中国上市公司可转债发行动因:“后门权益”VS“代理成本”

本文以中国上市公司2002—2008年发行的可转债为研究样本进行实证研究,发现可转债发行公告的财富效应与该可转债实现转股可能性的预期正相关,具体而言,与发行公司的成长机会、财务困境风险水平正相关,并且与整体股市的状况也紧密相关。进一步结合可转债退市的分析表明,中国上市公司可转债融资是一种典型的后门权益融资。实证研究的结果不支持基于代理成本的动因假说。     

不同类型旅游景区经营模式探讨

旅游业是国民经济的重要产业,开发旅游资源,发展旅游产业,可以增加旅游目的地财富。旅游景区是旅游产业的核心要素。景区类型是影响景区选择哪种经营模式的重要因素之一,不同类型的旅游景区应选择适合自己的经营模式。     

The people behind the scenes: Episodic volunteering at fundraising events

Nonprofit organizations (NPOs) have become increasingly dependent on episodic volunteers (EVs), those that would help carry out an event with little training and expectation to commit to future events. Despite its importance to the survival of NPOs, the use of EVs with respect to fundraising has received little research focus. Furthermore, none of the existing studies identified examined how fundraising EVs differ from other EVs. This study seeks to contribute to our understanding of fundraising EVs using a global perspective. Data were generated using surveys distributed in seven countries, tallying more than 4,000 respondents. Variables included demographic characteristics, previous donation and volunteer history, motives, mode of volunteering, and overall experience. The data were analyzed by applying between-group (logistic regression on participation) and within-group analysis (ordered logistic regression on willingness to participate in the future). Data were further analyzed by examining differences by country. We found that country, gender, religion, income, employment, history of donations, mode of volunteering, and several motives, both intrinsic and extrinsic, were significant in the logistic regression analysis of participation in fundraising episodic volunteering. The ordered logistic analysis unexpectedly found that the only predictors to foster a willingness to engage again were the responsiveness of the event team and a desire to fulfill spiritual satisfaction. In recruiting and selecting EVs for fundraising events, NPOs should consider previous or current donors and those with regular volunteering experience and they should market volunteer opportunities towards those in search of spiritual fulfillment and meaning. Moreover, NPOs should prioritize quick and clear communication with fundraising EVs in order to foster a willingness to volunteer again. Lastly, NPOs should regularly assess for country-specific factors and contexts that may affect episodic volunteering in fundraising events. Our paper illustrates who fundraising EVs are, their motives, how they choose to volunteer, and what contributes to their willingness to volunteer again. Given the limited research on fundraising EVs, this study serves to help lay the foundation of research for this unique subgroup. Our aim was to not only address the dearth of literature but serve as a springboard for future research on fundraising EVs.     

“导游回扣”现象的合理性分析

导游收取回扣是旅游行业一种比较普遍的现象,屡禁不止、高额回扣的存在也影响了旅游业的健康发展,正视“导游回扣”的法律佣金性和市场经济合理性,是解决导游高额回扣、促进产业发展的必要前提。     

广州旅游营销策略探讨

目前,各城市间的旅游竞争越来越激烈,在未来的旅游城市发展中,旅游营销越来越重要。就此,本文通过对广州旅游产业发展现状、旅游特色和营销策略的不足进行分析,提出了改进广州旅游营销的方法,促使广州城市旅游能够健康、稳定、可持续发展。     

城市景区的孤岛现象及其治理

认为城市景区存在较为严重的孤岛问题,其表现形式为景观孤岛、文化孤岛、经济孤岛、功能孤岛和管理孤岛等;分析了其外部与内部成因,最后提出了治理对策。     

社会化媒体对旅游者购买意愿的影响因素研究

互联网的高速发展催生社会化媒体,给旅游业带来不可忽视的影响,它的应用贯穿于旅游者的旅游购买行为的各个阶段。鉴于现阶段已有的关于社会化媒体以及旅游者的旅游购买行为的相关研究多为营销对策研究,较少涉及社会化媒体影响旅游者购买行为的作用机制研究,本文则针对此方面,使用实证研究的方法来探究社会化媒体对旅游者购买意愿的影响因素。结果表明,社会化媒体的有用性和社区性与社会化媒体的依赖性成正相关关系,社会化媒体的有用性同时还与感知价值成正相关关系;而感知价值及社会化媒体的依赖性则正向影响旅游者的购买意愿。本文最后建议企业在利用社会化媒体对其旅游产品进行营销时,选择有用性程度高的社会化媒体作为宣传,并且注重与旅游者的双向的沟通而不是单向的宣传。     

基于“三间距离”理论概念的旅游客源市场开发研究——以江门市为例

江门旅游客源市场有着巨大挖掘潜力,特提出用三间距离理论作为指导江门旅游客源市场开发的指导思想,提出要充分认识三间距离的互动作用,有针对性开拓不同距离的游客市场,利用各种媒介对特色旅游景点宣传,打造特色拳头旅游产品,构建更加完善的旅游环境等措施。     

Motives and Modes of FDI,Firm Characteristics and Performance

Abstract

In this exploratory study, die autfiors attempt to determine and interpret die interdependencies between die motives and modes of setting up subsidiaries by foreign investors in Poland, and the main characteristics and performance of these subsidiaries. Two modes of setting up a subsidiary are examined: green-field and acquisition. The audiors use data collected from seven foreign subsidiaries operating in Poland and apply within-case and cross-case analytical approach to identify and interpret relationships between die variables under consideration. The results of the study lead to a formulation of eight hypotheses requiring further testing and research.     

外商投资动机对区位选择的影响——基于昆山台资企业问卷调查的研究

本文在考察外商投资动机与区位选择关系的基础上,根据对昆山台资企业问卷调查的第一手资料,实证分析了昆山台资企业投资的基本动机和选择在昆山投资主要看重的区位因素。结果表明,市场导向型、成本导向性、垄断优势导向型与竞争合作导向型的台资企业分别偏重市场、成本、政策服务与投入供应配套的区位因子。不同规模、不同产品类型的企业也有着截然不同的区位偏好。在上述发现的基础上,本文对利用和管理外资提出了相应的启示。