高管薪酬激励与企业创新——基于中国上市公司的经验证据

创新是经济增长的重要驱动力,在当前我国由“中国制造”迈向“中国智造”的关键阶段,企业要获取更多的利润,必须依靠创新来强化自身的核心竞争力。高管是企业的关键决策者,对企业创新活动具有重要影响。文章利用2010—2017年中国949家上市公司的面板数据,首先,分别采用面板固定效应模型和面板负二项回归模型实证检验了高管薪酬激励对企业研发投入和研发产出的影响,研究发现,高管薪酬激励的三种模式,即货币薪酬、股权和在职消费激励均显著促进了企业创新活动。其次,文章还探讨了高管薪酬激励对企业创新活动的异质性影响。一方面,根据企业所有权性质将样本企业划分为国有和非国有企业样本组,研究发现,与国有企业相比,高管薪酬激励显著促进了非国有企业的创新活动。另一方面,根据企业所属行业类别将样本企业划分为高新技术企业与非高新技术企业样本组,研究发现,股权激励模式显著提高了高新技术企业的研发投入和非高新技术企业的研发产出。为检验上述实证结果的可靠性,文章还采用更换企业研发投入和研发产出指标的衡量方法进行稳健性检验,结果显示,高管薪酬激励与企业研发创新的显著正相关关系依然稳健。高管自身风险厌恶程度和个人能力等因素不仅会...     

历代中央领导集体对建设中国特色社会主义生态文明的探索

党的十七大报告首次提出的生态文明,是马克思主义文明观在中国发展的最新理论成果。这一成果,是新中国成立后历代中央领导集体以战略眼光,高度重视和长期探索生态环境建设得出的重要实践结论,更是中国共产党在新时期对人类文明发展作出的重要理论贡献。中国特色社会主义生态文明,既是实践发展的过程,又是理论探索的过程。     

省域经济洼地区域中心城市发展战略研究——以江苏淮安为例

省域经济洼地地区是实现区域协调发展的重要板块和关键区域。以江苏省淮安市为例,从战略角度审视淮安建设成为苏北重要中心城市的意义和基础,并提出淮安在区域经济和流域经济层面上两个维度的发展定位和三个方向的发展路径。通过纵向融入京沪高铁和京杭运河两条复合发展轴,横向建设淮河流域生态经济带,打造苏皖在江北地区的跨界合作示范区等战略,推动淮安苏北重要中心城市的建设和省域经济协调发展格局的形成。     

马克思主义民族理论在新世纪的新发展--学习胡锦涛同志在中央民族工作会议上的重要讲话

胡锦涛同志在中央民族工作会议上的讲话,是新世纪新阶段我国民族工作的纲领性文件,是对党和国家的民族理论和政策一个新的丰富和发展,也是对马克思主义民族理论的新发展.     

大都市的扩展历程与大都市边缘区的城乡一体化问题分析

以一座三塔悬索桥为分析对象,采用SAP2000平台建立该桥空间动力有限元模型并进行非线性动力分析,研究了地震作用下,缆梁间设置中央扣、中塔与主梁间设置弹性索和二者组合使用对于该桥抗震性能的影响。分析结果表明,缆梁间设置中央扣可以显著减小主梁位移和中塔塔底剪力和弯矩,但会使各塔顶主索鞍座水平力和边塔内力增加;选用合理的弹性索刚度,可以有效控制主梁位移,同时使中塔与边塔的受力处于合理范围内;两者组合使用,能够进一步降低主梁位移和均衡中塔与边塔的受力,同时可以减小弹性索索力,更有利于中塔下横梁受力。     

中国对中亚能源投资的法律问题及对策

中国与中亚在能源方面合作不断加强,逐步形成了更加紧密的能源安全共同体,然而在双方投资与合作过程中诸多相关法律问题也不断涌现,使中国对中亚地区的能源投资风险加大。文章对中亚能源投资中对投资的界定、投资准入、政治风险及环境保护等相关投资法律问题进行研究与分析,提出中国在中亚投资与合作过程中的相应对策,将对中国能源投资规避风险、保护投资利益大有裨益。     

On asymptotic distribution of prediction in functional linear regression

There has been substantial recent attention on problems involving a functional linear regression model with scalar response. Among them, there have been few works dealing with asymptotic distribution of prediction in functional linear regression models. In recent literature, the centeral limit theorem for prediction has been discussed, but the proof and conditions under which the random bias terms for a fixed predictor converge to zero have been ignored so that the impact of these terms on the convergence of the prediction has not been well understood. Clarifying the proof and conditions under which the bias terms converge to zero, we show that the asymptotic distribution of the prediction is normal. Furthermore, we have derived those results related to other terms that already obtained by others, under milder conditions. Finally, we conduct a simulation study to investigate performance of the asymptotic distribution under various parameter settings.     

中部县域经济发展探析

发展县域经济是中部地区发展的基础。由于历史和现实的原因,中部地区县域经济发展的整体水平还是比较低的,但只要能解放思想,更新观念,找准方向,选择好发展突破口,中部县域经济的发展前景还是非常广阔的。     

When is n large enough? Looking for the right sample size to estimate proportions

The central limit theorem indicates that when the sample size goes to infinite, the sampling distribution of means tends to follow a normal distribution; it is the basis for the most usual confidence interval and sample size formulas. This study analyzes what sample size is large enough to assume that the distribution of the estimator of a proportion follows a Normal distribution. Also, we propose the use of a correction factor in sample size formulas to ensure a confidence level even when the central limit theorem does not apply for these distributions.     

A semi-parametric method for estimating the beta coefficients of the hidden two-sided asset return jumps

ABSTRACT

We introduce a new methodology for estimating the parameters of a two-sided jump model, which aims at decomposing the daily stock return evolution into (unobservable) positive and negative jumps as well as Brownian noise. The parameters of interest are the jump beta coefficients which measure the influence of the market jumps on the stock returns, and are latent components. For this purpose, at first we use the Variance Gamma (VG) distribution which is frequently used in modeling financial time series and leads to the revelation of the hidden market jumps' distributions. Then, our method is based on the central moments of the stock returns for estimating the parameters of the model. It is proved that the proposed method provides always a solution in terms of the jump beta coefficients. We thus achieve a semi-parametric fit to the empirical data. The methodology itself serves as a criterion to test the fit of any sets of parameters to the empirical returns. The analysis is applied to NASDAQ and Google returns during the 2006–2008 period.