财务战略影响公司商业信用融资能力吗？

以2007—2016年中国A股上市公司为样本，实证检验了公司财务战略定位上的异质性特征对公司商业信用融资能力的影响。研究发现，偏离行业平均水平的异质性财务战略显著降低了公司商业信用融资能力；收益波动程度增加和通过操纵性应计项目实施的盈余管理程度增强所引发的盈余质量降低，是偏离行业平均水平的异质性财务战略影响公司商业信用融资能力的中介路径，发挥了部分中介效应；考虑产权性质的调节作用后发现，相比非国有企业，国有企业加剧了财务战略定位上的异质性特征对公司商业信用融资能力的负面影响。     

上市公司慈善捐赠动机：利他还是利己——基于中国上市公司盈余管理的经验证据

基于2010—2015年间存续的深沪A股上市公司样本数据，从企业捐赠与应计及真实盈余管理的互动影响视角出发，探讨上市公司慈善捐赠是出于高度的社会责任感，还是企业或其管理层谋取私利的工具。研究发现：企业慈善捐赠水平与应计盈余管理程度存在正向的互动关系，与真实盈余管理程度存在负向的互动关系。按产权性质和股权集中度区分检验后发现，各类企业的捐赠私利性均较明显，且民营企业捐赠私利性强于国有企业，股权分散企业捐赠私利性强于股权高度集中企业。     

Seeing Like a City‐State: Behavioural Planning and Governance in Egypt's First Affordable Gated Community

Haram City is Egypt's first ‘affordable’ gated community, hosting both aspirational middle‐class homeowners and resettled poor urban residents. Amidst legal ambiguity during Egypt's 2011–2013 revolutionary period, the management team of this public–private partnership was tasked with creating a ‘fully self‐sufficient’ city. While Haram City is the product of top‐down ‘seeing like a state’ master planning (Scott, 1998 ), the day‐to‐day resolution of class vulnerabilities and disputes over ‘reasonableness’ in city life requires forms of interpersonal adjudication otherwise addressed through local urban law—‘seeing like a city’ (Valverde, 2011 ). This article uses ethnography of management techniques aiming to ‘upgrade behaviour’ to theorize that a private entity, in a strategically indeterminate relationship with the state, reconciles future‐oriented planning and storied prejudices by merging two visions of governance. Imitating the repertoire of urban law, managers plan the very realm of bottom‐up decision making. They then adapt top‐down urban planning to bottom‐up dispute resolution to spatially consolidate the ‘consensual’ outcomes of a rigged game. Evoking both colonial Egyptian vagrancy laws and neoliberal paternalist welfare, ‘seeing like a city‐state’ governance amounts to authoritarianism that conceals itself within custom, appearing neutral so as to plan streets, codes and inner lives at once.     

融券制度与内部人寻租——来自准自然实验的经验证据

内部人寻租一直以来是理论与实务界关心的重点,如何有效抑制内部人寻租行为是资本市场的重大课题。本文以内部人交易度量内部人寻租,分析了融券制度对内部人寻租的影响。研究发现:(1)融券制度对内部人寻租有显著抑制作用,并且融券规模越大,内部人寻租越少。(2)相比于国有企业,非国有企业当中融券制度对内部人寻租的抑制作用更加明显。本文还将内部人交易分方向进行回归,结果显示融券制度对内部人寻租的抑制作用主要体现在卖出方向上。本文进一步分析了融券制度影响内部人寻租的路径,发现“竞争效应”和“信息效应”是融券制度影响内部人寻租的两条重要路径。本文考虑了竞争性解释——分析师关注的作用,发现分析师关注并不能影响本文结论的正确性;本文还利用反面事实推断、倾向得分匹配、反向因果检验等方法,确保实证结论的稳健性。本文的研究结果,丰富了内部人寻租的特征及影响因素研究,有利于市场监管部门加强对内部人寻租行为的控制;扩充了有关融券制度的文献,为卖空制度的推行及完善提供理论依据。     

