西方资本结构理论的新发展:一个理论综述

资本结构理论是现代公司财务理论研究中十分重要的部分。西方资本结构理论研究的目的在于从理论上解释决定企业资本结构的主要因素,揭示企业资本结构与企业市场价值及企业财务行为的内在关系,为企业投融资决策提供理论基础。从20世纪70年代开始,以产权理论、代理理论、信息不对称理论及产业组织理论为核心的新资本结构理论,突破了MM定理研究框架的束缚,开拓了资本结构理论研究的一个更为广阔的领域。本文对自20世纪70年代中期以来西方资本结构理论的新发展作一综述,以期为转轨时期的我国公司的投融资决策提供一些有益的启示和借鉴。     

2010年世博会与上海国际大都市形象塑造研究

上海城市形象建设存在明显短板,外界的负面评价也不少。首先从理论上归纳了国际大都市的4大核心特征;然后基于国际大都市的核心特征和上海市发展愿景,运用城市营销理论,从满足目标市场需求角度提炼出上海应该重点塑造的国际大都市导向的7种核心城市子形象。其次,通过对博览会理论和世博会实践的研究,剖析了世博会为上海城市形象塑造带来的6方面机遇。最后,提出成立上海城市形象战略管理中心等一系列对策建议。     

中国东部三大都市圈经济发展对比研究

改革开放30年来,东部地区的长三角、珠三角和京津冀三大都市圈在中国经济发展中具有举足轻重的地位,已成为中国经济发展的典型区域。本文分析了中国东部三大都市圈经济发展的共同力量,即沿海的地理优势和中国经济改革的优惠政策。进而运用数据对比,挖掘东部三大都市圈经济发展中差异化的主导力量,京津冀都市圈是政府干预主导下的经济发展;长三角都市圈是市场力量主导下的经济发展;珠三角都市圈是由政策引导和外向型经济等外在力量作用下政府干预和市场力量共同作用的经济发展。     

中国的DD-AA模型和宏观经济政策协调的实证研究

一年前,中国正式成为世贸组织的一员。随着开放程度的加深,对外贸易和国际资本流动对我国经济的影响日益增大。因此,在制定经济政策、分析政策效果时,我们必须同时关注内部均衡和外部均衡。本文在比较现有的三种模型的基础上,结合中国的情况,对DD-AA模型作了三点改进,并用实证的方法建立了适合中国的DD-AA模型,然后分析了货币政策、财政政策和汇率政策的效果,最后对如何加强政策协调提出了建议。     

功率超声场对A356半固态微观组织形成的作用机理

根据功率超声工艺制备A356铝合金半固态浆料实验结果,探讨在功率超声场作用下,A356铝合金半固态凝固过程中初生α-AL相细化和球化的机理。从合金的微观结晶过程描述了浆料中的形核和晶体的长大在超声场作用下的改变,提出了超声效应对合金凝固过程的综合影响。     

Revisiting Purchasing Power Parity in OECD

This study revisits Purchasing Power Parity theory (PPP) in the 34 OECD countries during January 1994–August 2013. We use a new panel stationary test with both sharp breaks and smooth shifts, a novel approach to panel unit-root testing, proposed by Bahmani–Oskooee et al. (2014). The results indicate that the PPP holds in half of the 34 OECD countries. These results indicate the importance of proper modelling of both sharp breaks and smooth shifts in real effective exchange rate series of OECD countries.     

Global supply network embeddedness and power: An analysis of international joint venture formations

As a subset of the international business literature, cross-border equity based partnerships have drawn significant academic attention. In the context of inter-firm partnerships, the power dynamics between parties and the implications that power has on the relational dynamics between firms is an important consideration. Research that connects power with network theory has recently emerged, suggesting that the network, as a source of power, plays a significant role in inter-firm dynamics. Yet, while there has been a substantial body of work either articulating the antecedents and consequences of power, little research has paid attention to the role that power plays in international JV formations; this presents a significant gap in the international business literature. Consequently, this study investigates the role that global network structure plays in the formation of new equity based international partnerships. Secondly, it contributes to the international JV literature by developing and testing a theoretical framework that examines inter-firm power dynamics as derived from the network position of each firm in the global network. Global network prominence, brokerage and weakness are key factors utilized in the analysis. The hypotheses are tested using a global manufacturing joint venture longitudinal dataset that contains 985,689 observations from 1985 to 2003. The results of the event history analysis indicate that for the manufacturer global network prominence, brokerage and weakness play an important role in new joint venture formations. On the other hand, only global network prominence is a significant factor for the potential partner.     

广西容县浪水电站挖潜改造展望

广西容县浪水电站是一座以发电为主的多功能电站,在县电网和梯级开发中处于骨干和中心地位。近年来,随着工农业的迅猛发展和社会的需求,当地的用电量迅速增长,因此浪水电站需要进一步挖潜改造和扩容增效,以确保其在县电网中的地位和作用。     

建国以来中国国家形象建设的历史演变及启示

随着全球化进程加速演变和中国改革开放事业不断推进,中国的国家形象建设问题日益引起关注。梳理和总结建国60年来中国国家形象建设历程和经验,加深对国家形象建设规律的认识和把握,对于在新的历史起点上推进国家形象的建设具有十分重要的作用。新时期中国国家形象建设应具有新的思路,需要转变观念,调整战略,要讲究传播策略,提升塑造效果。     

Not Only Gender: More on Debating Markets

The paper by Gudeman and Gudeman on the nature of computer-mediated-communication (CMC) is a valuable contribution. This comment argues that they neglected one important aspect affecting CMC, namely ideology, and suggests that the ''Debating Markets'' exchange had long-term negative impacts on Femecon.