资本市场融资模式探析

随着改革开放的不断深入,资本市场在我国经济事务中发挥着越来越重要的作用.企业如何针对不同的情况构筑畅通的融资渠道,以期实现资本市场的有效运营备受关注.积极进入国内资本市场、战略性地向海外资本市场进军、申请国际金融公司或其他基金的投资等都不失为企业利用资本市场融资的有效途径.     

王夫之衍《老》的旨趣及主要方面

王夫之衍《老》,一是为了拨正历来解《老》中的错误,还《老子》以本来面目;同时批评历史上因不善用《老子》而导致的祸乱。二是为了曝显《老子》之失,将它引导到儒家的正确方向上来。三是为了指出《老子》的优长之处,以与儒家大正中和之道会通。他的诠释和发挥着重于三个方面:以道为中心的本体论,以气为中心的宇宙论,以守一主静为中心的修身治国论。通过对《老子》之旨的重新揭示,王夫之表达了他既批评佛老又吸取其合理思想充实儒家的诠释方向。     

Electronic Data Interchange: Research Review and Future Directions*

For nearly two decades, electronic data interchange (EDI) has been widely viewed as a technology pivotal to supply chain management that has also provided benefits to firms on multiple levels. Despite a substantial body of literature, there are a number of conflicting and inconclusive research results in this field. In this study, we synthesize the diverse body of research in EDI by organizing the literature into an initial theoretical framework. Based on a meta‐analysis of results from the empirical literature, we seek to clarify conflicting results from the literature in order to develop a more unified theoretical framework of contextual variables associated with EDI adoption factors and outcomes. From a managerial standpoint, our literature‐based framework offers a set of guidelines for making successful EDI adoption and implementation decisions.     

跨国瑶族家庭语言使用现状研究——以泰美刘家四代人为个案

本文采用了实地调查法和问卷调查法,考察了刘家泰国和美国四代人的语言使用现状及其演变,并分析了不同国家及其社会文化对瑶族语言使用的影响。文章主要包括四部分:1.概括了世界瑶族的分布和历史迁徙,以及刘家四代人的居住地区;2.泰国和美国的刘家人的生活方式,以及泰、美社会文化对其语言使用的影响;3.刘家四代人的语言使用状况,包括:四代人的文化程度、年龄、家庭语言使用现状、周围的语言环境及四代人的语言使用条件和变化;4.刘家四代人的双语和多语言生活的发展和演变,总结了四代人母语与兼用语的关系。本文认为,刘家的前三代使用的语言形式是多语种类型,而第四代人的语言类型变为双语或单一语言,母语使用语言衰退,并转换成居住国的通用语;刘家四代人所使用的母语和兼用语相互竞争,但又和谐共处。     

新型农村合作医疗参合农民满意度影响因素辨析及其政策优化:一个基于L市的案例分析

参合农民的满意度是评价新农合基金绩效的重要指标。对L市2015年592位参合农民的样本数据进行分析,发现就医过程对参合农民满意度影响最为显著,其中,农民满意度与新农合定点医疗机构的医疗水平和综合费用有很强的相关度;新农合基金管理水平对参合农民满意度有较为显著的影响,制度设计对参合农民满意度影响最小。因此,为优化新农合基金政策绩效、提升参合农民满意度水平,应构建高质量医疗服务供给机制、强化农民主动参与机制、推进新农合政府管理机构能力建设以及对新农合基金绩效开展持续评价。     

家族控制程度对上市公司股价情绪效应的影响研究

上市公司家族控制程度的差异是否会引起投资者对其股票估值的不确定性的变化,这一问题在现有家族企业研究文献中鲜有涉及。基于我国A股家族上市公司样本的2009—2017年度数据,从股票超额收益率对投资者情绪敏感度的角度,分析了家族控制程度对股价情绪效应的影响。研究发现,家族控制程度的增加会加剧上市公司股价的情绪效应,股票超额收益率对投资者情绪的波动更为敏感,而且公司规模越小,账面市值比越低,则其股价情绪效应越明显。股权制衡程度更高的公司,家族控制程度对其股价情绪效应的影响会降低,说明有效的治理结构会减缓股价情绪效应。公司主动性信息披露、代际传承进展,以及公司所处行业的市场竞争程度,均显著地负向调节家族控制程度对股价情绪效应的影响,减缓了收益率对情绪的敏感程度。通过改善这些变量的监管状况,可以有效缓解投资者情绪对家族控制公司股价的冲击,促进股票市场的平稳运行。     

Stochastic Aging Classes for the Maximum Statistic from Friday and Patil Bivariate Exponential Distribution Family

Friday and Patil bivariate exponential (FPBVE) distribution family is one of the most flexible bivariate exponential distributions in the literature; among others, it contains the bivariate exponential models due to Freund, Marshall–Olkin, Block–Basu, and Proschan–Sullo as particular cases. In this article, we discuss the stochastic aging of the maximum statistic from FPBVE model in according to the log-concavity of its density function, i.e., in the increasing or decreasing likelihood ratio classes (ILR or DLR), and consequently in the IFR and DFR classes. Furthermore, a kind of DFR distributions which are not DLR is derived from our classification.     

Use of Spacings in the Estimation of Common Scale Parameter of Several Distributions

In this article, we consider the problem of best linear unbiased estimation and best linear invariant estimation of the common scale parameter of several distributions using spacing of the pooled sample of all observations of individual samples. We derived conditions for the non negativity of the scale estimator obtained by the above methods. Further, we obtained necessary and sufficient conditions for the derived estimators to be constant multiples of the pooled sample range.     

A Weighting Approach for GEE Analysis with Missing Data

We propose a new weighting (WT) method to handle missing categorical outcomes in longitudinal data analysis using generalized estimating equations (GEE). The proposed WT provides a valid GEE estimator when the data are missing at random (MAR), and has more stable weights and shows advantage in efficiency compared to the inverse probability weighing method in the presence of small observation probabilities. The WT estimator is similar to the stabilized weighting (SWT) estimator under mild conditions, but it is more stable and efficient than SWT when the associations of the outcome with the observation probabilities and the covariate are strong.     

Relations for Moments of Progressively Type-II Censored Order Statistics from Log-Logistic Distribution with Applications to Inference

In this article, we establish several recurrence relations for the single and product moments of progressively Type-II right censored order statistics from a log-logistic distribution. The use of these relations in a systematic recursive manner would enable the computation of all the means, variances and covariances of progressively Type-II right censored order statistics from the log-logistic distribution for all sample sizes n, effective sample sizes m, and all progressive censoring schemes (R ₁,…, R _m ). The results established here generalize the corresponding results for the usual order statistics due to Balakrishnan and Malik (1987 Balakrishnan , N. , Malik , H. J. ( 1987 ). Moments of order statistics from truncated log-logistic distribution . J. Statist. Plann. Infer. 17 : 251 – 267 .[Crossref], [Web of Science ®] , [Google Scholar]) and Balakrishnan et al. (1987 Balakrishnan , N. , Malik , H. J. , Puthenpura , S. ( 1987 ). Best linear unbiased estimation of location and scale parameters of the log-logistic distribution . Commun. Statist. Theor. Meth. 16 : 3477 – 3495 .[Taylor & Francis Online], [Web of Science ®] , [Google Scholar]). The moments so determined are then utilized to derive best linear unbiased estimators for the scale- and location-scale log-logistic distributions. A comparison of these estimates with the maximum likelihood estimates is made through Monte Carlo simulation. The best linear unbiased predictors of progressively censored failure times is then discussed briefly. Finally, a numerical example is presented to illustrate all the methods of inference developed here.