经营者股权激励的治理效应研究——来自中国上市公司的经验证据

本文运用我国上市公司的经验证据来考察公司治理特征、经营者股权激励与公司经营业绩提高的关系。研究结果表明 :(1 )实行股权激励的公司 ,在实行股权激励前业绩普遍较高 ,存在选择性偏见。 (2 )经营者因股权激励增加的持股数与由第一大股东选派的董事比例显著正相关。董事长和总经理由同一人兼任的公司 ,经营者因股权激励增加的持股数显著高于两职分离的公司。 (3 )成长性较高的公司 ,公司经营业绩的提高与经营者因股权激励增加的持股数显著正相关。 (4)强制经营者持股、用年薪购买流通股以及混合模式的激励效果较好。我们的研究结果还表明 ,对于那些内部治理机制弱化的公司 ,经营者存在利用股权激励机制为自己谋利掠夺股东利益的行为 ;成立相对独立的薪酬与考核委员会等类似机构作为股权激励的实施主体是重要的。     

战区军事交通运输网络保障能力评价研究

战区军事交通运输网络是战区平战时组织军事运输的物质基础,直接影响和制约战区军事交通运输的保障能力和水平。为此,建立科学合理的战区军事交通运输网络评价指标体系和方法,对于完善战区军事交通网络布局,做好战区军事交通准备具有重要意义。     

铁路客运站与市内交通换乘效率评价

铁路客运站与市内交通的换乘衔接是交通一体化研究的重要内容。通过建立定量化的评价指标体系,制定评价准则和评价指标,用综合评价方法给出计算实例,得到的综合评价结果可以准确反映铁路与市内交通换乘的规律及特征,为进一步协调、密切两者的换乘关系提供决策依据。     

Corporate governance and market valuation of capital and R&D investments

In this study, we examine how corporate governance structure affects market valuation of capital and R&D investments. We employ three empirical proxies of corporate governance—analyst following, board composition, and institutional holdings, and study whether market valuation of corporate investments varies with governance structure. Our results show that the market valuation of the firm's capital and R&D investments depends critically on analyst following and board composition, but not on institutional holdings.     

珠江三角洲城镇建设用地增长分析

珠江三角洲城镇建设用地增长的动力是珠三角经济超常规发展对用地的需求。城镇建设用地增长占用了很高比例的耕地,用地总量增长速度非常快,增量用地的用地构成以工业用地和住宅用地为主;用地增长存在明显的空间差异;大部分城市和建制镇人均建设用地增加,并没有根本改变大城市用地紧张的局面,而使原有用地较宽裕的中小城市和建制镇的人均建设用地摊大饼式的继续增加。针对用地增长的现状和存在的问题,本文提出了解决问题的对策和建议。     

转变浙江外贸增长方式的对策探讨

经过多年的快速增长,浙江已经成为我国的外贸大省。但是,浙江外贸增长具有明显的粗放式特征,外贸发展面临商品结构升级迟缓、出口低价竞争、贸易失衡、贸易摩擦频发和资源环境约束加剧等严峻形势。必须采取有效措施促进外贸增长方式的转变,保持浙江外贸的持续健康发展。     

Choice of routes in congested traffic networks: Experimental tests of the Braess Paradox

The Braess Paradox consists of showing that, in equilibrium, adding a new link that connects two routes running between a common origin and common destination may raise the travel cost for each network user. We report the results of two experiments designed to study whether the paradox is behaviorally realized in two simulated traffic networks that differ from each other in their topology. Both experiments include relatively large groups of participants who independently and repeatedly choose travel routes in one of two types of traffic networks, one with the added links and the other without them. Our results reject the hypothesis that the paradox is of marginal value and its force diminishes with experience. Rather, they strongly support the alternative hypothesis that with experience in traversing the networks financially motivated players converge to choosing the equilibrium routes in the network with added capacity despite sustaining a sharp decline in earnings.     

马克思主义两部类经济增长关系模型探讨

文章首先在马克思主义关于生产资料优先增长理论的原假设条件下,通过数学证明生产资料优先增长理论是成立的;然后根据现代社会经济活动的实际抽象出新的假定务件,即将劳动主观条件变化引入到这一理论模型中,用数学推理的方法证明,在新的条件下两部类的经济增长关系会呈现出:第一部类增长快于第二部类、第二部类增长快于第一部类和两部类同步增长这三种不同情况.文章最后对这些结论进行了实证检验.     

二次雷达S模式综述

A/C模式的二次雷达在目标数量增加到一定程度时暴露出许多问题,S模式是欧美国家开发的先进二次雷达协议,正在逐步取代传统的A/C模式。文中全面而简略地阐述了S模式的协议内容和工作机制,包括:S模式的起源和特点;S模式询问信号和应答信号的格式、含义、分类及询问应答机制;S模式的上下行数据格式、含义及涉及的重要问题;S模式的兼容性、锁定技术、Squitter模式、数据校验和干扰问题。最后,介绍了S模式在多个领域的应用情况。     

Managing and modeling the price reduction effect in mobile telecommunications traffic

As needs for telecommunications services diversify, an increasingly wide range of services is becoming available in the market. Service price reduction is one strategy used by service providers to retain existing subscribers. A price reduction for one service, however, can affect the individual-level usage for other services. Price reductions can also be imposed on a service provider by regulation. For these reasons, understanding how price reductions affect service usage is of growing importance to the telecommunications industry for purposes of pricing and tariff development. In this paper, an individual-level usage model for telecommunications services is developed and the effects on usage of a price reduction are analyzed. The model is applied to age-stratified aggregate traffic data for a Korean mobile telecommunication service provider. Finally, a 0-1 integer programming model is proposed for choosing which market segment should be targeted with a price reduction to minimize revenue loss. These models can be applied to market segmentation and price reduction strategy.