UNIT MANAGEMENT BUYOUTS, STOCKHOLDER WEALTH, AND SELLING FIRMS' CHARACTERISTICS

Previous research on unit management buyouts, UMBs, has shown that selling firms benefit from the selloff transaction. The current research demonstrates that when the selling firm has either poor liquidity or poor earnings, selling firm shareholders do not benefit as much. We hypothesize that the unit managers have knowledge about the selling firm's difficulties so they do not pay as large a premium for the assets. Since the unit managers technically are employed by the selling firm shareholders, their bargaining to achieve a better price is an agency cost. Finally, selloff frequency does not affect seller abnormal returns.     

关注拆迁户

大中小城市在建设、在发展、在美化，要拆掉或多或少的原有住户，这样就产生了一批临时群体，叫做拆迁户。拆迁户涉及城市人口的一成、二成甚至三成以上。此事关系广大人民群众的切身利益，情况复杂，问题丛生，应引起高度关注。胡锦涛同志在“七一”讲话中说：     

Measuring Accessibility of Housing to Public–community Facilities Using Geographical Information Systems

This paper examines housing accessibility to public–community facilities (PCFs) using geographical information systems (GIS) for four county–wide metropolitan areas in North Carolina with population ranging from 90,000 to 700,000. An optimization–based assignment model is developed and implemented in ArcView GIS. Rather than using the conventional and less accurate traffic analysis zone (TAZ) or census geography, this research uses detailed county–wide building and parcel databases to estimate direct distances, hence accessibility, from homes (i.e., apartment, manufactured home, and single–family house) to PCF (i.e., office, shopping center, school). The results indicate that distinct housing accessibility patterns exist. In general, multi–family housing such as apartment and townhouse enjoys higher accessibility to positive (desirable) PCFs, followed by single–family detached housing. Manufactured housing has been placed further away from most positive PCFs, but closer to some negative (undesirable) ones.     

中国邮政储蓄银行中间业务特色化发展战略的设想——以安徽分行为例

自成立之日起,中国邮政储蓄银行依托强大的邮政网络,励精图治,其中间业务迅速发展,呈现出品种丰富、效用增强、规模扩大的趋势。该行在中国作为＂草根银行＂,的确为区域经济的发展做出了应有的贡献,但和金融同业相比,其中间业务发展仍凸显产品研发滞后、业务收益不高、操作风险尚存等问题。本文以邮政储蓄银行安徽分行为例,结合其中间业务发展现状的分析,对邮政储蓄银行特色化发展战略进行设想,提出要通过审时度势、东学西渐、内外联动和左右开弓的系列措施助力其中间业务发展。     

运用价格机制提高工业用地利用效益——以重庆工业用地价格调节方案研究为例

土地是工业生产活动最基本的生产要素之一,价格机制是土地使用权市场机制体系的核心。在土地产权明晰的条件下,运用价格机制能有效提高工业用地利用效益。     

企业理财系统的耗散结构观

耗散结构理论可以解释社会现象。将耗散结构理论用于企业理财系统的优化,可实现其增强系统活力、实施动态管理、获得整体优化效应以及规避控制风险的管理目标。     

关于政府财政运行情况综合绩效评价的思考

《中共中央国务院关于全面实施预算绩效管理的意见》(中发〔2018〕34号)文件要求,在2022年前建立全过程预算绩效管理链条,对下级政府财政运行情况实施综合绩效评价,全面实施预算绩效管理。因此,本文试就政府财政运行情况综合绩效评价这一课题作一探讨,以便为各地实践操作提供参考借鉴。     

国际游资相关问题研究评析

近年来,受人民币升值预期影响,国际游资大量流入我国的态势逐渐显现,而2006、2007两年国内资产价格迅速膨胀使国际游资流入愈演愈烈,引起了政府和学界的高度关注。该文对我国国际游资流动渠道、流动规模以及对我国经济的影响等方面的研究进行了评析。