Cadastral data as a source for 3D indoor modelling

Despite the rapid development of indoor spatial data acquisition technology, there are currently no solutions that enable large-scale indoor spatial data acquisition due to several limiting factors that characterize the indoor space. This fact, together with the rapidly growing need for indoor models, is the main motivation for our research. The focus is on the study of the appropriateness of existing cadastral data for 3D indoor modelling. Within the study, a framework for 3D indoor modelling has been developed, comprising a chain of processes, starting from initial cadastral data and ending with the OGC IndoorGML compliant document. The process chain is divided into three parts, which are described individually and supported by UML activity diagrams. The Slovenian Building Cadastre data represents the basis for the framework design and data assessment. The IndoorGML standard is used for final outputs, as it provides a standardized data model for the representation and exchange of indoor spatial information designed for indoor navigation and location-based services. The data storage options using a spatially enabled database are presented for storing 2D and 3D geometries. The stored data enables fully automatic IndoorGML document generation on request, while also taking advantage of all spatial database functionalities. The proposed approach is software independent and can be implemented with various spatially enabled software packages. In addition to 3D indoor data modelling, the framework represents a comprehensive method for assessing the usability of input data for the purpose of 3D indoor modelling. The assessment is done for the case of the Slovenian Building Cadastre. The assessment of the cadastral data suitability for 3D indoor modelling can be used for decisions regarding future steps towards a multi-purpose 3D real property cadastre. The presented concept can be applied in many countries worldwide that have a similar condominium registration system.     

New development: Estate agents’ perspectives of anti-money laundering compliance—four key issues in the UK property market

ABSTRACT

In recent years, money laundering in the property market has come under scrutiny across the world, attracting significant attention from governments, regulators, policy-makers, NGOs, academics and others. However, there remain gaps in knowledge, which is particularly important given practical difficulties in the implementation of anti-money laundering (AML) obligations. This article offers new insights into such implementation in the context of the UK AML regime and the real estate sector. The authors analyse four important issues relating to the UK AML obligations: customer due diligence (CDD); reporting suspicion; training requirements; and letting (rental) agents.     

Housing privatization in Romania

Over the past three decades, Romanian housing rights changed from a strictly managed public stock to one governed by individual decision‐making. And while it is typical that widespread private ownership provides a basis for a well‐functioning housing market, in Romania this has not been the case. Indeed, rather than creating a market that spontaneously allocates resources efficiently, housing privatization in Romania has created exclusion rights, thus creating an Anti‐commons problem. This problem can have effects similar to those of the tragedy of the Commons in which those who share a common good overuse it. In the Anti‐commons, in contrast, if too many owners have the right to exclude others from use of a resource, the resource is underused. In both cases, the rights allocation wastes resources.     

技术产权交易激励机制探析——以泰州市为例

通过对泰州市技术产权交易激励政策的梳理,研究激励现状,总结了技术产权交易市场存在的问题,结合有关激励理论和技术产权交易的影响因素,从政策、技术、中介、风险控制等多角度为技术产权交易激励机制构建提出建议。     

物业管理立法的困境与路径

法学界长期对于社区治理问题比较忽视,仅有的一些研究成果集中于从民法角度研究物业管理中个别制度、概念的理论问题,长期争鸣而无定论,却忽视了整个物业管理的立法问题。由于缺乏完善的物业管理法律制度体系,物业矛盾化解缺乏充分的法治基础,许多问题无法可依,导致物业矛盾难以化解。目前,我国的物业管理立法面临许多困境,主要是行政主导立法与业主自治原则相冲突,全国性立法或缺或简,地方立法杂乱不足,以管理规约为代表的软法在小区治理中没有起到应有的作用等。未来的小区治理需要科学的物业管理立法,要做到坚持人大主导立法,构建"中央—地方—民间规范"的物业法律体系,鼓励业主参与立法,激发社会规范活力等。     

Payday lending,crime, and bankruptcy: Is there a connection?

The payday lending industry has been the subject of controversy over the years. This is largely due to the high fee structure of payday loans and the view of some that the industry targets economically vulnerable groups. For these reasons, some states prohibit payday lending, while others impose regulatory restrictions on their operations. Despite the prohibitions and restrictions, the industry nonetheless serves a significant segment of the U.S. population. Our purpose is to determine whether in addition to providing loans to individuals, access to payday lenders is associated with less property crime and fewer bankruptcies. Using a unique data set obtained directly from all state regulatory authorities, we find evidence, contrary to some earlier studies, that the presence of payday lenders may help reduce property crime as well as personal bankruptcies.