管理层权力制衡强度、债务约束与企业创新投资

企业创新是国家经济可持续增长的关键，受到管理层意愿的影响，因而需要对内部经营者的权力进行制衡。以2010-2018年我国A股上市公司为研究样本，实证检验管理层权力制衡强度对企业创新投资的影响，以及不同债务约束情境下高商业信用配置、高负债水平的调节效应，此外，还考察了产权性质的差异化影响。研究表明，管理层权力制衡强度越大，企业创新投资水平越高；高商业信用强化了该促进作用，而高负债水平弱化了该促进作用。进一步研究发现，管理层权力制衡强度与企业创新投资的关系在民企中更显著；国企能够更好地获得和运用商业信用，使其高商业信用对该关系的强化效应更显著；民企具有更强的债务约束，其高负债水平对该关系的弱化效应更明显。     

债务违约、社会责任与政府支持

转型期中国，地方国有企业作为地区经济发展的一股中坚力量，当其发生债务违约时，作为实际控制人的地方政府究竟是否愿意提供支持，会优先选择哪些企业提供支持，政府的支持行为是否会影响到信贷资源的配置效率呢?为得到验证，文章选取2007-2016年沪深A股地方国有上市企业作为研究样本，实证分析了地方国企发生债务违约后，地方政府的支持行为及其对信贷资源配置效率的影响。研究结论表明：第一，地方国企发生债务违约后，地方政府会提供更多的"支持"，且支持额度与债务违约额呈显著正相关关系；第二，债务违约前，承担了更多社会责任（环保投资、捐赠以及就业等）的地方国企，在债务违约后可相应地获得更多的地方政府支持；第三，违约企业，尤其是得到更多政府支持的违约企业可获得更多的信贷资源，而其经营业绩却往往更差。由此表明政府干预一定程度上降低了信贷资源配置效率。     

中华人民共和国成立70年来生态文明体制变迁的内在逻辑与实践启示

中华人民共和国成立以来,中国共产党带领中国人民不断探索实践生态文明建设。随着人民环境偏好的增强,中国的生态文明体制不断变迁以满足人民日益增长的美好生态环境需要。通过对中国环境管理机构、环境保护政策变迁历程的梳理,可以探析其变迁的内在逻辑和动力机制。中国的生态文明体制变迁始终坚持以人民为中心的发展思想,以适应人民群众环境偏好变化为逻辑起点,并不断通过体制改革来提高环境治理效率和改善环境治理效果。中华人民共和国成立以来生态文明体制的变迁为新时代生态文明建设奠定了基础、指明了方向,在未来建设美丽中国过程中要坚持以人民为中心的发展思想以满足人民环境偏好变化、完善生态文明制度建设为增强环境治理的效果和效率提供保障、以综合治理的思路构建中国特色社会主义生态文明建设的治理体系。     

A truly global crisis? Evidence from contagion dependence across international REIT markets

This study examines the global nature of the recent crisis under bivariate Markov-switching models for pre- and post-crisis periods using the breakpoint of August 9, 2007. It quantifies international synchronization of boom-bust regime switches to investigate contagion-type dynamic comovements of Real Estate Investment Trusts (REITs). Global REIT markets display persistent bust regimes from September 2008 to May 2009, whereas the regime-switching patterns are not significant in the pre-crisis period. The results provide new evidence for global REIT contagion phenomena and suggest greater difficulties in diversifying risks across global REIT markets during the post-crisis period.     

Media coverage and investment efficiency

We examine the effect of media coverage on firm-level investment efficiency. We find that media coverage reduces under-investment but increases over-investment. The negative effect of media coverage on under-investment is more pronounced in firms affected by greater information asymmetry and poorer corporate governance. The positive effect of media coverage on over-investment is driven by media-induced CEO overconfidence. Additional results show that both investment- and non-investment-related news coverage decrease under-investment, while non-investment-related news coverage is more influential in increasing over-investment. In general, higher news optimism is associated with less under-investment but more over-investment. Moreover, media coverage affects investment efficiency through its information dissemination rather than information creation function. Collectively, our results suggest that firms’ media visibility promotes more over-investment than under-investment.     

Mandatory IFRS adoption and management forecasts: The impact of enforcement changes

We examine how concurrent enforcement changes affect the positive relationship between mandatory IFRS adoption and firms’ voluntary disclosure. We show that the increase in the issuance of management forecasts after IFRS adoption is smaller for firms from IFRS-mandating countries with concurrent enforcement changes than for those from countries without such changes. We find no difference in the increase of forecast informativeness between firms from IFRS-mandating countries without concurrent enforcement changes and firms from non-IFRS-mandating countries; however, firms domiciled in IFRS-mandating countries with concurrent enforcement changes exhibit a significantly smaller increase in forecast informativeness. Our findings suggest that better IFRS enforcement distinctly weakens (strengthens) the positive effect of IFRS adoption on voluntary (mandatory) disclosure.     

Rural traffic management: The Burrator Reservoir experiment

The introduction of traffic management schemes has been one response of the National Parks to the problem of ever-increasing car-borne visitors and the consequent damage caused to the rural environment. By reviewing these schemes and by determining and explaining attitudes towards one particular traffic management experiment, the paper aims to deduce lessons for future policy. The analysis, based on two visitor surveys, suggests that the likelihood of success is improved when schemes are integrated, containing both ‘carrot’ and ‘stick’ elements. Since public perceptions are also found to be pivotal to its success, appropriate marketing of a scheme is vital. The paper concludes, however, that to achieve the fundamental objective of greater accessibility with less mobility, a more wide-ranging marketing effort is required intended to engender a sea change in attitude towards both the car and public transport.     

从功能出发进行对外汉语语法教学的研究与实践

该文系统地总结了作者进行对外汉语语法教学的实践经验——从功能出发进行对外汉语语法教学，具体从三个方面入手：一、语法教学和词汇教学相结合；二、句法结构和语义结构相结合；三、语法知识和语言环境相结合。     

网络环境下博物馆信息资源的采集策略

博物馆信息资源建设是博物馆信息化建设的重要组成部分。网络环境下的博物馆信息资源建设除了传统的藏品资源建设以外,还包括文献信息资源建设和网络信息资源建设等。针对不同的信息资源类型,采取不同的采集策略。时博物馆藏品档案信息,输入要完整、处理要规范、输出要主动,充分揭示藏品的文化内涵及实现其科技信息价值;对博物馆文献信息资源要拓宽进书渠道,实行采购方式多样化,重视数据库及灰色文献;充分挖掘网络信息资源,开展共建共享,全面提升文献信息保障能力。     

从经济与伦理相关性看我国可持续发展战略实施

本文探讨了我国环境治理面临的主要困难 ,提出了促进环境保护与经济发展相互协调的一系列对策。