Research on Financial Risks of EnterPrises’Mergers and Acquisitions of the Scientific Enterprises

科技型企业是我国经济结构提升的重要支撑，随着我国市场经济环境变化，以及服务于企业的资本市场蓬勃兴起，越来越多的科技型企业选择并购方式来实现跨越发展。企业并购可以为并购双方带来资源整合、加强市场竞争能力和提升经济效益的积极预期，同时也可能产生高昂的并购失败风险。诸多并购失败案例已为科技型企业的并购冲动敲响了警钟。但是，企业发展不能“因噎废食”，只要系统认识并购中存在的风险，尤其是对财务风险的高度关注，并采取科学的风险防范措施，并购之路将成为科技型企业快速发展的坦途。 本文将针对我国高科技领域企业的并购现状，从并购战略出发，对科技型企业并购形式和目标选择、并购定价等诸多财务风险影响因素进行分析，...The scientific enterprise is an important support to improve China's economic structure. With the changes of our national marketing environment and the flourish of capital market subject to the scientific enterprise, an increasing number of the scientific enterprise resorts to merger and acquisition for the sake of further development. Mergers and acquisitions can benefit both sides in terms of re...学位：会计硕士院系专业：管理学院_会计硕士学号：X201015706

STUDIS THE REASON FOR THE DEATH OF Penaeus japonicus BATE IN XINGLIN SHRIMP POND

2000年11月17日至12月2日对杏林虾池水体理化因子进行了跟踪调查 ,结果表明,11月17日开始发生的日本对虾 (PenaeusjaponicusBate)死亡的原因是虾池水体中NH4 +_N含量过高 ,致使日本对虾生活环境突然发生变化 ,虾体内部代谢紊乱 ,导致中毒死亡。We investigated the physical and chemical elements of waters in Xinglin shrimp pond from November17th2000to Desember2nd2000.The results showed:the reason for the death of Penaeus japonicus Bate was that the level Of NH 4+ _N in shrimp pond waters was too high,which made surroundings of Penaeus japonicus Bate change suddenly and resulted in metabolic disorder in shrimp body,and caused Penaeus japonicus Bate poisoning and dying.福建省重中之重项目“福建省海洋生物优良种质和生物活性物质的应用基础研究”

Changes of Main Environmental Factors of Composite Culture System in Longhai Xibian

1999年 9月至 2 0 0 0年 7月 ,用海水分析方法每月检测龙海西边综合养殖系统 9个水质理化因子和 2个沉积物指标 ,结果表明水质指标变化范围是 :水温 12～ 31℃、盐度 1.84～ 19.6 1、透明度 2 0～ 70cm、pH值 7.32～ 10 .14、氨氮 (NH+ 4 N +NH3 N) 0～ 0 .0 80mg/dm3 、亚硝酸氮 (NO-2 N) 0～ 0 .0 33mg/dm3 、硝酸氮 (NO-3 N) 0～ 0 .2 71mg/dm3 、磷酸盐 (PO3 -4 P) 0～ 0 .0 10mg/dm3 、化学需氧量 (CODMn) 1.91～ 10 .6 3mg/dm3 ;沉积物中硫化物 (S2 -)和有机质的变化范围分别是 72 .0 6～ 6 84.77mg/kg和 1.2 1%～ 5 .87% .该综合养殖系统底质污染较严重 ,养殖效益不显著 .With seawater chemical analysis technique, the nine seawater physical and chemical factors on waters and two chemical factors on sediment of composite culture system in Longhai Xibian were examined each month from September 1999 to July 2000. The ranges of the factors of waters were as follows: seawater temperature 12～31 ℃, salinity 1.84～19.61, transparency 20～70 cm, ammonia N (NH + 4 N + NH 3 N) 0～0.080 mg/dm 3, nitrite N (NO - 2 N) 0～0.033 mg/dm 3, nitrate N (NO - 3 N) 0～0.271 mg/dm 3, phosphate P (PO 3- 4 P) 0～0.010 mg/dm 3, pH 7.32～10.14, Chemical Oxygen Demand (COD Mn ) 1.91 ～10.63 mg/dm 3;The ranges of sulphide and organic matters of sediment were 72.06～684.77 mg/kg and 1.21% ～5.87%. Pollution of sediment in the composite culture was considerably serious and the culture benefit was not remarkable.福建省重中之重“福建省海洋生物优良种质 和生物活性物质的应用基础研究”资助项

Local Independent Directors with Financial Expertise and Executive Compensation and Turnover

【中文摘要】本文以2008～2012年的上市公司为研究样本，探讨聘用财务背景的当地独立董事（local independent directors，LIDs)能否对高管现金薪酬和变更产生影响。实证研究发现，聘用财务背景的当地独立董事的公司，其高管的现金薪酬较高，但高管的现金薪酬和业绩敏感度较低，高管变更和业绩敏感度较低。研究还发现，财务背景的当地独立董事对高管现金薪酬的影响，不受产权性质的影响。本文对财务背景独立董事的治理作用提供了经验证据。 【Abstract】 Using China's public firms during 2008-2012, this study examines whether the local independent directors (LIDs) with financial expertise can strengthen or weaken themonitoring power of the board over the management through designing the compensation contracts and making retention decisions. We document that executives receive higher cash compensation in firms hiring local LIDs with financial expertise , but such pay increase has lower pay-for-performance sensitivity. In addition, we find that executives are less likely to be fired in firms with local LIDs with financial expertise and their turnover-for-performance sensitivity weakens. The adverse effect of local LIDs with financial expertise on CEO compensation and turnover is less pronounced in state ownership enterprises (SOEs) or in firms with large shareholders

Comparative study on variation of main environmental factors and culture benefit between two shrimp ponds of composite culture in Qianting, Zhangpu

福建漳浦前亭综合养殖系统 1 #池的主养种为菲律宾蛤仔 (Ruditapesphilippi narum)和泥蚶 (Tegillarcagranosa) ,搭养种为日本对虾 (Penaeusjaponicus)和长毛对虾 (Penaeuspenicillatus) .2 #池的主养种为菲律宾蛤仔 ,搭养种为日本对虾 .1 999年 8月至 2 0 0 0年 7月的周年跟踪调查结果表明 :这两口综合养殖池 9个水质理化因子 (水温、透明度、盐度、氨氮、亚硝酸氮、硝酸氮、活性磷酸盐、pH值、化学需氧量 )和2个沉积物指标 (有机质、硫化物 )的测值大多数符合养殖标准 .1 #池COD、有机质和硫化物的测值大多数比 2 #池的低得多 ,这表明不同综合养殖系统的生态环境条件不同 ,养殖效益也不同 .Investigation of two composite culture systems in Qianting,Zhangqu, Fujian was made from August 1999 to July 2000. In 1 # pond, Ruditapes philippinarum and Tegillarca granosa were main cultured strains, Penaeus japonicus and Penaeus penicillatus were minor cultured strains. Ruditapes philippinarum was main cultured strain and Penaeus japonicus was minor cultured strain in 2 # pond. The results of water quality (water temperature,transparency,salinity,ammonia-N,nitrite-N,nitrate-N,phosphate-P,pH,Chemical Oxygen Demand) and sediment (organic matter,sulphide) in these two composite culture systems showed that the vast majority of these environmental factors were in accord with the cultured demands. In 1 #pond, the concentration of COD and the contents of organic matter and sulphide were more lower than 2 # pond, so the culture benefit of 1 # pond was better than 2 # pond.福建省重中之重基金资助项

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