快速反应:际华3542品牌竞争力的来源

近5年间,我国纺织服装业经历了全球纺织品配额取消、欧美各国对中国纺织品特保设限、中国与欧美达成纺织品协议等一系列重大外部环境变化。竞争使得产品生产的批量越来越小,过去适宜大批量生产的刚性生产线,越来越不适应新的形势。际华3542纺织企业以其灵活的经营机制,使企业快速、准确的响应市场中变化万千的客户需求,获得了广阔的发展空间。     

全面落实科学发展观 努力建设创新型行业 促进保险业又快又好地发展

2005年，在党中央国务院的正确领导下，保险业以邓小平理论和“三个代表”重要思想为指导，坚持以科学发展观为统领，以优化发展结构、转换经营机制和转变增长方式为切入点，保险业务平稳健康发展。2005年全年保费收入4927.3亿元，同比增长14％；保险公司总资产15225．9亿元，比年初增加3240．1亿元。当前，国际国内形势的发展变化要求保险业必须又快又好地发展，经济社会发展为保险业发展提供了广阔空间。今后应着力解决好速度、效益、诚信和规范经营问题，切实增强自主创新能力，积极防范化解风险，努力加强行业基础建设，促进保险业稳定持续健康快速发展，更好地为全面建设小康社会和构建社会主义和谐社会服务。     

卷丹百合组培快繁技术的研究

以卷丹百合珠芽为实验材料,以MS为基本培养基,对其组培快繁进行了研究,结果表明,适宜的小鳞茎诱导培养基为MS 1.0mg/LNAA 0.5mg/L6-BA 0.1mg/LKT;适宜的增殖培养基为MS 2mg/LNAA 0.5mg/L6-BA 0.1mg/LKT;适宜的生根培养基为1/2MS 0.2mg/LIBA;诱导和快繁适宜的条件为光照16h/d,温度(25±1)℃。     

环氧树脂E-20/甲醇醚化氨基树脂体系固化反应动力学

本文利用差示扫描量热法（DSC）研究了不同升温速率下环氧树脂E-20/甲醇醚化氨基树脂（MEAR）体系固化反应动力学;采用Kissinger、Ozawa法计算得出体系固化表观活化能分别为35.67kJ/mol、40.27kJ/mol;用Crane公式求出反应级数为0.95,表观频率因子为1.12×10^4s^-1。根据固化反应产物红外光谱分析了反应机理,在200℃以下,烷氧基甲基（=NCH2OCH3）与环氧基团反应是主反应,烷氧基甲基基本不与羟基（-OH）反应。     

The Seasoned‐Equity Issues of UK Firms: Market Reaction and Issuance Method Choice

Abstract:   This study examines the seasoned equity issues of companies traded on the London Stock Exchange. Recent regulatory changes have allowed UK firms more discretion in choice of issue approach, and this has led many firms to issue through placing in preference to a rights issue. Having first documented the trend towards increasing use of placings, we go on to identify an interesting subset of placings that are less likely to be anticipated by the market, and find a significant positive market reaction to such placings, which contrasts with the significant negative reaction we find for issues by rights. We also examine the choice of seasoned equity issuance method, focusing on the choice between placings versus rights issues. We develop a model to explain the choice of equity issue method that achieves a high level of predictive accuracy.     

应对突发公共事件的新理念——试析《国家突发公共事件总体应急预案》

《国家突发公共事件总体应急预案》充分反映了当代公共行政的价值取向，体现了政府应对突发公共事件的新理念；认真研究和把握这些精神和理念，有利于我们积极、主动应对和处置各类突发公共事件，实现处置突发公共事件的人本化、法治化和科学化。     

The effect of self-selection bias on the testing of a stock price reaction to management's earnings forecasts

This study examines the inferential bias due to the failure to control for self-selection when studying the market's reaction to management earnings forecasts. The analysis is conducted by controlling for self-selection and comparing the results to those obtained when self-selection is not controlled. This comparison suggests that the overall inference of a market reaction to the management forecast issuance does not change. However, the statistical significance declines when self-selection is considered. Since the issuance of a management forecast is an obvious self-selection, the results of this study suggest that self-selection should be considered and evaluated in quasi-experimental studies in accounting and finance.     

Market Reaction to Multiple Contemporaneous Earnings Signals: Earnings Announcements and Future Earnings Guidance

We examine market reactions to contemporaneous announcements of current earnings and future earnings guidance for evidence on how investors trade off relevance and reliability. Current earnings are more reliable than future earnings guidance, but future earnings guidance may be more relevant for predicting future performance. We find that current earnings are more strongly associated with announcement-period returns than concurrently disclosed future earnings guidance, consistent with investors’ relative preference for reliability. We find similar return reactions to stand-alone earnings and to earnings released with guidance. In contrast, return reactions are lower for guidance announced simultaneously with current earnings than for stand-alone guidance.     

中期财务报告自愿审计的动机和市场反应分析——基于中国上市公司的经验数据

作为外部治理机制的审计是公司信息披露质量的重要保证,目前法规对上市公司中期财务报告的审计并无强制性法规要求,许多上市公司选择中期财务报表自愿审计,其行为是一种主动传递信息的过程。本文通过对我国上市公司2007至2010年证券市场自愿中报审计的经验数据分析,对公司自愿中报审计的动机和市场反应进行了实证研究。研究发现:公司中期财务报表自愿审计与公司的成长性和公司规模显著相关,且公司的财务状况和股权性质对公司的自愿审计有一定影响;同时,市场对上市公司中期财务报告自愿审计行为有一定的正面反应,但这种反应效力不足,且持续力较低。     

盈余重述的市场反应及其影响因素研究——基于我国2004-2010年数据的经验分析

本文以2004-2010年盈余重述为样本,检验了我国盈余重述的市场反应及其影响因素。根据重述披露的时点选择特征,首次提出聚合重述和分离重述概念。研究发现,年报的利好消息或非利好消息对盈余重述负面影响的"抵减效应"或"加剧效应"都十分显著;剔除年报影响的分离重述的市场反应显著为-3%。研究还发现,相对于被动重述,主动重述被认为是"主动说真话"的表现,具有"坦白从宽"的效果;重述追溯调整的幅度、公司盈利能力、财务风险和债务水平,都会显著影响重述公告时的市场反应程度。