环境信息披露、媒体关注与债务融资成本——基于重污染行业上市公司的分析

债务融资是企业的一种外部融资方式。企业将获得的资金用于企业的发展和生产,可以促进生产结构的升级和经营能力的提高。因此,如何有效地降低融资成本,解除企业的债务约束,进而提高企业产值是目前我国债务融资关注的重点。为了降低重污染行业的债务融资成本,文章从媒体关注这一视角入手,以 2015—2017年媒体关注下的重污染上市公司为研究对象,对其债务融资成本和环境信息披露进行分析,进而揭示了二者之间的关系,并通过对样本数据的统计分析、相关性分析和回归分析验证了文章提出的假设。理论分析表明:高质量的环境信息披露不仅能向市场展示企业可持续发展的可能性,增强企业口碑,提升投资人的信心,同时也能有效地缓解合作过程中投资人和企业之间存在的信息不对称问题,节约双方时间成本,进而有助于企业以较低的融资成本获得资金投入。媒体可以通过信息传递弥补投资人和企业之间信息不对称问题,并且能通过监管机制促进企业的良好发展,从而帮助企业降低融资成本,媒体对企业环境信息的关注度越高,企业的融资成本越低。媒体关注是一种外部的监管机制,企业内部环境信息的公开是一种企业制度的管理模式,二者相辅相成,不仅可以保证企业优势的充分发挥,还可以促进资本投入与企业良好、快速地发展。媒体对企业的关注度越高,企业对环境信息的披露质量越高,企业的融资成本就会越低。实证研究结果表明:媒体关注可以直接影响债务融资成本的高与低,二者之间呈负相关关系,媒体传播表现为积极状态,债务融资成本就会降低,反之亦然。此外,媒体关注度和媒体对企业环境信息披露的质量与债务融资成本成反比,高的媒体关注度和高质量的信息披露会使企业的债务融资成本逐渐降低。最后,基于我国当前的时代背景,针对如何降低债务融资成本这一问题提出了相关建议,并认为政府应健全环境信息披露制度,加强企业对环境信息的关注度,媒体也应加快推进行业改革,增强媒体的公正性、客观性和准确性,促进媒体的积极传播,减少媒体的消极传播,从而达到有效降低债务融资成本的目的。     

生猪疫情网络关注与猪肉价格波动：加剧还是抑制？

网络媒体时代下,生猪疫情网络关注放大了生猪疫情事件的影响,引致猪肉及生猪产业链价格异常波动。基于信息传播视角,根据微博、微信与百度网络爬虫数据构建生猪疫情网络关注度指数,采用2011年1月至2021年6月价格数据,运用BEKK-GARCH和TVP-VAR-SV模型探究生猪疫情网络关注对猪肉价格波动的作用机制。研究发现：（1）生猪疫情网络关注对猪肉价格波动具有显著时变影响,生猪疫情严重暴发时,两者之间存在正相关关系。（2）生猪疫情网络关注的猪肉价格波动冲击存在明显的反转效应,短期内生猪疫情网络关注抑制猪肉价格波动,而中长期则会加剧猪肉价格波动且影响具有持续性。非洲猪瘟时点下,网络关注的猪价波动冲击效应在2个月由负转为正,且非洲猪瘟集中暴发期下冲击效应高于疫情初始期。（3）进一步地,在网络关注冲击下,生猪产业链价格波动呈现出短期内抑制和长期加剧的反转效应,且产业链价格波动的纵向溢出效应存在非对称性,下游产品价格波动对冲击的反应速度、程度更大。农业部门应密切观察生猪疫情网络关注动态变动趋势,及时预警猪肉价格波动并调整猪肉储备策略。     

个人投资者有限关注对创业板市场行为影响的实证研究

个人投资者的注意力是有限的,由于时间和精力的约束,投资者倾向于购买引起自己关注的股票.本文采用和讯网络关注度的每日数据来衡量股票受关注的情况,利用个体固定效应模型实证检验我国投资者有限关注对创业板市场流动性的影响.实证结果发现在控制公司规模、市场组合收益率和市净率以后,投资者有限关注对创业板市场指标具有显著正向影响.同时,我们还检验了有限关注下网络关注度对股票收益的影响,结果发现网络关注度对股票当期收益率有正向的压力,但这种压力会在短期内反转.     

