城市轨道交通主变电所无功补偿方案研究

分析了城市轨道交通用电负荷的特点及主变电所无功补偿的意义,在现有三种无功补偿方案(电抗器固定补偿、SVC及SVG动态补偿)的基础上,结合轨道交通用电负荷的特点及目前低压配电系统、直流牵引系统新设备的采用,提出了两种新的无功补偿方案。     

股权再融资与企业现金分红

股权再融资往往意味着企业存在大量的融资需求,而实践中普遍存在的股权再融资后立即现金分红的现象有悖于募集资金的优序使用原则。基于此,本文从管理层自利视角出发,在对企业股权再融资后现金分红的行为偏好检验的基础上,进一步选取管理层薪酬增长率和企业股权质押活动作为管理层自利程度的代理变量,探索企业股权再融资后现金分红倾向的边界条件,为该行为背后的代理动机提供证明。基于2007~2017年所有A股上市公司样本,研究发现,企业的确存在股权再融资后立即现金分红的行为倾向;而较低的管理层薪酬增长率和企业股权质押活动会加剧企业股权融资对现金分红的促进作用。进一步研究发现,企业股权再融资活动会给现金分红带来消极的市场反应。上述研究结果表明,管理层自利是股权再融资的重要推动因素,而这一行为会给企业利益造成损害。     

CEO compensation in EU telecom companies: Does the state design the right incentives?

This paper analyzes the structure of CEO pay in European fixed telecommunication companies, focusing on the impact of state ownership. Results show that, under the (partial or total) control of the state, the level of CEO compensation is lower and pay-performance sensitivity is higher than in privately-controlled firms. This finding suggests the state provides an incentive as well as a monitoring effect. However, when the state holds the majority of the shares, the pay level is significantly affected by the CEO power, suggesting that in these firms, CEOs are more likely to be entrenched with boards and succeed in raising their pay.     

What Drives Executive Stock Option Backdating?

We study motives for executive stock option backdating, the practice of changing the grant dates of current options to dates in the past using hindsight. We find that smaller, younger and less profitable firms tend to be more heavily involved in backdating. These results are consistent with the retention hypothesis. In line with the incentive hypothesis, we find that backdating occurs more for options that are out‐of‐the‐money. We derive some evidence for the agency hypothesis, in the sense that backdating companies have a larger percentage of inside directors. However, contrary to this hypothesis, we conclude that backdating firms have better protection for minority shareholders compared to firms that do not backdate.     

Non-compensation-related consultant service and CEO compensation

This study examines how consultants’ non-compensation-related consulting service (NCS) affects the contractual usefulness of accounting and stock information in executive compensation, as reflected in pay-performance sensitivity. The hypothesis is based on anecdotal evidence suggesting that consultants’ provision of NCS is likely to adversely affect the quality of CEO compensation plans. We investigate whether the consultants providing NCS are involved in potential conflicts of interest. The results show that CEO pay is higher in companies where consultants provide NCS and have a higher NCS fee ratio. The pay-performance sensitivity in CEO compensation decreases when consultants engage in NCS. The overall results are consistent with NCS representing a conflict of interest and compromising the quality of compensation committees.     

环境税的生态补偿效应分析

环境税作为解决负外部性的一个重要手段,在生态补偿过程中发挥着重要作用。本文从经济效率、收入分配、就业、社会福利等几个方面分析了环境税的生态补偿效应,从而为我国生态环境税制的建立健全提供一定的理论依据。     

10KV中频炉供电系统动态无功综合补偿滤波装置

针对用户供电系统的负荷分布状况及负荷生产特点,或考虑无源HVC自动谐波滤波装置与高压有源APF动态无功综合补偿滤波装置相结合的技术方案,整套装置在对负荷进行补偿滤波的控制过程中,HVC与APF互相配合,既能保证滤波补偿效果,又可避免无功过补,属于一种比较先进的补偿、滤波方式。     

保险赔偿金作为遗产继承的实务研究——关于投保人指定“法定”受益人的探讨

投保人专业知识的匮乏以及保险代理人执业的不规范和保险公司审核保单的疏漏,使得近年来投保人指定受益人为＂法定＂的情形在人身保险中时有出现。对于保单上受益人一栏为＂法定＂的情形,宜将其作未指定受益人来理解。保险赔偿金也将作为被保险人的遗产,由在事故发生时被保险人的法定继承人按《中华人民共和国继承法》予以继承。     

重庆“钉子户”事件的物权法分析

重庆"钉子户"事件引起了社会的广泛关注。该事件的产生涉及若干《物权法》上的问题,也反映了目前我国城市房屋拆迁制度存在的缺陷。弥补这些缺陷应在《物权法》中明确界定"公共利益"的范围、确定拆迁补偿的规则,从而进一步完善《物权法》中的征收制度。