上市公司资本结构影响因素的实证分析——以我国房地产业为例

资本结构的影响因素具有行业特殊性,选取房地产行业2008-2010年63家上市公司作为实证样本,构建多元线性回归模型,检验了资本结构的影响因素.研究表明:房地产企业的资本结构受公司规模、盈利能力、成长性、抵押价值、有效税率、流通股比重影响显著.其中,公司规模、抵押价值、有效税率与资本结构显著正相关,盈利能力、成长性、流通股比重与资本结构显著负相关.房地产上市公司应努力扩大企业规模,提升成长能力,特别是需要优化股权结构,构建多元化的融资体系来有效化解财务风险.     

黄登水电站骨料运输洞开挖爆破振动对邻近建筑物的影响分析

对黄登水电站骨料运输洞爆破开挖对大格拉村民房的振动影响进行了监测与分析,根据爆破振动监测数据,利用HHT法分析了最大段药量对爆破振动信号频带能量分布的影响,并对质点振动速度进行了回归分析,得出了该地区爆破振动传播衰减规律,提出本工程施工允许的最大段药量估算公式,为工程的顺利开挖提供了参考依据。     

The Factor Structure of Tourist Satisfaction at Pilgrimage Destinations: the Case of Medjugorje

Although there is an abundance of studies on secular tourist satisfaction and perceived quality of respective tourist destinations, these issues have remained largely neglected when it comes to pilgrimage destinations. The objective of this paper thus is to investigate the key drivers of tourist satisfaction in a pilgrimage destination context by using the case of Medjugorje, one of the most renowned shrines to the Virgin Mary in the world. A recently proposed moderated regression analysis is used to explore whether individual destination attributes can be classified into factors with either a larger or smaller potential to generate satisfaction than dissatisfaction, according to the three‐factor theory of customer satisfaction. Copyright © 2012 John Wiley & Sons, Ltd.     

Scarred from the past or afraid of the future? Unemployment and job satisfaction across European labour markets

Previous research has shown that both past unemployment and anticipated future unemployment have a detrimental impact on employees' attitudes and behaviours, which may affect organisational performance. Surprisingly, however, very little is known about the relative impact of past unemployment compared with current job insecurity. Although it is possible that both effects operate simultaneously, this paper – focused on employees' job satisfaction and utilising a set of cross-sectional data derived from the European Social Survey 2006–2007 – reports on a strongly pronounced insecurity effect: anticipated unemployment substantially reduces employees' job satisfaction. Interestingly, inclusion of the perceived risk of future unemployment as a separate predictor variable in ordered probit regressions relegates the experience of past unemployment to a statistically insignificant coefficient and thus weakens the ‘scarring’ hypothesis. These results hold true even when several socio-demographic characteristics and proxies for individual personality traits are controlled. Implications for organisations and human resource practitioners and scope for future research endeavours conclude the analysis of the paper.     

基于多元回归模型的中国旅游收入影响因素研究

目前我国旅游业处于重要战略机遏期,探究我国旅游收入的影响因素对保持其平稳较快增长的发展极为重要。通过建立国内和国际的旅游收入多元回归模型,对1992-2011年中国旅游业的相关数据进行对比分析。结果表明,旅游饭店是国内和国际旅游收入共有的影响因素;而国际航线是影响国际旅游收入的主要因素;同时验证了其他研究中提出的国内旅游人数和人均可支配收入对国内旅游收入存在显著正向影响的观点;在发展变化上,国内旅游从传统观光型向现代多样型转变,而国际旅游则形成游客多国性和地域广阔性之势。最后,提出建立旅游产业体系、刺激旅游消费等增加中国旅游收入的对策建议。     

Evolution of Urban–rural Living Standards Inequality in Thailand: 1990–2006

The present study examines the developments in urban–rural living standard inequality in Thailand from 1990 to 2006 using a methodology that allows for the identification of individual contributors to changes in inequality. We also propose a method to analyze the changes over time in urban–rural living standards. We find that the urban–rural gap in living standards in Thailand has narrowed substantially since the early 1990s, both at the mean and especially for households in the upper part of the expenditure distribution; however, the narrowing of the gap at the bottom of the expenditure distribution has been negligible. The study also identifies the main individual contributors to changes over time in living standards between urban and rural areas in Thailand.     

Semiparametric quantile regression estimation in dynamic models with partially varying coefficients

We study quantile regression estimation for dynamic models with partially varying coefficients so that the values of some coefficients may be functions of informative covariates. Estimation of both parametric and nonparametric functional coefficients are proposed. In particular, we propose a three stage semiparametric procedure. Both consistency and asymptotic normality of the proposed estimators are derived. We demonstrate that the parametric estimators are root-n$n$ consistent and the estimation of the functional coefficients is oracle. In addition, efficiency of parameter estimation is discussed and a simple efficient estimator is proposed. A simple and easily implemented test for the hypothesis of a varying-coefficient is proposed. A Monte Carlo experiment is conducted to evaluate the performance of the proposed estimators.     

Comparisons of linear regression and survival analysis using single and mixture distributions approaches in modelling LGD

Estimating the recovery rate and recovery amount has become important in consumer credit due to the new Basel Accord regulation and the increase in the number of defaulters as a result of the recession. We compare linear regression and survival analysis models for modelling recovery rates and recovery amounts, in order to predict the loss given default (LGD) for unsecured consumer loans or credit cards. We also look at the advantages and disadvantages of using single and mixture distribution models for estimating these quantities.     

Estimation of Public–Private Wage Differentials in Turkey with Sample Correction

The aim of this study is to determine how the change in the balance between public–private sector employments affected public and private earnings during the 1990s and 2000s in Turkey. We use the Oaxaca–Blinder and quantile decomposition methods to determine the wage gap between public and private sectors utilizing the 1994 Household Income Distribution and Consumption Expenditure Survey and the 2008 Household Budget Survey conducted by the Turkish Statistical Institute. The study determined that the primary difference in the average wages between sectors arises from the differences in the endowments without correction for gender. After adjusting for correction using quantile regression, we find that the difference in the endowments between sectors at lower quantiles explains the majority of the raw wage gap; whereas a substantial amount of the raw wage gap is explained by the sector effect at higher quantiles.     

An examination of US hotel firms' risk features and their determinants of systematic risk

This study examined risk features of hotel firms and the determinants of their systematic risk. After reviewing the financial data for 31 US hotel firms from 2004 through 2008, we found that 86% of the hotel firms' total risk could be characterized as unsystematic risk. The results showed that while debt leverage and growth are positively related to systematic risk, firm size is negatively associated with such risk. Our findings suggest that conservative growth via mergers and acquisitions, and less reliance on debt financing is advisable for hotel firms seeking to reduce systematic risk and enhance firm value. Copyright © 2010 John Wiley & Sons, Ltd.