DEVELOPING SOCIAL IDENTITY AND SOCIAL CAPITAL FOR SUPPLY CHAIN MANAGEMENT

Competition involves not firm against firm but rather supply chain against supply chain, but few studies explain theoretically the subsistence of a supply chain as a social entity or the operating mechanisms through which firms socialize to obtain better business performance. On the bases of social identity theory and social capital theory, the authors suggest that the salience of supply chain identity accumulates social capital in a supply chain, which then facilitates supply chain management and improves business performance.     

对国家助学贷款可持续性发展的思考

国家助学贷款是国家利用金融手段加大对高校贫困家庭学生资助力度而采取的一项重要措施,也是进一步完善高校资助政策体系的新探索。实施七年来取得了显著的成果,但从目前情况来看,仍然存在许多问题值得我们去探讨,本文从国家助学贷款政策的绩效、影响因素、可持续性发展的思路与对策等方面加以分析,并提出相应的解决方法。     

我国上市公司经济效益展望

本文从上市公司的净利润总额、盈利水平和资产质量状况三个方面，分析了2000年以来我国上市公司的经济效益情况，分行业考察了上市公司经济效益的差异。本文认为，宏观经济的稳定增长和消费升级将为上市公司未来的经济效益提升提供稳固的保障，同时，制度创新因素对上市公司未来经济效益还将产生积极的影响。     

How to define and study farmers' management capacity: theory and use in agricultural economics

Textbooks and articles on farm management stress the importance of the management capacity of the farmer with respect to his farm results. However, explicit definitions together with an elaboration of this concept are hard to find. In this article, aspects of management capacity are grouped into: (1) personal aspects, consisting of fanner's drives and motivations, fanner's abilities and capabilities and his biographical facts such as age and education; and (2) aspects of the decision-making process, consisting of practices and procedures with respect to planning, implementation and control of decisions at the farm. Empirical studies on the role of management capacity in relation to farm results are reviewed. Frontier production functions are widely used in recent literature to estimate technical and economic efficiency of farms. However, in explaining differences in efficiency most studies do not go further than adding a biographical variabk (e.g., level of education). This study concludes that a next step would be to include aspects of the decision-making process. Longitudinal on-farm observations, which give possibilities for studying the dynamic aspects of the decision-making, are suggested to further analyze the concept of management capacity.     

The Operating Performance of Newly Privatised Firms in Central European Transition Economies

This study examines the operating performance of privatised firms in three Central European Transition Economies between 1990 and 1998. Overall, we find no evidence of a significant improvement in operating performance for the first six years after privatisation. Contrary to the increasing empirical evidence for non‐transition economies, our privatised firms experience no improvement in profitability, capital investments, efficiency, and output, a significant drop in employment, as well as a significant increase in leverage. The most important determinants of the performance changes following privatisation were country effects, timing of the privatisation sales, industry classification, and state ownership after privatisation. Our findings are consistent with the empirical evidence that the transition process proved to be more difficult than expected and that, although necessary, privatisations do not necessarily produce equal efficiency gains in transition economies ( Megginson, 2005 ; Havrylyshyn and McGettigan, 1999 ).     

关于我国证券交易印花税制度的若干思考

尽管我国证券交易印花税在获取财政收入、调节证券市场方面具有一定的作用,但其制度本身还存在许多缺陷,如:征收缺乏法律依据、职能错位、征收范围狭窄、双向同率征收、调节力度欠佳等。为了让印花税名至实归,本文认为应当改革我国现行的证券交易印花税,同时完善证券市场上的其他税种。     

Security Choice, Information Effects and Firm Characteristics: A Factor Analytic Approach

Abstract:   We examine the marginal choice between debt and equity securities using a factor analytic approach. This data reduction property eliminates the need to select the one best variable to proxy for a particular theoretical construct. Our results reinforce numerous existing findings using traditional methods and suggest both static tradeoff and asymmetric information based considerations are relevant in determining security choice. Two new results are presented related to the accounting liquidity of the firm. First, the preference for equity is increasing with liquidity as suggested by the window of opportunity hypothesis. Secondly, the market response to equity issuance announcements is inversely related to the liquidity of the firm. Profitability and growth measures support Jensen's (1986) agency cost of free cash flow as a potential explanation for the second finding.     

新时期我国金融安全面临的挑战及对策

金融全球化、自由化、电子化三大发展趋势,一方面是金融业务高速增长的重要动力,另一方面是金融风险不断增大的主要诱因.由于国内金融体系的薄弱环节较多,国际金融规则存在严重缺陷,新时期我国金融安全面临的挑战相当严峻.为此,我国必须深化金融机构体制改革,改进金融监管体制,构建多层次的金融市场体系,适度控制金融市场开放的进程,完善金融监管法律体系.     

Underpricing and aftermarket performance of American depositary receipts (ADR) IPOs

American depositary receipts (ADRs) are negotiable instruments representing foreign company shares traded in US dollars in the US capital market. We present comparative analyses of the pricing and aftermarket performance of Initial Public Offerings (IPOs) by ADRs and a matching sample of US firms over the 1990–2001 period. Offered by large, well-known multinationals, ADR IPOs go through a detailed scrutiny, and incur significant costs, during the pre-IPO period to recast financial statements in conformity with SEC rules and the US GAAP. This mitigates the information asymmetry between the IPO firm and investors. We categorize the ADR issuing country as developed or emerging, and our sample includes several cases of privatization of state owned corporations. The analyses indicate that (1) ADR IPOs are significantly less underpriced than comparable US IPOs; (2) IPOs from developed countries are more underpriced; and (3) Privatization IPOs are less underpriced than non-privatizations. The lower underpricing of ADR IPOs persists even after differential IPO attributes, the traditional proxies for information asymmetry and, the unique characteristics associated with ADR IPOs, are accounted for. We conclude that extant literature offers only partial explanation for this puzzling phenomenon.     

物理环境对工作绩效的影响分析

文章通过对物理环境进行定义、分析，将其与现实员工绩效相联系，试图说明物理环境对员工的绩效具有影响力。