集团组织属性对科技企业研发投资—现金流敏感性的影响研究——基于内部资本市场配置规模与活跃程度视角

在融资约束的环境下,稳健充足的现金流有助于降低科技企业融资不确定性,保障研发活动有序展开。研发投资—现金流敏感性是衡量科技企业研发投资对资金依赖性的重要指标。已有研究文献表明,现金流的使用成本更低,在外部融资成本较高时,充裕的现金流能够成为保障科技企业研发有序开展的重要依据。不过,对现金流依赖程度过高会引致科技企业放弃现有的创新投资项目。因此,如何平衡与改善研发投资—现金流敏感性是科技企业亟待考虑的问题。从现有文献的研究视角来看,大多数文献侧重于考虑企业融资与外部资本市场的互动关系,试图探究缓解融资约束减少现金依赖,改善研发投资—现金流敏感性的途径。然而,随着我国国民经济的快速发展,企业经营业务日趋多元化及经营规模日趋扩大化,集团组织已成为我国企业的重要组织形式,对科技企业研发投资—现金流敏感性改善问题的研究应考虑集团组织因素的扰动。科层理论指出,集团组织内部会形成一个内部资本市场,其是以集团内的行政命令替代外部的自由市场配置并可作为外部资本市场的补充和替代,以缓解企业融资约束。与外部资本市场相比,内部资本市场具有信息对称、资源共享等优势,引入集团组织环境可有效改善研发投资—现金流敏感性水平。基于此,文章将科技企业嵌入集团组织环境中,探究受内、外部资本市场共同影响下科技企业研发投资—现金流敏感性问题。从内部资本市场配置的规模与活跃程度两个视角,着重讨论引入内部资本市场环境后,科技企业研发投资—现金流敏感性的改善及其机制。由于企业投融资决策行为之间相互关联,采用单方程检验单一指标可能会忽略其他指标变化造成的影响,为避免估计偏差,文章选用跨期系统方程组方法,综合分析科技企业研发投资—现金流敏感性,并辅以PSM方法构造实验组与对照组,考察集团组织属性对科技企业研发投资—现金流敏感性的影响。文章研究发现:集团组织属性能够降低科技企业研发投资—现金流敏感性水平;内部资本市场的配置规模效应从数量上解释了集团下科技企业研发投资—现金流敏感性水平降低的原因;内部资本市场的活跃程度效应则从频度上阐释了研发投资—现金流敏感性水平的降低。据此,可引导科技企业组成类集团化的企业联合体,利用集团组织功效,改善研发投资—现金流敏感性;同时,需进一步完善集团经营机制与管控模式,以提升内部资本市场机制运行的有效性,激励总部提高资金配置效率,为集团下科技企业的研发投资提供保障。     

激励目标异质性与高管薪酬契约——来自国有企业分类的经验证据

国有企业在整个国民经济中处于十分重要的地位,其高管薪酬契约也广受关注。以2007—2019年我国国有上市公司为研究样本,将国有企业分为公益类和商业类,研究了不同类别国有企业薪酬业绩敏感性的差异及实现路径。研究发现:(1)公益类国有企业比商业类国有企业薪酬业绩敏感性更低；(2)公益类国有企业因为承担超额雇员、过度投资而降低了薪酬业绩敏感性。进一步研究发现,在市场化程度较低的地区,公益类国有企业比商业类国有企业承担更多的冗员和过度投资,从而降低了薪酬业绩敏感性；企业规模越大,公益类国有企业和商业类国有企业冗员负担、过度投资和薪酬业绩敏感性差异越显著。因此,考核国有企业高管时可以将政策性指标纳入考核范围,且合理设置财务业绩指标和政策指标的结构和比例,从而使薪酬契约发挥最优的激励效果。     

分配情境下婴幼儿公平敏感性及期望研究述评

公平敏感性是指个体对感知到的公平和不公平的稳定而个性化的反应，尤其表现为个体对公平的不同偏好。从公平敏感性出发，通过对以往国内外关于婴幼儿公平敏感性及期望的文献进行综述，总结了婴幼儿公平敏感性及期望发展的年龄特点、研究范式以及影响因素，最后指出未来婴幼儿公平敏感性及期望的研究方向，以期为今后研究者提供参考，并进一步推动婴幼儿公平敏感性及期望的研究进展。     

