公司治理对会计信息披露质量影响 ——基于我国生物医药业上市公司的实证研究

会计信息披露是企业向信息使用者揭示和反映企业价值运动,高质量的信息披露可以降低信息不对称程度,使投资者能更正确地做出判断.以生物医药业上市公司为例,采用Logistic回归分析方法,系统研究公司治理与会计信息的披露质量之间的关系,发现公司治理中的董事会规模、独立董事比例和监事会规模的提高会使得会计信息披露质量得到提高,董事会会议次数与会计信息披露质量显著负相关.     

创业板公司风险投资对财务治理效率影响研究

风险投资在投资目的、方式、收回等方面与传统投资有很大区别,研究此投资框架下各项财务治理行为对企业财务治理效率的影响,能够有针对性地指导企业完善治理措施,提高治理效率。创业板是我国风险投资参与面最广的上市公司板块,以创业板2009—2013年期间IPO上市公司为研究对象,采用实证研究方法,分析风险投资对上市公司财务治理效率的作用及其形式。结果显示,风投方持股比例越高,参与时间越长,在董事会、监事会高管中拥有席位越多,财务治理效率就越高,但创业板中的联合投资存在“搭便车”现象。上市公司应努力完善并调整企业相关制度和治理结构,风险投资机构加强合作,以最终实现高效的财务治理。     

基于序化机理的稳健型股票价值投资决策——一个研究框架

面对资本市场风险加剧的现实背景,以"公司经营业绩与股票市场业绩一致趋优"为稳健型投资的核心要素,立足于区间数据表示、会计信息度量两个关键要素,开展稳健型股票价值投资的多准则决策建模研究。面向稳健型投资决策目标,提出满足"稳健性""局部性""全局性"3个特性的序化机理,围绕关键特征选择、特征评价、全序化建模的主体脉络建立系统性多准则决策方法,进而构建"稳健型股票价值投资决策"的研究框架。     

我国企业FDI逆向知识转移效能评估模型构建

我国企业在发达国家FDI激增成为近年来的趋势,以创新资产寻求为动机的FDI更关注子公司逆向知识转移的效能。对影响逆向知识转移的因素已有很多学者进行了深入研究,在进行梳理的基础上,总结归纳出影响逆向知识转移效能的四大类因素,即母公司因素、子公司因素、双方关系因素、知识因素,运用网络层次分析法赋予各因素权重,构建可定量评估逆向知识转移效能的模型,最后据此提出我国企业提高逆向知识转移效能的建议。     

我国环境多元治理模式法律保障机制探究

未清晰地认识和定位政府、企业、社会公众三者的关系,未处理好三者的分工与衔接,是造成我国环境多元治理模式难以落实的关键问题。究其主要原因在于过分依赖传统政府管制模式的路径,以致政府在环境治理中起主导作用而轻视企业、社会公众作为治理主体的力量,导致其他治理主体参与环境治理法律机制的缺失。比较分析三者存在的障碍,提出落实环境多元治理模式法律保障的建议,从而构建起三者相互协作、共同治理环境的新局面。     

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。     

Collective versus Individual Effects in Survival Analysis of Multiple Failures

In survival analysis, we sometimes encounter data with multiple censored outcomes. Under certain scenarios, partial or even all covariates have ‘similar’ relative risks on the multiple outcomes in the Cox regression analysis. The similarity in covariate effects can be quantified using the proportionality of regression coefficients. Identifying the proportionality structure, or equivalently whether covariates have individual or collective effects, may have important scientific implications. In addition, it can lead to a smaller set of unknown parameters, which in turn results in more accurate estimation. In this article, we develop a novel approach for identifying the proportionality structure. Simulation shows the satisfactory performance of the proposed approach and its advantage over estimation under no assumed structure. We analyse three datasets to demonstrate the practical application of the proposed approach.     

A Rejection Principle for Sequential Tests of Multiple Hypotheses Controlling Familywise Error Rates

We present a unifying approach to multiple testing procedures for sequential (or streaming) data by giving sufficient conditions for a sequential multiple testing procedure to control the familywise error rate (FWER). Together, we call these conditions a ‘rejection principle for sequential tests’, which we then apply to some existing sequential multiple testing procedures to give simplified understanding of their FWER control. Next, the principle is applied to derive two new sequential multiple testing procedures with provable FWER control, one for testing hypotheses in order and another for closed testing. Examples of these new procedures are given by applying them to a chromosome aberration data set and finding the maximum safe dose of a treatment.     

Combining Inverse Probability Weighting and Multiple Imputation to Improve Robustness of Estimation

Inverse probability weighting (IPW) and multiple imputation are two widely adopted approaches dealing with missing data. The former models the selection probability, and the latter models data distribution. Consistent estimation requires correct specification of corresponding models. Although the augmented IPW method provides an extra layer of protection on consistency, it is usually not sufficient in practice as the true data‐generating process is unknown. This paper proposes a method combining the two approaches in the same spirit of calibration in sampling survey literature. Multiple models for both the selection probability and data distribution can be simultaneously accounted for, and the resulting estimator is consistent if any model is correctly specified. The proposed method is within the framework of estimating equations and is general enough to cover regression analysis with missing outcomes and/or missing covariates. Results on both theoretical and numerical investigation are provided.     

1980年代“译介热”与中国审美话语的本体自律

20世纪80年代的“译介热”通过引进西方现代文论资源,实现了对政治意识形态“工具论”“反映论”的反拨与对抗,与此同构的是审美自律的进程和审美本体的建构.“审美自律论”和“方法多元论”成为“译介热”的两个主要支点,共同参与现代性人学启蒙,促使了现代派文学的文本发现与形式自律.“审美自律论”促使了审美活动从外部的“他律”转向了审美的“自律”,形式主义文论、结构主义文论等在译介热中引入中国,纷纷促使了美学和文学批评从外部转向内部、从内容转向形式、从思想内涵转向话语革命.同时也直接启发了中国现代派文学和先锋小说的创作,激活了新时期以来潜藏的“形式化”冲动,从而使得形式和语言实验在80年代中后期的文学创作中焕发出愈加重要的作用.