Product Market Competition，Financial Flexibility and Corporate Financial Policies

产品市场竞争会对公司财务政策产生深远影响的结论已得到广泛的认可，不同学者从不同方面展开研究，经过许多学者的努力，已经取得了相当丰富的成果。Graham&Harvey（2001）对美国392位CFO的调查研究表明，财务灵活性成为CFO在做融资决策时候的首要考虑因素。Bancel&Mittoo（2004）以及Brounenetal.（2006）对欧洲CFO的调查研究同样表明，财务灵活性是影响CFO融资决策的主要因素。因此，产品市场竞争会对公司财务政策影响必然因为公司财务灵活性的不同而存在差异。利用2001-2014年中国A股上市公司数据，结合我国证券发行特殊监管背景，研究产品市场竞争、财务灵活性和...It is commonly accepted that corporate decisions are fundamentally affected by competition in product markets. In particular, financial economists have shown that the nature of product market competition may influence firms’financing policy. On the other hand,financial flexibility is preferred by CFO as the most important determinant of capital structure and the critical missing link for an empiri...学位：管理学博士院系专业：管理学院_财务学学号：3212012015339

Financial Flexibility,Product Market Competition and Capital Structure

以2001-2014年中国A股上市公司为样本,将财务灵活性价值和产品市场竞争状况纳入资本结构的分析框架进行研究。结果表明:在其他条件不变的情况下,财务灵活性价值越高,公司的财务杠杆越小;除了掠夺风险与市场杠杆之间的关系不显著之外,产品市场竞争与财务杠杆正相关;由于受到严格的监管,公司在中国资本市场上的股权融资难以实现,产品市场竞争所引致的融资需求会减弱财务灵活性价值对资本结构的负向作用。This paper uses the A shares of listed companies for the period 2001-2014 to estimate and compare the value of financial flexibility. We use three different measures of product market competition:predation risk, HHI and the number of listed companies,then we analyzes the effect of financial flexibility and product market competition on capital structure of Chinese listed companies. The conclusions show that, ceteris paribus, the capital structure negatively related to the value of financial flexibility. Subjected to the supervision of CSRC, except for predation risk shows no significant effect on market leverage,other results show that the leverage of listed companies increase with the strength of product market competition;the effect of the value of financial flexibility on the capital structure is weakened by product market competition.国家自然科学基金项目(71472160);; 教育部人文社会科学规划项目(20120121110041

中国物理海洋学研究70年：发展历程、学术成就概览

本文概略评述新中国成立70年来物理海洋学各分支研究领域的发展历程和若干学术成就。中国物理海洋学研究起步于海浪、潮汐、近海环流与水团,以及以风暴潮为主的海洋气象灾害的研究。随着国力的增强,研究领域不断拓展,涌现了大量具有广泛影响力的研究成果,其中包括:提出了被国际广泛采用的"普遍风浪谱"和"涌浪谱",发展了第三代海浪数值模式;提出了"准调和分析方法"和"潮汐潮流永久预报"等潮汐潮流的分析和预报方法;发现并命名了"棉兰老潜流",揭示了东海黑潮的多核结构及其多尺度变异机理等,系统描述了太平洋西边界流系;提出了印度尼西亚贯穿流的南海分支(或称南海贯穿流);不断完善了中国近海陆架环流系统,在南海环流、黑潮及其分支、台湾暖流、闽浙沿岸流、黄海冷水团环流、黄海暖流、渤海环流,以及陆架波方面均取得了深刻的认识;从大气桥和海洋桥两个方面对太平洋–印度洋–大西洋洋际相互作用进行了系统的总结;发展了浅海水团的研究方法,基本摸清了中国近海水团的分布和消长特征与机制,在大洋和极地水团分布及运动研究方面也做出了重要贡献;阐明了南海中尺度涡的宏观特征和生成机制,揭示了中尺度涡的三维结构,定量评估了其全球物质与能量输运能力;基本摸清了中国近海海洋锋的空间分布和季节变化特征,提出了地形、正压不稳定和斜压不稳定等锋面动力学机制;构建了"南海内波潜标观测网",实现了对内波生成–演变–消亡全过程机理的系统认识;发展了湍流的剪切不稳定理论,提出了海流"边缘不稳定"的概念,开发了海洋湍流模式,提出了湍流混合参数化的新方法等;在海洋内部混合机制和能量来源方面取得了新的认识,并阐述了混合对海洋深层环流、营养物质输运等过程的影响;研发了全球浪–潮–流耦合模式,推出一系列海洋与气候模式;发展了可同化主要海洋观测数据的海洋数据同化系统和用于ENSO预报的耦合同化系统;建立了达到国际水准的非地转(水槽/水池)和地转(旋转平台)物理模型实验平台;发展了ENSO预报的误差分析方法,建立了海洋和气候系统年代际变化的理论体系,揭示了中深层海洋对全球气候变化的响应;初步建成了中国近海海洋观测网;持续开展南北极调查研究;建立了台风、风暴潮、巨浪和海啸的业务化预报系统,为中国气象减灾提供保障;突破了国外的海洋技术封锁,研发了万米水深的深水水听器和海洋光学特性系列测量仪器;建立了溢油、危险化学品漂移扩散等预测模型,为伴随海洋资源开发所带来的风险事故的应急处理和预警预报提供科学支撑。文中引用的大量学术成果文献(每位第一作者优选不超过3篇)显示,经过70年的发展,中国物理海洋学研究培养了一支实力雄厚的科研队伍,这是最宝贵的成果。这支队伍必将成为中国物理海洋学研究攀登新高峰的主力军

