基于Carol模型中国公司品牌资产影响因素实证研究

基于Carol模型,本文提出了一个测量品牌资产的定量方法,立足于公司财务层面,分解品牌资产的影响因素。以中国上证A股公司为实证研究的对象,检验本文构建的模型并得出结论,同时为中国企业的品牌建设提出了一些建议。     

安徽省林业产权改革实践及理论思考

通过对安徽省林业产权实践改革的分析,运用经济学的理论分析得出,虽然林业产权转换是改革的大方向．但林业资源的特殊性又使得这种制度变迁显得底气不足,而且在目前林业集体所有制的前提下,仅盘活经营权的林业产权结构转换,很难保证长效激励。     

How and why large scale agricultural land investments do not create long-term employment benefits: A critique of the ‘state’ of labour regulations in Ghana

Support for large scale agricultural investments in Africa has been mainly premised on their employment prospects for local populations. However, despite earlier calls by Tania Li to centre labour in the land grabs debate, labour is generally invisible in both mainstream policy and academic research. This paper, through a governance lens, draws attention to the implications of the global land rush on wage labour. In principle, policy frameworks that emphasise the labour potentials from large-scale land investments also gravitate towards regulations that seek to facilitate capital accumulation and mitigate negative impacts on communities – congruent with Ghana’s policy direction. This paper assesses the political-economic context of the legislative gaps in the current governance framework for wage labour and large-scale agriculture in Ghana; characterised mainly by absent, illusively present and repressive institutions. It is supported with empirical findings from the nature of farm workers’ incorporation into a transnational oil palm plantation in Ghana, their struggles over the nature of the investment, and the political orientation of the existing regulatory institutions. The study calls for policy measures which address power relations that shape the distribution of benefits from land investments, and also recognise structural inequalities that exist in and outside of agriculture.     

Short-selling restrictions and firms’ environment responsibility

We examine the effect of short selling on firms’ environmental pollution control behavior. Using novel data from Chinese listed firms, we demonstrate that when the short selling of stocks is permitted, the respective firms invest more in pollution protection. Consequently, ex ante threats to short selling could potentially explain firms’ investment in pollution protection. In contrast, we do not find a positive relation between margin trading and firms’ pollution protection expenses. We further discover that the effect of short selling is more pronounced in firms with lower institutional ownership and lower market competition. These findings shed light on the role of short sales in pollution abatement.     

企业业务接待活动中存在的问题、原因分析及对策探讨

企业作为市场经济主体,在业务招待范畴中包含了公务接待和商务接待活动。改革实践中,由于旧有观念的冲突、制度刚性约束不强等原因,接待费用失控、顶风违纪等行为在企业内部时有发生。论文总结了企业接待中容易出现的问题,并从客观与主观两方面对产生问题的原因进行分析,提出解决办法,对企业强化“三公经费”管理,落实中央八项规定精神具有一定的借鉴作用。     

基于委托-代理关系下的供应链成本研究

在委托-代理关系下探讨了供应链企业之间交易成本产生的机理,并提出了降低供应链企业间交易成本的路径和措施。     

Last‐Chance Earnings Management: Using the Tax Expense to Meet Analysts' Forecasts*

We assert that the tax expense is a powerful context in which to study earnings management, because it is one of the last accounts closed prior to earnings announcements. Although many pre‐tax accruals must be posted in the year‐end general ledger, managers estimate and negotiate tax expense with their auditors immediately prior to earnings announcements. We hypothesize that changes from third‐ to fourth‐quarter effective tax rates (ETRs) are negatively related to whether and how much a firm's earnings absent tax expense management miss analysts' consensus forecast, a proxy for target earnings. We measure earnings absent tax expense management as actual pre‐tax earnings adjusted for the annual ETR reported at the third quarter. We provide robust evidence that firms lower their projected ETRs when they miss the consensus forecast, which is consistent with firms decreasing their tax expense if non‐tax sources of earnings management are insufficient to achieve targets. We also find that firms that exceed earnings targets increase their ETR, but this effect is less significant. By studying the tax expense in total, rather than narrow components of deferred tax expense, our results provide general evidence that reported taxes are used to manage earnings.     

Cementing the case for collusion under the National Recovery Administration

Macroeconomists have long debated the aggregate effects of anti-competitive provisions under the “Codes of Fair Conduct” promulgated by the National Industrial Recovery Act (NIRA). Despite the emphasis on these provisions, there is only limited evidence documenting any actual effects at the micro-level. We use a combination of narrative evidence and a novel plant-level dataset from 1929, 1931, 1933, and 1935 to study the effects of the NIRA in the cement industry. We develop a test for collusion specific to this particular industry. We find strong evidence that before the NIRA, the costs of a plant's nearest neighbor had a positive effect on a plant's own price, suggesting competition. After the NIRA, this effect is completely eliminated, with no correlation between a plant's own price and its neighbor's cost.     

股骨干骨折合并侧髋关节脱位临床分析

本文报告了三例临床上少见的股骨干骨折合并同侧髋关节脱位，其特点是：发生率低，合并其他部位损伤多；早期确诊率低，髋关节脱位漏诊率高；徒手复位成功率低，手术率高。分析了漏诊原因及其防止措施，并提出了处理骨折与脱位的方法。