An Empirical Study on the Financial Accelerator Effect of Negative Reports on Product——Case of Spillover Effect of Sanlu Milk Powder Public Scandal

使用12家乳制品类上市公司2005-2012年的季度动态面板数据,文章对“三鹿毒奶粉事件“这一产品负面报道的“小冲击,大波动“的金融加速器效应进行了检验,结果发现,在研究的样本范围内,存在金融加速器效应;但金融加速器效应的两个不对称特征与理论本身所揭示的相反,即受冲击时期的资产负债表状况对投资支出影响显著但敏感性弱于其他时期;大公司的资产负债表效应更显著且受冲击时这种效应也很显著。这可能源于产品负面报道的溢出效应不仅带来了传染,也带来了竞争,在危机时期,大公司更倾向于采用竞争策略,夺占问题企业的市场份额。Using quarter dynamic panel data of 12 listed-companies of dairy industry from 2005 to 2012,the paper empiri cally analyzes the small shocks and large fluctuations of the financial accelerator effect of negative reports on product of Sanlu Milk Powder Scandal Event and finds that the financial accelerator is existence but its two asymmetric features are contrary to theoretical expectations.In other words,the influence of balance sheet to investment is significant during the crisis and the sen sitivity is weaker than other periods; Large company's balance sheet effects are more significant and the sensitivity of big com pany's investment to balance sheet is more significant during the crisis,which may result from the spillover effects of product negative reports not to bring contagion effects but effects of competition and in order to seize market share during the crisis,big companies are more likely to adopt competitive strategy.国家自然科学基金项目“跨企业边界的成本协同管理与价值创造驱动因素研究”(70872096); 中国博士后基金项目“产品负面报道的金融加速器效应研究——以不信任情绪蔓延和资产负债表传染为中介变量”(2011M500884); 教育部人文社会科学规划项目“产品负面报道的资产负债表传染的防治研究:ERM-IF下CSR导向内部控制框架构建”(12YJAZH106); 南京审计学院项目“高管层财务决策的走向、贸易信贷及资本结构的链式调整:基于前景理论的分析”(NSK2009/B13); 江苏省2010年“

An Empirical Study on the Impact Effects of Negative Reports on Product——Case of the Jiugui Liquor Plasticizer Storm

以酒鬼酒公司2012年11月19日的塑化剂报道为例,利用ff3f模型检验了产品负面报道对行业及业内的关键对手、最大对手和最小对手的冲击效应。结果发现,产品负面报道仅对关键对手有显著但有限的负面冲击,且小规模和低负债率的关键对手受到的负面冲击更显著更持久。由此获得的启示是:产品差异化及积极响应危机有助于化解产品负面报道的冲击。Choosing the reports on Jiugui Liquor plasticizer storm as a case which published on November 19,2012,the pa per analyzes impact effect of negative reports on product to industry,key competitors,the strongest competitors and the weak est competitors by using FF3F model.The results show that the negative reports on product only bring about significant but limited adverse impact effects to key competitors,and the negative impact effects suffered by key competitors with small scale and lower debt ratio will be more outstanding and last longer.The enlightenment obtained is that product differentia tion and positive response to crisis can help to defuse impact effects of negative reports on product.中国博士后基金项目“产品负面报道的金融加速器效应研究——以不信任情绪蔓延和资产负债表传染为中介变量”(2011M500884); 教育部人文社会科学规划项目“产品负面报道的资产负债表传染的防治研究:ERM-IF下CSR导向内部控制框架构建”(12YJAZH106); 国家自然科学基金项目“跨企业边界的成本协同管理与价值创造驱动因素研究”(70872096); 南京审计学院项目“高管层财务决策的走向、贸易信贷及资本结构的链式调整:基于前景理论的分析”(NSK2009/B13); 江苏省2010年‘

社会主义价格和价格管理体制的改革

社会主义价格理论是社会主义政治经济学的重要组成部分。本文以价格构成、生产价格、价格的变动和价格管理体制的改革四个方面对社会主义价格理论进行了分析。 第一章论述社会主义价格的构成。第一节重点说明了c+v+m和k＋p等公式是资本主义价格构成的公式。而不是社会主义价格构成的公式。价格构成是由价值或价格中所包含的社会生产关系决定的，生产关系不同，价格构成也不同，c、v、m、k和p等字母在马克思的著作中有明确的意义。c代表不变资本v代表可变资本，m代表剩余价值，k和p分别代表成本价格和利润。这些字母或缩略语所体现的生产关系在社会主义根本不存在，社会主义价格构成有自己独特的规定性。在科学上不允许用同一字...学位：经济学硕士院系专业：经济学院经济系_政治经济学学号：YL000058

Trust of Upstream Firm and Downstream Firm and Credit Strategy:The Interference Effects of Regional Financial Development

