上市公司治理模式的效率比较与变革

作为不同的制度安排,除暂时存在的转轨经济模式外,其余英美、德日及家族治理三种模式均具有一定的有效性。随着经济的发展、时代的变迁及国际化潮流的兴起,各种模式不可避免地面临挑战,均需进行不断变革和调整,在相互学习和借鉴中,逐步渗透和融合。而中国上市公司在借鉴各模式有效性基础上,应选择适合中国国情的市场与组织并重、内外结合的治理模式。     

A short-run Johansen industry model for common-pool resources: planning a fishery's industrial capacity to curb overfishing

Current methods for assessing capacity and its utilisation infisheries operate at the firm-level, but neglect industry capacity.Here, we introduce the Johansen-Färe measure of plant capacityof the firm into a multi-output, frontier-based version of theshort-run Johansen industry model. The model determines firmcapacity utilisation such that current industry outputs aremaintained, while minimising the use of fixed inputs at industrylevel and assuming abundant variable inputs. Policy extensionsrelevant to combating overfishing include tightening quotas,seasonal closures, linking economic and plant capacity, decommissioningschemes and area closures, implementation issues and equityconsiderations. The application to the Danish fisheries revealssubstantial overcapacity in the Danish fleet.     

Distinguishing Between Rationales for Short‐Horizon Predictability of Stock Returns

In this paper, we shed light on short‐horizon return reversals. We show theoretically that a risk‐based rationale for reversals implies a relation between returns and past order flow, whereas a reversion in beliefs of biased agents does not do so. The empirical results indicate that returns are more strongly related to own‐return lags than to lagged order imbalances. Thus, the evidence suggests that monthly reversals are not completely captured by inventory effects and may be driven, in part, by belief reversion. We do find that returns are cross‐sectionally related to lagged imbalance innovations at horizons longer than a month.     

我国上市公司治理与会计政策选择

会计政策选择受到公司治理的强烈影响,其存在有一定的客观必然性。文章论述了两种主要公司模式下会计政策选择的取向,分析了我国上市公司治理的现状及由此而产生的会计政策选择方面的问题。为提高会计政策选择的效率性,我国上市公司应完善公司治理结构,文章对此提出了建议。     

人力资源管理的贡献与贡献率测定

人力资源管理活动的量化研究利于准确认识其作用和经济增长机制.文章认为,人力资源管理在经济系统中的作用有替代、放大、引致和外溢等效应,其总效应是直接提高劳动力效率而间接增加经济产出;由此用效率函数做工具,建立了明示其作用的经济增长模型,并推出相应的均衡增长路径.     

多用户MIMO-OFDM系统中一种子载波分配算法

介绍了多用户MIMO-OFDM系统中的Hungarian子载波分配算法，然后针对其计算复杂度过高的缺陷，提出一种局部最优的子载波分配算法，并与Hungarian子载波分配算法进行仿真比较。结果表明，该算法使系统总数据速率仅下降1．7％，而其计算复杂度却大幅减小，提高了资源分配的效率，符合高速无线系统资源实时分配的要求。     

S频段800W固态功放的研制

采用功放管合成、电路模块合成及插箱整机合成相结合的三级合成方案，研制成功了一种S频段连续波800W固态功放，经测试在2025—2120MHz频段，功放连续波输出功率1dB压缩点大于59dBm（800W），增益大于68dB，功率附加效率25％，合成效率达到85％以上。     

论刑法明确性原则的价值蕴涵和现代意义

刑法明确性原则是资产阶级在刑法领域里反对专制社会罪刑擅断主义所取得的一项划时代的进步成果，目前已被世界各国的刑事法典普遍加以确认。作为罪刑法定原则在刑事立法领域的深层次体现，它符合建立现代民主和法治社会的要求，有助于保障人权、健全法治，促进司法公正和提高司法效率。在我们努力建设社会主义法治国家的今天，对该原则的法律价值和社会意义进行界定和归整，对建立以人为本的和谐法治社会具有重要意义。     

The Lead-Lag Relation Between Spot and Futures Markets Under Different Short-Selling Regimes

We examine the lead‐lag relation between index futures and the underlying index under three types of short‐selling restrictions on stocks in Hong Kong. Our results indicate that lifting short‐selling restrictions can enhance the informational efficiency of the stock market relative to the index futures. We also investigate the impact of two market characteristics, market conditions and the magnitude of mispricing on the lead‐lag relations under different short‐selling regimes. Our findings suggest that if we remove restrictions, the contemporaneous price relation between the futures and cash markets becomes stronger particularly in the falling market and when the cash market is relatively overpriced.     

Study on the Interior Market Network Structure and Its Efficiency in a Knowledge Based Company

A knowledge based company is the microcosmic foundation of the knowledge economy, the design of its organization structure should amplify the company competence to be agile to the knowledge elements. This paper expounds an interior market network structure which is fit for the company intellectual capital operation, and analyses this organization pattern about the reasons of existence, the effectiveness of growing up in scale, the economies of knowledge distribution and the efficiency of operation, and it will provide some beneficial theoretical guidance about how can a company improve its competition competence in the knowledge environment through organization innovation.