终极控股股东超额控制与现金持有量价值的实证研究

文章以我国资本市场2002年非金融类A股公司为样本,实证研究了终极控股股东控制权与现金流权分离对公司现金持有量水平及其市场价值的影响.研究结果发现:(1)当终极控股股东为国有股东时,控制权/现金流权系数与现金持有量水平显著正相关;而当终极控股股东为非国有股东时,控制权/现金流权系数与现金持有量水平虽然正相关,但不能通过显著性检验.表明在两权分离的情况下,国有终极控股股东对高现金持有量水平具有较高的偏好;(2)当终极控股股东为国有股东,且其控制权与现金流权存在分离时,现金持有量的价值为0.769元;而当终极控股股东控制权与现金流权不存在分离或虽存在分离但终极控股股东为非国有股东时,现金持有量的价值为1.206元.从而表明在两权分离的情况下,国有终极控股股东对高现金持有量水平的偏好是一种控股股东利益侵占动机.     

Socially disadvantaged women's views of barriers to feeling safe to engage in decision-making in maternity care

BackgroundAlthough midwifery literature suggests that woman-centred care can improve the birthing experiences of women and birth outcomes for women and babies, recent research has identified challenges in supporting socially disadvantaged women to engage in decision-making regarding care options in order to attain a sense of control within their maternity care encounters.ObjectiveThe objective of this paper is to provide an understanding of the issues that affect the socially disadvantaged woman's ability to actively engage in decision-making processes relevant to her care.Research designThe qualitative approach known as Interpretative Phenomenological Analysis was used to gain an understanding of maternity care encounters as experienced by each of the following cohorts: socially disadvantaged women, registered midwives and student midwives. This paper focuses specifically on data from participating socially disadvantaged women that relate to the elements of woman-centred care-choice and control and their understandings of capacity to engage in their maternity care encounters.FindingsSocially disadvantaged women participants did not feel safe to engage in discussions regarding choice or to seek control within their maternity care encounters. Situations such as inadequate contextualised information, perceived risks in not conforming to routine procedures, and the actions and reactions of midwives when these women did seek choice or control resulted in a silent compliance. This response was interpreted as a consequence of women's decisions to accept responsibility for their baby's wellbeing by delegating health care decision-making to the health care professional.ConclusionThis research found that socially disadvantaged women want to engage in their care. However without adequate information and facilitation of choice by midwives, they believe they are outsiders to the maternity care culture and decision-making processes. Consequently, they delegate responsibility for maternity care choices to those who do belong; midwives. These findings suggest that midwives need to better communicate a valuing of the woman's participation in decision-making processes and to work with women so they do have a sense of belonging within the maternity care environment. Midwives need to ensure that socially disadvantaged women do feel safe about having a voice regarding their choices and find ways to give them a sense of control within their maternity care encounters.     

《汉语拼音方案》在对外汉语教学中的缺憾及辨正

在对外汉语教学中,许多留学生的汉语口语伴有不少因《方案》的设计不周所带来的语音错误。这种现象不单是初学者有,连学习多年,交流无障碍的“汉语通”也都普遍存在。目前,汉语越来越受到国际社会的重视。希望《方案》中的这些问题能得到大家的重视,进而加以修订,以便把对外汉语教学工作做得更好。     

"东方的哈佛"——圣约翰大学简论

圣约翰大学是美国圣公会在上海创办的一所大学,曾经寄托着万千学子的憧憬和梦想,享有"东方的哈佛"之美誉,无论在上海城市史上还是中国近代教育史上都占有突出的地位.本文简要论述了圣约翰73年曲折的办学历程,归纳分析了圣约翰大学的特色和传统,最后将圣约翰大学成功的奥秘归结为四个一,即一个睿智的校长,一群出色的教师,一套严密的管理体制和一座现代化的大都市.     

论我国金融类国有资产出资人制度的构建——以国有商业银行为中心

国有金融类资产运管理体制是国有金融资本运营方式创新和微观金融主体重组、经营的基础性环境。我国国有金融类资产管理体制在现行变革的基础上,应由国有资产监督管理委员会统一作为金融类资产的出资人代表,中央汇金有限责任公司作为中间层的国有资本运营主体。并辅之以相关的监管措施,即国有资本预算监管、独立监管。     

An integrated production and inventory model for a whole manufacturing supply chain involving reverse logistics with finite horizon period

This paper proposes a model and solution method for coordinating integrated production and inventory cycles in a whole manufacturing supply chain involving reverse logistics for multiple items with finite horizon period. A whole manufacturing supply chain involving reverse logistic consists of tier-2 suppliers supplying raw materials to tier-1 suppliers, tier-1 suppliers producing parts, a manufacturer which manufactures and assembles parts from tier-1 suppliers into finished products, distributors distributing finished products to retailers, retailers selling products to end customers and a third party which collects the used finished products from end customers, dissembles collected products into parts, and feed the parts back to the supply chain. In this system, we consider a finite horizon period. A mathematical model for representing the behaviors of the system is developed. Solution methods based on decentralized and a combination of decentralized and centralized decision making process, referred to as the semi-centralized decision making process, are proposed to solve the model while the centralized decision making process is solved by a mixed integer nonlinear programming method. A numerical example is used to demonstrate the model and the solutions based on the three types of the coordination.     

基于系统动力学的库存管理研究

在讨论系统动力学相关理论及其应用现状的基础上,研究了供应商代管库存模式(VenderManagedInventory,VMI)的管理思想,并借助建模平台STELLAithink,建立了供应链环境下库存管理的系统动力学仿真模型,并对模型的运行和模拟结果进行了分析。     

客户价值评价指标体系设计

客户关系管理是目前管理研究的热点,企业对客户价值的评估是其基础问题之一。如何设计一套实用的客户价值评价指标体系仍是尚未解决的问题。针对这种情况,在客户全生命周期管理的指导下,本文设计了一套分别针对最终客户和中间客户的评价指标体系,详细阐述了其管理应用,并进行了具体案例分析,证实了该指标体系的有效性。     

中国上市公司治理评价系统研究

公司治理理论研究只有满足公司治理实务的需要才能丰富与完善。本文从公司治理实务需求的角度出发,追溯公司治理实务与理论研究发展历程,在此基础上对国际著名公司治理评价系统进行了比较,并提出了适合中国公司治理环境的公司治理评价指标体系。     

基于创业视角的组织变革与市场过程研究

在组织变革研究的文献中,适应观和生态观一直是占主导地位的两类研究视角,本文在回顾这两大学派观点的基础上提出一种新的研究范式——基于创业的视角。研究发现,行动领先的企业高管通过主动搜寻来进行机会识别,并通过双重联结过程实施创业型行动,而企业的行为又会更新其他市场参与者的信念体系从而达到推动市场过程的目的。本文最后在动态竞争研究的框架下进一步分析了企业与环境共同演化的过程。