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关键词： Diversification   the Value of Cash Holding   Financial Leverage   Corporate Governance  

摘要： This paper is aimed at investigating relation between firm diversification and the value of corporate cash holding. To this end, data obtained from the firms accepted in stock market for the years 2006 to 2011 is used. Results have shown that there is a reverse relation between firm diversification and value of cash. On the other hand, firm diversification leads to less value of cash. These studies have shown that for constrained firms the value of cash holding is more than in unconstrained firms. Also, results have indicated that for firms with higher corporate governance, the value of cash holding is higher than for firms with lower corporate governance. On the other hand, firm diversification for firms with lower corporate governance leads to lesser value of cash holding. It is possible to conclude that in case of firm diversification, lower governance leads to loss of resources and higher leverage usage.

关键词： Soil organic carbon   Depth distribution models   SOC stocks   Forest soil   Peat   Europe  

摘要： Soil organic carbon (SOC) stocks in forest floors and in mineral and peat forest soils were estimated at the European scale. The assessment was based on measured C concentration, bulk density, coarse fragments and effective soil depth data originating from 4914 plots in 22 EU countries belonging to the UN/ECE ICP Forests 16 x 16 km Level I network. Plots were sampled and analysed according to harmonized methods during the 2nd European Forest Soil Condition Survey. Using continuous carbon density depth functions, we estimated SOC stocks to 30-cm and 1-m depth, and stratified these stocks according to 22 WRB Reference Soil Groups (RSGs) and 8 humus forms to provide European scale benchmark values. Average SOC stocks amounted to 22.1 t C ha(-1) in forest floors, 108 t C ha(-1) in mineral soils and 578 t C ha(-1) in peat soils, to 1 m depth. Relative to 1-m stocks, the vertical SOC distribution confirmed global patterns reported for forest soils: similar to 50% of SOC was stored in the upper 20 cm, and similar to 55-65% in the upper 30 cm of soil. Assuming 163 Mha of European forest cover and by using various scaling up procedures, we estimated total stocks at 3.50-3.94 Gt C in forest floors and 21.4-22.7 Gt C in mineral and peat soils down to 1-m, which is similar to 40% more than commonly published. The most useful predictors and stratifiers for C stocks were humus form and tree species for the forest floor, RSG for mineral soils and parent material for peat soils. This dataset will be further explored, predominantly for validation of soil C models, resampling and comparison with legacy and future forest SOC inventories. (C) 2015 Elsevier B.V. All rights reserved.

关键词： Social Cognitive Theory   Welfare   Horse   Show Horse   Legitimacy  

摘要： The purpose of this paper is to use the Social Cognitive Theory and its moral disengagement framework to emphasize the need for stock-type horse associations to minimize potential and actual threats to their legitimacy in an effort to maintain and strengthen self-regulating governance, specifically relating to the occurrence of inhumane treatment to horses. Despite having stated rules within their handbooks, the actions of leading stock-type associations in response to reports of inhumane treatment provide evidence of their ability to self-regulate. The authors recommend the following actions: (1) develop a commonly understood and accepted definition of inhumane treatment;(2) publicly communicate with stakeholders violation enforcement efforts of inhumane treatment rules;(3) increase efforts to educate stakeholders on the reasons why certain training techniques or methods are inhumane and harmful to the horse;(4) ensure all actions taken are proactively focused on shaping future behaviors, and (5) critically review more cases of inhumane treatment and the industry's response.

关键词： 价值投资   中国股市   应用研究  

摘要： 在研究如何提高公司盈利能力以及投资者如何发现有价值的潜力股上,价值投资理论都可以被借鉴。很显然有一部分人将价值投资作为秘密法宝,在寻找投资对象时引用价值投资,为自己带来一定投资回报。但出于对中国股市现状的考虑,一些研究学者觉得价值投资在中国不能广泛的推广和运用。价值投资能在股市纵横多年,其中必有我们可以汲取的。至于在我国可否应用还需要我们更深切的探索。

关键词： 银行业协会   中国   委员会   宏观经济环境   采访   主任   经济运行态势   商业银行  

摘要： 本刊：您如何评价目前我国银行业的稳健发展状况？ 连平：新常态是中国当前和未来所处阶段的重要特征。随着经济运行态势的改变，商业银行赖以生存的宏观经济环境也发生了巨大的变化，业务发展也将由过去十年高速增长的黄金期向中低速增长的平稳期过渡。在新的环境下．如何在充分发挥商业银行支持实体经济发展作用的同时，把握好发展速度、收益水平和风险控制间的平衡，已经成为银行业所面临的重要课题。

关键词： 党委书记   自治区   常委会   主持   清华   宏观经济环境   经济工作   经济形势  

摘要： 7月21日下午，自治区党委常委会召开扩大会议。分析研究全区上半年经济形势和经济工作。自治区党委书记彭清华主持会议并讲话。会议指出，今年是我国经济发展全面进入新常态的第一年，宏观经济环境错综复杂，下行压力持续加大。面对严峻形势，我们深入学习贯彻党的十八大、十八届三中、四中全会和习近平总书记系列重要讲话精神，全力以赴稳增长、促改革、调结构、惠民生、防风险，全区经济运行缓中趋稳、稳中向好，呈现回升态势。

关键词： 修正费用现值法   方案经济比选方法   煤矿辅助运输方案   最低费用现值  

摘要： 煤矿辅助运输系统受到很多因素影响,技术分析和经济比较是辅助运输方案选择的核心内容,在技术均可行的前提下,首先分析各方案经济比选方法适合范围,并结合辅助运输系统特点建立修正费用现值模型,并以某矿实例分析修正费用现值法在煤矿辅助运输方案选择中的应用,最终确定最优方案,为某煤矿辅助运输方案的选择提供参考依据。修正费用现值法为辅助运输方案选择提供了一种定量比较的思路和方法。

关键词： 海外并购   能力   中国企业   宏观经济环境   并购数量   交易数量   规模增长   市场规模  

摘要： 过去十年，中国企业海外并购数量和规模增长迅速。不过近几年来，海外并购的宏观经济环境出现了一些新的变化，这些新趋势对中国企业的海外并购能力提出了更高的要求。现状2004—2014年这十年间，中国企业海外并购的热情持续高涨，海外并购市场规模年复合增长率高达35％，交易数量年复合增长率为9．5％。2014年海外并购交易完成数量达154起，交易完成金额261亿美元。中国企业海外并购持续升温是多方面因素合力的结果。

关键词： 一带一路   宏观经济环境   港口企业   融资模式  

摘要： 港口企业作为"一带一路"中"海上丝绸之路"的主要依托,面临着新的战略发展机遇。港口企业的战略实施需要融资支持,本文分析了当前国家宏观经济环境对港口企业战略实施的影响,以及在此影响下的融资模式选择。

关键词： 民主管理工作   非公企业   社会主义市场经济   非公有制经济   基本经济制度   宏观经济环境   经济发展过程   非公经济  

摘要： 非公有制经济是社会主义市场经济的重要组成部分，发展非公有制经济是我国长期坚持的基本经济制度的重要内容。近几年来，在国内外宏观经济环境复杂多变的严峻形势下，安徽非公经济顶住下行压力，奋力开拓市场，保持了良好发展态势，已经成为加快崛起的主力军、改革开放的主动力、增收富民的主渠道。在非公经济发展过程中，企业民主管理工作发挥了独特作用。