The Wealth Effect of Domestic Joint Ventures: Evidence from Taiwan

This study presents important international evidence by examining the wealth effect of domestic joint ventures by Taiwanese firms. In opposite to United States evidence, we find that announcements of domestic joint ventures by Taiwanese firms are, on average, associated with significantly negative abnormal stock returns. We also find that the stock market response to announced domestic joint ventures is significantly positively related to the announcing firms' investment opportunities, size of investment and debt ratio, and is significantly negatively related to the business relatedness variable. In contrast, free cash flow, firm size, relative firm size and managerial ownership are found to have no significant power in explaining the market response. Our results support the investment opportunities, synergy and complementarity hypotheses as well as a broad interpretation of the free cash flow hypothesis, but reject the absolute size, relative size and alignment-of-interests hypotheses. This study makes valuable contributions to the literature by providing the first direct evidence on the role of investment opportunities, synergy and alignment-of-interests in explaining the wealth effect of domestic joint ventures     

以知识联盟塑核心能力——论我国内资旅行社的市场竞争战略

随着我国旅行社行业的不断开放,小、散、弱、差的内资旅行社必须紧紧把握世界范围内的服务产业知识化的浪潮,塑造自己的核心能力,改造成为知识服务实体,方能在今后的竞争中生存和获胜。旅行社要获得持续的竞争优势,在满足顾客需求成为企业生命线的今天,必须具备的两个能力是满足顾客需求和发挥员工的积极性和智慧。旅行社的核心能力可以而且必须通过知识联盟来实现。     

φ127×9．19mmG105钻杆NC50内螺纹接头直角台肩根部裂纹原因分析

对某井在钻进期间发生的钻杆断裂事故进行了详细调查研究.对裂纹的钻杆样品断口进行了观分析和微观分析,对断裂钻杆材料的化学成分、机械性能和金相组织进行了全面试验分析。最终结合钻杆使用情况和试验分析结果对钻杆接头断裂和裂纹的原因进行了全面分析讨论，认为钻杆接头断裂和裂纹原因是该部位结构尺寸不合理，应力集中严重所致。     

Big Five Audits and Accounting Fraud*

We examine the association between Big Five audits and the incidence of accounting frauds allegedly committed by U.S. public companies between 1981 and 2001. Many commentators argue that the prominent financial reporting failures that led to major corporate governance reforms cast serious doubt on whether the large public accounting firms continue to supply relatively high‐quality audits, especially in recent years. However, in unmatched and matched samples, we provide strong, robust evidence that fraudulent financial reporting becomes less likely with the presence of a Big Five auditor. Importantly, time‐series tests suggest that the Big Five are consistently associated with a lower incidence of fraudulent accounting, including in the last five years of our sample period when the number of frauds soared. Moreover, we find evidence implying that these relations are causal rather than an artifact of endogeneity in auditor choice.     

利益衡量视角下的善意第三人与隐名共有人的出路探究

通过一典型案例可见不动产善意取得制度不能有效保护夫妻共有财产中隐名共有人的合法权利。揭示该问题产生的原因,并从善意第三人和隐名共有人利益衡量角度,设计出保护隐名共有人的制度平衡策略:增加第三人的注意义务,由律师负责相关审查来减轻国家赔偿责任和明确隐名共有人权利。     

深港共建区域知识产权贸易中心的挑战和应对策略

为了发挥香港在粤港澳大湾区高质量发展中的知识产权贸易中心地位,中共中央、国务院印发《粤港澳大湾区发展规划纲要》,特别提出支持香港成为区域知识产权贸易中心。目前,香港建设区域知识产权贸易中心面临着建设目标和路径不明晰、有效支撑不足、统计体系不完善、政策不明确等挑战,亟需将深港共建区域知识产权贸易中心明确为国家级战略,完善知识产权贸易统计体系,出台支持政策,营造良好生态,合力提升国际影响力。     

论特别窝藏犯的民事责任

1998年《最高人民法院关于执行〈中华人民共和国刑事诉讼法〉若干问题的解释》规定,在特殊情况下窝藏犯承担有限连带责任。但是,要求特别窝藏犯承担连带责任的正当性并不充分。补充责任不仅能充分保护被害人的合法权利,也明确了附带民事诉讼被告为终局责任人,有利于保护特别窝藏犯的正当利益。因此,特别窝赃犯承担补充责任较妥当。     

海洋综合执法模式的比较研究

海洋综合执法是克服海洋分散执法弊端的必然选择,目前我国海洋综合执法模式可以分为多元联合执法模式、一元统一执法模式和多元一体化执法模式,这三种模式在内涵和运行机制上都有显著区别,也各具自身的优势和不足,通过比较分析,可以为我们全面掌握海洋综合执法模式,以及在执法中如何选择海洋综合执法模式提供有益参考。     

Performance Implications of IJV Boards: A Contingency Perspective

This study draws from the corporate governance literature to investigate the implications of board involvement for international joint ventures (IJVs). We extend recent corporate governance research on the value of board involvement by investigating unique sources of complexity related to the nature of the IJV. We argue and find that board involvement can enhance the performance of IJVs, particularly for collaborations that are complex in nature due to their broad functional scope as well the level of market overlap between IJV parents. We complement recent research on joint venture control that has focused on the antecedents and types of control, as well as studies on formal (e.g. contractual safeguards and monitoring) and informal governance mechanisms (e.g. trust) by providing empirical evidence that IJV board involvement is valuable when directors undertake their control and coordination responsibilities. We advance corporate governance research by providing evidence that joint ventures possess several unique characteristics that shape the value of board involvement, thereby showing that applications of corporate governance theory to joint ventures are useful, but should be made with care.     

北京市农产品市内共同配送体系研究

在对北京市农产品现有配送体系现状进行调查的基础上,对目前存在的配送问题以及影响生鲜农产品质量和价格的因素加以分析,研究共同配送体系在北京市农产品市内配送中的应用意义,进而提出了解决北京市农产品配送问题的对策及今后发展趋势的一些构想。