从股票错误定价看投资-现金流敏感性

在传统的投资-现金流敏感性研究基础上,本文运用中国上市公司2003-2008年面板数据,考察了盈余管理造成的股票错误定价对公司投资-现金流敏感性的影响.本文的实证结果表明:当股价处于上升通道中时(即投资者看好投资前景时),公司的投资-现金流敏感性较高,并且融资约束对公司的投资-现金流敏感性影响显著,但盈余操纵导致错误定价对公司投资-现金流敏感性影响不大;股指处于下降通道时,通过盈余操纵导致股价高估的公司,往往无法获得外部股权融资,只体现了更高的稳定股价和投资的意愿,因此,此类公司的投资-现金流敏感性较高.本文运用信息不对称理论,结合投资者情绪和管理者行为分析,对研究结果进行了解释并指出了后续研究的方向.     

The Significance of Credit Rationing on Real Investment Activity – A Test for the Significance of Capital-Market Imperfection in Japan

Does bank credit matter to the real investment finance of firms? If so, to what kind of firms does it matter, and why? Despite the progress of research in this field, there is still little empirical consensus on these problems. This paper contributes to the understanding of capital-market imperfection in Japan by answering these questions. I introduce new methods to test the significance of credit rationing and show that bank credit is indeed a very important determinant of real investment activity of small firms. The availability of long-term loans has particularly significant effects on the investment opportunities of small firms, although large firms with capital of more than 1 billion yen are free from credit rationing. JEL Classification Numbers: C51, E44, G21.     

反相高效液相色谱法快速分析紫脲酸

为了给咖啡因生产中的亚硝化反应、还原工艺提供准确的中间体检测数据,寻找紫脲酸含量快速分析方法,利用反相高效液相色谱法,通过进行紫脲酸样品波长选择实验、系统适用性实验、定量摸索实验、精密度实验、线性实验,确定了检测波长和紫脲酸样品质量浓度与样品峰面积之间的线性关系。在15.80~188.60mg/L范围内,紫脲酸样品质量浓度与样品峰面积之间的线性方程为y=71.785x,相关系数R2=0.999 8,表明紫脲酸样品质量浓度与样品峰面积之间具有良好的线性关系。使用反相高效液相色谱法能准确、快速检测紫脲酸样品含量,及时对还原反应进行过程监控。     

传统村镇旅游发展比较——以徽州古村落群与江南六大古镇为例

我国的传统村镇都有着浓厚的文化底蕴和独特的人文景观,但不同区域传统村镇旅游的发展过程和发展方向却存在较大差异。文章分析传统村镇的集聚共性特征,并对我国传统村镇的发展特征差异,包括社会文化背景、经济发展水平、区位条件差异、地形特征等进行了分析,提出了传统村镇发展阶段理论,在此基础上对传统村镇发展方向和发展思路进行了比较分析。     

Wall of cash: The investment-cash flow sensitivity when capital becomes abundant

In the mid 2000s the oil and gas industry was hit by what might be best described as a ‘wall of cash’ as oil prices successively reached new record levels and access to external financing improved greatly. In this article we investigate what this sudden abundance of liquidity implied for the investment-cash flow relationship, the interpretation of which continues to generate controversy in the literature. For financially constrained firms we find that the investment-cash flow sensitivity decreases in the abundance period (2005–2008), suggesting that the financing constraints became less binding in this period. For financially unconstrained firms the investment-cash flow sensitivity instead increases over time, suggesting that this relationship is driven by agency problems related to free cash flow. Our paper is the first in the investment-cash flow literature to bring evidence from a natural experiment in which there was an unexpected, exogenous, substantial, and persistent decrease in the cost of external financing.     

Analysts' Cash Flow Forecasts,Audit Effort,and Audit Opinions on Internal Control

We examine the economic impact of analysts’ cash flow forecasts by looking at how external auditors respond to financial analysts’ issuance of cash flow forecasts. Using a differences‐in‐differences approach, we find that financial analysts’ initiation of cash flow forecasts leads to reduced auditor fees and audit report lags. Moreover, after cash flow forecast initiation, firms report fewer Section 404(b) internal control weakness disclosures. These findings suggest that cash flow forecasts constrain earnings manipulation and improve management accounting behavior, thereby reducing inherent and control risk and strengthening firms’ internal control over financial reporting.     

再论三峡库区旅游地空间的变动与重构——对《论三峡库区旅游地空间的变动与重构》的检验与发展

文章在梳理总结现有三峡旅游地空间结构研究的基础上,以2003～ 2009年三峡旅游地15区县的国内游客数和国内旅游收入数据为基础,运用位序—规模律对空间结构的变动进行了量化研究.文章发现,三峡旅游地总体上已经从空间极化阶段向均衡阶段转变,旅游产品变化、旅游交通完善和政府主导的跨区旅游企业整合等是影响空间重构的主要因素,并还将持续发挥影响.目前三峡旅游地已经形成了以万州和宜昌(夷陵—秭归)为组织核心,东段以三峡大坝—巫山—奉节为主要旅游吸引物,长江主航道、沪蓉、沪渝高速为主要轴线的旅游空间结构,但西段旅游组团的核心由丰都转为武隆,更多地表现为重庆都市圈旅游的特点,旅游空间结构的“东西分化”趋势明显;并有沿大宁河、神农溪等跨区旅游合作轴线向神农架和恩施州南北扩张的趋势.     

Online Customer Experience and Its Relationship to Repurchase Intention: An Empirical Case of Online Travel Agencies in China

The study reported here examines the relationship between flow experience and repurchase intention by focusing on the joint mediating effects of loyalty. Data were taken from a survey of shopping experiences, at online travel websites, of 325 customers in China. The results show that flow experience has a significant effect on repurchase attention. Moreover, interactive speed, skill, challenge, perceived control, telepresence, perceived usefulness, and perceived ease of use are positively related to flow experience. Lastly, the findings show that loyalty, to some extent, acts as a mediator between flow experience and repurchase attention.     

自由现金流与企业过度投资——基于内外部约束视角的实证研究

在我国转型经济的制度背景下,基于公司内外部约束视角,以我国制造业2001年—2012年主板上市公司为研究对象,研究了自由现金流与企业过度投资的关系,以及公司外部负债融资和内部公司治理机制对于过度投资的约束作用。研究表明:企业留存的过量自由现金流会造成企业的过度投资现象,而企业外部的债务约束以及内部完善的公司治理机制可以较有效的约束这种过度投资现象。结论对于建立约束企业过度投资行为的机制,提高企业投资决策效率具有理论和现实意义。