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.     

减税降费背景下小微企业财务管理研究

在减税降费背景之下,企业要想谋求长远发展,需要严格地遵守国家税务征收的相关政策,做好纳税申报以及税款缴纳。论文主要分析了减税降费政策的实施对小微企业的影响,阐述了减税降费背景下小微企业财务管理现存的问题,最后提出了有效的财务管理路径,为相关财务人员提供一定的理论参考。     

基于eCognition影像解译技术的风景环境 植被景观遥感量化研究 ——以云南鸡足山为例

世界遗产标准vii是UNESCO用以评价遗产地审美 价值的重要准则，由标准iii演化而来，从文化与自然美的混 合评价转向了仅对自然美学特征评价。选取以标准vii列入世 界遗产名录的145处项目(1978—2017年)，通过扎根理论 及分析，总结其运用特征、演化趋势和动因考辨。研究发现： 1)地区层面，不同地区运用标准vii所关注的审美价值具有差 异，如非洲关注色彩美学，欧洲和北美强调风景特质组合，亚 太地区重视强烈的自然文化关联、动态变化和组合关系，南美 和加勒比地区注重审美体验；2)词频运用层面，标准vii在各 地区的词频运用差异显著，各地区使用词频最高的为关于美的 “形容词”，除欧洲之外，其余地区代表“之最”特点的词频 次之；3)评价要点层面，欧洲和北美的风景特质评价具有很 强的特点与范式。最后解析了标准vii运用趋势与18世纪以来 的美学思想演变的内在联系；以期为标准vii的全球普世价值 与地区价值认知以及标准vii后续研究提供依据。     

Evaluating municipal landscape plans and their influence on selected aspects of landscape development – An empirical study from Germany

In this paper we examine the question of whether and how municipal landscape plans exert a positive influence on and/or correlate with selected aspects of the landscape. To this end, a representative sample of municipal landscape plans in Germany and a statistical-quantitative evaluation approach are used to uncover correlations between planning and landscape development. As a result, we can show that municipalities which draw up a landscape plan have a higher proportion of natural areas and a lower hemeroby index, i.e. a lower level of human influence. The model also reveals a significant relationship between the quality of the landscape plan as well as its duration of impact and the density of landscape structural elements. It is also determined that municipal landscape plans help protect grassland areas. The indicator-based method provides impulses for the international discussion on the evaluation of plans.     

Business model innovation in cultural and creative industries: Insights from three leading mobile gaming firms

This paper contains an exploratory analysis of the business model innovations (BMIs) that firms in cultural and creative industries (CCIs) undertake along their life-cycle. Despite the role that creative and cultural and creative firms (CCFs) have in the economic development of industrialised countries, they tend to remain small and often fail due to industry-specific constraints and tensions, such as the lack of managerial capabilities and complexity in nurturing value chain relationships. However, there has been relatively limited scholarly interest into the specific conditions and processes that enabled CCFs to overcome these liabilities, and in particular into the identification of the business models they have adopted along their life-cycle. In this paper, this issue is analysed by using the concept of BMI, which sheds light on how the reconfiguration of the activity system through which a CCF creates, delivers and captures value enables the exploitation of entrepreneurial opportunities over time. This paper builds on an in-depth historical study of three leading firms operating in the mobile gaming industry, namely Rovio, Zynga and King Digital Entertainment. Three main results emerge from this study. First, in the ramp-up phase of their life-cycle, CCFs organize their resource architecture to build a strong and recognized reputation. Second, in the development phase, BMI is used to leverage new distribution paradigms. Finally, in the maturity phase, firms dedicate resources to innovate their product portfolios by providing platforms that support the development and testing of new creative ideas and solutions. Findings and implications are then discussed.     

Shrinkage Estimation Strategies in Generalised Ridge Regression Models: Low/High-Dimension Regime

In this study, we suggest pretest and shrinkage methods based on the generalised ridge regression estimation that is suitable for both multicollinear and high-dimensional problems. We review and develop theoretical results for some of the shrinkage estimators. The relative performance of the shrinkage estimators to some penalty methods is compared and assessed by both simulation and real-data analysis. We show that the suggested methods can be accounted as good competitors to regularisation techniques, by means of a mean squared error of estimation and prediction error. A thorough comparison of pretest and shrinkage estimators based on the maximum likelihood method to the penalty methods. In this paper, we extend the comparison outlined in his work using the least squares method for the generalised ridge regression.     

Successful eco‐innovators: Exploring the association between open inbound knowledge strategies and the performance of eco‐innovative firms

The main purpose of this paper is to analyse the association between open inbound knowledge strategies and the performance of eco‐innovative firms in the food and beverage industry. We propose a mixed framework based on the eco‐innovation literature and the open innovation approach. We consider the characteristics in a traditional sector based upon a resource‐based perspective. Three types of firms are distinguished in terms of their sales growth in the Spanish food industry from the least to the most successful eco‐innovators. Using multinomial logistic regression models, it is shown that the diversity of collaborators (breadth of external sources of knowledge) and joint adoption of product and process eco‐innovations are positively associated with the probability of achieving high sales growth. Moreover, we find an inverted U‐shaped relationship between the breadth of the external search and firm performance, but only for the group of the most successful firms. Moreover, operational flexibility, knowledge‐based capabilities and company size are also positively related to the group of successful eco‐innovators.     

The antecedents of digital collaboration through an enhanced digital platform for destination management: A micro-DMO perspective

While the tourism sector shifts towards digital transformation, Destination Management Organisations (DMOs) often struggle to adapt to their changing technological environment. This study explores the antecedents of digital collaboration and develops a framework for micro-DMOs to enhance effective destination management through digital technologies. An integrated sequential qualitative approach was adopted by conducting multi-phase interviews, in addition to designing and trialling a real-world trial digital platform. The research provides empirical evidence that digital collaboration is essential for micro-DMOs, necessitating them to transform their current “websites” into digital platforms which act as a hub for business stakeholders to actively be involved in. Antecedents of successful digital collaboration include mutuality, trust, control, and leadership which may be manifested differently from non-digital collaboration. Additionally, the study identifies three aspects for digital collaboration; marketing, networking and knowledge sharing that demands specific attention. Our results have theoretical, methodological, and practical implications for academia, industry and policymakers.     

试论烟草卷烟机械设备的维修

随着当前科学技术的发展,在烟草检验机械设备研发的过程中,也在向着高速度以及智能化的方向进行研发。对于烟草卷烟机械设备行业来讲,在发展的过程中,针对维修工的要求也在随之提升。所以为了能够保证烟草卷烟机的设备维修工作的相关需求得到满足,需要就当前烟草卷烟机械设备维修工作进行深入探讨。     

江苏企业“走出去”的模式及财务风险防控研究

随着中国“一带一路”倡议的逐步实施,越来越多的企业开始加入“走出去”的队伍。但是由于不同企业所处行业、资金实力、规模大小、对外投资目的等因素不尽相同,如果选择不恰当的模式往往会导致陷入经营困境。因此本文为江苏“走出去”企业提出相应的财务风险防控措施,旨在促进企业在国际化进程中健康、可持续发展。