我国上市公司资本结构决策的实证研究

本在已有资本结构理论研究成果的基础上，对30家沪市上市公司的资本结构进行了实证研究，提出了在我国资本市场环境下优化企业资本结构的对策建议。     

基于"纵横向拉开档次法"的上市公司经营业绩评价

鉴于目前已具有较全面、完整、连续的有关上市公司各项指标的纵横向数据，为充分利用数据所蕴涵的信息，本文提出运用“纵横向拉开档次”的综合评价方法，其特点是使指标权重的确定能尽量将被评价对象在纵横向拉开档次。将该法运用于安徽地方板块的18家上市公司业绩评价，获得了各公司在1999～2001年间动态发展的分析结果。     

中国上市公司资本结构影响因素之实证研究

资本结构不仅是财务理论研究中的热点及难点,也日益成为公司理财决策的关键问题.本文从影响因素角度对资本结构进行实证研究.文中以深沪两市部分非金融类上市公司为样本,利用本世纪最初三年的企业财务数据,选取可能影响企业资本结构的多个指标为解释变量,利用单因素方差分析、主成分分析、逐步回归分析找出了主要影响因素及其影响方式,试图为国内上市公司资本结构决定因素提供最新实证研究证据,并为企业财务决策提供支持.     

基于三阶段SBM模型的中国节能服务上市企业效率研究

节能服务企业效率对于推动节能服务产业发展和确保国家“双碳”目标实现具有重要意义。运用三阶段SBM模型,对2020年60家中国节能服务上市企业的综合效率进行实证研究,并分析效率的影响因素。研究结果表明,经济发展水平对综合效率具有双重影响,合适的产业结构和较高的投入资本回报率有利于综合效率提升,而政府补贴与企业存续时间制约了综合效率改进;剔除环境因素与随机误差影响后,多数企业综合效率下降,整体效率偏低;提高规模效率是提升综合效率的关键,且绝大部分企业处于规模收益递增状态。研究最后提出创新补贴方式、建立企业认证制度、开展综合能源服务和推动企业间兼并重组等可行建议,以提升节能服务企业的综合效率。     

Degradation-fragmentation of marine plastic waste and their environmental implications: A critical review

This review critically evaluates the plastic accumulation challenges and their environmental (primarily) and human (secondarily) impacts. It also emphasizes on their degradation and fragmentation phenomena under marine conditions. In addition, it takes into account the leachability of the various chemical substances (additives) embedded in plastic products to improve their polymeric properties and extend their life. Regardless of their effectiveness in enhancing the polymeric function of plastic products, these additives can potentially contaminate air, soil, food, and water. Several findings have shown that, regardless of their types and sizes, plastics can be degraded and/or fragmented under marine conditions. Therefore, the estimation of fragmentation and degradation rates via a reliable developed model is required to better understand the marine environmental status. The main parameter, which is responsible for initiating the fragmentation of plastics, is sunlight/UV radiation. Yet, UV- radiation alone is not enough to fragment some plastic polymer types under marine conditions, additional factors are needed such as mechanical abrasion. It should be also mentioned that most current studies on plastic degradation and fragmentation centered on the primary stages of degradation. Thus, further studies are needed to better understand these phenomena and to identify their fate and environmental effects.     

文化创意企业视角的长三角城市网络演变特征

运用社会网络与位序-规模法分析长江三角洲地区16市上市类文化创意企业的母-子公司数据信息, 揭示文化创意企业集聚视角长三角城市网络结构及其演变特征. 研究发现: (1) 2005~2015年, 长三角地区文化创意企业上市公司总部数量逐年增加, 公司总部多设立于上海、杭州、苏州以及南京4地; (2)传媒类和软件及计算机类企业多分布于传统区域, 设计咨询类企业生产网络中, 存在传统非核心城市跃升为区域核心城市的现象; (3)上市公司生产网络结构逐渐复杂, 多中心及新核心相继出现, 且生产网络中城市位序有变动趋势, 文化创意产业空间动态正形塑城市体系结构. 为此, 建议长三角文化创意企业发展中应加强企业母子间的联系强度, 促进城市创意流动网络化, 有望推进长三角创意源-流形塑创意城市群新体系.     

Initial operation at liquid-helium temperature of the M =2270 kg Al 5056 gravitational-wave antenna of the Rome group

Summary We report on the cooling at liquid-helium temperature of our 2270 kg 5056 Al bar at CERN. The liquid-helium container had been filled up to 1500 liters ensuring to keep the antenna cold for more than one month. The antenna is equipped with a resonant capacitive transducer operating at constant electrical charge with a FET low-noise amplifier. The transducer is tuned to the antenna within less than I Hz and the two normal-mode frequencies are ν₋=908.160 Hz and ν₊=924.234 Hz with an applied electrical field in the transducer of 10⁶ V/m. The corresponding overall merit factors areQ ₋=5.20·10⁶ andQ ₊=7.25·10⁶. The transducer has been tested up to an electrical field of 6·10⁶ V/m: in this condition we have βQ≈10⁴. The antenna has been in operation for several weeks giving, for the Brownian noise, values in agreement with the calculated values. We report also on the results of tests performed on a DC SQUID, whose input was connected to a commercial capacitor via a transformer with turn ratio of 1000. Supported in part by Japan Society for the Promotion of Science.     

Low-lying intrinsic structures in <Superscript>254</Superscript>Es

Low-lying two-quasiparticle bandhead energies for the Z = 99 odd-odd nucleus ²⁵⁴Es are evaluated using a simple phenomenological model with the inclusion of the residual p-n interaction. Configurations of the intrinsic levels directly fed in ²⁵⁴Es from the parent ²⁵⁸Md are discussed in the light of this model. Our analysis predicts the occurrence of ten K≤5 bandheads in ²⁵⁴Es with excitation energies E _x≤300keV. Structures of these as yet unidentified low-lying intrinsic levels and their expected locations are discussed in the light of available experimental information.     

基于灰色关联分析的财产保险公司偿付能力的模糊综合评判

为解决财产保险公司的偿付能力的评价问题,建立了基于灰色关联分析的模糊综合评判模型.选取了2003-2005年我国8家财产保险公司的相关数据,用灰色关联分析中的点关联系数求解隶属度得出评判矩阵,用范数灰关联度法确定因素集中各因素的权重,从而对其偿付能力进行模糊综合评判,得出各公司的偿付能力所属的类别.并对评语集中各评语赋予适当的权重,对所研究的8家财产保险公司依据其偿付能力的情况进行了排序.     

基于KMV模型的我国上市公司信用风险研究

在KM V框架的基础上对股权价值计算方法进行了改进,通过改进后的方法,计算出1999年至2006年各年所有上市公司的违约距离、理论违约率、企业价值、股权价值等指标数据.从分析的结果来看,上市公司规模对信用风险有一定影响,上市公司规模越大,信用风险越小,公司规模越小,信用风险越大.从违约风险的变化情况看,2003—2006年上市公司的违约距离呈下降态势,说明近年来上市公司的违约风险加大.对比沪深300上市公司股改前和股改后信用状况,发现股改前后信用状况有显著不同,股改后上市公司的违约风险变大.通过违约距离的敏感性分析,认为股权价值波动率对违约距离最敏感.