THE IMPORTANCE OF LEGAL FORM OF ORGANIZATION ON SMALL CORPORATION EXTERNAL FINANCING

This article quantitatively evaluates the impact of legal form of organization (LFO) choices, C versus S corporation, on small business external financing. A treatment effect model is formulated and estimated to examine the relationship between corporate types and chances of obtaining external financing. The estimation takes into account self‐selection bias associated with LFO choices. This article finds that LFO choices mainly affect small corporations' access to external equity capital, but have no significant impact on loan financing. Specifically, when a small corporation selects the C corporate legal form, the probability of obtaining new external equity is eight times higher compared to when it selects the S corporate legal form. Furthermore, the results suggest that better access to external equity investments, loosening business capital constraints, leads to better growth prospects for small C corporations. These empirical results have important macro‐economic implications on corporate financial and fiscal policies. (JEL G32, G38)     

乐龄游戏助力社区养老驿站服务的实践及路径研究 ——以N社区养老驿站为例

社区养老驿站服务目前正在起步阶段,可以让老年人在居住的社区驿站中得到周全的服务,既对老年人衣食住行方面给予帮助,也为其提供丰富的文娱活动充实晚年生活.乐龄游戏是专门为老年人设计的游戏,既能让老年人在游戏中欢声笑语,也能使老人在生理、心理和全脑发展方面得到相应的提升.本文探索乐龄游戏的发展现状、助力社区养老驿站服务的实践探索,并提出发展路径和具体策略,为社区养老驿站服务提供新思路.     

Passion for a Leisure Activity,Presence of Meaning,and Search for Meaning: The Mediating Role of Emotion

The purpose of this research was to investigate the role of having a passion for a leisure activity on the presence of meaning and the search for meaning in college students’ lives. A path analysis of the results from 322 Chinese university students showed that positive emotions experienced during leisure activities partially mediated the relationship between harmonious passion and the presence of meaning. Negative emotion fully mediated obsessive passion and the presence of meaning as well as obsessive passion and the search for meaning. Obsessive passion was not associated with positive emotion. Implications for the dualistic model of passion, the presence of meaning, and the search for meaning in college students are discussed.     

民间传说与文献记载的关联：以巫山神女传说为例

现有文献中有关巫山神女的记载较多,三峡地区也有不少关于神女传说的版本,只是其与文献记载的神女故事情节相差甚远。民众在创作民间传说时,会根据具体的自然环境、社会伦理道德要求、自身的价值观、主流社会的需要以及文化传播等多种因素,完成传说情节的塑造。     

十一世纪太湖地区的水利与水学

从10世纪到11世纪,太湖以东地区农业开发加快,交通拓展,水环境迅速变化。由于宋廷以漕运和围垦利益为要,综合治水工程难以实施。水利学说在官方治水事业推动下得到发展。一部分有识官员和水利学家托古改制,塑造并推崇吴越国高低兼治的塘浦大圩农田水利格局,试图走出困境。11世纪中叶,圩田开发开始关乎地方官员的考成,水利学说再次兴起。     

生命信息的交融互渗——中国花鸟画审美初探

自然界的有生命之物,以其不同的形状、色彩、气息和动静之态,而有着不同的审美价值.它们的美是生命之美.中国花鸟画不以再现自然对象的外形为目的,而以思想、情感、意趣等生命现象的高级形式反映在作品中.作者根据主观的审美理想和自我生命的节律加以重新创造,使其固定为物化状态,给人以美的滋养.     

新疆能源强度变动的影响因素探析

本文采用Refined Laspeyres指数分解模型，对1985～2005年新疆能源强度进行分解，寻求新疆能源强度变动的主要影响因素。实证结果显示，工业部门内部能源强度改进是新疆能源利用效率提高的主因，而产业结构变动并未对其产生积极的影响。此外，工业部门能源强度的改进主导了新疆能源利用效率改进的强度效应。重工业行业内部能源强度的改进扭转了其比重上升对能源利用效率的不利影响，使得新疆工业部门能源利用效率提升。     

Identifying Latent Structures in Panel Data

This paper provides a novel mechanism for identifying and estimating latent group structures in panel data using penalized techniques. We consider both linear and nonlinear models where the regression coefficients are heterogeneous across groups but homogeneous within a group and the group membership is unknown. Two approaches are considered—penalized profile likelihood (PPL) estimation for the general nonlinear models without endogenous regressors, and penalized GMM (PGMM) estimation for linear models with endogeneity. In both cases, we develop a new variant of Lasso called classifier‐Lasso (C‐Lasso) that serves to shrink individual coefficients to the unknown group‐specific coefficients. C‐Lasso achieves simultaneous classification and consistent estimation in a single step and the classification exhibits the desirable property of uniform consistency. For PPL estimation, C‐Lasso also achieves the oracle property so that group‐specific parameter estimators are asymptotically equivalent to infeasible estimators that use individual group identity information. For PGMM estimation, the oracle property of C‐Lasso is preserved in some special cases. Simulations demonstrate good finite‐sample performance of the approach in both classification and estimation. Empirical applications to both linear and nonlinear models are presented.     

Modal non‐linear regression in the presence of Laplace measurement error

In this paper, we propose a robust estimation procedure for a class of non‐linear regression models when the covariates are contaminated with Laplace measurement error, aiming at constructing an estimation procedure for the regression parameters which are less affected by the possible outliers, and heavy‐tailed underlying distribution, as well as reducing the bias introduced by the measurement error. Starting with the modal regression procedure developed for the measurement error‐free case, a non‐trivial modification is made so that the modified version can effectively correct the potential bias caused by measurement error. Large sample properties of the proposed estimate, such as the convergence rate and the asymptotic normality, are thoroughly investigated. A simulation study and real data application are conducted to illustrate the satisfying finite sample performance of the proposed estimation procedure.     

资产专用性对确权后农地流转的影响

农地确权后,农户对农地转出多持中立或否定的态度,这与产权明晰促进交易的产权理论大相径庭。文章探讨了资产专用性对确权后农地流转的作用机理,并运用吉林省9市1444个农户数据对其进行实证分析。结果表明：农地确权后,土地资产、农业资产、地理位置以及人力资本等专用性抑制农户转出农地,农业资产和人力资本专用性抑制农户提高农地租金,而社会资本专用性则分别存在促进作用;农业资产、地理位置以及人力资本等专用性抑制农户更长时间转出农地;农业资产专用性对转出农地须要签订合约具有抑制作用,而地理位置专用性则存在促进作用。