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.     

How is Benevolent Leadership Linked to Employee Creativity? The Mediating Role of Leader–Member Exchange and the Moderating Role of Power Distance Orientation

Previous research has shown that virtuous leader behavior in the form of benevolent leadership has considerable impact on employee creativity. However, little is known as to how and under what conditions these constructs are linked. In the current research, we proposed and tested a moderated mediation model positing leader–member exchange (LMX) as a mediator, and employee power-distance orientation as a moderator of this relationship. Two studies were conducted to test our hypothesized model. In Study 1, repeated measured data collected from 284 Chinese employees in an information technology company demonstrated that benevolent leadership had a lagged effect on LMX. In Study 2, analyses of multisource and lagged data from 391 Chinese employees in 42 research and development teams, and their direct supervisors indicated that benevolent leadership was positively related to supervisor-rated employee creativity via LMX. In addition, the relationship between benevolent leadership and LMX was stronger for employees high in power-distance orientation. Theoretical implications of benevolent leadership’s research and practical contributions concerning promoting creativity in organizations where benevolent leaders prevail are also discussed.     

龙滩水电站地下厂房进水口高边坡加固支护设计

龙滩水电站地下厂房进水口高边坡开挖坡高达435m，坡面面积达27万m^2，为典型的反倾向层状结构岩质高边坡。为了确保进水口坝段的稳定，必须保持边坡岩体有足够的稳定性，通过采取边坡轮廓设计，防渗、排水设计，加固支护设计及施工控制等一系列措施，确保边坡稳定。文章简要论述了边坡设计的原则、标准、高边坡轮廓设计、防渗排水系统、加固支护措施、施工控制等情况。     

人民币汇率形成机制的有效选择

文章从西方汇率决定理论入手，分析了我国人民币汇率制度的形成立场、现状和改革的必要性，提出了指数联动型汇率形成机制。该机制对人民币汇率改革可提供有益的思考。     

长湖水电厂监控系统更新改造特点

介绍了长湖水电厂原有计算机监控系统的运行情况,分析了原系统经常死机、修改程序困难、人机界面不好、模块采集点数较少、扩展困难等问题的原因。采用主要由SunBlade2000工作站SJ-600智能型分布式现场控制装置组成的NC2000新一代监控系统代替原系统,消除了存在的问题。改造过程中,采取了多种措施保证新、旧监控系统同在一个系统中运行和平稳过渡,不影响电厂设备的正常运行。     

引水隧洞煤系地层塌方冒顶施工处理技术

煤系地层是一种较软弱的岩体，易风化膨胀，稳定性极差，遇水迅速坍塌，进行煤系地层的掘进施工难度大。本文结合大花水水电站引水隧洞实例，介绍了其穿越煤系地层塌方冒顶洞段的施工处理技术。     

三线铁路荷载作用下箱梁桥荷载横向分布系数

文章运用有限元程序对三线铁路预应力混凝土连续箱梁桥进行了模拟,分析了三线铁路荷载作用下箱梁的受力特性及在各种荷载工况下荷载横向分布规律,给出了荷载横向系数的实用值。     

预应力锚固技术在龙滩水电站高边坡工程中的应用

龙滩水电站进水口高边坡最大坡高达420m，为保证高边坡的稳定，采用预应力锚索技术。预应力锚索的加固作用非常明显，不仅为边坡的稳定提供了经济、有效的手段，而且为按期截流创造了条件。     

电子商务平台下的ERP-Ⅱ功能分析

本文阐述了传统ERP系统移植到互联网上的功能需求分析，提出了跨平台多操作系统的系统集成解决方案，对新概念ERP-Ⅱ给出了具体的内涵，对信息化进程提出了个人见解。     

浅议高校校园中水回用工艺

分析了高校校园中水回用的必要性,对位于市区和郊区新建高校提出了有针对性的校园中水回用工艺,并对中水回用项目的效益进行了探讨.