二代涉入、制度情境与中国家族企业创新投入——基于社会情感财富理论的研究

基于社会情感财富理论,本文以2012-2016年中国A股上市家族企业为样本,采用倾向得分匹配法,对一定制度情境下二代涉入对家族企业创新投入的影响进行实证研究。研究结果表明:二代涉入会抑制家族企业的创新投入,发生二代涉入的家族企业会更重视约束型社会情感财富,而该类社会情感财富会导致家族企业对创新投入持保守态度;制度环境对二代涉入与家族企业创新投入之间的关系具有正向调节效应,从而会缓和二代涉入对家族企业创新投入的抑制作用;政治关联对二代涉入与家族企业创新投入之间的关系具有负向调节效应,从而会加剧二代涉入对家族企业创新投入的抑制作用。据此,本文建议:发生二代涉入的家族企业不能为了加强对企业的控制而排斥引入外部优良人才或外部投资者,创始人应该注重二代成员对家族企业归属感等的培养,提升二代成员对延伸型社会情感财富的保护意愿;政府和家族企业必须共同努力推进市场化改革,藉此完善家族企业赖以生存的制度环境;家族企业应当尽量避免政治寻租等行为对创新的抑制作用。     

FREE VERSUS SECOND‐BEST ENTRY IN COURNOT OLIGOPOLIES WITH FIRM‐SPECIFIC NETWORKS

This paper endogenizes the number of firms in an industry with positive network effects, complete incompatibility, and firms that compete in quantity. To this end, we compare two possibilities: free entry and second‐best number of firms (the one that maximizes social welfare). We show that with business‐stealing competition, free entry yields, in general, more firms than the socially optimal solution. In addition, we find that by the nature of the industry with firm‐specific networks, total production may be greater or lower under free entry than with a regulator; moreover, some industries attain their maximum social welfare with a monopoly.     

双边市场、不完全信息与二级价格歧视

本文研究了双边市场二级价格歧视问题。本文构建了包括广告商、消费者、垄断平台在内的两阶段博弈模型，研究了在最优与次优情况下平台的定价机制，分析了二级价格歧视对平台利润、社会福利等的影响。研究表明：（1）“顶部无扭曲”或“底部无扭曲”并不严格成立；（2）平台对观众提供的节目质量、广告插播量均可能出现类型逆转的情况；（3）二级价格歧视会增加社会总福利；（4）“会员制”是平台可能的占优定价机制之一。     

The triggers and clustering properties of merger waves

This article studies the triggers and the agglomeration of mergers and acquisitions (M&A) activity within clusters constituted by time, market and industry. Based on almost 500,000 individual transactions, we find that industry factors play a significant role in triggering activity and that M&A agglomerates strongly across related industries. While clustering in time turns out to be insignificant, stock market effects can be either an attracting or a repelling force, depending on the type of deal examined. This supports the view that merger waves are largely driven by industry shocks.     

“Skankalicious”: Erotic Capital in Women's Flat Track Roller Derby

Erotic capital refers to the use of sexuality for personal gain and has been theorized as a particular source of power (some) women can leverage to advance their interests (Hakim, 2011 Hakim, C. (2011). Erotic capital: The power of attraction in the boardroom and the bedroom. New York, NY: Basic Books. [Google Scholar]). With its overt sexuality, women's roller derby provides an ideal opportunity to investigate erotic capital. Locating erotic capital within a specific time, space, and context, I draw upon third-wave feminism and use in-depth conversational interviews and participant observation to reveal ways “derby girls” perform their sexuality and use it to advance their collective and individual interests. This analysis introduces erotic capital to the leisure literature and demonstrates the intentionality of women's resistance to, and reproduction of, gendered stereotypes, particularly with respect to sexuality. In so doing, the findings highlight a need for rethinking traditional conceptualizations of empowerment whereby resistance equals empowering and reproduction equals disempowering, and initiates a new direction for feminist scholarship in this regard.     

Flexible distribution functions,higher-order preferences and optimal portfolio allocation

In this paper we show that flexible probability distribution functions, in addition to being able to capture stylized facts of financial returns, can be used to identify pure higher-order effects of investors' optimizing behavior. We employ the five-parameter weighted generalized beta of the second kind distribution—and other density functions nested within it—to determine the conditions under which risk averse, prudent and temperate agents are diversifiers in the standard portfolio choice theory. Within this framework, we illustrate through comparative statics the economic significance of higher-order moments in return distributions.     

中小企业板信息披露制度探索 --股权结构角度的分析

中小企业板上市公司股权高度集中且存在自然人“一股独大”的现象,这种股权结构比主板上市公司更容易引发控制性股东侵害中小股东利益的事件。而目前中小企业板信息披露制度基本上沿用了主板市场的披露制度,有必要对现存的披露制度进一步完善,使之适应中小企业上市公司的股权特征。     

阵列天线在UXB系统标校中的应用

测量船基地现有标校塔与测量船距离只有980 m,无法满足高频段统一X频段（UXB）系统天线的远场标校距离条件。针对这一难题,提出了一种利用阵列天线合成准平面波的方法,实现在近场距离条件下的远场标校。在现有标校塔上架设安装阵列天线设备,利用16个单喇叭天线组成4×4的天线阵,并通过控制单个喇叭天线元的幅度和相位,使得传播到测量船UXB天线口面处由阵列天线合成的电磁波是准平面波,满足X频段天线远场标校要求。综合运用最优化理论和遗传算法,对阵列天线元的幅度和相位权值进行调节和优化,使得合成的电磁波更为接近准平面波。计算机仿真实验和外场条件下的实际测试均验证了该方法生成的准平面波能够满足UXB天线远场标校要求。     

新闻的第二落点:突现媒体个性魅力的独家报道

“信息爆炸”的时代,新闻资源共享.独具个性魅力的独家新闻报道,更能吸引媒体受众.这就要求我们做好新闻第二落点的研究工作.     

天地一体化超视距雷达的激励源设计

针对单通道天地一体化超视距雷达不能多站组网的问题,设计了一种新型的激励源系统。系统利用现场可编程门阵列（FPGA）和通用串行总线（USB）实现多路发射通道控制,并通过直接数字式频率合成器（DDS）产生初始相位周期变化的线性调频波。理论分析表明,回波信号经过两次频谱变换能产生特定的多普勒频移,从而在多普勒频谱上被展开,实现信号多发一收。实验结果验证了激励源设计的可行性,可用于多站同步观测。