现金持有在企业投资支出中的平滑作用——基于融资约束的视角

由于内外部融资具有不确定性,可能导致企业投资支出发生波动。而投资支出的变化会引发高昂的调整成本,因此企业有必要保持投资支出的相对稳定。本文重点关注企业在保持投资支出稳定的过程中,现金持有在平滑投资中的作用。以沪深两市A股上市公司1998-2010年的面板数据为样本,利用带凸性调整成本的动态投资模型,首先检验了现金持有对投资支出在总体样本中的平滑作用。然后进一步引入融资约束的视角,通过分组回归,比较分析了在不同融资约束程度下现金持有对投资的平滑作用的差异。研究表明,现金持有对企业投资有显著平滑作用,且这种平滑作用在融资约束程度较高的企业中表现得更为明显。本文的研究丰富了现有文献,为我国上市公司现金持有政策和投资决策的制定提供了一定的理论和实证依据。     

经济周期波动视角下现金持有在企业产品市场定价中的竞争效应研究

现金储备支撑企业价格策略,产品价格相对成本的变化是价格决策的重要方面,影响企业产品市场竞争表现,因此本文利用制造业上市公司数据,重点研究现金持有对相对价格竞争行为及相对价格变动在产品市场竞争中发挥的作用,以及这种作用程度在经济不同时期是否有所差别,最后依据相对价格变动的中介效应研究现金持有影响产品市场竞争绩效的作用路径。研究结果表明,企业现金持有越充足,其在产品市场上价格相对成本而言下降的可能性和幅度也更大,进而为企业在产品市场上带来的竞争优势就越明显,但在经济周期不同阶段,作用程度不同。同时企业的价格竞争行为是现金持有支持企业获取竞争绩效的一种路径。本文的研究丰富了现有文献,为我国上市公司增强竞争力提供了一定的理论和实证依据。     

对青少年病态追星的探讨

病态追星指的是由于个体过度爱慕、追求和崇拜明星而产生的对明星的特殊嗜好，并使自身生理、心理和社会受到损害的一种现象．具体表现为成瘾者毫无节制地终日沉溺于对明星的关注和幻想之中，并由此而产生身心依赖现象。来自明星的吸引力、青少年自身的推动力和外界环境的影响力是造成青少年病态追星的主要因素。它们相互渗透、共同作用，在其“合力”作用下，极易导致一些青少年病态追星。本文在分析青少年病态追星的思路上有其创新之处。     

国际航空运输人—机—环境系统安全运行战略

人 -机 -环境系统运行反馈信息是安全战略的依据 ,系统组织结构与功能进化是实施战略的根本保证。文章分析了人 -机 -环境系统运行目标与反馈 ;剖析了人 -机 -环境系统安全战略与组织结构功能 ;论述了系统相关人的功能进化是实现安全战略的根本保证     

Multiobjective Decision-Tree Analysis1

Single-objective-based decision-tree analysis has been extensively and successfully used in numerous decision-making problems since its formal introduction by Howard Raiffa more than two decades ago. This paper extends the traditional methodology to incorporate multiple noncommensurate objective functions and use of the conditional expected value of the risk of extreme and catastrophic events. The proposed methodology considers the cases where (a) a finite number of actions are available at each decision node and (b) discrete or continuous states of nature can be presented at each chance node. The proposed extension of decision-tree analysis is introduced through an example problem that leads the reader step-by-step into the methodological procedure. The example problem builds on flood warning systems. Two noncommensurate objectives—the loss of lives and the loss of property (including monetary costs of the flood warning system)–are incorporated into the decision tree. In addition, two risk measures—the common expected value and the conditional expected value of extreme and catastrophic events—are quantified and are also incorporated into the decision-making process. Theoretical difficulties associated with the stage-wise calculation of conditional expected values are identified and certain simplifying assumptions are made for computational tractibility. In particular, it is revealed that decisions concerning experimentation have a very interesting impact on the noninferior solution set of options—a phenomenon that has no equivalence in the single-objective case.     

关于建立创新教育模式的思考

教育观念的创新,是教育改革与发展的关键。只有树立创新的教育观念,树立正确的教育观和人才观,才能改革传统教育模式的某些弊端,真正构建一种以研究为特征的、以知识的运用和创新为中心的新型教育模式。     

Economic Stress, Quality of Life, and Mortality for the Oldest-Old in China

China??s oldest old population is estimated to quadruple by 2050. Yet, poverty rate for the oldest old has been the highest among all age groups in China. This paper investigates the relationship between economic stress, quality of life, and mortality among the oldest-old in China. Both objective economic hardships and perceived economic strain are examined. We base our investigation on data drawn from the Chinese Longitudinal Healthy Longevity Survey conducted between 2000 and 2005. Our sample includes 10,972 men and women between the ages of 80 and 105 in 2000. The data show that about 16% of these oldest-old lived under economic stress in 2000. The risk factors that make one vulnerable to economic stress include age, being male, being widowed or never married, being a minority member, having no education, having no living children, and not having children as main source of income, and having no pension. Economic stress is negatively associated with indicators of quality of life, such as the quality of medical care and mental well-being. The poor quality of life contributes to the higher mortality rate for the oldest old who are under economic stress. Results also show that perceived economic strain increases the risk of mortality by 42% in rural areas, even after controlling for basic demographic characteristics, life style factors, and major health events.?For the rural oldest-old, having children as a main source of income and having access to pension alleviates the negative impact of economic hardship on mortality hazard by 23 and 66% respectively. However, in urban areas, economic stress has no direct impact on the hazard of mortality.     

《道德经》文本研究视阈下大学生道德情怀教育

改革开放以来,大学生道德教育成果显著,但道德教育活动依旧有巨大的提升空间。近年来,伴随着经济高速发展,各种社会负面信息一次次冲击大学生道德心理,大学生道德教育也变得有些吃力,因此,大学生道德教育急需回归本真。现如今是讲求情怀的年代,大学生道德情怀教育理应走进高校,结合《道德经》经典名著,讲习道德情怀含义、描述道德情怀形态、分析道德情怀教育着力点、提出道德情怀教育要求,应该成为改革开放新时期大学生道德教育研究的众多范畴之一。