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。     

The Impact of Power Distance and Uncertainty Avoidance on Real Options Exercise: Potential for Suboptimal Time Delays and Value Destruction

Real options (RO) valuation has been promoted as a way to evaluate investment opportunities and make investment decisions that takes into account the value of managerial flexibility in the face of uncertainty. Although RO enjoys a substantial body of literature considering its application and suitability in different situations, the impact of national culture on the application of RO has received little attention. Values embedded in national culture affect the behavior of managers. In particular, these values play a role in how managers frame information, communicate, and make decisions, directly and indirectly affecting behavior through cultural layers such as organizational culture. National culture, therefore, can systematically affect the application of RO, potentially leading to suboptimal outcomes. In this article, we hypothesize how 2 particularly relevant dimensions of culture, power distance and uncertainty avoidance, affect RO exercise, and estimate the magnitude suboptimality of these effects using a model we develop for the case of a put option. Our estimates suggest RO may not always be a superior valuation approach to net present value for national cultures with certain characteristics.     

Beyond close vs. distant ties: Understanding post-service sharing of information with close,exchange, and hybrid ties

Customers' post-service sharing of information (PSSI) occurs with a range of social ties typically conceptualized in terms of closeness/tie strength. We extend this research by orthogonally crossing the dimension of closeness with exchange to define close, exchange, and hybrid ties. Study 1, a survey of actual PSSI behavior, supports our conceptualization regarding the dimensions of closeness and exchange defining audiences for PSSI. Study 2, a survey of PSSI intentions, further supports the significance of this extended conceptualization by showing that a model with close, exchange, and hybrid ties has a significantly better fit than a model with only close ties. We provide further evidence of the significance of these three ties by showing that service outcome and process have distinct effects on PSSI to each social tie. Satisfaction has a non-linear effect on PSSI to close ties, and positive and negative linear effects on exchange and hybrid ties respectively. Further, satisfaction is the sole predictor of PSSI to close ties, whereas satisfaction, provider status and customer power interactively drive PSSI to exchange and hybrid ties. Thus, considering close, exchange, and hybrid ties enables a more comprehensive understanding of PSSI.     

仙游抽水蓄能电站尾水系统充排水试验

为检查工程质量,查找输水系统可能存在的问题并消除隐患,保障电站安全运行,福建仙游抽水蓄能电站在投产发电前,要对输水发电系统进行充水试验与放空排水试验,在试验过程中监测输水系统的应力、应变与渗漏水情况。本文以尾水系统为例,介绍了试验所应具备的工程条件、工作程序及技术要求、试验成果分析和存在问题处理等。试验表明,仙游抽水蓄能电站尾水系统设计合理,施工质量优良,结构可靠,可供同类工程参考与借鉴。     

光照水电站装设筒形阀分析

筒形阀是一种新型的水轮机进水阀,它与球阀或蝴蝶阀相比较有防止机组飞逸事故扩大效果明显、减轻导叶全关时导水机构的快速破坏并减少漏水量,以及动水开启方便、所需时间短等优点,但对运行条件也有一定的要求。光照水电站是贵州省第1个拟采用筒形阀的电站,为此对装设筒形阀的可行性和必要性进行了认真的分析。     

构皮滩水电站泄洪洞优化设计

构皮滩水电站为满足2008年12月工程提前发电的需要,结合现有泄洪洞地质情况和施工情况对泄洪洞布置进行了专题研究,结果表明利用降低进口高程为550 m的泄洪洞和坝身放空底孔联合参与后期导流,可缓解2007年导流隧洞下闸封堵后大坝在2008年汛期施工的压力,为大坝施工增加了2个月左右的工期。     

周宁水电站工程项目管理实践

福建周宁水电站工程由闽东水电开发有限公司负责项目管理。该项目严格按照《招投标法》进行工程和设备的招标,进行了多项设计优化,注重工程质量和安全文明生产,积极开展达标投产工作,实现了进度快、质量优、投资省、效益好的管理目标。     

龙潭水电站励磁装置可控硅易损原因及改进措施

通过龙潭水电站对励磁装置可控硅元件实施过电压保护改进前后实际效果的分析,介绍了一种有效的过压保护方式.     

隔河岩水电站大坝廊道排水系统自动化改造

隔河岩水电站大坝廊道排水控制系统存在设备备品、备件不足,技术落后,系统软件工作不稳定等问题,不能按库坝管理要求对排水量进行监控,严重影响廊道排水系统的可靠性。为此,对该系统进行了综合自动化改造,采用TCP6IP通讯,PLC直接上网,异种CPU热备冗余等技术,提高了整个系统的运行可靠性,满足了“无人值班”的要求。