控股股东更换是否会提高公司绩效——基于中国上市公司的经验研究

控制权协议转让通常导致上市公司控股股东的更换,然而控股股东的更换是否能提高上市公司的绩效呢?本文对这一问题进行了实证研究.本文认为,控股股东的更换效率受投资者保护环境的影响,由于我国投资者保护环境尚不完善,控制权协议转让中存在较多的无效率交易,因此我国上市公司控股股东的更换并不能有效的提高公司绩效,这在股权转让比例较低...     

Reversing deforestation? Bioenergy and society in two Brazilian models

Year after year, the deforestation rates in Brazil are alarming and this country is one of largest consumers of biomass energy in the world. In order to respond to this scenario, Brazil has developed a vast forest potential that, by the other hand, has attracted the attention of environmental groups that struggle to reduce the establishment of large-scale exotic species plantations. To respond to both pressures (the productive and environmental), the non-governmental and the private sectors have developed two innovative and independent forms of social participation for addressing this matter. The non-governmental sector created the Forest Replacement Associations and the private companies created the Small-Farmers Forest Partners Program. An overview and an analysis of both models is presented here.     

预应力混凝土连续刚构钢筋替换分析

预应力混凝土连续刚构桥以其结构简洁、造价经济、施工方便等优势,在我国高速公路建设中得到了广泛应用。目前正在大规模建造的预应力混凝土连续刚构桥大多采用了HPB235和HRB335热轧钢筋。然而近期我国将逐步淘汰这两种钢筋。本文以云南省在建的一座连续刚构桥为例,分别按钢筋等面积替换和等强度替换方法进行了结构计算和经济分析,为钢筋牌号过渡期间该类桥梁建设的钢筋替换提供参考。     

“营改增”政策与产业链重整——基于山东德正达物流案例的分析

"营改增"作为我国十二五期间结构性减税的重大政策,正给企业发展带来实质性影响。本文通过对比山东德正达物流公司实施"营改增"政策前后的经营情况后发现:从短期看,"营改增"政策对物流企业税收不减反增;从长远看,"营改增"政策有助于推动企业进一步分工细化、转型升级,扩充企业生存发展空间;企业适应政策变化的能力和实际收益正相关。本文据此对未来金融业的"营改增"改革进行了前瞻性分析。     

营改增成效、问题与改进措施

营业税改征增值税是一项功在当前利在长远的财税体制改革。近两年来随着营改增的推进,我国结构性减税效应明显,不仅促进了产业结构升级调整,扩大了就业,而且拉动了经济增长,加速了固定资产投资,成效巨大。当前,需要关注并尽快解决的问题是部分企业税负增加、地方财政压力大、违规行为升温、中央和地方财税分配面临着的新挑战等。有关部门应促进增值税抵扣链条的全覆盖,加强地方税体系建设,加快增值税立法进程,强化监管,同时企业应加大业务流程改造力度,从而创造更加公平的税制环境,促进经济发展。     

An optimal phased replanting approach for cocoa trees with application to Ghana

This study solves for the optimum replacement rate (ORR) and initial replacement year (IRY) of cocoa trees (Theobroma cacao) in Ghana to maximize net present value and achieve steady state by employing a phased replanting approach. The annual ORR is 5%–7% across the three production systems studied: Low Input, Landrace Cocoa, High Input, No Shade Amazon Cocoa, and High Input, Medium Shade Cocoa. The optimal IRY ranges from year 5 to year 9 as a function of cocoa prices, fertilizer prices, labor prices, and percentage yield loss due to disease outbreaks. Deterministic results project economic gains that exceed currently practiced replacement approaches by 5.57%–14.67% across production systems with reduced, annual income volatility. The method applied in this study can be used to increase cocoa yields and stabilize income over time, and facilitate substantial quality of life improvements for many subsistence cocoa farmers in Ghana and around the world.     

老年患者人工股骨头置换术围手术期护理

目的探讨老年患者人工股骨头置换术围手术期护理体会。方法回顾性分析和总结2006年4月～2011年5月85例老年患者人工股骨头置换手术前、后的护理经验。结果 85例均安全度过围手术期,髋关节功能恢复良好,早期能借助助步器行走,无并发症发生,疗效满意。结论对人工股骨头置换患者做好围手术期护理,可提高手术成功率,预防并发症,提高患者的生活质量。     

管理层权力与认知偏差对企业衍生品投机行为的推动：替代还是互补？——来自中国上市公司的证据

以我国2008-2015年度应用过衍生品的沪深 A股上市公司数据为研究样本,考察管理层特征(管理层权力和认知偏差)与企业衍生品投机行为的相关性以及二者之间的交互关系,研究发现:在全样本与快速增长组中,管理层权力与认知偏差均与企业衍生品投机行为显著正相关;在非快速增长组中,管理层权力的作用显著,而认知偏差不显著;在全样本与非快速增长组中,认知偏差与管理层权力之间存在相互替代的作用关系,而在快速增长组中,两者之间的关系体现为相互加强,即互补关系.     

Customer-capturing strategies: The way to replace existing technology characterized by network effects

Network effects are the basis of competitive advantage in digital economies. Although some researchers have indicated that technologies characterized by network effects are difficult to replace, real-world situations have not confirmed this argument. Challengers still defeat market leaders in markets with network effects. The analytical results presented here include the following: (1) a proposed new concept, resilience, can describe the resistive strength of a network to challenger customer-capturing strategies, (2) three types of networks can be identified based on their resilience values, and (3) high-resilience networks possessing technology are difficult to replace.     

Reassessing board member allegiance: CEO replacement following financial misconduct

Research summary: We examine how board members' reactions following financial misconduct differ from those following other adverse organizational events, such as poor performance. We hypothesize that inside directors and directors appointed by the CEO may be particularly concerned about their reputation following deceptive financial practices. We demonstrate that directors more closely affiliated with the CEO are more likely to reduce their support for the CEO following financial misconduct, increasing the likelihood of CEO replacement. Enactment of the Sarbanes‐Oxley Act similarly alters governance dynamics by creating a greater expectation for sound corporate governance. We demonstrate our findings in U.S. public firms that restated their financial earnings during a 12‐year period before and after the passage of Sarbanes‐Oxley. Managerial summary: Given past concerns about lack of oversight by boards of directors leading to firm financial misconduct, we examine how the relationship between directors and CEOs may be altered in the face of such misconduct. We argue that directors most closely tied to the CEO (inside board members and board members appointed by the CEO), typically the most supportive of the CEO, may become most concerned about their own reputation following financial misconduct. We find that CEOs receive less support from these directors, a finding in contrast to past studies demonstrating that such board members tend to shield CEOs following poor performance. These findings are accentuated following the passage of the Sarbanes‐Oxley Act, which places greater responsibility on the CEO for the accuracy of financial reports. Copyright © 2015 John Wiley & Sons, Ltd.