Cash holdings of politically connected firms

Politically connected firms benefit from soft-budget constraints and are unlikely to suffer from liquidity constraints. This argument suggests that politically connected firms should hold less cash than non-connected peers. Another view posits that these firms exhibit acute corporate governance problems. In this setting, politically connected firms are more likely to hold more cash than non-connected firms. Using a sample of 50,119 firm-year observations from 31 countries, we find that politically connected firms hold more cash than their non-connected peers. We put forth two explanations for this result. Firstly, politicians use politically connected firms as “cash cows” to advance their political agendas. Secondly, political connections are conducive to agency problems. In additional analyses, we find that the positive relationship between political connections and cash holdings is stronger when corporate governance is weak.     

工程施工阶段的过程管理

工程项目管理包含了工程进度控制、质量控制、资金控制及安全管理。如何能有效的控制、完善过程管理,对提高工程管理水平具有重要意义。本文结合工作的实际情况,从建筑工程的资金、质量和安全三个方面论述了完善建筑工程管理的一些措施和方法。     

Towards a cross-cultural framework of strategic international human resource control: the case of Taiwanese high-tech subsidiaries in the USA

Due to the growing expansion of newly emerging multinational companies (MNCs) in the USA market, it seems pertinent to explore how to manage their Western industrialized subsidiaries in terms of human resource management. This study combines the institutionalism, resource dependence perspective, and control theory to provide an integrative framework in an attempt to investigate the cross-cultural determinants of strategic international human resource control over MNCs' subsidiaries. By a qualitative analysis of 10 Taiwanese top high-tech manufacturing companies operating in the USA, our findings are as follow: In order to perform subsidiary's value-added activities, multinationals need to identify the value and capabilities need for these activities. At the same time, subsidiaries also need to compare the cultural advantage of the home country in terms of these activities. In addition, from the perspective of cross-cultural influence, input control is designed to respond to high integration and high adaptation; output control is executed in the case of low integration and high cultural adaptation; while behavioural control is used to respond to high integration and low adaptation, simultaneously in the case of low value of subsidiary's activities.     

招标控制价的设立及分析

招投标是工程建设过程中的重要环节,确定合理报价是招投标过程中的关键。文章结合我国新颁布的清单计价规范,阐述了招标控制价的设立、作用、编制过程、管理方法等方面的内容,说明招标控制价有别于标底,能够真正反映招投标的客观、公平、公正的原则。     

浅议医院基建工程的造价控制

为了应对医疗市场的激烈竞争,大多数三甲、二甲医院在寻求自身持续发展的对策的同时,还面临着繁重的新建、改扩建任务。本文简单论述了医院基建工程的造价控制。     

A Generalized Cameron–Martin Formula with Applications to Partially Observed Dynamic Portfolio Optimization

The optimal dynamic allocation problem for a Bayesian investor is addressed when the stock's drift—modeled as a linear mean-reverting diffusion—is not observed directly but only via the measurement process. Adopting a martingale approach, an appropriate generalization of the Cameron–Martin (1945) formula then enables computation of both the optimal dynamic allocation and the value function for a general utility function, in terms of an inverse Laplace transform of an explicit expression. Moreover, closed-form formulas are provided in the case of power utility.     

国际工程管理要点浅析

根据国外EPC项目实施中的一些经验教训,结合国际工程管理的要点,阐述了如何进行工程进度、质量和成本控制,为企业在国外工程市场立足、扎根、发展提供帮助。     

内部控制信息透明度影响因素实证研究——来自化工行业上市公司2006年～2008年经验数据

从塑料、橡胶、石油化工行业2006年-2008年度354个调查样本的相关财务数据入手研究上市公司内部控制信息披露问题，量化影响内部控制信息披露因素。研究表明，设置审计委员会、上市地点、年度以及公司控制权、董事会规模时内部控制信息披露具有显著影响，并提出相应对策、建议。     

浅谈工程的质量控制

质量控制是目前工程管理工作的重点。本文准备就如何实现质量控制做一探讨。影响到一个工程质量的因素大致包括:设计、设备材料的质量、施工这几个方面,以下就这几个方面逐一进行讨论。     

企业集团管控模式研究文献综述

集团管控已经成为非常重要的前沿研究领域,学界针对母子公司管控问题的研究取得了丰硕的成果。在分析企业集团概念的基础上,本研究分别从外部机制观、内部机制观、内外部机制互动观、母子公司管控观等角度对现有的研究进行系统的总结和梳理,并对现有研究中存在的不足进行了评述。