基于时间约束的单产品共同配送研究

随着物流业的调整发展．提高物流效率、降低物流成本逐渐成为关注的焦点。有着发达物流业的国家,如德国、美国等的实践已经证实,采用共同配送这一先进的配送模式,将能够改善在物流效率、物流成本方面所凸现的问题。在我国,共同配送体系还不完善,加之客户对于配送时间的要求也越来越高．满足客户时间要求的集约化、协同化配送就成为亟待解决的问题。文章针对这一问题,将“软时间窗”和“硬时间窗”同时引入到共同配送中,建立模型并通过算例分析对理论研究进行了实证。     

CEO overconfidence and IRS attention

We examine the likelihood that the US Internal Revenue Service (IRS), in its enforcement role, will accord particular attention to firms that are managed by CEOs who exhibit over-confidence, given that such CEOs may be more aggressive in their tax policies and strategies. Using data from 7757 firms, we find that this is indeed the case. Such attention is even more pronounced in the instance of overconfident CEOs whose firms are financially constrained and/or financially distressed. We also find that the IRS has augmented its audit processes to give more attention to overconfident CEOs during and post financial crisis. This may be due to the increased vulnerability of their firms to external shocks, which consequently increases the incentives to embark on tax avoidance strategies, value-destroying investments, and/or highly biased financial reporting (and forecasting responses) to tax authorities. Our results are robust after accounting for the possibility of endogeneity and using a wide range of specifications, measures, and econometric models.     

混改背景下国有企业股权性质变化对企业创新效率的影响

党的十九大强调了“发展混合所有制经济”,国企混改将对企业创新效率产生一定的影响。为此,基于2009-2018年上市公司的财务数据和专利数据,运用双重差分模型和中介效应模型考察改制后国有企业的专利数量和质量的变化情况。结果表明：国有企业改制对企业的专利产出效率有积极作用,但是对企业的专利质量效率有消极作用,即国有企业改制会通过改变企业的融资约束和研发投入对企业的创新效率产生影响,融资约束和研发投入均对专利数量有遮掩作用,对专利质量有部分中介效用,改制后企业将更加重视企业经济目标,注重短期的专利数量成果,从而忽视创新专利的质量。     

金融发展与企业资本结构调整

为考察金融发展与资本结构调整速度的内在联系,构建一个反映区域金融发展指标,并结合沪深A股2007—2015年上市公司财务数据进行实证研究,实证结果表明：金融发展可以缓解企业融资约束,降低企业资本结构调整成本,最终加快资本结构调整速度,因此金融发展对企业资本结构调整的促进作用在融资约束企业更加显著,同时产权性质对金融发展与企业资本结构调整速度之间的关系存在显著影响。     

The Responsiveness of Corporate Investments to Changes in Corporate Income Taxation During the Financial Crisis: Empirical Evidence from Slovenian Firms

I examine the responsiveness of corporate investments to changes in corporate income taxation during the financial crisis. When investigating tax effects in financially constrained firms, the model of investment demand needs to be extended to include an additional channel through which taxes could affect investments. I model the tax effects via two transmission channels, the traditional user cost of capital channel and the cash flow channel, which is crucial for financially constrained firms. The empirical results show that corporate investments in financially constrained firms do not respond to changes in corporate income taxation through the user cost of capital channel, but there is strong evidence of the effect that materializes through the cash flow channel.     

Financial constraints,board governance standards,and corporate cash holdings

This study examines whether financial constraints and board governance play substitution roles in lowering agency concerns in corporate cash holdings. Using four firm-specific characteristics of financial constraints and 28 forward-looking board governance standards, we find that board governance mitigates agency concerns in cash holdings more significantly for financially less-constrained firms. Consistently, financially less-constrained firms increase the level of board governance and adopt more board governance standards. A natural experiment with the 2007 financial crisis provides robustness to our findings. Our evidence suggests that financial constraints interrelate with the effectiveness of board governance on corporate cash holdings.     

产品与技术双重竞争下企业创新投资决策的实证研究

基于当前市场竞争新特征与新形式,通过构建技术竞争指标,将市场竞争的视角由单一的产品层面拓展到产品、技术双重角度,探讨这两类竞争对我国企业R&D投资的影响。结果表明：产品竞争、技术竞争对企业R&D投资都有正向促进作用,且控制产品竞争后,技术竞争的作用依然显著。进一步研究发现：与一般企业相比,高科技企业中产品竞争对R&D投资的促进作用会减弱,但技术竞争对R&D投资的促进作用会加强。同时,面临融资约束的企业由于资金不足,产品竞争、技术竞争对R&D投资的促进作用均会减弱。     

放松卖空约束、现金持有水平及其市场价值——基于公司治理角度研究

基于放松卖空约束的政策实施,运用双重差分法考量放松卖空约束对现金持有行为影响及其产生的经济后果。结果显示：放松卖空约束增加了公司现金持有量,同时也增加了公司现金持有的边际市场价值;按照公司内部代理成本分组来看,内部代理成本越大的公司,放松卖空约束的治理效果越明显;进一步检验中,通过一系列稳健性检验发现主要结论依然成立;机制性检验表明放松卖空约束通过抑制公司过度投资行为增加了现金持有及其市场价值。结果表明：放松卖空约束作为一项重要的金融创新工具,可以通过外部治理监督作用缓解公司内部代理问题,从而影响上市公司现金持有行为。     

Financial Constraints,Institutions, and Firm Productivity: Evidence from China

ABSTRACT

This paper investigates whether Chinese firms utilize trade credit as an alternative financial intermediation to alleviate financial constraints, and whether trade credit matters for firm productivity. The results show that trade credit significantly affects firm productivity in private and foreign-owned firms but not state-owned enterprises, indicating that trade credit is an efficient financial intermediation for non-state firms. Second, trade credit better helps firms that have severe financial constraints grow. Third, the mechanism of trade credit and TFP is by the substitution effect of cash flow, the smoothing effect of working capital and the drive of innovation. Finally, the impact of trade credit on productivity is driven by the regions under a more institutionally developed environment.     

Examining the child’s impacts on single mothers’ leisure

With the majority of research on the experiences of single mothers focusing on motherhood as an inhibiting constraint to leisure, it is important to examine the ways in which motherhood might also enable the obtainment of a satisfactory leisure lifestyle. Our study employed a Foucauldian approach to understand constraints to leisure, in that we view constraints as always both inhibiting and enabling action. The purpose of this study was to explore three single mothers’ leisure experiences prior to and since becoming single mothers to identify the ways in which their child(ren) enables leisure practices as opposed to merely constraining them. The participants presented evidence of how their child(ren) altered both their priorities and their leisure preferences by providing them with opportunities to broaden their leisure experiences. Our research findings challenge dominant discourses that suggest that children can act only to inhibit leisure.