Government Engagement,Environmental Policy,and Environmental Performance: Evidence from the Most Polluting Chinese Listed Firms

This study empirically examines the implementation of environmental policies and how government engagement impacts on a firm's environmental performance based on a sample of Chinese listed firms in the eight most polluting industries over a 10‐year period. The findings of the study demonstrate that government engagement, measured as ownership structure, is positively correlated with environmental performance, measured by environmental capital expenditure, for state‐owned firms, but no significant relation is found for non‐state‐owned firms. In addition, non‐state‐owned firms are more likely to perform better in terms of environmental investment after the 2006 enactment of a new policy explicitly linking environmental issues with political incentives to regional governments. This study also reports that corporate environmental performance impairs firm value for state‐owned firms but has no impact on firm value for non‐state‐owned firms, suggesting that investors negatively respond to environmental investments made by state‐owned firms as a result of government engagement/political pressure. Copyright © 2013 John Wiley & Sons, Ltd and ERP Environment.     

第三方物流在酒店管理发展中的应用

分析了第三方物流在酒店管理应用中的独特优势,对如何在酒店管理中更好地应用第三方物流提出了策略参考,以期为提高酒店行业的物流管理水平带来一定的参考意义。     

美国社区学院多元化办学与筹资模式的经验和启示

本文以美国阿拉莫学院(Alamo Colleges)为例,总结分析其成功办学经验,提出对我国现代职业教育的建立和筹资的若干启示和建议。     

Do environmental regulations hamper small enterprises' market entry? Evidence from China

Due to the serious increase of environmental pollution in China, environmental regulations have become significantly stringent. Such regulations are playing an increasingly important role in the development of small enterprises (SEs) in China, especially in SEs' market entry. However, existing studies pay little attention to this issue. This paper investigates for the first time the effect of environmental regulations on SEs' market entry and the mechanism of environmental regulation effects in China. We consider two sets of panel data for the periods 2003–2010 and 2012–2015 in China. We also use the fixed effect model and the instrumental variable method to explore the role of environmental regulations in SEs' market entry. The results show that, overall, environmental regulations play a significantly positive and robust role in SEs' market entry. However, the mechanisms associated with the effect of environmental regulations on different innovative types of SEs differ. Environmental regulations promote the market entry of SEs with product innovation, but this impact is not significant for SEs with research and development (R&D) activities and R&D institutions. Our findings indicate that China's SEs prefer product innovation, which is a lower level innovative type, over R&D innovation, as a means to avoid the negative impact of stringent environmental regulations.     

Managerial entrenchment, equity payout and capital structure

I develop a contingent claims model to examine the impacts of managerial entrenchment on capital structure and security valuation. The analysis shows that managers’ self-interested leverage choices deviate significantly from the optimal leverages that maximize firm values, partially explaining the suboptimal leverage ratios observed empirically (Graham, 2000). Both the extent and sensitivity of the deviations are affected by firm characteristics, debt features and default solutions. The shareholder-manager conflicts over risk level and cash payout vary dynamically with a firm’s financial health. Managerial entrenchment does not mitigate the agency problems of debt since managers’ discretionary decisions on milking properties or asset substitution could be driven by incentives to increase their own utility.     

深厚层无碾压土石围堰防渗施工技术的研究与应用

作者讲述本人在四川嘉陵江上石盘电航综合枢纽工程施工中,对水下深厚层无碾压土石围堰防渗体系施工技术的研究与成功应用,为类似土石围堰工程防渗施工提供借鉴和成功经验。     

高职经管类实训室践行“6S”现场管理的探索

6S管理可以改善现场环境,提升职业素养,培养协作能力,深化校企合作。本文主要从上述方面论述了在高职经管类实训室中实施6S管理的必要性,以及在推行过程中存在的问题,并针对问题展开讨论,找出了一些问题的解决对策。     

中国文化下的绩效和认可

绩效和认可的理念在中国越来越被接受,并且很多企业开始在管理实践中用认可来激励和管理员工。有关绩效与认可的理念是先进和令员工振奋的,但在中国企业实施时,常常会产生"南橘北枳"的无奈。本文探讨了在中国的环境中,和合文化、"圈子"文化、中庸文化、面子文化、"集体本位"文化对于绩效和认可的影响,并且提出了对企业的建议。     

News

MIIT: Textile Industry Output & Export Kept Growing in Frist Two Months Accoriding to Ministry of Industry and Information Technology, both the output and export of textile industry grew stably from Jan. to Feb.     

Behavioral theories and the pricing of IPOs’ discretionary current accruals

The main purpose of this paper is to provide additional evidence about the effect of discretionary current accruals on the pricing of IPOs. This paper seeks to discriminate between two alternative explanations for the prior findings: (1) behavioral biases coupled with limited arbitrage; and (2) the sample- and period-specific nature of the results in the prior literature. The IPOs from 1962 to 1998 were used to obtain the following results. First, there was not a negative association observed between discretionary current accruals and subsequent price performance for the 1926–1971 period. Second, analysis reveals that the pattern of cross-sectional evidence is inconsistent with the predictions made by behavioral theories. Third, in the 1972–1998 period, evidence of predictable negative performance attributable to IPO discretionary current accruals is limited to NASDAQ firms. These findings are difficult to reconcile with the explanation of behavioral biases coupled with limited arbitrage.