Product Market Competition and The Cash Flow Sensitivity of Cash

本文立足于产业组织理论,以2000—2013年我国A股上市公司为样本,分别以行业掠夺风险、自然边界和成本价格边际三种不同的度量产品市场竞争的代理指标,基于静态和比较静态的方法,从现金持有“存量“和“流量“两个方面的内容分别展开,分析产品市场竞争对公司现金持有量和储蓄倾向即现金一现金流敏感性的影响。结论一致表明,在其他条件不变的情况下,产品市场竞争提高了公司现金持有量;面临激烈竞争的公司表现出更大的现金一现金流敏感性,即公司使经营活动产生的现金流以现金或现金等价物的形式留存于公司内部,而且,在考虑到融资约束的影响后,样本公司在产品市场竞争和融资约束的双重作用下,表现出最大的现金一现金流敏感性。It is commonly accepted that corporate decisions are fundamentally affected by competition in product markets.In particular,financial economists have shown that the nature of product market competition may influence firms' financing policy such as cash holdings.Despite the substantial development of the literature on corporate cash holdings,little attention has been paid to the effects of product market competition on the policy of cash holdings.The purpose of this paper is to understand how product market competition affects corporate cash holdings.This paper uses the methodologies of static analysis and comparative static analysis to study the relationship between product market competition and the policy of cash holding.The content of this paper is therefore twofold.First,we try to understand how product market competition affects the stock of corporate cash holdings.Second,we try to understand how product market competition affects the flow of corporate cash holdings,that is,the effects of product market competition on the decision to retain earnings in the form of cash.The paper investigates product market competition on the effect of cash holdings and the change in cash holdings of Chinese-listed firms for the period 2000—2013.We use three different measurates of product market competition:Predation risk,Nature hedge and Price-cost margin.Predation risk is used to measure how firms' growth opportunities co-vary with those of their industry rivals,we calculate the correlation of firm stock returns with industry stock returns.The regression coefficient on the industry return is then used as the proxy for predation risk.Greater values of this measure indicate a greater predation risk and more interdependence of investment opportunities,therefore more fierce product competition.Nature hedge is calculated as the absolute value of the difference between a ? rm's ratio of net fixed assets per employee and the median ratio in its industry.To make this difference comparable across industries,the difference is then scaled by the industry range of the capital-to-labor ratio.Smaller values of this measure indicate a greater similarity of a ? rm's operations with industry counterparts and therefore fierce product competition.The price-cost margin is defined as operating income before depreciation over sales.The price-cost margin is used in most of the industrial organization(10) literature and refers to the ability of the firm to price above marginal cost.The lower value of price-cost margin indicate a more fierce product competition.Predation risk is positively correlate to cash holdings and the cash flow sensitivity of cash.Nature hedge is negatively correlate to cash holdings and the cash flow sensitivity of cash.The price-cost margin is negatively correlate to cash holdings and the cash flow sensitivity of cash.The conclusions show that:(1) Ceteris puribus,cash holdings increase with the strength of product market competition;(2)Product market competition should be related to a firm's propensity to save cash out of cash inflows,which referred to as the cash flow sensitivity of cash.The effect of product market competition on the cash flow sensitivity of cash is more pronounced in firms with greater financial constraint.The effect of product market competition on the cash flow sensitivity of cash increases with intensity of financial constraints and the strength of product market competition.The firms which face financial constraints and intense competition show the strongest the cash flow sensitivity of cash.This paper contributes to the literature extending the content of corporate cash policy,that is,analysis the effect of product market competition on the cash flow sensitivity of cash.The primary innovation of this paper is to analysis the cash holdings in comparative static methodology rather than analysis the cash holdings in static methodology,as previous papers have.Taken together,the findings lend support to and give economic meaning to a direct effect between product market competition and the corporate policy of cash holdings.国家自然科学基金项目“财务灵活性与公司财务政策选择”(71472160

基于CCD外触发的动目标选通探测成像的消抖方法

 本发明公开了一种基于CCD外触发的动目标选通探测成像的消抖方法,应用于动目标选通探测,该方法对CCD采用外触发的控制方式,通过计数器产生选通像增强器控制信号I_trigger、脉冲激光器控制信号L_trigger和CCD控制信号C_trigger三路时序控制信号,使选通像增强器、脉冲激光器和的CCD工作时序同步,从而使得CCD每帧曝光时间内,ICCD选通快门开关的次数相等,CCD每帧的子帧数量一致,这样CCD每帧接收到的能量一致,消除了CCD的成像抖动

The Relationship of General Doctors’ Competency and Subjective Well-being:The Mediating Role of Job Performance

采用胜任力问卷、工作绩效量表和主观幸福感量表调查1340名全科医生,建立结构方程,考察工作绩效在胜任力与主观幸福感之间的中介作用。结果发现:(1)胜任力、工作绩效和主观幸福感之间均显著正相关;(2)胜任力和工作绩效可正向预测主观幸福感;(3)工作绩效部分中介胜任力和主观幸福感,胜任力既直接预测主观幸福感,也通过工作绩效间接预测主观幸福感