上市公司可持续增长率偏差的实证分析

按照可持续增长率进行发展,要求企业全面权衡各方面的契约关系,以稳定的契约结构获取企业的长期增长。但是在现实中由于各种原因,企业不可能完全按照可持续增长率进行增长,出现了可持续增长率偏差。本文通过对我国A股市场的上市公司在1997-2005年的可持续增长情况进行分析,研究了我国上市公司可持续增长率偏差的主要影响因素及其对未来经营业绩的影响。研究结果表明：影响可持续增长率偏差的主要因素包括资产运作效率变动、资本结构的调整、外部权益融资和销售净利率的变化,鼓励政策对企业的可持续增长率偏差并没有显著作用。另外本文还验证了较高的可持续增长率偏差对后期（5年）的业绩提高具有消极作用。     

基于协同平台的高校教师科研绩效评价体系

在研究组织人员行为绩效评价体系的基础上,分析了传统的KPI(key performance indicator)评价方式所面临的主要问题,提出针对高校教师科研绩效进行分类建模,并设计相应的绩效指标、绩效算法及评价体系来解决问题。最后,用某院教职工2015—2019年在协同信息管理平台上的行为数据,检验了该体系的有效性及合理性,并针对基于协同平台的高校教师科研绩效评价体系的结果分析,提出高校科研管理及绩效激励方案。     

Corporate Lobbying and Firm Performance

Corporate lobbying activities are designed to influence legislators, regulators and courts, presumably to encourage favorable policies and/or outcomes. In dollar terms, corporate lobbying expenditures are typically one or even two orders of magnitude larger than spending by Political Action Committees (PAC), and, unlike PAC donations, lobbying amounts are direct corporate expenditures. We use data made available by the Lobbying Disclosure Act of 1995 to examine this more pervasive form of corporate political activity. We find that, on average, lobbying is positively related to accounting and market measures of financial performance. These results are robust across a number of empirical specifications. We also report market performance evidence using a portfolio approach. We find that portfolios of firms with the highest lobbying intensities significantly outperform their benchmarks in the three years following portfolio formation.     

Does Accrual Management Impair the Performance of Earnings‐Based Valuation Models?

This study examines how accrual manipulations affect firm valuation in the years surrounding the passage of the Sarbanes‐Oxley Act (SOX). We compare the absolute percentage pricing errors of RIM and DCF valuation models for a group of US firms suspected to have engaged in accrual manipulations to avoid a small loss or a small earnings decline vs. ‘Normal’ firms matched on industry, year and size. We find that RIM can better estimate intrinsic value than DCF for the matched Normal firms in the pre‐SOX period, but not so for accrual manipulators, and that SOX mitigates the harmful effect of accrual manipulations, completely eliminating the difference in RIM's accuracy advantage over DCF between Normal firms and accrual manipulators. As a further analysis, we redefine Suspect firms as real‐activity manipulators and find a significant across‐group difference in accuracy wedge in both sample periods, implying that SOX has prompted firms to favor real‐activity manipulations over accrual manipulations.     

Vegetarian Utopias: Visions of dietary patterns in future societies and support for social change

The current study draws on the collective futures framework to examine how visions of future societies where most people consume plant-based, vegetarian or vegan diets are related to current support for social change towards plant-based diets. Participants were 506 university students in Aotearoa New Zealand invited to imagine a society in 2050 where most individuals consume a plant-based, vegetarian, or vegan diet. A thematic analysis was conducted on responses to an open-ended item asking how these future societies would be different to today. Participants reported a variety of potential positive and negative outcomes for individuals and wider society. Subsequent analyses of attitudes scales investigated the relationships between the collective dimensions of plant-based future societies and support for policies to promote plant-based diets. For a vegetarian future, the strongest predictor of current support for social change was the expectation that widespread vegetarianism would reduce societal dysfunction. For a vegan future, the strongest predictor of support for social change was an expectation of increased warmth in a vegan society. Implications for theory and advocacy are discussed.     

On post-IPO stock price performance: A comparative analysis of RLBOs and IPOs

This is the first study to examine the post-IPO stock price performance by differentiating between IPOs and three types of RLBOs (i.e. public-to-private (or re-IPOs), division-to-private, and private-to-private deals). We document that public-to-private RLBOs outperform their industry rivals, IPOs, mature firms in comparable industries, and a propensity-score matched control group for up to five years post-offering. Further, we document that, within RLBOs, public-to-private RLBOs, outperform private-to-private and division-to-private RLBOs. We also find support for the underwriter signaling effect for public-to-private RLBOs. Our analysis identifies for the first time what private period restructuring activities contribute to superior post-re-IPO stock price performance. Further, the beneficial effects of private period restructurings are enhanced for deals associated with prestigious underwriters. Our findings suggest that first IPOs and re-IPOs differ substantially in term of post-offer performance, the impact of prestigious underwriters on performance, and performance over time.     

AN ANALYSIS OF SUPPLY CHAIN COLLABORATIONS AND THEIR EFFECT ON PERFORMANCE OUTCOMES

This research examined how operational outcomes, relational outcomes and business performance are affected by a collaboration project between buyers and suppliers in a supply chain. It is hypothesized that interdependence of knowledge and process, supply chain partner insight, and the level of collaboration between the firms affect the outcomes of a collaboration project. Survey data from buyers and suppliers from a wide range of industries and organizations were used in this analysis. Among these participants, higher levels of collaboration led to improvements in operational and relational outcomes, which together led to improvements in asset utilization, competitive position, organizational performance, and profitability.     

新公共管理运动背景下税收管理的国际比较及对中国的启示

20世纪70年代末80年代初,伴随着经济上新自由主义思潮的兴起和信息技术革命的浪潮,西方国家掀起了一场新公共管理运动。新公共管理运动给西方国家税收管理方式带来了巨大变化,并对税收征纳成本的有效控制起到了积极作用,本文总结他国经验,以期从发达国家税收管理制度设计和安排上得到一些解决我国目前问题的有益借鉴。     

基于企业理论的“农民工”权益保护研究

随着农村劳动力的过剩,很多农民选择了城市务工,但是损害农民工权益的现象屡屡发生。研究"农民工"权益在企业的保护方案,首先要解决企业理论与"三农"政策的内在一致性。从原有企业理论出发,可以建立社会网络产业结构信息系统、各地区各行业"农民工"权益信息系统,给不同区域企业与"农民工"传递"农民工"权益及其变动信息,保护"农民工"的权益。     

基于新公共服务理论的广西邮政改革的对策研究

邮政业作为公共企业,是公共部门的重要组成部分,以新公共服务理论作为理论基础来研究广西邮政的改革问题具有深刻的内在必然性。本文对如何深化邮政政策进行较为全面的研究和探索。