以沪深股市1990—2009年间的非金融上市公司为研究样本,利用TObIT模型和InTEr-VAl模型对上下游企业的信任对上市公司赊销战略的影响以及区域金融发展对前两者关系的干扰效应展开研究。研究发现:上下游企业的总信任以及上游企业的信任会促使上市公司增加使用赊销战略,而下游企业的信任则会诱使上市公司减少赊销战略的使用;区域金融发展和上下游企业的总信任以及区域金融发展和上游企业的信任在对赊销战略的影响上是替代关系,但区域金融发展和下游企业的信任两者在影响公司赊销战略上的不确定关系仍待证实。With Tobit and Interval model,this paper empirically studies influence of trust of upstream firm and downstream firm on credit strategy of listed-companies and interference effects of regional financial development on relationship between trust of upstream and downstream firms and corporate credit strategy.The study shows that the whole trust of upstream firm and downstream firm and trust of upstream can push corporate using more credit strategy and trust of downstream firm can induce firm to use less credit strategy.It is a substitute between regional financial development and the whole trust of upstream and downstream firm as well as regional financial development and trust of upstream firm in corporate credit strategy,and the uncertain relation between regional financial development and trust of downstream firm in corporate credit strategy need to be confirmed.中国博士后基金项目“产品负面报道的金融加速器效应研究——以不信任情绪蔓延和资产负债表传染为中介变量”(2011M500884);江苏省高校哲学社会科学基金资助项目“前景理论、贸易信贷及其收益率分布特征”(09SJB630038);国家自然科学基金项目“跨企业边界的成本协同管理与价值创造驱动因素研究”(70872096);教育部人文社会科学研究规划基金项目“非理性视角下社会网络与资本配置效率研究”(11YJA630035);福建省社会科学规划项目“非理性行为、社会网络与公司投资决策”(2011B125

Diverse-shaped iron sulfide nanostructures synthesized from a single source precursor approach

Iron sulfide nanostructures with diverse shapes (nanoparticles, nanoribbons and nanoplates) have been synthesized via a single-source precursor of Fe(Ddtc)(3) or Fe(Ddtc)(2)(Phen) (Phen = 1,10-phenanthroline; Ddtc diethyldithiocarbamate) in the mixture solvents of oleic acid (OA)/oleylamine (OM)/1-octadecene (ODE). The chemical compositions of the as-formed iron sulfide nanostructures are found to be determined by the valencies of iron in the precursors. For phase-pure Fe(3)S(4) and Fe(7)S(8) nanostructures, their shape-selective syntheses could be realized mainly by modifying the ratio of reaction solvent compositions and the chemical composition of precursors. The growth of nanoparticles and nanoplates of iron sulfide is likely due to the selective adsorption of the capping ligands on specific crystal planes of the nanocrystals. Meanwhile, for FeS(x) nanoribbons, the growth of nanoribbons may come from the template-direction of micellar structures formed by self-assembly of capping ligands. Furthermore, the Fe(3)S(4) and Fe(7)S(8) nanostructures display strong ferromagnetic properties at room temperature

Near-infrared Photoluminescent Ag2S Quantum Dots from a Single Source Precursor

Monodisperse Ag2S quantum dots (QDs) were synthesized via pyrolysis of Ag(DDTC) in oleic acid, octadecylamine, and I-octadecene. The uniform alkyl-capped Ag2S QDs with a size of 10.2 nm emit near-IR emission at 1058 nm under 785 nm excitation

JUNO Sensitivity on Proton Decay p→νˉK+p\to \bar\nu K^+ Searches

The Jiangmen Underground Neutrino Observatory (JUNO) is a large liquid scintillator detector designed to explore many topics in fundamental physics. In this paper, the potential on searching for proton decay in $p\to \bar\nu K^+$ mode with JUNO is investigated.The kaon and its decay particles feature a clear three-fold coincidence signature that results in a high efficiency for identification. Moreover, the excellent energy resolution of JUNO permits to suppress the sizable background caused by other delayed signals. Based on these advantages, the detection efficiency for the proton decay via $p\to \bar\nu K^+$ is 36.9% with a background level of 0.2 events after 10 years of data taking. The estimated sensitivity based on 200 kton-years exposure is $9.6 \times 10^{33}$ years, competitive with the current best limits on the proton lifetime in this channel

JUNO sensitivity on proton decay p → ν K + searches*

The Jiangmen Underground Neutrino Observatory (JUNO) is a large liquid scintillator detector designed to explore many topics in fundamental physics. In this study, the potential of searching for proton decay in the $p\to \bar{\nu} K^+$ mode with JUNO is investigated. The kaon and its decay particles feature a clear three-fold coincidence signature that results in a high efficiency for identification. Moreover, the excellent energy resolution of JUNO permits suppression of the sizable background caused by other delayed signals. Based on these advantages, the detection efficiency for the proton decay via $p\to \bar{\nu} K^+$ is 36.9% ± 4.9% with a background level of $0.2\pm 0.05({\rm syst})\pm$$0.2({\rm stat})$ events after 10 years of data collection. The estimated sensitivity based on 200 kton-years of exposure is $9.6 \times 10^{33}$ years, which is competitive with the current best limits on the proton lifetime in this channel and complements the use of different detection technologies