滑带土抗剪强度影响因素及其变化规律综述

滑带土抗剪强度取值对滑坡稳定性评价和滑坡治理工程设计起关键性的作用。通过回顾前人对滑坡的研究成果,总结了滑带土抗剪强度的影响因素及其这些因素(在一定条件下)的变化规律。研究的内容包括针对滑坡变形破坏到趋于稳定的五个发展阶段对应的滑带土峰值抗剪强度、完全软化抗剪强度、残余抗剪强度、长期抗剪强度和再生强度。最后,在调查清滑坡的变形破坏阶段的基础上,讨论了上述5个抗剪强度的取值问题。     

Overseas Impacts of China's Outward Direct Investment

China's outward direct investment (ODI) has grown rapidly since 2004. But along with such phenomenal growth is a mixed feeling toward Chinese investments in host countries. This article explores some overseas impacts of Chinese ODI based on an analysis of China's policy environment and investment patterns. We argue that what Chinese investors bring to host economies includes (i) massive job creation, but limited technology transfers to the local economy; (ii) ample capital as well as entry into the Chinese market; and (iii) damage from corporate social misbehavior. However, we suspect that these overseas impacts may be transitory as three dynamics, increased conflicts, accelerated learning and China's domestic structural changes, are simultaneously set in motion.     

房地产业发展对资本回报率的影响

采用资本租金公式法测算资本回报率,结果显示,房地产业发展拉低了资本回报率,2003年之后愈加明显。通过对房地产业投资和资本回报率关系的检验,发现房地产业投资对实体经济影响有限,短期拉动作用表现为年度贡献,长期内存在较大的波动效应;房地产业发展对资本回报率省际趋同效应的减弱日益显著。     

匹克与阿迪达斯国际化经营战略比较研究

国际企业作为实现国际化投资、经营和管理的组织载体和国际市场行为主体,活跃在世界经济的舞台上。本文以匹克与阿迪达斯公司国际化经营战略为研究内容,从战略管理视角,结合匹克与阿迪达斯的国际经营环境之间的差异,系统论述了匹克与阿迪达斯在品牌国际化、海外市场进入模式和全球经营方面的差异,指出匹克这样的中国企业在国际化进程中既要学习阿迪达斯这样的国际著名体育企业的国际化经营战略,还要结合自身企业状况,制定合理的国际化经营战略。     

中小企业信用评级指标体系及模型研究

科学合理的信用评级有助于中小企业的发展,有助于金融机构和信用评级机构准确判断其信用状况。分析现行中小企业信用评级指标体系存在的问题,在充分考虑中小企业风险及创新能力等因素上,构建了中小企业信用评级指标体系,运用定量分析和定性分析相结合的方法建立中小企业信用评级模型,并对中小企业信用评级体系的建设提出建议。     

Profits and losses from changes in fair value,executive cash compensation and managerial power: Evidence from A-share listed companies in China

According to optimal contracting theory, compensation contracts are effective in solving the agency problem between stockholders and managers. Executive compensation is naturally related to firm performance. However, contracts are not always perfect. Managers may exert influence on the formulation and implementation of compensation contracts by means of their managerial power. As fair value has been introduced into the new accounting standards in China, new concerns have arisen over the relationship between profits and losses from changes in fair value (CFV) and levels of executive compensation. In this study, we find that executive compensation is significantly related to CFV. However, this sensitivity is asymmetric in that increases to compensation due to profits from changes in fair value (PCFV) are higher than reductions to compensation due to losses from changes in fair value (LCFV). Furthermore, we find that managerial power determines the strength of this asymmetry.     

Why firms issue callable bonds: Hedging investment uncertainty

This paper analyzes a firm's dynamic decisions: i) whether to issue a callable or non-callable bond; ii) when to call the callable bond; and iii) whether to refund it when it is called. We argue that a firm uses a callable bond to reduce the risk-shifting problem in case its investment opportunities become poor. Our empirical findings support this argument. We find that a firm facing poorer future investment opportunities is more likely to issue a callable bond than a firm facing better investment opportunities. In addition, a firm with a higher leverage ratio and higher investment risk is more likely to issue a callable bond. Finally, after a callable bond is issued, a firm with a poor performance and a low investment activity tends to call back a bond without refunding; a firm with the best performance and highest investment activity tends to call back a bond and refund its call; and a firm with mediocre performance and investment activity tends to not call its bonds.     

垄断竞争、产业内贸易与相对工资差距

本文首先运用理论模型推导出垄断竞争市场条件下产业内贸易与行业相对工资差距之间的关系。理论结果显示,当产品的产出技能替代弹性(高技术工人相对雇佣量的变化率/产出的变化率)为正时,产业内贸易将会扩大相对工资差距;当产品的产出技能替代弹性为负时,产业内贸易将会缩小相对工资差距。然后以中美工业制成品产业内贸易为例对该结论进行验证,计量检验结果表明,我国制成品的产出技能替代弹性为正,中美工业制成品产业内贸易扩大了相对工资差距。     

观点:减税更能刺激中国经济增长

目前 ,我国宏观经济终于出现了一些可喜的转折。但这种转折大部分靠的是政府的财政投资杠杆启动与牵引的。从宏观调控的角度而言 ,我国对税收杠杆的使用 ,比之其它的杠杆 ,似乎太缺乏力度 !这到底是为什么呢 ?值得大家关注与深思。———本栏首席主持 :艾鋈镅中国经济增长率已经连续下降六个年头 (仅1996年与 1995年持平 ) ,从 1997年的 14 1%降到了 1999年的 7 1% ,同时出现了产品难销、失业增加和物价指数降低的萧条景象。用经济学的术语说 ,就是总需求小于总供给。总需求由三部分构成 :消费、投资和净出口 (出口减去进口 ) ,消费取决于收…     

技术创新项目组合决策支持系统

一、证券投资组合分析 由于证券组合在思想上与技术创新项目组合相同,即都为了在风险和收益作出权衡考虑,因此,许多学者采用Markowits思想进行R＆D项目选择,然而,证券组合模型用于技术创新项目组合决策存在的缺陷有: (1)只适合于证券投资组合,而不适合于一般工程项目和新产品开发项目(技术创新项目)的投资决策.