Disappearing investment-cash flow sensitivities: Earnings have not become a worse proxy for cash flow

According to a recent conjecture in the literature, earnings have become a poorer proxy for cash flow from operations over time. We find that since 1988, when cash flow statements started to be consistently reported in Compustat, the cash effectiveness of earnings has actually increased for a large sample of US manufacturing firms. This occurs despite the introduction of fair value accounting and increasing accounting accruals during the last three decades. Also contrary to the conjecture, using more comprehensive measures of cash flow does not restore the investment-cash flow sensitivity, which continues to be around 0.05 in more recent periods.     

政府质量、市场化程度与现金—现金流敏感性——来自后金融危机时期的经验证据

在中国式经济增长进程中,政府作为"幕后推手"日益引发各界关注。政府的质量取决于政府所提出的制度安排,而企业行为是对政府所制定的制度的反应。本文以2009—2011年我国上市公司经验数据为样本,检验政府质量、市场化程度与现金—现金流敏感性间的关系。实证结果发现,随着政府质量的提升,企业运用内部现金流积累现金的倾向减弱,表现为现金—现金流敏感性降低。同时发现,这种变化在不同市场化程度地区的企业中会呈现不同的特征。具体而言,伴随政府质量的提升,市场化程度较低地区的企业受惠于制度环境的优化,其现金—现金流敏感性显著降低,而市场化程度较高地区的企业这一变化并不明显。本文为解释地方政府推出制度优化经济环境的微观机制提供了经验证据。     

接触网回流系统研究

本文主要分析了高速铁路在不同的供电方式下,容易出现的问题及产生的影响,在此基础上提出了解决的措施和建议,希望通过相关的改进措施达到更好地保护铁路沿线人员和设备安全的目的。     

航空静电的防与放

本文对静电的形成原因进行简单讲述,并列举在民航客机中某些部位容易形成静电和该部位中静电的负作用,我们在工作中应如何预防静电的聚集和释放静电。     

高校实践党的群众路线研究综述

近年来,国内学者对高校贯彻实践党的群众路线的研究主要侧重于现状分析、意义论证、理念定位和对策探索等方面;对于高校如何结合新的形势实践群众路线,持续深入地开展党的群众路线教育实践活动等问题研究得较少,有待继续深入.     

An extended peer communities’ knowledge sharing approach for environmental governance

This paper is devoted to propose an approach to implement the idea of extended peer knowledge to environmental governance by means of engaging the «extended peer communities». Socially robust knowledge relies on transparency and citizen participation. These two underlying elements take the form of both assessment and post-assessment decision support systems. Initially, during the assessment process citizens and stakeholders are engaged in the framing, proposal of alternatives, and evaluation criteria. Then the analysts assessed the alternatives proposed by means of DSS. Then, in a second stage, the analysts inspired in the idea of transparency, gave back the assessment result to the «extended peer community» who were able to give their opinion regarding the results and suggest potential parametric changes that were used for sensitivity analyses. The authors explore the proposed extended peer communities’ knowledge sharing for environmental governance assessment using a case study applied to a sustainable mobility planning process carried out in Tenerife (Canary Islands). The results gathered highlight that this approach is of use for guaranteeing the robustness of complex environmental decisions under high levels of uncertainty.     

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.     

浅谈电气节能在建筑工程中的运用

本文通过介绍电气节能设计应遵循的原则,着重阐述了建筑电气节能设计中线路损耗、变压器的选择、照明节能、电动机节能、空调系统节能、给排水节能等多个方面的节能技术措施,以及在建筑工程中的应用。     

Employee involvement and participation: developing the concept of institutional embeddedness using WERS2004

It is widely accepted that employee involvement and participation (EIP) is a key component of the high commitment bundle of HRM, but that it can take a range of forms in practice. Much of the analysis to date has either treated different forms of EIP as a single construct or has measured EIP by virtue of its presence or absence alone. Drawing on earlier work based on the data from WERS1998 examining the link between various forms of EIP and employee outcomes such as job satisfaction and organisational commitment, the authors re-apply and extend these ideas to data from WERS2004. In particular they develop the concept of institutional embeddedness, in order argue that both the depth and breadth of EIP have important associations with commitment though not with satisfaction.

This association held for workplaces employing 25 or more workers, and here it was apparent that the more that employees are involved at workplace level – through a wider number of EIP practices that are held more frequently and include opportunities for workers to have their say – the more likely it is that investments in EIP will reap the reward of organisational commitment. For smaller establishments, given that they tend to operate with relatively few formal schemes, it is likely that managers in these workplaces find alternative ways in which to engage the workforce, and that informal EIP offer similar levels of embeddedness in these situations. A clear implication to be drawn from the findings is that, in a context of lower levels of formality within organisations (large and small), line managers are more than ever the key link between HR policy and the embodiment of actual practice at the workplace.