上市公司CEO的监管机制：一个三方博弈视觉的思考

所有权与经营权的分离是现代企业的基本特征,内部人控制问题已成为制约上市公司健康稳定发展的瓶颈因素。本文通过建立一个CEO、董事会和外部监管机构三方之间的博弈模型,强调了监管的重要性;并从完善董事会职能和加强外部监管力度两个方面对上市公司CEO的道德风险之监管提出合理性建议。     

Debtor-in-possession financing

Several recent papers have documented the benefits of debtor-in-possession (DIP) financing in the restructuring of firms in Chapter 11. However, the view on benefits is not unanimous and some legal scholars have raised doubts about DIP financing's effects on debt-holders and the possibility of expropriative wealth transfers. In this paper we address this issue by analyzing both stock and bond price data for a comprehensive sample of DIP loans and find significant positive abnormal stock and bond returns at the announcement of DIP loans. Also, we do not find evidence of wealth transfers from junior to senior debt-holders. Further, we examine the DIP loan process in detail and we document important institutional features of DIP loans such as maturity, covenants, fees and interest charges. We find evidence of intense monitoring using covenants. We also find higher fees and charges associated with DIP loans. We argue that overall the results are consistent with the information processing role of financial intermediaries.     

The effect of interfirm dependence structures on governance mechanisms

Despite recent developments regarding the study of interdependence structures, previous research has rarely investigated the simultaneous effect of both interdependence magnitude and interdependence asymmetry on governance mechanisms among exchange parties. A survey of manufacturing companies has been used to test a theory about the interactive effect of buyer dependence and supplier dependence on inter-firm governance. The analysis of the survey supported the proposition that both buyers and suppliers that are highly dependent on each other (high interdependence magnitude and low interdependence asymmetry) may choose to rely on monitoring and the norm of information sharing. However, when a buyer's dependence is low regardless of the supplier's dependence level, the buyer does not rely on the norm of information sharing (buyer's relative interdependence advantage, buyer's relative interdependence disadvantage, and low interdependence magnitude). On the other hand, when the supplier's dependence on the buyer is low, the buyer relies on monitoring regardless of its dependence level (buyer's relative interdependence disadvantage and low interdependence magnitude). However, this study did not empirically measure performance. Further research should be done on the effect of congruence between the governance mechanism and its antecedents on buying performance.     

Diets,population structure,and seasonal activity patterns of mudpuppies (Necturus maculosus) in an urban,Great Lakes coastal habitat

Freshwater species native to the Laurentian Great Lakes region face numerous environmental stressors, and the conservation status and ecological relationships of many remain poorly understood. One such species, the mudpuppy (Necturus maculosus), is declining, but better information on their natural history and development of more effective population monitoring techniques is needed. We assessed seasonal variation in capture success, biases in capture techniques, and feeding ecology of mudpuppies in Wolf Lake, a highly perturbed and urban former estuarine wetland complex to Lake Michigan. Trapping periods of ≥ 3 consecutive nights occurred from January to May 2015, and October 2015 to March 2016. Overall trapping success differed among trapping periods (p = 0.01) and declined precipitously at water temperatures above 14.1 °C (p < 0.001). Mudpuppies in traps (mean 26.9 ± 0.5 cm) were larger than those caught with hand nets (mean 14.7 ± 0.8 cm, p < 0.0001), suggesting that multiple methods may be needed to accurately assess demographics. Stomach contents obtained through gastric lavage included mollusks, leeches, insects, isopods, amphipods, crayfish, fish, a frog, and a juvenile conspecific. Invasive species, including rusty crayfish (Orconectes rusticus), round gobies (Neogobius melanostomus), and zebra/quagga mussels (Dreissena spp.) were present in guts, suggesting mudpuppy foraging has changed along with aquatic communities in the region. Prey community analyses revealed differences in overall diet among size classes of mudpuppies (p = 0.001), but relatively weak similarity within size classes. Results suggest that mudpuppies in lake ecosystems occupy a broad niche that changes as they grow.     

Timing of environmental inspections: survival of the compliant

Environmental inspection agencies have limited resources. A natural response to this shortage of resources is targeting and this targeting policy leads to higher compliance than random inspections. This paper uses individual inspection data on the inspection policy of the environmental agency for the textile industry in Flanders (Belgium). We distinguish between three types of inspections and use a survival model to show that the environmental agency inspects firms in a non-random way. Even though the agency solves most environmental problems, it can increase compliance by using the deterrence effect of more stringent inspections and sanctions.      

盈余管理与企业竞争力

本文以盈余管理的客观性和中性的价值取向为基础,初步探讨了目前我国盈余管理的相关问题及对策,认为盈余管理对提高企业竞争力有着积极的作用,只有认识盈余管理的积极作用并加以正确的引导,对其有害的部分加以监控或治理,才有利于提高企业的竞争力,以确保企业可持续发展的战略。     

Environmental regulatory enforcement with “green” consumers

We consider a standard probabilistic model of random monitoring to analyze the interactions between a firm and a monitoring agency in the presence of “green” consumers when compliance payoffs are contingent on monitoring and monitoring costs are shared by the monitoring agency and the firm. When the amount paid by the firms if monitored is exogenously fixed, we find that full compliance is implemented with a finite fine. If there is an upper bound for the fine and the regulator determines endogenously the fine and the amount paid by the firms if monitored, we find that full compliance is also achieved, although the optimal fine is now set at its maximum level. The optimal amount paid by the firms if monitored is lower than the environmental premium the compliant firm gets.The author thanks two anonymous referees for their useful comments and suggestions     

农村全面小康社会建设进程监测指标与方法完善探讨

本文在正确理解农村全面小康社会内涵和借鉴吸收前人研究成果的基础上，重新构建了一套农村全面小康社会建设监测指标体系和监测方法,     

地球静止轨道卫星在水利行业中应用综述

首先列举了涉及水利相关静止卫星的发展状况,阐述了静止卫星的发展历程,并从探测器精度、覆盖范围、成像时间、数据传输方式和姿态控制方式等方面对各国主流静止卫星进行了参数对比,指出静止卫星具有连续、同步、大尺度、多角度观测地球的能力,使得静止卫星不仅用于天气预报、气候预测等气象领域,还可以满足众多非气象领域包括水利行业的应用需求。其次,综述了静止卫星在水利行业中的应用领域和国内外的应用现状,分析了静止卫星水利相关应用参数,列举了静止卫星在水文监测、水旱灾害监测和水情传输中的应用实例,并进行了静止卫星在水利行业可用性分析,指出由于卫星传感器性能和在水利领域应用技术水平的限制是造成目前静止卫星在水利行业应用的业务水平不高的原因,需要加大稳定、高轨高精度和多种荷载传感器的研发投入。最后,对未来发展方向提出了设想,认为提高数据处理、同化技术水平,加强进入水利行业的应用能力,可以提高静止卫星数据在水利行业的业务化应用水平。     

基于WebGIS的泥石流预警系统构建

泥石流预警系统由泥石流监野外测网络和监测预警平台构成.野外监测网络根据泥石流形成和运动特点,使用泥位计、雨量计、视频探头组成对泥石流沟谷进行实时监测.泥石流发生时,野外监测网络通过无线网络将监控数据传输到监控中心,中心平台软件对数据分析后发出预警信息.监测预警平台软件采用基于WebGIS的平台和大型关系数据库开发完成,并集成了泥石流预警模型.该系统建成后将会提高当前泥石流预警的准确性,并可协助减轻泥石流灾害带来的生命和财产的损失.