The effect of corporate real estate ownership on R&D innovation: credit relief vs. resource replacement in China

Against the background of supply-side structural reform and the real estate financialisation in China, this study investigates the impact of real estate holdings on R&D investment using data of enterprises listed on the Shanghai and Shenzhen stock exchanges. Our empirical results yield five main findings. First, enterprises holding more real estate assets face more serious financial constraints, thus restraining corporate innovation efficiency. Second, when the profit margin gap between entity enterprises and the real estate industry is larger, enterprises are more inclined to transfer industrial capital into the real estate industry, thus reducing R&D investment. Third, when the degree of marketisation is high, intensified market competition, the optimal allocation of factor and product markets, and stronger patent protection will weaken the restraining effect of corporate real estate holdings on R&D investment. Fourth, monopoly enterprises obtain potential profits more than undertaking risks from the real estate industry, they are more willing to hold real estate, thus strengthening the restraining effect of real estate holdings on innovation. Finally, investors' regional preference intensifies the restraining effect of corporate real estate holdings on R&D investment. Our empirical evidence can guide entity enterprises on how to effectively balance short-term (non-productive) and long-term (productive) capital investment.     

关系质量对企业知识创造绩效的作用机理：一个被调节的中介模型

基于嵌入性视角，分别引入知识转移、合作模式作为中介变量和调节变量，深入探究关系质量影响企业知识创造绩效的内在机理。利用277份来自全国多地的制造业及高新技术企业调查问卷，采用多元回归方法进行实证研究。结果表明：经济型和社会型关系质量均正向影响企业知识创造绩效；社会型关系质量通过元素知识和架构知识转移正向影响企业知识创造绩效。在契约治理模式下，经济型关系质量更倾向于通过元素知识转移正向影响企业知识创造绩效；在股权治理模式下，社会型关系质量更倾向于通过架构知识转移正向影响企业知识创造绩效。     

非稳定井流模型的半解析解

为了提高非稳定渗流计算的计算精度 ,通过数学分析得到了水位传导系数随时间变化时 ,一类非稳定渗流井流模型的半解析解 ,并进行了计算比较     

基于Intranet/Internet的大坝安全监测信息查询系统

大坝安全监测信息的网上发布可以让人们了解各种实时、动态信息，文 中主要介绍了在Intranet/Internet下采用ASP(active server pages)结合VBScript，JavaS cript及ActiveX技术进行大坝安全监测信息查询系统开发的方法及步骤，并结合实际系统的 开发加以说明。     

长江螺山站高水位流量关系和城陵矶（莲花塘）控制水位的研究

螺山站高水位流量关系是确定长江城陵矶（莲花糖）控制水位的基本依据，从基本的河道水力学规律出发，考虑涨落率修正、瞬时比降修正，计算各时段点的代表性比降，和相应糙率，求出均值，根据断面资料，得出高水位的稳定流曲线，并以各日流量转化的稳定流点，进行验证，精度很好，分析了河段区间流量对螺山站稳定流量的影响。阐明了螺山站稳定流量的变化情况和趋势，推求了各次大洪水的超额洪量，计算出莲花糖以上的总入流，根据现今的湖区及槽蓄容积进行洪水演进，计算1954年特大洪水的超额洪量，并分析节三峡水库拦洪后对长江中下游超额水量的影响；对莲花塘不同防洪控制水位进行了技术经济分析和评价，提出了抬高控制水位的具体建议。     

浅谈地方电力供应企业的管理

湖南省地方电力是水利产业的重要支柱,对促进农村经济发展等多方面发挥了重要的作用,但在经营中还存在着一系列的困难,文章详细的介绍了地方电网在经营企业中存在的主要问题和解决问题的关键环节。     

暴雨洪水流域系统随机模拟(研究之三)

本文提出的移置特大暴雨的不连序序列的随机插补方法,以及利用W—H逆变换法将偏态暴雨序列转为正态序列和随机扣除模拟的暴雨过程损失量等方法,基本是可行的,对提高模型的代表性、稳定性和实用性有重要作用。     

潘庄引黄灌区泥沙处理对策探讨

潘庄引黄灌区在多年的引黄泥沙处理利用工作中,探索并总结出一套适合灌区特点的泥沙处理模式,取得了较好的效果。主要针对灌区引黄灌溉中的泥沙处理问题,在综述了灌区泥沙处理和利用的现状和新形势下传统泥沙处理方式所存在问题的基础上,从自然条件、工程条件等方面进行泥沙处理的探讨。     

税制改革与税收文化滞后分析

本文引入了税收文化滞后的概念,阐明了进行税制改革时将会出现税收文化滞后现象,它将影响到税制结构优化目标的实现,因此必须尽力减弱其影响,以确保税制改革的成效。     

A Dynamic Analysis of Fixed- and Adjustable-Rate Mortgage Terminations

This paper provides a side-by-side comparison of loan-level statistical models for fixed- and adjustable-rate mortgages. Multinomial logit models for quarterly conditional probabilities of default and prepayment are estimated. We find that the estimated impacts of embedded option values for prepayment and default are generally quite similar across both FRM and ARM loans, providing additional empirical support for the basic predictions of the options theory. We also find that differences in estimates of conditional probabilities of prepayment and default associated with mortgage age, origination period, original LTV, and relative loan size, indicate the continued significance of these other economic and demographic factors for empirical models of mortgage terminations.