而产生了重大的变化。伴随着社会对审计人员的严格要求,审计人员的素质也在不断提高。当然,这对CPA这个行业无疑也产生了深深的影响,同时也对行业的专门化也起到了潜移默化的推动作用。因此在本文中,将会立足于注册会计师审计实务,通过具体分析行业专门化的竞争优势和目前的发展趋势,讨论审计行业专门化可能带来的经济后果,并且与多个上市公司的案例相结合,运用案例分析法、经验总结法、描述分析法等方法合理透彻地剖析出目前CPA审计行业所存在的问题,以及对已经存在的问题作出具体解决方案。     

刺芪参胶囊的制备工艺研究

目的:探索刺芪参胶囊的制备工艺。方法:采用正交实验,以总皂苷质量为指标,优化提取工艺;采用单因素实验优化制剂工艺。结果:在最佳提取工艺条件下,刺芪参胶囊提取物中的总皂苷含量为12.19 mg·g-1;以糊精作为填充剂、硬脂酸镁为助流剂、95%乙醇为黏合剂制备胶囊剂。结论:刺芪参胶囊的制备工艺稳定可行。     

微波提取酵母胞内甘油的分析方法初探

本文探讨了面包酵母胞内甘油分析的预处理方法——微波破碎法。通过单因素实验分析,确定了胞内甘油的提取条件:酵母细胞用微波破碎3次、每次破碎10 s、间隔5 s,然后用10 mL蒸馏水提取30 min得到胞内甘油,此法简便、易提取,适用于天然产物的快速提取。     

吐温80在油脂类调味品中微生物检测的研究分析

通过对牛肉酱、红油2种即食油脂类调味品进行微生物检测,将不同比例的吐温80添加到样品前处理的稀释液中,采用浓度为107 CFU·mL-1的标准菌悬液,用常规细菌培养法检测结果。结果表明:选用比例为5%的吐温80对牛肉酱、红油的微生物指标进行检测,检测结果均在107 CFU·mL-1,与空白对照的检测结果在同一数量级上。与常规的稀释液相比,吐温80可使样品均匀分散在稀释液中,且不影响微生物的检测结果,可适用于高油脂类样品的日常微生物检测。     

Changing patterns of Asian currencies’ co-movement with the US dollar and the Chinese renminbi: Evidence from a wavelet multiresolution analysis

We extend the Frankel–Wei approach by using wavelet analysis to evaluate the relative importance of the dollar and the renminbi as anchor currencies at different time scales. We find that Asian currencies’ co-movement with the dollar weakened after the global financial crisis, while that with the renminbi strengthened particularly after China introduced a new exchange rate management system in 2015. The evidence suggests that emerging Asian economies have recently attached more importance to the renminbi as an anchor in exchange rate management.     

Security regulations,access to capital markets,and firm performance: Evidence from China

This study explores the cost of security regulations in China, where firms are required to meet a certain profitability benchmark before applying for permission to raise more equity via secondary equity offerings (SEOs). Using a difference-in-differences setting, we show that firms affected by the regulation (i.e., firms with high external financing demands (EFD) but profitability lower than the regulatory requirement) significantly underperform their counterparts, while unaffected firms do not. The affected firms’ performance decline increases (decreases) when the requirement of profitability is more (less) restricted. Consistently, the three-day cumulative abnormal return (CAR) of firms with high EFD is significantly negative (positive) when the regulation is tightened (loosened). Our study provides evidence on how the cost of regulation affects companies that have growth opportunities.