The Effect of Viewing a Landscape on Physiological Health of Elderly Women

Abstract

A quasi-experiment was undertaken to measure physiological characteristics of elderly women as they viewed different landscapes. Blood pressure and heart rate were monitored as elderly women living in a retirement centre viewed a natural landscape, a built landscape, and a control room with no view to the outside. Other characteristics of the individuals and the settings that have been shown to affect blood pressure and heart rate were controlled. The results indicated that, in all cases, viewing the natural landscape resulted in lower systolic and diastolic blood pressures and lower heart rates than those measured in the control room. Viewing the built landscape also had the general effect of lowering blood pressures and heart rates, but the effect was less consistent and the magnitude was smaller than that caused by the natural landscape. Lowering of blood pressure and heart rate have both been shown to be positively correlated with increased health and well-being, indicating the benefit of simply viewing a landscape. These results have important implications for design of housing for the elderly. Even if individuals are unable or unwilling to go outside, they can still benefit from seeing out into a landscape.     

Chinese online fiction: taste publics,entertainment, and Candle in the Tomb

This paper examines the growing cultural trend of Chinese online fiction. Using Gans's twin concepts of taste culture and taste public, it looks at online fiction as a product of two taste cultures evident on the Chinese Web. The paper then explores the growing appeal of online fiction for consumers and producers (or readers and authors) in relation to two key issues: are there important differences between online fiction and print fiction? Is the participatory nature of online fiction leading to a reinvigoration of literary creativity in the Chinese-speaking world? The relationship between the consumer and the producer of Chinese online fiction can also be explored in terms of an attention economy, and the evolving market for this type of fiction provides an excellent example of how such an economy functions. The attention economy encourages competition for the attention of readers and consequently ensures that the values of the taste public consuming this fiction strongly dictate its content and its continued improvement as a form of literary production.     

有限关注视角下的股市流动性反转效应研究

股票市场流动性从正常到缺失转变是历次金融危机的重要表现,投资者关注是信息传递到股市引发流动性变化的前提,本文以中国股票市场为研究对象,从投资者有限关注角度分析市场流动性的反转问题。研究发现,在牛市、熊市和震荡盘整不同市场周期下投资者关注度与股市流动性之间存在非对称关系,通过门限模型进一步分析其背后的原因是市场状态对投资者关注行为的调节作用,当市场状态未超过门限值时,投资者关注度与股市流动性呈正向关系,超过门限值时二者关系转变为负向。本文丰富了行为金融领域的相关理论,为投资者和相关管理部门的决策依据提供新的视角。     

Smartphones and Face‐to‐Face Interaction: Digital Cross‐Talk During Encounters in Everyday Life

Using data collected from focus groups and nonparticipant observations, this article explores how and why cross‐talk by way of smartphone affects face‐to‐face encounters. The findings show there are three types of digital cross‐talk: exclusive, semi‐exclusive, and collaborative. Furthermore, it was found that digital cross‐talk can either facilitate or disrupt the expressive order of an encounter. Semi‐exclusive and collaborative digital cross‐talk were found to facilitate encounters. Exclusive digital cross‐talk was found to disrupt or have little influence on encounters, depending on whether or not interlocutors successfully engaged in a corrective process, an avoidance process, or aggressive face‐work.     

中国证券公司研究业务的生态发展

研究业务是显示券商实力的核心业务之一,卖方研究业务是衡量研究实力的重要的客观指标。通过对我国证券研究机构发展及现状进行分析,重点研究＂人才争夺战＂背后的券商卖方研究业务的激烈竞争与生态环境不断恶化的深层原因,揭示了未来卖方研究转型之路。     

提高报纸版面注意力初探--以《连云港日报》为例*

阐述了通过多种视角元素整合,以形式美吸引读者眼球;增强版面视角冲击力,吸引读者注意力,在此基础上,结合《连云港日报》提高版面注意力的实践的分析,提出了《连云港日报》提高版面注意力的改进措施.     

Confirmatory Bias and Confirmatory Distortion

SUMMARY

The author reviews research on confirmatory bias, discusses its role in evaluations of comparative custodial fitness, and creates a distinction between confirmatory bias and confirmatory distortion, in which there is an indisputably conscious endeavor to find and report information that is supportive of one's favored hypothesis. Information is provided concerning the dynamics of confirmatory bias and distortion, the ways in which these phenomena manifest themselves, and the ways in which they can be addressed by reviewers and by cross-examining attorneys.