上市公司债务重组财务效应研究

债务重组是很多企业在生产经营活动中遇到的重大问题,债务重组的结果如何,会对企业产生重大影响。在分析了中国深圳和上海证券交易所的上市公司的债务重组的相关数据之后,得出了债务重组能够显著改善企业业绩的相关结论,提出了要加强对债务重组信息披露等相关建议。     

Assessing the Playing Field: A Prospective Longitudinal Study of Internet Sports Gambling Behavior

Internet gambling is growing rapidly, as is concern about its possible effect on the public’s health. This paper reports the results of the first prospective longitudinal study of actual Internet sports gambling behavior during eight study months. Data include recorded fixed-odds bets on the outcome of sporting contests and live-action bets on the outcome of events within contests for 40,499 Internet sports gambling service subscribers who enrolled during February 2005. We tracked the following primary gambling behaviors: daily totals of the number of bets made, money bet, and money won. We transformed these variables into measures of gambling involvement. We analyzed behavior for both fixed-odds and live-action bets. The median betting behavior of the 39,719 fixed-odds bettors was to place 2.5 bets of €4 (approximately $5.3 US) every fourth day during the median 4 months from first to last bet. This typical pattern incurred a loss of 29% of the amount wagered. The median betting behavior of the 24,794 live-action bettors was to place 2.8 wagers of €4 every fourth day during the median duration of 6 weeks at a loss of 18% of the amount wagered. We also examined the behavior of empirically determined groups of heavily involved bettors whose activity exceeded that of 99% of the sample.     

我国公司发行可转换债券的市场反应

使用事件研究法,分析了我国公司发行可转换债券的市场反应。研究表明,我国公司发行可转换债券后市场没有出现显著负的反应,与股权再融资的市场反应明显不同,与国外可转换债券发行的市场反应有差异。政府的奖优政策是可转换债券市场反应特殊性的重要原因。     

An evaluation of alternative fiscal adjustment plans: The case of Italy

What advice can be given to the policymaker to reduce the burden of public debt after a crisis? In this situation, the debt consolidation calls for fiscal surplus based on increases in taxes and/or reductions in public spending. This paper aims at answering to the above question. Specifically, it evaluates different policy options on the table using the estimated model of the Italian dynamic General Equilibrium Model (IGEM). Our main message is that plans aimed at reducing the public debt based on tax increases rather than expenditure reductions are more effective. Therefore, consolidation should be designed on the former.     

Developing a multi-level organization-public dialogic communication framework to assess social media-mediated disaster communication and engagement outcomes

Dialogic communication has long been viewed as vital for effective organization-public relations. Yet, it is under-theorized whether and how organizations’ disaster communication messages may embody dialogic communication principles, and how various dialogic features are associated with different public engagement outcomes on social media. Extending the Organization-Public Dialogic Communication (OPDC) framework to the context of social media-mediated disaster communication, we propose a multi-level framework to assess the dialogic capacity of Facebook messages sent by disaster management organizations during a natural disaster. Three levels of dialogic communication characteristics (i.e., message structure-level, topic-level, and linguistic level) are examined using content analysis and Linguistic Inquiry and Word Count (LIWC). Results identified media richness, correcting, and confirming topics as three consistent predictors of public engagement of all types. Meanwhile, there exhibit greater variations regarding how other topical features and linguistic characteristics are related to public’s cognitive, emotional, and behavioral engagement during a disaster.     

债权治理初探

负债不仅是企业融通资金的一种方式,还具有公司治理功能。不同种类、期限、优先权的负债,其公司治理效率是不同的。债权治理是指企业债权人作为公司治理主体之一对企业实施的治理。债权治理的方式主要有合同治理、流动性治理和控制权治理等。为了改善和提高我国公司治理效率,实现债权治理,应当建立有效的破产机制、推进国有商业银行的公司化改革、大力发展公司债券市场以及优化企业负债结构,创新负债融资工具等。     

公共政策价值合法性危机探析

公共政策价值指向是政策科学的元范畴,是理解与研究公共政策的阿基米德点。公共政策作为政治系统的输出,其自身蕴藏着社会共同的善(common good)、正义(公正)和效率三重价值向度和价值指归。然而,日常的政策活动往往隐藏着一定的政策价值合法性危机,作为政策价值危机的降解途径,善治、多中心公众参与和竞争性政策体制不失为降解乃至消解公共政策价值合法性危机的一剂良方。     

关于中国隐性养老金债务问题研究

隐性养老金债务(IPD)是中国养老金体系面临的主要问题。中国IPD来源于两个规定受益的养老金计划:现收现付制(PAYG)的社会统筹帐户和基金制(FUND)的个人帐户。受诸因素的综合影响,中国IPD规模达到5.5~9万亿;同时由于IPD属于政府、企业及个人的共同责任,故解决中国IDP问题是一项牵扯面广、持续时间长的系统工程,可采取削减规模、调整财政支出结构、资产债务互换、开征专项税、发行特种债券、建立储备基金、调整人口结构等多种经济和社会措施。     

互联网之火：网络舆情和时代焦虑 ——从南京的突发事件谈起

社会转型时期各种矛盾凸显激化,以门为表征的突发事件集中爆发。这其中,互联网既是真相披露者,也是情绪煽动者;既有为建构所必须的解构,也有勇猛不能掩饰的粗暴。十几年来,互联网不断颁布新的尺度,强迫传统媒体调整竞合,从而逐渐形成新的传播语境,宣告新的价值体系。在新语境下,精英与草根的位格关系和互动结构,都发生了颠覆式的变化。他们之间的话语冲突源自于精英对网络的隔膜和草根的群体盲目,这种双重误区,使得社会焦虑指数交替升级,政府与群众、草根与精英、中心与边缘之间不断发生进退博弈,比照自适。网络话语的冲突也正是时代焦虑的媒体映像,网络舆情既是民意的自然体现,也可为官方决策提供参考。     

Revisiting the relationship between public relations and marketing: Encroachment and social media

Although public relations and marketing trade presses regularly discuss the conflict between the functions (e.g., Ecker, 2013; Havartin, 2013), academic researchers focused on the issue primarily in the 1980s and 1990s. The drop in public relations and marketing encroachment research does not parallel a drop in encroachment in practice, especially in light of today’s social media environment. In fact, historic tension between public relations and marketing intensified with the incorporation of social media into communication efforts. This paper updates the study of encroachment by reviewing the historical views of the topic, proposes ways that social media use has intensified issues related to role encroachment between public relations and marketing professionals, and outlines questions to guide future study of these topics.