面向高校跳蚤网的搜索引擎优化

高校跳蚤网是面向大学生的二手交易平台,满足大学生在线发布商品信息,同时促成双方线下交易。通过对搜索引擎优化方法的研究,本文采用多种方法对高校跳蚤网进行SEO优化,实现了该网站核心关键字在知名搜索引擎的排名较快上升,促进了网站推广。     

信息不对称、分析师关注度与增发折价

以2006—2010年间实施新股增发的我国沪深A股上市公司为样本,研究分析师关注度对增发折价的影响。研究发现:分析师关注度较高的上市公司具有较低的投资者间估值分歧和增发折价;分析师能力和盈余预测分歧对增发折价没有显著影响;分析师关注度的提高给分析师能力强的公司带来的增发折价降低幅度大于给分析师能力不强的公司带来的效果。     

股权结构、自由现金流量与权益再融资的股价效应

文章从一个全新的角度——股权结构对公司SEO股价效应的影响——出发,对自由现金流量理论进行了检验。结果显示：与股权高度集中和股权高度分散的上市公司相比,有较大的相对控股股东,同时还拥有其他大股东的这种股权结构的上市公司的代理成本更低,公司在发布SEO公告时引起的股价负效应也最小。     

中国上市公司现金股利利益侵占效应分析

流通股与非流通股的股权结构安排使得中国上市公司的现金股利具有利益侵占效应,即非流通股股东因无法获得股价上涨的收益而追求高额现金股利。非流通股股东较低的初始投资成本进一步增强了其对高额现金股利的偏好。但相对来说,现金股利只是一种较弱的利益侵占方式,并且现金股利支付将增大上市公司的盈余管理难度,因此,证监会将现金股利支付作为再融资门槛的重要参数有其合理性。     

Business strategy and the management of digital marketing

The internet brought disruptive change to the business landscape through the creation of a whole host of digital marketing tactics. But with these new tactical options has come the need for marketing managers to (1) prioritize what they wish to accomplish and (2) determine which digital marketing tactics to invest in. We consider these issues from the perspective of four business strategies: prospectors, analyzers, low-cost defenders, and differentiated defenders. In this article, we provide marketing managers with insights into how businesses pursuing various strategies approach these digital marketing issues, with the ultimate goal being to assist managers in the efficient and effective implementation of their firm’s adopted strategy.     

股权再融资中的盈余管理及其市场反应

盈余管理是公司在遵循会计准则的基础上,通过对外报告的会计收益信息进行控制或调整,以达到主体自身利益最大化的行为,公司上市后的股权再融资（Secondary Equity Offering,SEO）中通常会存在盈余管理。本文通过横截面估计方法,对2006年至2008年间有股权再融资的公司进行操控性利润的分离估计和检验,验证其是否存在盈余管理现象,并通过上市公司的盈利数据及累计超常收益率的回归检验,揭示市场对股权再融资和非股权再融资两类公司公布的财务状况的反应。     

The Differential Role of R&D and SG&A for Earnings Management and Stock Price Manipulation*

This paper documents a differential role of R&D versus selling, general, and administrative expenses (SG&A) for real earnings management. The distinction of these two components is important because prior studies mostly examine their combined use, but firms could manipulate them differently given the differing valuation implications. Reduced SG&A is viewed positively by investors as evidence of cost reduction, while reduced R&D is viewed negatively by investors as such expenditures are critical signals of expected growth. I examine their use in the context of seasoned equity offerings (SEOs) as well as firms receiving accounting and auditing enforcement releases (AAERs). Although both groups face strong incentives to manage earnings upward by reducing expenses, I predict and find that firms will reduce SG&A but increase R&D. During the manipulation period, SEO and AAER firms exhibit lower discretionary SG&A and higher discretionary R&D, relative to control firms, and investors positively value low discretionary SG&A and high discretionary R&D. Overall, this study confirms the importance of distinguishing between R&D and SG&A in real earnings management contexts and suggests a complementary (substitutive) relation between cutting SG&A (R&D) and accruals management.     

现代动态网站开发与技术浅析

本文的叙述围绕着现代企事业单位或个人动态网站开发与其中所包含技术进行展开,通过介绍和探讨这里面的内容展示了一个网站从提出开发需求到运营使用的全过程。     

Post-IPO Directors' Sales and Reissuing Activity: An Empirical Test of IPO Signalling Models

Signalling models of IPO underpricing argue that owners of high-quality firms signal firm quality by underpricing shares sold at the IPO and retaining a large equity stake because they benefit from IPO signalling by selling further shares in the aftermarket at a higher share price. This hypothesis is tested by examining whether the probabilities and volumes of subsequent share issues or insider sales are related to the proposed IPO signals. There is evidence that post-IPO share issuance is related to initial returns, but the same is not true for insider selling. Moreover, little evidence is found to support the view that the proportion of equity retained by initial owners is an IPO signal. Therefore, the signalling hypothesis is rejected.