Inflation-related tax distortions in business valuation models: A clarification

The current corporate income tax (CIT) expense occupies just one line item on the statement of profit or loss and other comprehensive income. However, it is a unique line item following tax rules and not financial reporting rules. The difference between these rules is that it reflects the effective tax rate (ETR), which can differ from the statutory tax rate (STR). With inflation, this ETR-STR difference can be more significant due to the contribution of tax distortions. In this study, we expand on the standard formulas for the ETR by analyzing the effects of inflation-related tax distortions when computed under the following four cases: (i) Historical-cost-based accounting under a nominal tax basis, (ii) Fair-value-based accounting under a nominal tax basis, (iii) Historical-cost-based accounting under a real tax basis, and (iv) Fair-value-based accounting under a real tax basis. Further, we suggest a modified model for business valuation considering these tax distortions and provide a general formula to independently calculate the value of inflation-related tax distortions.     

基于GM（1,1）模型群的重庆货运量预测研究

货运量是货运市场体系中的重要统计指标,预测货运量发展趋势是制定货运发展战略的前提和基础。文章根据重庆市货运发展状况,收集了重庆2001-2011年货运量的数据,采用GM(1,1)模型群对重庆市货运量进行模拟、预测。经过模型精度检验,最后选择等维灰数递补GM(1,1)模型对未来四年内的重庆货运量进行预测。     

煤电产业布局对区域经济协调发展的影响研究——基于多区域可计算一般均衡模型分析

电力产业布局不仅影响我国能源生产与消费的格局,同时也影响着各地区的经济发展。基于2007年投入产出表,利用多区域动态可计算一般均衡(CGE)模型,比较分析区域配置和跨区配置两种不同的煤电发展模式对区域经济协调发展的影响。研究结果表明:相对于区域配置的煤电布局方式,跨区配置有利于拉动送端地区①的经济增长,促进送端地区与受端地区②的产业合理化分工,缩小地区之间的差距。     

Managing aging workers: a mixed methods study on bundles of HR practices for aging workers

Since abilities and motives change with age and common human resource (HR) practices might be less suitable for aging employees, scholars and practitioners are currently challenged to find new ways of managing aging workers and motivating them to continue working. Therefore, this mixed methods study builds on literature on lifespan development and literature on HR practices in proposing four new bundles of HR practices for aging workers: accommodative, maintenance, utilization and development HR bundles. Since we draw on separate bodies of literature to propose new constructs, we use a mixed methods design in order to triangulate our findings. The proposed HR bundles were explored with a qualitative interview study among HR managers, line managers and employees in the Dutch construction sector, and tested with a quantitative survey study among Dutch government workers. Both studies confirmed that HR practices for aging workers can be classified into accommodative, maintenance, utilization and development HR bundles of practices.     

The causal effect of income on life satisfaction and the implications for valuing non-market goods

Employing the life satisfaction approach to value physical health, this paper illustrates the use of a subset of windfall income (restricted windfall income) as a substitute for the more conventional household income monetary measure. Results provide no evidence against the exogeneity of restricted windfall income and indicate that the causal effect of income on life satisfaction is substantially higher (and willingness-to-pay estimates substantially lower) when restricted windfall income is used. Further research should be devoted to looking into the presence and size of measurement errors in restricted windfall income. If this bias is large, then the quest for valid and strong instruments will continue.     

Foreign market entry mode choice of small and medium-sized enterprises: A systematic review and future research agenda

Despite significant differences between small and medium-sized enterprises (SMEs) and large multinational enterprises (MNEs), the majority of extant foreign market entry mode choice literature has focused on MNEs. The current state of knowledge regarding SME foreign market entry mode choice is equivocal. The present paper reviews the current state of SME foreign market entry mode choice literature and maps future research directions. To this end, we systematically analyze 33 relevant journal articles for their theoretical frameworks and contextual dimensions. Based on this review, we identify gaps in the literature and develop an agenda to guide future scholarship in this important domain of research in taking SME-specific characteristics into consideration.     

计算电离层VLF波传输特性的时域有限差分算法

在星载甚低频（VLF）通信技术中,研究甚低频信号在电离层中的传输特性具有重要意义。现有的利用时域有限差分（FDTD）算法研究电离层传输特性大多基于高频脉冲信号,且传播模型相对粗略,计算存在一定误差。为此,建立了更为精确的电离层各向异性传播模型,对常规的FDTD算法引入变步长因子,并用该算法对VLF波在电离层中的场强衰减进行了数值计算,研究了昼夜变化及频率对其传输特性的影响。仿真结果与卫星实测数据对比表明：与常规的FDTD算法以及全波分析方法相比,引入变步长因子的FDTD算法精度更高;在VLF频段,降低频率有利于电磁波穿透电离层,且白天的衰减明显大于夜间;VLF波在射入电离层并穿透D层时衰减严重（30~40 dB）,约为F1层中衰减的3倍。     

敌意收购操作模式的国际经验与中国实践——从“宝万之争”说起

在20世纪80年代国际资本热潮中的公司组合兼并具有其正面意义,但同时也带来了因为过度的敌意收购而导致公司的倒闭、分裂,或者因为收购者在完成收购后出售公司资产或者大规模裁员导致目标公司甚至全社会利益受损的现象。如今,中国市场经济也发展到了资本运作阶段,也频频出现敌意收购的案例。借鉴美国的经验来看中国的实践,从"宝万之争"纵观整个中国经济市场资本运作的利弊得失,深化人们对敌意收购的认识并使市场环境向好的方向发展。     

高校协同创新计划资金绩效评价研究

高等学校创新能力提升计划是一项旨在促进科技与经济结合、优化社会资源配置的重要战略。在借鉴科技创新专项资金绩效评价体系的基础上,结合高校协同创新计划的实际情况,按照指标选取的综合性、层次性、逻辑性等原则,从项目决策、项目管理、项目绩效和日常评价4个方面选取18个指标,建立了高校协同创新计划资金绩效评价体系,为高校协同创新项目的绩效评定提供了依据。最后,从项目实施与管理角度提出了政策建议,可为提高高校协同创新计划资金绩效水平提供参考。