高管政治背景与民营企业综合税负——基于政治关联的非线性影响研究

民营企业通过与政府建立良好的关系获得与国有企业同等待遇,税负是其中重要的一个方面。现有研究从线性的角度分析了政治关联对民营企业税负的影响,实际上,不同政治关联度对税负的影响方向是不同的。以2009-2011年沪深两市A股主板民营上市公司为样本,探讨政治关联是否影响企业税负以及政治关联度的变化对企业综合税负率的影响。研究发现,政治关联有助于降低民营上市公司综合税负率,且政治关联度与综合税负率之间存在倒U型关系。研究还进一步确定了政治关联度的拐点,为政府规制政策的制定提供参考。     

Political uncertainty and labour investment efficiency

ABSTRACT

We examine the impact of political uncertainty on the labour investment efficiency (LIE) of a firm. Using a sample of Chinese firms, we test the market discipline and managerial entrenchment hypotheses. Our findings suggest that political uncertainty adversely affects LIE. The results are consistent with the managerial entrenchment hypothesis. That is, firms hire more labour in a period of increased information asymmetry due to the political uncertainty, which deteriorates LIE. Our findings are robust to a battery of alternative measures of LIE and estimation methods. We conduct several additional analyses and document that the adverse impact of political uncertainty is stronger when the newly appointed government official is older, the firm is state-owned, the firm belongs to a politically sensitive industry or the firm operates in locations with stringent labour protection. By contrast, when the firm locates in a region with weak Chinese government intervention or after President Xi Jinping’s anti-corruption campaign, the adverse impact of political uncertainty on LIE is less pronounced. Last, we document that after hiring more labour, firms receive tangible and intangible benefits in terms of receiving more loans, collect more government subsidies, and able to re-establish some political connection but at the cost of lower performance.     

对拉索式点连接全玻璃幕墙施工质量控制的探讨

文章针对拉索式点连接全玻璃幕墙施工质量控制的特点和难点,阐述了施工中应注意的事项,并对施工的工艺流程进行划分,对各施工流程中的重点和应注意的事项进行了论述。     

Political connections of newly privatized firms

We investigate the extent of political connections in newly privatized firms. Using a sample of 245 privatized firms headquartered in 27 developing and 14 developed countries over the period 1980 to 2002, we find that 87 firms have a politician or an ex-politician on their board of directors. Politically-connected firms are generally incorporated in major cities, are highly leveraged, and operate in regulated sectors. The likelihood of observing political connections in these firms is positively related to government residual ownership, and negatively related to foreign ownership. Political fractionalization and tenure, as well as judicial independence are also key explanatory variables. Finally, politically-connected firms exhibit a poor accounting performance compared to their non-connected counterparts.     

北京市现代职业教育体系建设中的纵向衔接问题研究

构建纵向衔接与横向沟通的现代职业教育体系是国家职业教育发展的一项重大战略决策。纵向衔接是建设现代职业教育体系的基础,是搭建不同类型教育与培训“立交桥”的前提。基于北京市现代职业教育体系建设中纵向衔接问题的调查与分析,提出了要以培养学生职业能力为主线,以专业衔接为依托,以课程体系建设为手段,加强现代职业教育体系建设中的纵向衔接。     

银行关联对企业并购投资的影响研究

从银企关系的视角分析银行关联是否影响企业并购概率及结果,重点考察银行关联对我国并购及并购绩效影响的作用机制。使用2006-2012年我国上市公司数据,实证检验结果发现：银行关联显著增加了企业并购概率,且董事会银行背景关联和银行股权关联都显著增加了企业并购的概率;银行关联公司的并购绩效显著低于非银行关联公司,董事会银行背景关联对企业并购的影响有限,股权关联显著降低了企业并购的绩效。这说明,银行关联促进企业并购的发生,但银行关联特别是股权关联降低了并购绩效。     

政治关联、管理者过度自信与成本粘性--基于创业板上市公司的经验证据

本文选用创业板上市公司2009－2014年数据,实证检验高管政治关联、过度自信对成本粘性的作用机理与运行机制。研究结果表明：拥有政治关联的公司,成本粘性显著增强;高管过度自信程度越高,成本粘性增强的趋势越明显。进一步的研究显示,政治关联与过度自信的交互作用对成本粘性具有较强地正向放大作用,即过度自信且具有政治资源优势的高管将推进成本粘性的提升。本文将制度环境和管理者背景特征紧密结合,揭示了高管政治关联与过度自信对创业板上市公司成本性态的影响,对于深化认识创业企业成本管控模式与策略、识别高管情绪及其产生的行为后果具有借鉴意义。     

机电一体化中接口技术的研究

本文以机电一体化控制系统为例,将接口分为人机接口和机电接口两大类进行探讨,在此基础上分析得出了机电接口技术对机电一体化的影响,并指出了机电接口技术必然促进机电一体化的发展。     

电路设计中的抗干扰问题

由于电磁干扰不仅影响电子电路工作的可靠性和稳定性,而且会使电路的性能下降,因此在进行电路设计时必须解决好电路的抗干扰问题。本文从接地的设置和屏蔽方式的选择两个方面介绍了如何采取合理的方法解决电路的抗干扰问题。     

住宅采暖户内连接系统分析

首先阐述住宅采暖设计中可供选择的户内系统形式,接下来探讨如何选用管材及供回水温度,最后对管道与散热器连接形式进行了比较。