试论菲律宾挑衅中国南海主权的政策逻辑

一国的外交及安全决策是国内国际诸多因素综合作用的结果。然而,在一国的外交及安全决策中,作为主要决策者的政治领导人显然具有其他任何因素所不可替代的作用。在菲律宾挑衅中国南海主权的决策过程中,总统、外交部长及国防部长是菲律宾外交及安全的主要决策主体,尤其是总统更是具有举足轻重的地位和作用。因此,本文尝试从意愿的形成、能力的获得及策略的调整等个体认知角度,分别探究影响菲律宾南海挑衅政策及其变化的主要动因,并揭示菲律宾阿基诺三世政府挑衅中国南海主权的政策逻辑,为分析中国周边小国、弱国挑衅大国和强国的政策逻辑提供一种分析框架。     

Does the cessation of quarterly earnings guidance reduce investors’ short-termism?

The practice of providing quarterly earnings guidance has been criticized for encouraging investors to fixate on short-term earnings and encouraging managerial myopia. Using data from the post–Regulation Fair Disclosure period, we examine whether the cessation of quarterly earnings guidance reduces short-termism among investors. We show that, after guidance cessation, investors in firms that stop quarterly guidance are composed of a larger (smaller) proportion of long-term (short-term) institutions, put more (less) weight on long-term (short-term) earnings in firm valuation, become more (less) sensitive to analysts’ long-term (short-term) earning forecast revisions, and are less likely to dismiss chief executive officers for missing quarterly earnings targets by small amounts, relative to investors in firms that continue to issue quarterly earnings guidance. Our study provides new evidence of the benefit of stopping quarterly earnings guidance, that is, the reduction of short-termism among investors.     

Career concerns,shareholder monitoring and investment efficiency: From the perspective of compensation contract rigidity in Chinese SOEs

This paper presents theoretical analysis of how career concerns and shareholder monitoring affect chief executive officer(CEO) agency costs. We investigate inve...     

Symphony系统组态方式的改进

介绍Symphony系统组态方式存在的缺陷,应用FTP和Telnet对其进行了改进,效果良好。     

Mergers and acquisitions by Chinese firms: A review and comparison with other mergers and acquisitions research in the leading journals

In recent years, an increasing number of Chinese firms have been engaged in acquisitions both inside and outside of China. Nevertheless, our understanding of Chinese merger and acquisition (M&A) activity is limited because a majority of M&As in the past 100 years have been performed by firms from developed countries and it is those M&As that have been the focus of prior research. Thus this paper aims to address the following research questions: What are the new insights gained from Chinese M&A research? What are the emerging future directions of Chinese M&A research? To address those questions, this article provides a thorough literature review of the most recent M&A research in top journals and studies of M&As both inside and outside of China. Consequently, we identify both new insights from Chinese M&A research and the research gaps that Chinese M&A research needs to fulfill compared with general M&A research in top journals. We further highlight the important and unique characteristics of Chinese M&As and call for future research.     

基于企业家层面的新创企业国际化驱动力研究

传统国际化理论对企业国际化的动因与行为的分析只停留在企业与环境层面上探讨企业,没有深入到人的因素,忽略了企业家在企业国际化过程中的作用。而企业家作为决策者,支配着企业的商务活动,对包括国际化在内的企业战略制定与实施产生重要影响。本文结合新创企业国际化的新发展,把企业家层面的分析引入到国际化的分析框架之中,从企业家特质、企业家认知和企业家网络三个方面探讨了新创企业国际化中的企业家驱动力。     

自发性农地转用的特点与效率分析

虽然我国近年来一直在推进资源的市场化配置改革,但土地市场化程度却保持在较低水平,从长期来看可能不利于土地利用效率的提升。关注于我国现有的自发性农地转用现象,对其产生的条件特征进行了分析,从经济收益、资源配置和治理结构层次比较评价自发性农地转用的效率,以此探讨未来农地转用管理发展的方向和制度改进的路径,并对研究的启示和政策建议进行总结。     

Walking the walk? Bank ESG disclosures and home mortgage lending

Review of Accounting Studies - We show that banks with high environmental, social, and governance (ESG) ratings issue fewer mortgages in poor localities—in number and dollar amount—than...     

检测环境对路面弯沉检测结果的影响

路面弯沉是路面及路基结构整体强度和刚度的直观反应,是工程整体强度质量的重要检测指标。因此,了解路面湾沉的变化规律,正确测试路面弯沉值,对于正确评价路面质量有着极其重要的意义。     

浅层平板载荷试验的应用与探讨

浅层平板载荷试验可用于测定承压板下应力主要影响范围内的承载力和变化特性,具有直观、准确、可靠的突出优点。现结合工程实例对相关问题进行了探讨与分析,并提出该方法的一些不足,进一步丰富平板载荷试验的研究与应用。