基于信号传递假说的上市公司股票送转财务效应研究

基于信号传递假说,选取在沪深两市上市的2003～2009年期间实施了送股、转增或股票送转的A股上市公司作为样本,对上市公司股票送转财务效应进行实证分析。研究表明:一方面,上市公司实施股票送转的确存在财务效应,盈利能力、发展能力、资产管理能力与偿债能力在公司实施股票送转后均显著增强,但是整体而言,股票送转的财务效应存在一定的滞后性,一般为一个季度;另一方面,上市公司股票送转的财务效应强度与送转比成正比例关系,且财务效应的强度也随着公司的盈利能力与成长性的增长而增强。     

汇率行为对地区出口商品技术水平的影响——基于省际面板数据的分析

人民币汇率制度、汇率变动对地区出口技术水平有什么样的影响?通过改进现有方法,利用面板数据的回归分析考察后发现:第一,汇率制度变量对地区出口技术水平以及高度化有显著的正向影响;第二,实际有效汇率升值对我国各地区平均出口技术水平的提升有显著的拉动效应;第三,实际有效汇率变动与地区出口技术“高度化”指数呈反向关系,说明人民币实际有效汇率不能提升地区间出口技术的相对高度,反而利于地区间出口技术水平的均等化发展.     

脏腑病变对压力波的影响

根据波动理论，推证了脏腑病变对压力波的影响，分析了寸、关、尺部位的脉状与病变脏腑的关系。     

Gradual Structural Changes of Meat Consumption in Taiwan

Abstract

This paper utilized a linear approximate version of the Almost Ideal Demand System to evaluate structural changes of meat consumption in Taiwan. Time transition paths for each product were identified, and the first-order autocorrelation was taken into consideration. Structural changes of beef consumption were completed before structural changes of other products had started. Shifts in consumption patterns of pork and poultry took about the same length of time. Structural changes of fishery products occurred toward the end of the time period. With the gradual switching time paths, estimated elasticities revealed that own-price elasticities for pork, beef, and fishery products became more responsive to their own-price changes.     

中国股票市场制度创新中政府角色的转换

在中国股票市场制度创新中 ,由于受到强制性制度变迁模式的制约 ,政府一直以来在制度创新中扮演着主导作用———提供制度变迁的方案 ,并具体实施和控制制度创新的组织化、制度化进程。这种由国家推动证券市场发展的强制性变迁模式发展到今天 ,已显现出各种内在矛盾 ,要推动中国股票市场制度创新的可持续发展 ,必须要实现政府在制度创新中角色的成功转换 ,使“政府控制型”制度创新向“市场取向型”的制度创新演进。     

The private placement of bank equity

This paper investigates the role of private placements of common stock as a source of bank capital. Our results show that information asymmetry problems that typically attend new offers of bank equity are mitigated in the private placement process. Moreover buyers of privately placed common stock seem to provide a quality certification of capital deficient bank holding companies. Our evidence is also consistent with the notion that buyers of privately placed common stock provide a monitoring service that aligns the interest of the bank's managers and shareholders. Finally, we find no evidence that private placements are predominately motivated by incumbent management's attempts to sell equity to a friendly buyer at the expense of the bank's current shareholders.     

Work organization, preferences dynamics and the industrialization process

In this article, the industrialization process can be regarded as the transition from traditional to modern and more coercive work organizations. Workers are heterogeneous (autonomous or non-autonomous) and according to their preferences they choose between these two organizational forms. In addition, preferences evolve through intergenerational transmission mechanisms. This setting allows for a reciprocal interplay between the evolution of workers' autonomy and the industrialization process that generates multiple development paths. Thus, the initial degree of autonomy within the workforce may have long-run implications for the level of industrialization. Finally, taking into account a complementarity between autonomy and incentives to invest in human capital, we conclude to a non-monotonic impact of workers' autonomy on the growth process.     

区域性会计准则协调机制有效吗?——来自亚大会计准则制定机构组(AOSSG)成员的经验证据

从会计准则变迁的动因出发,构建博弈模型,将影响会计准则变迁的相关因素与准则变迁结果联系起来,为会计准则变迁机制研究提供一个基本的分析框架。为了获得经验证据的支持,选取亚大会计准则制定机构组(AOSSG)13个成员国家或地区的数据进行实证研究。结果显示,无论是否进行因素控制,不同成员之间的财务报告质量均存在显著差异,且这种差异没有因为AOSSG的成立而消除。由此得出结论,区域性会计准则协调组织是会计准则国际协调机制的中间环节,其作用的发挥是一个演化过程,不同国家或地区之间财务报告质量的差异在短期内难以消除。     

农业承包制与工业承包制的比较研究

要阐释工业承包制失败的内在机理,需要从不同角度、不同层面比较农业承包制与工业承包制的差异。在制度变迁方式、制度的稳定性、公有生产资料的性质和数量以及利益驱动机制、冗员负担等方面,农业承包制与工业承包制都存在较大的差异。而正是这些差异的存在导致了农业承包制的成功和工业承包制的失败。     

一种低熔点金属液泵

本实用新型涉及一种低熔点金属液提升泵。对该结构的改变以及滑动轴承材料的改变,将使设备的使用寿命延长十几倍,生产效率得到数倍的提高,极大的节约了生产成本。具有很强的实际应用价值。