Net equity issuance effect in the UK

Net equity issuance (NEI) by firms has predictive power for US stock returns. This paper examines the NEI anomaly for UK stocks, using regression on firm characteristics and sorted portfolios with several factor models. The anomaly generalises to the UK only in part. We confirm the existence of a large NEI effect for small and midsize stocks, but not for large stocks. The repurchase effect, of positive abnormal returns following repurchases, is absent in the UK. We also find that the NEI effect in smaller stocks is not exploitable by investors, allowing for transaction costs.     

How would Capital Account Liberalization Affect China＇s Capital Flows and the Renminbi Real Exchange Rates？

In this paper we study the determinants of gross capital flows, project the size of China's international investment position in 2020, and analyze the implications for the renminbi real exchange rate if China liberalizes the capital account. We assume in this exercise that the renminbi will have largely achieved capital account convertibility by the end of the current decade, a timetable consistent with recent proposals by the People's Bank of China. Our analysis shows that if the capital account were liberalized, China's gross international investment position would grow significantly, and inflows and outflows would become much more balanced. The private sector would turn its net liability position into a balanced position, and the official sector would reduce its net asset position significantly, relative to the country's GDP. Because of the increasing importance of private sector foreign claims and the decreasing importance of official foreign reserves, China would be able to earn higher net investment income from abroad. Overall, China would continue to be a net creditor, with the net foreign asset position as a share of GDP remaining largely stable through this decade. These findings suggest that the renminbi real exchange rate would not be particularly sensitive to capital account liberalization as capital flows are expected to be two‐sided. The renminbi real exchange rate would likely be on a path of moderate appreciation as China is expected to maintain a sizeable growth differential with its trading partners.     

Prediction Ability of Cash Flows,Net Income （NI）, and Auditors

The accounting information should help investors and creditors evaluate the amounts, timing, and uncertainty of firms＇ future cash receipts and disbursements. The Financial Accounting Standards Board （FASB） contends that accrual-based historical earnings are superior to cash flows in predicting future cash flows. But, Bowen, Burgstahler, and Daley （1986） showed that traditional measures of cash flows （net income （NI） plus depreciation and working capital from operations） appear to be better predictors of future cash flows than accrual accounting earnings. Since then, many researchers have articulated the importance of accounting data, especially cash flows and NI, in the predictive and forecasting processes. In this study, we empirically re-examined the ability of cash flows from operating activities （CFO） and accrual-based NI in predicting firms＇ bankruptcy. In the past, the results of this type of research were mixed. Differently from previous research, we focus on the timing of predictive ability, i.e., which indicator, cash flows or NI, is faster in predicting a firm＇s bankruptcy. We also investigate the timing of auditors＇ issuance of a going-concern opinion. The preliminary results show that the accrual-based NI is more accurate and faster than either CFO or audit opinion in predicting firms＇ failures. On average, NI signals a firm＇s bankruptcy 2.41 years before the bankruptcy filing, while CFO signals 1.48 years before filing. Auditors issued a going-concern opinion, another signal for firms＇ failure, to only 16 out of 41 bankrupt firms one year before bankruptcy, and no auditor issued the going-concern opinion two years before bankruptcy.     

“土地换保障”征地模式下失地农民社会支持的现状及思考——以嘉兴市为个案

作为一个新生的弱势群体，社会支持对失地农民的生存和发展有着重要的意义。文章以浙江省嘉兴市为个案，考察了“土地换保障”征地模式下失地农民社会支持的现状及存在的问题，并以此为基础，提出要通过构建制度性社会保障体系，发展非制度性的社会支持网络，增强失地农民抵御日常生活风险的能力。     

财务评价中的三项估计值处理方法对比

文章研究了财务评价中基础数据和参数为三项估计值时的处理方法,并进行了对比。介绍了最可能值、平均值、三角模糊数和三项分布等方法处理三项估计值,并以房地产项目为例演示了各种处理方法的计算过程,对各处理方法进行了对比分析。最后认为对于三项值的不确定性处理在现行的学科体系下,采用三角分布是较好的选择。     

大竹巴山红香椿发展探讨

大竹县有500多年栽培巴山红香椿的历史。县政府联合林业部门积极的促进巴山红香椿的种植与推广，不仅仅改善了宣传推广形式，扩大了巴山红香椿的影响范围，用灵活的种植服务形式提高了农户的积极性，还通过科学规划，合理布局，对巴山红香椿的种苗质量进行严格把关，从总体上提高了造林成效。从大竹县促进巴山红香椿的实际入手，分析了大竹县红香椿经济发展现状，并对其在发展过程中所采取的策略进行了解读，提出再发展建议。     

The speed of adjustment in working capital requirement

This paper analyzes the determinants of working capital requirement (WCR) and examines the speed with which firms adjust toward their target WCR. The findings indicate that firms adjust relatively quickly, which supports the hypothesis that current balance sheet items are easier to manipulate and could be changed quite easily, even in the short run. Moreover, we find that the speed of adjustment is not equal across all firms and varies according to their external finance constraints and their bargaining power. Firms with better access to external capital markets and greater bargaining power adjust faster due to their lower costs of adjustment.     

定量包装商品净含量检验的必要性

随着我国市场经济的发展,定量包装商品的数量和种类也在迅速增加,因定量包装商品与广大人民群众的生活息息相关,所以对定量包装商品净含量的检验是十分必要的。     

Workflow process modelling and resource allocation based on polychromatic sets theory

In workflow management, studying the relationship between workflow process activities and resource allocation is one of the interesting research topics. Polychromatic sets theory (PST) is a relatively new mathematical theory which is especially suitable for treating such problems. Based on PST, this paper proposes a framework of workflow process modelling and resource allocation. As the theoretical foundation, polychromatic sets (PS), polychromatic graph (PG) and isolation operation (IO) of the PS are introduced. Special net structure (SNS), a special PG with colourless nodes and concolourous edges, is also introduced, and a new workflow process model and its verification algorithm are presented. Furthermore, a workflow resource model based on the entity of PS is developed. Based on IO of PS, the allocation mechanism that considers workflow process and workflow resource is proposed. Finally, a case study is provided to demonstrate the effectiveness of the above-mentioned theory and method.     

大学英语网络化教学改革中出现的问题及其对策

文章总结分析了大学英语网络化教学模式在教学实践中遇到的问题,诸如:综合课课堂教学效果不理想、学生上网不学习、自主能力学习能力差等问题及其成因,提出了并针上述问题提出了改进措施,从而提高新教学模式下的教学效果。