基于经济阈值效应的地方政府举债压力弹性研究

地区所处经济阶段差异会使地方政府行为激励产生异质性,进而影响地区举债压力弹性。从经济阈值效应的独特视角,探究不同经济门槛区间压力波动引起的地方政府举债行为变化,利用举债压力弹性解释地方政府债务规模扩张成因。基于我国283个地级市数据,构建门槛面板模型对理论假设进行经验检验。研究发现:从低到高的经济阈值区间下地方政府举债压力弹性翻倍增长,尤其是在第三经济阈值区间,举债规模扩张呈现加速度特征;财政压力对地方政府举债的刺激作用,只有在第三经济阈值区间才会得以释放;“土地财政”的存在强化了地方政府举债对压力变化的敏感度,并助推了地方政府举债压力的弹性波动。经济处于发达阶段的地方政府的举债压力敏感度,显著高于处于欠发达阶段的地方政府,因此,高水平的城市举债压力弹性及其潜在的债务风险应成为下一步关注的焦点。     

The untold story of commodity futures in China

We investigate the behavior of commodity futures risk premia in China. In the presence of retail-dominance and barriers-to-entry, the term structure and momentum premia remain persistent, whereas hedging pressure, skewness, volatility, and liquidity premia are distorted by time-varying margins and strict position limits. Furthermore, open interest, currency, and inflation premia are sensitive to institutional settings. The observed premia cannot be attributed to common risks, sentiment, transactions costs, or data-snooping, but are related to liquidity, anchoring, and regulation-induced limits-to-arbitrage. We highlight the distinctive features of Chinese futures markets and assess the challenges posed to theories of commodity risk premia.     

The joint effects of social identity and institutional pressures on audit quality: The case of the Chinese Audit Industry

This article examines how social identity links institutional pressures and audit quality. Combining institutional theory and social identity theory, we theoretically argue that the interaction between social and institutional forces shapes audit quality. Through an analysis of Chinese audit firms from 2000 to 2007, we show that isomorphic imitation has a more significant effect on firms belonging to the same-identity group than firms across cross-identity groups; foreign-affiliated audit firms are more willing to conform to normative pressure from professional networks than local firms; and foreign-affiliated firms are coerced to adapt to the local government’s expectation, particularly when they have a geographically concentrated customer base. We further reveal that a larger customer base attenuates within-identity group imitation but strengthens cross-identity group imitation. The results shed light on the role of social identity in shaping conformity in the audit industry, thus contributing to international convergence–divergence literature and institutional theory.     

浅谈深基坑的若干问题

本文主要论述了深基坑围护的若干设计理论及施工技术,并结合工程实际进行案例分析,探讨结合理论知识指导实际工程管理的作用。     

The Unintended Consequences of High Expectations and Pressure on New CEOs

We provide empirical tests of a general version of targeting theory that greater scrutiny could lead to executive abuses. Our results show that new CEOs under higher expectations or pressure are more likely to report meeting analyst forecasts; however, this apparent superior performance dissipates after excluding firms having characteristics synonymous with earnings manipulation. We find evidence that new CEOs under greater pressure are considerably more likely to engage in manipulation while the link between expectations and manipulation is much weaker. The results are strongest for new CEOs whose firms report meeting forecasts and do not “walk down” earnings estimates.     

Retrospect of the Chinese Exchange Rate Regime after Reform： Stylized Facts during the Period from 2005 to 2010

In the present paper, we estimate the de facto RMB exchange rate regime, the currency basket, the floating band and the foreign exchange market pressure before and after the reform of the Chinese exchange rate regime in 2005. We find the following stylized facts： the value of the RAIB became stable after the reform; the weight of the US dollar remained high in the basket, while other currencies remained statistically significant; and the floating band gradually increased to lO percent during 2005-2008, and then greatly narrowed from the late summer of 2008 under the assumption of a yearly resetting interval. We find that the foreign exchange market pressure increased from 2005 to 2008. A possible reason is that the weight of the US dollar in the basket was slightly lower than the share of the US dollar in total transactions on the Chinese foreign exchange market. Therefore, it is reasonable for China to adopt a dollar peg exchange rate regime.     

高压变频器在电厂凝结水泵上的应用

文章论述了高压变频器在燃煤发电厂大容量电动机上应用的必要性,介绍了凝结水泵的变频改造方案,分析了高压变频器改造的经济性,为同类型发电厂的节能降耗提供了借鉴经验和参考。     

港口物流机械风载荷计算方法研究

风载荷的研究在港口物流机械的设计和计算中占据着重要的地位,主要是因为它对起重机结构强度和稳定性的影响极其重要。而风载荷的确定通常由风力系数、挡风折减系数、有效迎风面积以及相应条件下的风压确定。     

我国土地财政的区域差异与成因——基于省际面板数据的实证研究

本文旨在揭示我国土地财政的量化特征和区域差异的成因。目前我国省际间土地财政强度差别较大,且在2003-2007年间呈现先下降继而小幅上升的变化轨迹。从东中西三大地带看,土地财政强度呈现＂东高西低＂格局。基于省际面板数据的实证检验结果支持土地财政动因的＂GDP锦标赛说＂而拒绝＂财政压力说＂。正是发展条件不同的各地区围绕GDP增长展开锦标赛,将土地作为招商引资筹码,以及推动城市扩张和大力发展房地产业的载体,从而导致了土地财政的区域差异。     

我国上市公司信息披露违规的影响因素研究——基于2006～2009年数据的实证分析

选取2006～2009年深圳证券交易所发生信息披露违规行为的74家上市公司进行实证研究,选取控制样本建立logistic模型。通过上市公司数据分析,从公司股权特征、董事会特征以及财务压力三个方面来解释信息披露违规的影响因素。研究结果表明:股权集中度、管理层持股比例、独立董事比例对信息披露违规行为的影响不显著,而股权性质、董事会规模、公司的盈利能力和偿债压力对信息披露违规行为有着显著的影响。