论公有资本的退出——MBO实践分析

国有产权向管理层股份转让的初衷是好的,但对上市公司MBO后的经营状况的研究,发现其经营业绩却逐渐下滑,说明这与我们的初衷截然相反,文章分析了MBO的机理、问题及造成经营下滑的原因,最后提出了对策建议。     

对转轨时期国有经济的传统退出路径的反思

转轨时期 ,我国经济体制发生了深刻的变化。人们也已经认识到原有的遍布于各个领域的国有经济与具有机制灵活、经济成本的自我约束力和经济发展的内在膨胀力较强的非国有经济相比 ,效率低下而明显的缺乏竞争力 ,并呈现出不断收缩的态势。针对这一情况 ,国有经济的退出问题成为理论界讨论的焦点 ,并提出了多种退出方式 ,但这些探讨多是从体制内主动退出的角度出发 ,然而由于体制内主动退出是一个公共选择的过程 ,且在转轨时期面临着层层壁垒 ,使得我们必须对这一退出路径进行反思     

Differences in Factors Attracting Consumers to Taiwan's Supermarkets and Traditional Wet Markets

Exit interviews were used to summarize factors attracting consumers to six supermarkets and three wet markets in a representative city. Using the history of the marketplace as the foundation for analysis, the strengths and weaknesses of the two retail formats are introduced and are compared to the consumer response data. Findings indicate that the decline of Taiwan's traditional markets will probably continue until all are replaced by new retail formats. Currently, the traditional market is in the weakest of all the retail positions since it supplies the needs of a shrinking population of older consumers with preferences and shopping behaviors unlike those of younger, nontraditional consumers. Supermarket expansion is slowing because new hypermarkets, convenience stores, and warehouse stores are competing to satisfy the needs of the younger, more mobile target population. Overall, store formats that provide lower prices, sales promotions, a good environment, good product quality, and good service have the greatest opportunity to build consumer loyalty and increase market share.     

基金表现评价研究-一个条件双因子评价模型的构建与实证

出色的证券投资基金管理人不但具有股票选择的微观能力,而且还具有市场时机把握的宏观能力。目前关于基金表现评价的模型是仅以股票指数超额收益率为评价基准的单因子模型,而实际上,基金管理人可以在股票、债券以及现金存款之间进行投资选择。基于此,本文构建了条件双因子评价模型,并且以中国全部54只封闭式基金为样本采用面板数据回归技巧验证了该模型的有效性。实证结果是条件双因子评价模型不仅解释能力高而且有效地减少了负向市场时机把握能力的偏差,中国基金不但具有选股能力而且具有现金存款的时机把握能力。     

Childhood Living Arrangements and the Formation of Coresidential Unions

The relationship between multiple dimensions of childhood living arrangements and the formation of subsequent unions is investigated. Using the 1995 National Survey of Family Growth, both statuses and transitions associated with childhood living arrangements at three different stages of childhood are considered. It was found that both statuses and transitions, but not the ages at which they occur, are related to the risk of union formation. Women who experienced more transitions in childhood living arrangements and who lived with other than married, biological parents form premarital cohabiting unions faster than other women. Rates of first marriage are higher among women who lived with a stepparent, and they are lower among women who lived with a parent and that parent's cohabiting partner.     

汉语计时文化特色词汇英译

中国传统计时法是中国传统文化的重要组成部分之一,如何使汉语计时词汇的英语翻译既保留其文化特色又能使英语读者明白易懂,是每个汉英译者必须解决的实际问题与重要职责。针对干支纪年法、年龄与月份别称、动物生肖、节气、八字等中国传统计时文化进行分析,并试图探索其文化特色词的英译技巧。     

Timing Effects on Divorce: 20th Century Experience in the United States

Period divorce measures can misrepresent the underlying behavior of birth cohorts as changes in cohort timing produce changes in period probabilities of divorce. Building on methods used to adjust period fertility and marriage measures, we adjust U.S. period divorce rates for timing effects, calculating a timing index for every year between 1910 and 2000. The adjusted probability of divorce, PMED*, increases nearly linearly from 1910 through 1990, remaining at about that level through 2000. Period measures greatly exaggerate divorce risks from the early 1970s to the mid‐1980s, but understate them at other times. Adjusted values for recent years do not suggest a decline in the likelihood of divorce, with year 2000 values indicating a divorce probability of 0.43 – 0.46.     

我国封闭式基金绩效评价的研究与分析

随着基金的高速扩容,产品不断创新,基金管理公司之间的业绩也逐渐拉开了差距,对我国封闭式基金的绩效进行客观的评价,分析基金管理人的选股选时能力,实证结果认为,经过风险调整后,我国封闭式基金的业绩能够优于市场基准组合;这主要归结于正的证券选择能力;不同规模的基金业绩表现有所不同。     

The Role of Cohabitation in Remarriage

Using 3 subsamples of remarried respondents (n =1,583, 971, and 926) in the first wave of the National Survey of Families and Households, this study investigates how different types of cohabitation, especially postdivorce cohabitation, affect the timing and quality of remarriage in the United States. Ordinary Least Squares regression analysis indicates that postdivorce cohabitation in general and postdivorce cohabitation with multiple partners in particular delay remarriage. Furthermore, echoing previous research findings on the relationship between premarital cohabitation and relationship quality, the ordered logistic analysis shows that postdivorce cohabitation with a spouse is associated with lower levels of remarital happiness, and postdivorce cohabitation of all types tends to be associated with higher levels of remarital instability. Implications of these findings are briefly discussed.     

《庄子》记时词语考察

《庄子》中的记时词语数量多，词义丰富，用法灵活，是《庄子》词汇系统富有特色的组成部分。对其进行穷尽性统计和比较研究，有助于人们认识《庄子》词汇系统和先秦记时词语状况，同时也有利于推进先秦专书词汇和时间范畴研究。