关于股权分置改革对我国股市影响的分析

随着股权分置改革进程的加快,股改对股市的影响正显现出来.通过股权分置改革对我国股市影响的实证分析发现,股改对股市的市盈率影响不大,股市的流通性是影响股市的主要因素,因此,制定切实可行的保护公众投资者利益的政策,增强投资者的信心,是稳定市场预期、发展股市的根本.     

国有商业银行治理结构的完善

当前股份制商业银行存在国有股"一股独大",内部人控制问题严重、缺乏有效的激励和约束机制等缺陷。应结合公司治理理论及商业银行公司治理的特殊性,进一步完善国有商业银行公司治理结构,提高治理水平。     

偏向型技术进步与劳动收入份额——以江苏省为例

从偏向型技术进步的角度对劳动收入份额变化率进行分解,可发现资本深化一方面通过提高劳动边际产出来提高劳动收入份额,另一方面又通过资本收入份额和劳动节约型的技术进步压低了劳动收入份额。利用剩余法对江苏省1994-2009年的数据进行分析,可发现除1908年外,其余年份均出现了劳动节约型的技术进步,导致了多数年份江苏省劳动收入份额的下降。为提高劳动收入份额,进而发挥内需对经济增长的作用,未来江苏省应注重发展劳动密集型产业,延长人口红利期限。     

机构投资者真的有助于降低盈余管理吗？——来自中国上市公司混合与平衡面板数据的证据

本文采用中国上市公司2004～2008年相对较长时期数据,在控制机构投资者持股比例与盈余管理程度内生性基础上,通过混合与平衡面板数据模型回归分析发现：机构投资者持股比例与正向盈余管理显著正相关,其中国有控股企业的这种相关性较非国有控股企业更显著;国有控股企业中机构投资者持股比例与负向盈余管理显著负相关,而非国有控股企业中则变成显著正相关;机构投资者持股比例与盈余管理绝对值显著正相关,其中国有控股企业的这种相关性较非国有控股企业也更为显著。这些证据充分说明中国机构投资者仍然是短视的,对盈余管理不存在制约作用反而推动了企业的盈余管理。     

Examining the influencing factors of intention to share accommodations in online hospitality exchange networks

ABSTRACT

CouchSurfing is a free social-network-based online hospitality exchange network, aptly representing a new sharing economy phenomenon. Based on social capital theory and previous literature, this study attempts to answer why hosts help strangers without any expected economic benefit within online hospitality exchange networks. An empirical study based on a Web survey conducted with CouchSurfing hosts reveals that the most identified antecedents (enjoy helping, shared narratives, desire to make friends, and reciprocity) are significantly related to hosts’ intention to share accommodations. Interestingly, the overshadowing effect of trust in CouchSurfing on the intention to share accommodations is also found.     

A theoretical framework of electronic word-of-mouth against the backdrop of social networking websites

This study proposed and tested a theoretical framework that explains electronic word-of-mouth (eWOM) against the backdrop of social networking websites (SNWs), which have gained substantial popularity among travelers. In particular, a United States (US) nationwide online survey was conducted and nine hypotheses were tested. The findings suggest that willingness to share knowledge and switching costs are positively related to eWOM communication. In addition, customer value (utilitarian) has positive relationships with willingness to share knowledge, perceived security, and switching cost, while customer value (hedonic) has positive relationships with willingness to share knowledge and switching costs. Last but not least, the findings indicate that perceived security does negatively impact eWOM. In light of the major findings, the article sets forth strategic implications for travel-related social networking websites.     

盈利能力、环境执法与环保法律实施的股价冲击——基于新《环境保护法》出台的事件研究

基于合规成本理论,围绕新《环境保护法》（以下简称“新法”）的出台,采用沪深两市A股重污染行业上市公司的相关数据,运用事件研究法和多元截面回归实证考察了“史上最严环保法”的股价冲击及其影响因素。实证发现：（1）“新法”颁布和实施均造成了显著的股价冲击;（2）“新法”颁布事件窗口,上市公司的盈利能力加剧了股价冲击,上市公司外部的环境执法力度缓解了股价冲击;（3）“新法”实施事件窗口,盈利能力缓解了股价冲击,环境执法力度与股价冲击没有显著的相关关系。研究表明,“新法”颁布表现出政策冲击效应,而“新法”实施表现出信息发现效应。研究结论有助于理解投资者的行为特征、决策的过程及影响机制。     

Achieving relational outcomes in casual dining restaurants through consumer commitment

The purpose of the study is to identify how we can achieve positive word-of-mouth (WOM) and share of purchases through consumer commitment in casual dining restaurants. This study proposes the theory of organizational commitment and the framework of the relationship development process as the theoretical foundation to identify the antecedents of consumer commitment (i.e. identification, switching costs, and satisfaction), and tests the role of consumer commitment between its antecedents and relational outcomes (i.e. share of purchases and positive WOM). The results of the study support that commitment plays a partial mediating role in the relationship between its antecedents and share of purchases. In addition, commitment exerts a full mediating role on the effects of identification and switching costs on positive WOM intentions, while it plays a partial mediating role between satisfaction and positive WOM intentions. Managerial implications are discussed to maximize delivering relational outcomes based on consumer commitment and its antecedents.     

政府补助企业的主要动机研究——基于我国A股上市公司面板数据的实证检验

上市公司获得的政府补助数额巨大且逐年增长,引起了广泛的质疑,而现有研究对政府补助企业的动机尚无一致的结论。基于理性经济人理论,考虑制度更改和环境变化的影响,以2007—2015年我国上市公司为研究样本,实证检验政府补助企业的主要动机,结果表明：政府补助企业的主要动机在于扩大就业和帮助上市公司“保牌”,最终目的是促进经济的增长;而增加税收和帮助上市公司达到配股要求不是政府补助企业主要考虑的因素,也没有明显证据证明国有企业比民营企业更容易获得政府补助。应完善资本市场退市制度,加强对政府补助的审批和监管,提高政府补助的资源配置效率,并积极引导政府补助发挥更好的社会效益。     

建立高教园区战略联盟的对策分析

高教园区如何发挥高校集群效应,实现优质资源共享,是一项崭新课题。建立高教园区战略联盟,促进资源共享,要求地方政府和园区高校要提高认识,加强对联盟的领导和组织,加快资源建设,建立健全联盟的管理运行机制和保障机制。