The Wealth Effect of Domestic Joint Ventures: Evidence from Taiwan

This study presents important international evidence by examining the wealth effect of domestic joint ventures by Taiwanese firms. In opposite to United States evidence, we find that announcements of domestic joint ventures by Taiwanese firms are, on average, associated with significantly negative abnormal stock returns. We also find that the stock market response to announced domestic joint ventures is significantly positively related to the announcing firms' investment opportunities, size of investment and debt ratio, and is significantly negatively related to the business relatedness variable. In contrast, free cash flow, firm size, relative firm size and managerial ownership are found to have no significant power in explaining the market response. Our results support the investment opportunities, synergy and complementarity hypotheses as well as a broad interpretation of the free cash flow hypothesis, but reject the absolute size, relative size and alignment-of-interests hypotheses. This study makes valuable contributions to the literature by providing the first direct evidence on the role of investment opportunities, synergy and alignment-of-interests in explaining the wealth effect of domestic joint ventures     

Value of Multinationality: Internalization, Managerial Self-interest, and Managerial Compensation

In this paper, we examine the impact of managerial self-interest on the value of multinationality. Since agency theory also suggests that a divergence between the interests of managers and shareholders can be aligned by effective managerial incentive, we also examine the effect of managerial compensation on the value of multinationality. Our results show that for high- Q (Tobin's Q > 1 ) firms, investors do not associate the spending of free cash flow on multinationality with the problem of overinvestments. For high- Q firms, it is also found that the value of multinationality can be enhanced by effective managerial incentives. For low- Q firms (Tobin's Q < 1 ), it is found that the concern of managerial self-interest overwhelms the benefits of internalization, making multinationality a value-decreasing event. For low- Q firms, managerial compensation is also ineffective in promoting value-enhancing foreign direct investments.     

要素流动对长三角地区产业协同集聚的影响研究

利用2007—2017年长三角地区数据,通过区位熵构建制造业与生产性服务业协同集聚指数,同时建立表示劳动力流动、资本流动以及技术扩散的变量,通过差分GMM来估计变量之间的关系。结果发现,在选择的年份当中,初始协同集聚程度会影响后续的产业协同集聚程度,同时劳动力流动以及技术扩散均会促进协同集聚程度,资本流动会给协同集聚带来负向影响。     

基础设施行业的竞争绩效:公路与铁路

对中短途客运市场上公路和铁路的竞争关系以及铁路客运经营绩效变化的实证研究表明:在铁路运输业内部保持垄断经营的条件下,公路客运已经与铁路客运形成有效竞争,两者竞争的焦点是路网规模和客运相对价格;竞争对铁路运输业的经营绩效有显著影响;竞争是运输能力、服务质量和价格等方面的全面竞争,单纯靠提高旅客列车运行速度并不能使铁路客运取得明显竞争优势。铁路运输规制部门应将规制重点从准入规制、价格规制和投资规制等领域转向安全规制、服务质量规制和普遍服务规制等领域,并实施政企分开和基于大交通视角的规制部门整合。     

高校科技人才流动意愿现况及相关因素分析

合理有序的人才流动,能够推动资源的优化配置、推动生产力发展。目前国内外关于科技人才流动的研究主要集中在企业人才流动和跨国人才流动研究。高校是国家科技创新体系的重要组成部分。本研究基于对19所985高校理工科R&D科研人员的调查,采用计量分析手段对高校科技人才流动意愿现况和相关因素进行了分析。受访者希望所在高校能通过人员流动产生新想法,但是具体到个人行为上,又因为现有的工作为生活稳定性而不愿流动;年龄因素、住房因素、科研团队因素、家庭生活因素、个人生活需求是影响高校科技人才流动意愿的显著性因素。     

基于GIS和CFD的城市街道通风廊道研究——以武汉为例

改善通风的城市形态因素可以分为建筑和道路2个方面。建筑形态的通风评价主要采取综合迎风面积密度方法,将城市建筑环境转化为具有数值属性的栅格,从而提取城市建成区的通风廊道,但是该方法忽略了城市重要的通风路径——城市街道。以街道的朝向为主要评价对象,挖掘线状要素城市道路的通风廊道,作为建筑形态通风廊道划分方法的补充。根据通风潜力随夹角的变化规律,利用地理信息系统(GIS)的空间分析技术进行街道的通风潜力评价,在综合迎风面积密度密集的区域,存在通风潜力较高的城市街道     

气候舒适度对热点城市入境游客时空变化的影响

文章选取东部18个城市分析气候舒适度的年内时空变化,将其年内变化分为3种类型：倒＂U＂形、＂M＂形、宽＂U＂形。收集2005～2007年各城市入境客流量,分析其年内时空变化状况,将其年内变化分为4种类型：＂W＂形、倒＂U＂形、＂M＂形、＂U＂形。年内客流量重心变化与气候舒适度重心变化具有很强的时间同步性,说明气候舒适度是影响客流量空间分布的重要因素。在客流量月指数与气候舒适度指数比较的基础上,建立了入境旅游客流量月指数模拟模型。利用旅游资源丰度、经济发展水平、综合气候舒适指数3个因素,建立其与客流量地域分布的统计关系,结果显示：综合气候舒适度指数每变化1个单位,客流量将增加（或减少）7.659万人。     

客运专线整体式无砟轨道道床板上拱与支撑层产生离缝病害整治技术

该文通过调查分析整体式无砟轨道道床板上拱与支撑层产生离缝病害原因,并针对病害原因提出整治原则及方案,详细介绍了整治方案的工艺及操作要点,认真细致的描述了各工序的施工方法,最后对方案整治效果及方案实施的优缺点进行了归纳总结,经过两年多的运营,状况良好,为无砟轨道线路离缝病害整治提出了一套可行性的方案。     

基于fluent紊流幂律流体偏心环空数值模拟研究

为解决常规钻井水力学公式对偏心流场计算结果与实际有所差别的问题,揭示大位移井偏心环空水力行为规律,基于fluent软件对幂律钻井液偏心环空紊流流动进行了数值模拟研究,分析偏心度、稠度系数、流性指数、屈服值、钻杆与钻头组合对流动规律的影响.结果表明,随偏心度、稠度系数、流性指数、屈服值、钻杆与钻头尺寸比例的增大,环空中宽间隙处的流速、压力逐渐增大,而窄间隙处的流速、压力逐渐减小.