媒体报道与运气薪酬：基于传统媒体与社交媒体的比较研究

移动互联网时代的社交媒体推陈出新，企业面临的媒体生态随之嬗变，媒体治理研究亟待审视。基于此，以运气薪酬为切入点，利用2013—2019年A股上市公司数据，实证检验了传统媒体与社交媒体治理效应的差异。研究发现，传统媒体会正向影响高管运气薪酬，社交媒体则会负向影响高管运气薪酬。异质性分析表明，在信息质量越低、市场垄断越严重以及投资者关注越少的公司，社交媒体的治理效应越强；当公司被媒体深入报道、被原创类媒体报道以及被高影响力媒体报道时，社交媒体的治理效应更强。进一步研究发现，社交媒体抑制高管运气薪酬更多是高管机会主义的结果，社交媒体更强的信息挖掘能力使其能够抑制高管薪酬中的运气薪酬并提高高管的能力薪酬。因此，为发挥媒体在资本市场中的治理作用，政府应通过政策引导更好地发挥媒体对高管激励的作用；企业应重视媒体的影响，完善公司治理并塑造良好形象。     

On two conjectures about perturbations of the stochastic growth rate

The stochastic growth rate describes long-run growth of a population that lives in a fluctuating environment. Perturbation analysis of the stochastic growth rate provides crucial information for population managers, ecologists and evolutionary biologists. This analysis quantifies the response of the stochastic growth rate to changes in demographic parameters. A form of this analysis deals with changes that only occur in some environmental states. Caswell put forth two conjectures about environment-specific perturbations of the stochastic growth rate. The conjectures link the stationary distribution of the stochastic environmental process with the magnitude of some environment-specific perturbations. This note disproves one conjecture and proves the other.     

Using video observation in the family context: The association between camera-related behaviors and parental sensitivity

Research on parental sensitivity often relies on video observation of parent–infant dyads. However, to date, no study has assessed both infants’ and parents’ interactions with the camera, and how this relates to parental sensitivity levels. This exploratory study micro-coded camera-related behaviors (CRB) by 4-month olds and their mothers and fathers on a 1-s time base, and examined the associations between those behaviors and parental sensitivity in 75 Dutch families. While parents’ CRB made up only 0.8% of total interaction time, infants’ made up 12%. Multi-level time-series analyses showed that infants’ CRB predicted mothers’. Infants’ CRB predicted fathers’ CRB, and vice versa. Maternal sensitivity was significantly lower when children looked at the camera for over one-third of total interaction time (Cohen's d = 1.26). These findings indicate further research is required to better understand how video observation might threaten ecological validity.     

A global review of the inferred meaning of woman centred care within midwifery professional standards

BackgroundAs an integral and guiding approach, woman centred care is well-grounded as the cornerstone of midwifery training and practice. A previous global review established that the concept, even though acknowledged as pivotal, has limited attention within the professional standards documents that underpin the discipline [1]. Whilst not detracting from the overall importance of woman centred care, it is further suggested that a broader meaning is generally being implied.ObjectiveWhether other related inferences and meanings of the actual term ‘woman centred care’ are also being utilised, has not yet been established. Therefore, this review of professional documents sought to investigate the occurrence of further depictions of the concept.MethodsWith an implied and inferred meaning of ‘woman centred care’ as the focus, a review and synthesis of narrative from a global sample of midwifery professional standards was conducted. The principles of meta-ethnography were utilised to develop a qualitative approach. Rather than the actual words ‘woman centred care’ further phrases implying or inferring the concept were sought. ‘A priori’ phrases were developed and narrative and examples were synthesised for each.FindingsStandards and governance documents were located from within Australia, the United Kingdom and New Zealand and a further 139 nations. Overall, the seven phrases, each considered as an inference to woman centred care, were all substantiated. As a proportion of all documents, these were collated with the outcomes being a woman’s right to choice (89%), being culturally sensitive (80.5%), a woman’s voice and right to be heard (78%), the woman as an individual (68%), universal human rights (40%), being holistic (39%) and being self-determined (17.5%).ConclusionThe outcomes of this review demonstrate that woman centred care may be a multidimensional concept. There were occurrences of all seven phrases across a broad scope of global professional midwifery documents, and each can be shown through its meaning to contribute something to an understanding of woman centred care. The creation of a universal meaning is recommended.     

猪场新生仔猪黄痢的病原分离及药敏试验

从重庆市几个规模化猪场的发病仔猪中采集病料,分离培养的病原菌,在麦康凯培养基上菌落呈红色,革兰氏染色为G-菌,生化试验结果显示对葡萄糖、乳糖、麦芽糖产酸产气,不分解尿素,不产生硫化氢,表明所分离菌为大肠杆菌。用分离菌对头孢唑啉等29种药物进行药敏试验,所分离的大肠杆菌对头孢类药物、氧氟沙星、氨苄西啉等药物高度敏感,而对链霉素、替硝唑产生耐药性。但从不同场分离到的菌株对药物的敏感性不一致。