Local interests or centralized targets? How China’s local government implements the farmland policy of Requisition–Compensation Balance

The Requisition–Compensation Balance of Farmland (RCBF) is a strict policy in China aimed at controlling farmland conversion and replenishing farmland loss caused by urban expansion through a set of top-down quotas. These conflict with local interests, since land conversion from agriculture to construction is a key tool by which local governments attract investment and raise fiscal revenue. How should local authorities respond to this centralized policy? This paper presents a framework “quantity–quality–productivity–environment” to investigate local governments’ coping strategy and the holistic performance of the RCBF. The empirical study indicated that local jurisdictions placed economic and financial growth first and continued expropriating farmland on a large-scale, including land of high quality, for development. However, impelled by compulsory quotas and supervision from governments at higher levels, local authorities would partly replenish the quantity loss through farmland exploitation, regardless of the quality of the new cropland and the possible environmental impact. Consequently, fast requisition and unqualified compensation undermined the capacity of regional agricultural output. We suggest that the RCBF is not capable of guaranteeing food security, whilst farmland supplementation threatens the local environment.     

Regional Energy Efficiency of China’s Commercial Sector: An Emerging Energy Consumer

This article applies a parametric metafrontier method and the Malmquist index to analyze the energy efficiency and its dynamic performance in China’s commercial sector from 1995 to 2013. The results indicate that the energy efficiency in China’s commercial sector is generally low, and there are significant regional differences and enormous energy-saving potentials. Relative to metafrontier, commercial sectors in eastern China have relatively higher energy efficiency; while those in central and western China have relatively low energy efficiency. Besides, the dynamic energy efficiency performance in China’s commercial sector has improved over the period. The technology improvement is a major driving factor to improve the energy efficiency in the commercial sectors of all the three regions.     

浅析股权激励方案设计

股权激励作为一种对管理层激励的有效方式，在公司激励机制中发挥着重要的作用。但任何一个工具和方法都是一把双刃剑，股权激励会稀释产权，用得不好也会适得其反。因此，在设计股权激励方案中，要坚持“两个结合”和明确方案的目的；选择适合企业的股权激励设计方案时，应考虑企业的发展周期，同时注重股票的来源与定价问题、激励对象等关键点。     

Firms’ performance under different bankruptcy systems: a Europe–USA empirical analysis

This study empirically analyses the effect that the bankruptcy law has on firms’ performance based on its financial situation. To do this, we considered the different types of efficiency and their influence on firms’ value. The study was carried out for Germany, Spain, the United States, France and the United Kingdom. We applied System‐GMM estimation to dynamic panel data. The main results show that under creditor‐oriented systems, there is a decrease in the value of both financially distressed firms and those filing for bankruptcy.     

如何做好新时期企业工会工作

工会组织是中国共产党领导的职工自愿结合的工人阶级群众组织,是党联系职工群众的桥梁和纽带,是职工合法权益的代表者和维护者.切实发挥好企业工会工作的积极作用,可以为进一步做好新时期企业工会建设提供重要保证.     

Processes underlying the development and evolution of salespersonsõ job satisfaction/dissatisfaction: a conceptual framework

A conceptual framework of salesperson satisfaction/dissatisfaction is presented and is used to develop several research propositions. Drawing from organizational behaviour and sales management research, the model incorporates various theories of motivation and emphasizes the role of intervening variables thought to be especially important in the context of sales occupations. Finally, the model draws attention to the dynamic nature of the relationships between salespersons' efforts, performance, intrinsic and extrinsic rewards, and job satisfaction/dissatisfaction. Copyright © 2011 ASAC. Published by John Wiley & Sons, Ltd.     

PORTFOLIO CHOICE VIA QUANTILES

A portfolio choice model in continuous time is formulated for both complete and incomplete markets, where the quantile function of the terminal cash flow, instead of the cash flow itself, is taken as the decision variable. This formulation covers a wide body of existing and new models with law‐invariant preference measures, including expected utility maximization, mean–variance, goal reaching, Yaari's dual model, Lopes' SP/A model, behavioral model under prospect theory, as well as those explicitly involving VaR and CVaR in objectives and/or constraints. A solution scheme to this quantile model is proposed, and then demonstrated by solving analytically the goal‐reaching model and Yaari's dual model. A general property derived for the quantile model is that the optimal terminal payment is anticomonotonic with the pricing kernel (or with the minimal pricing kernel in the case of an incomplete market if the investment opportunity set is deterministic). As a consequence, the mutual fund theorem still holds in a market where rational and irrational agents co‐exist.     

浅谈民办高校辅导员师德建设

辅导员在学校人才培养中发挥着不可替代的作用。建设一支高素质的高校辅导员队伍的关键是加强辅导员队伍师德建设。当前民办高校的辅导员师德建设的状况并不乐观,出现了一些与民办高校发展不同步的现象。本文力图从民办高校的辅导员师德建设方面提出一些看法,希望就民办高校如何发展方面能够提供一些参考。     

深入学习实践科学发展观推动高职院校团学工作上水平

深入学习实践科学发展观，是解放思想、深化改革、解决新时期学院团学工作所面临问题的必然要求，是推动学院团学工作上水平的重大举措。文章就开展学习实践科学发展观活动的重大意义、现实紧迫性以及如何结合实际努力践行科学发展观进行探讨。     

马克思主义中国化的个体主体及其实践本质

个体主体是推进马克思主义中国化的重要主体力量，现代市民社会的个性化要求实现了对马克思主义中国化个体主体的实践形塑；“个体解读——个体内化——个体应用”内在地构成了马克思主义中国化的微观运行机制．马克思主义中国化个体主体的概念内涵彰显的是个体主体的本质存在，而其概念外延彰显的则是个体主体的多重本质表现样态。