研发投入、新兴资本与企业绩效关系探讨

文章以2012年我国上市公司年度报告为研究样本,应用AMOS结构方程软件,实证分析了研发投入、新兴资本与企业业绩的相互关系。研究表明,研发投入对新兴资本、新兴资本对企业业绩都具有显著的促进作用。企业要实现持久的业绩提升,必须转变新兴资本筹集渠道。自主研发应成为新兴资本最主要的获取途径,并且还需进一步调动研发人员积极性,促进研发费用向开发支出以及新兴资本的转化,并进一步加强新兴资本间的内部整合,提高新兴资本的投入效率。     

气候变化背景下哈萨克斯坦气候生产潜力时空特征分析

[目的]研究全球气候变化背景下气候生产潜力的时空分布特征,对于合理利用农业气候资源,促进农业生产力的提高具有重要意义。[方法]选择1901—2000年哈萨克斯坦24个代表气象站点的月平均气温和降水资料,采用Thortwaite Memorial、Miami模型估算气候生产潜力,并运用气候倾向率、M-K检验以及ArcGIS空间插值等方法对气候生产潜力时空分布特征进行分析。[结果](1)1901—2000年哈萨克斯坦气候生产潜力总体表现为增长趋势,不同时段气候生产潜力差异明显,相对于其他研究时段(T1,T3),T2(1936—1970年)时段气候生产潜力及增长速率最大,并且水热匹配状况最好;(2)哈萨克斯坦气候生产潜力空间分布地域性明显。YP(降水生产潜力)和Y E(蒸散生产潜力)总体表现为自东南向西北递减的趋势,YT(气温生产潜力)表现为自西南向东北递减的趋势,气候生产潜力高值区主要位于天山北麓及东部山区的河谷地带,低值区位于西部和南部荒漠区;(3)气候生产潜力对降水更为敏感,当气温保持不变,降水量增加(减少)10%、20%,YE将增加(减少)9.6%、19.94%。[结论]哈萨克斯坦东部气候生产潜力大于西部,天山北麓及河谷地区气候生产潜力大于平原地区,哈萨克斯坦气候生产潜力主要受降水量的制约,未来“暖干型”变化将会使研究区气候生产潜力下降。为提高农业生产潜力,必须加强对农业基础设施的建设和提高水资源的调配能力。     

Optimal taxation and redistribution in an OLG model with unemployment

This paper concerns redistribution via nonlinear income taxation in an overlapping generations model with two ability-types. We assume that the wage rates are determined by bargaining between unions and firms, meaning that the equilibrium is characterized by involuntary unemployment. We show that the policy instruments that are used to calculate the marginal labor income tax rate for each ability-type give rise to intertemporal tax base effects. In addition, since the relationship between the employment and the capital stock implies intertemporal production inefficiency at the second best optimum, imperfect competition in the labor market may itself justify capital income taxation.      

Consumer Expenditures and Home Production at Retirement – New Evidence from Germany

Abstract. This paper investigates consumer expenditures of German households pre‐ and post‐retirement. The widely observed distinct drop in spending upon retirement entry poses an empirical puzzle since life cycle theory predicts smoothing of the marginal utility of consumption over time. As one explanation, I explore the role of home production as a substitute for consumer expenses. Taking a combined look at consumer expenditures and time use pre‐ and post‐retirement, I find a significant drop of about 17% of pre‐retirement expenses at retirement which coincides with an increase in time spent on home production of an additional 89 minutes per day, accounting for 21% of average home production.     

Do hedge funds time market tail risk? Evidence from option-implied tail risk

This paper focuses on an unexplored dimension of fund managers’ timing ability: Market-wide tail risk implied by information in options markets. Constructing the option-implied tail risk, we investigate whether hedge fund managers can strategically time the tail risk through adjusting their exposure to changes of it. Using an extensive sample of equity-oriented hedge funds, we find strong evidence of tail risk timing ability of hedge fund managers. Furthermore, tail risk timing ability brings significant economic value to investors. Top-ranked funds outperform bottom-ranked funds by 5–7% annually after adjusting for risk factors. Our results are robust to various robustness checks.     

Alternate Measurement Approaches to Recreational Customer Satisfaction: Satisfaction-Only Versus Gap Scores

This study blends service quality and importance-performance methodologies to extend previous research beyond traditional customer service domains. The study examined water-based recreationists' importance and satisfaction ratings across a battery of 19 individual attributes within four domains relevant to outdoor recreation satisfaction (facilities, services, information, and recreation experience). Both the satisfaction-only item scores and gap scores (difference between importance and satisfaction level) were analyzed to determine their relationship within their respective satisfaction domain and with overall satisfaction. The satisfaction-only measures were found to be significantly better indicators than the gap scores of domain-level and overall satisfaction. The items were found to be stronger predictors within the four satisfaction domains than within the overall satisfaction model.     

管理舞弊与风险导向审计模式

管理舞弊引发的审计失败对传统风险导向审计模式提出了严重挑战,危及到审计职业的生存与发展。审计界虽然通过修订审计准则对其进行了改良,但改良后的风险导向审计模式仍然存在不可忽视的缺陷。为此,本文提出,风险导向审计应当继续更新审计理念,即引入舞弊推定和心证,以切实提高审计师揭露管理舞弊的能力。     

对外贸易与产业结构关系研究——以广东为例

通过VAR模型分析1987-2018对外贸易在中美贸易摩擦背景下对广东省的产业结构关系分析,从对外贸易对产业结构角度分析：早、中、后期对外贸易对一、三次产业正向冲击,对二次产业早、后期正向冲击,中期呈负向冲击;从产业结构对对外贸易冲击角度分析：早期没有冲击作用,中期一次产业对对外贸易存在负向冲击,二、三次产业对对外贸易存在正向冲击。并在此基础上采用2000-2018年泰尔指数、高级化指数稳健分析结果表明与对外贸易对广东省产业结构变迁现状一致,对外贸易与三次产业结构相互促进。并提出促进科学技术与二、三产业结合,政策方面倾向、企业层面提高技术投资,推动产业结构合理化、高级化,提升国际竞争力。     

人力资源管理外包机理研究——基于交易费用理论

人力资源管理外包作为一种新兴的人力资源管理模式,在帮助企业降低人力资源管理成本、提高人力资源管理品质和增强企业核心竞争力等方面发挥着越来越重要的作用。文章从交易费用理论出发,借鉴威廉姆森的启发式模型对人力资源管理外包的费用效率进行了分析。分析表明随着交易资产专用性程度的提高,市场交易的费用优势逐渐消失,对于临界区域的分析将是企业进行人力资源管理外包决策的主要依据。