Manipulation of Stock Trading Halt and Equity Pledge of Major Shareholders—— Based on "Half of Listed Stock Halted " Event

长期以来，中国股票市场不严格的停牌制度时常成为公司大股东和管理层等内部人进行利益操纵的有力工具。近年来，大股东股权质押引起的停牌操纵嫌疑更是引起了金融界和监管层的高度关注，然而却鲜有专业文献进行过科学的验证。2015年，中国股市发生了历史罕见的“千股停牌”事件。该事件持续时间短，上市公司停复牌行为模式单一，为研究中国A股市场大股东股权质押情况对上市公司股票停牌操纵的影响关系提供了难得的准自然实验环境，据此本文展开了相关的实证研究。 具体地，本文根据该事件的具体情况，把2015年6月29日到2015年7月9日共计9个交易日为“千股停牌”期间。基于这一事件，本文使用2015年6月30日上市公司大...Major shareholders and management as well as other insiders often regard the loose stock trading halt system in China as a tool for interest manipulation. And recently the regulators have drawn attention to the problem of manipulation of the stock trading halt caused by equity pledge of major shareholder, while few professional scholars have discussed the issue in a scientific method. The "Half of...学位：会计硕士院系专业：管理学院_会计硕士学号：1842014115062

Can Board Secretaries Improve the Capital Market Efficiency——Evidence from the Perspective of Stock Price Synchronicity

利用2005~2011年中国A股上市公司8430个年度观察样本数据,从股价同步性视角实证分析了董事会秘书对资本市场效率的经验影响关系。结果发现:(1)与非金牌董秘相比,更加勤勉尽职的金牌董秘显著提高了上市公司的股价同步性;(2)随着证券分析师关注度的提高以及机构投资者持股比例的增加,金牌董秘对股价同步性的正向影响关系逐渐减弱。这些结果表明,董秘能够提升上市公司的信息透明度,进而提升资本市场效率。Using a sample of 8430 firm-year observations on Chinese A-share listed companies during the period of 2005-2011, we have empirically investigated how board secretary impact market efficiency from the perspective of stock price synchronicity.We find that compared with non-top secretaries, the top board secretaries that are more diligent and competent significantly increase listed companies' stock price synchronicity.However, this positive correlation gradually weakens as the analyst coverage and institutional ownership increases.These findings indicate that board secretary can improve listed companies' information transparency, thereby enhancing the market efficiency.国家自然科学基金青年项目(71202061); 面上项目(71572160

The Puzzle of Low Price Premium Effect: Evidence from China

本文主要研究低价股的溢价异象,并从行为金融学视角分析指出股票的名义价格幻觉是造成低价股溢价效应的重要原因。基于1999-2014年中国A股上市公司175,736个月度样本数据的实证分析表明,中国资本市场存在显著持续的低价股溢价现象,而且上市公司的散户规模越大,低价股的溢价效应越强,证实了本文的理论观点和预期。与此同时,我们发现机构投资者持股、证券分析师关注、卖空机制等都有利于降低低价股的溢价程度,从而帮助资本市场矫正误定价和资源错配问题。进一步,我们还发现上市公司的管理者还会通过发放股票股利以利用投资者的名义价格幻觉和迎合投资者对低价股的偏好,从而实现市值管理的目的。本文的研究结论对于揭开中国资本市场低价股的溢价之谜和提高资本市场的定价效率都具有重要的实践启示和政策参考。In this paper, we focus on the low price premium effect and suggest nominal price illusion is one of the main causes from behavioral finance perspective. Using a dataset which contains 175,736 firm - month observations of Chinese A - share listed companies from 1999 to 2014, we document that there is indeed a superior performance attached to low price stocks, i. e. , the low price premium effect. What＇ s more, the bigger the size of individual investors, the stronger the low price premium effect, which further supports our theoretical expectation. Meanwhile, we find evidence that institutional ownership, security analyst coverage, and short sales can all significantly alleviate the low price premium effect, thereby contributing to the rectification of mispricing and resource misallocation in capital markets. Furthermore, we find that for the sake of maximizing their firms＇ market value, firm managers would take advantage of investors＇ particularly individual investors＇ nominal price illusion to carter those investors＇ preference for relatively low price stocks through issuing stock dividends. Our findings would give helpful insights for market operations and policy making into revealing the puzzle of low price premium effect and improving pricing efficiency in China.国家自然科学基金项目(71202061和71572160)；福建省高等学校新世纪优秀人才支持计划(2015年)；福建省高校杰出青年科研人才培育计划(2015年)的资助

注氮剂量对SIMON材料性能影响的研究

采用氧氮共注的方法制备了氮氧共注隔离 SOI (SIMON) 圆片,对制备的样品进行了二次离 子质谱和透射电镜分析,并对埋层结构与抗辐射性能的机理进行了分析.结果表明,注氮剂量较低 时埋层质量较好.机理分析结果表明,圆片的抗辐照性能与埋层质量之间存在很密切的关系,埋层 的绝缘性能是影响器件抗辐射效应的关键因素

绿色农业新技术集成研究与示范

一、该项目针对农业生产中食品安全和环境污染问题,开展了S-诱抗素、新奥霉素、壳寡糖、棉铃虫病毒杀虫剂与昆虫病原线虫生物制剂、功能性堆肥及其浸提液工业化生产等的试验和示范,立项准确,针对性强,意义重大。 二、项目研究出S-诱抗素等生物制剂及其生产工艺、工厂化技术;研究开发出昆虫病原线虫活体繁殖技术,实现了工厂化生产;研究开发了两种功能性堆肥及浸提液,提出了“功能性堆肥+秸秆生物反应堆+堆肥浸提液+S-诱抗素等生物制剂”健康、安全设施蔬菜生产模式;在宁夏实现了地上、地下,土壤、作物生物制剂联防技术体系,为低耗、高效、安全、健康农产品生产开辟了新途径。 三、在S-诱抗素、新奥霉素高产菌株的生产工艺,昆虫病原线虫活体繁殖工厂化生产方面取得了新突破;在S-诱抗素、新奥霉素、壳寡糖、棉铃虫病毒杀虫剂、功能性堆肥及其浸提液集成应用控制作物病虫害等方面有创新。研究成果达到了国内先进水平,S-诱抗素、新奥霉素高产菌株的生产工艺研究达到国际领先。 四、项目执行期间,在宁夏15个市县建立核心试验基地14个,示范推广点40个,累计推广面积17万亩,新增效益9600万元。获得发明专利4项,实用新型专利1项,制定地方标准5项,专著1部,发表论文19篇(其中SCI收录6篇)。培训农技人员300人次,农民4700多人次

2005～2015年CERN光合有效辐射数据集

光合有效辐射在生态学、农学以及气候学等多个学科中都有重要的应用价值。它是揭示物质与能量交换过程的基本生理变量,是光合潜力、潜在产量的评估研究和作物生长模拟研究、土壤碳的固定模拟研究中不可缺少的关键数据之一。该数据集涵盖了中国8个典型陆地生态类型、中国生态系统研究网络(CERN)下属的40个辐射观测站观测的光合有效辐射日均值,时间跨度为2005～2015年。通过对传感器的集中标定与规范的数据质量控制方案,保障了观测数据的可靠性与可比性。采用光谱仪、辐射标准灯传递辐射基准方案,对光合有效辐射传感器进行集中标定与比对,标定精度小于5%,符合世界气象组织(WMO)标准;采用极值法对观测的光合有效辐射数据进行质量控制

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