新兴市场投资者偏好现金股利还是资本利得?——基于中国A股市场的经验证据

文章利用2005年~2010年A股现金股利数据,研究处于不同的市场阶段,投资者是否对现金股利与资本利得存在不同的偏好。我们把样本分成两组,研究发现在熊市期间,投资者偏好资本利得;在牛市期间,除了低现金股利组与低资本利得组不存在显著偏好差别外,投资者在其他组也都偏好资本利得。我们的研究结论为新兴与转轨经济国家政府制定市场监管规则提供了启示。国家自然科学基金面上项目“全球经济波动背景下R&D投资决策行为心理效应与政策诱导”(项目号:70972112); 教育部人文社科研究重点基地重大项目“行业经济周期;R&D投融资行为与公司价值”(项目号:10JJD630004、11JJD790006

Meta-analysis of Curative Effects and Safeties of Baraclude Versus Other Nucleoside Drugs for Treatment of HBeAg-positive Chronic Hepatitis B

目的：评价博路定和其他抗乙肝病毒核苷酸类药物对核苷初治的乙型肝炎 e 抗原（HBeAg）阳性慢性乙型肝炎（CHB）患者的疗效和安全性。方法：计算机检索 PubMed、Mestre、中国期刊全文数据库（CNKI）、中文科技期刊数据库（VIP）、万方数据库（建库至2015年10月）公开发表的有关博路定和其他抗乙肝病毒核苷酸类药物对核苷初治的 HBeAg 阳性 CHB 患者疗效的随机对照试验（RCTs），并追查已获文献的参考文献。由两名研究者独立筛选文献，提取数据，按照改良后 Jadad 评分标准进行质量评价。采用 RevMan5.2软件进行 Meta 分析。结果：最终纳入11个 RCTs，共2326例患者。Meta 分析结果显示，治疗48周时，博路定组在血清丙氨酸氨基转氨酶（ALT）复常率[OR＝1.42，95%CI（1.17，1.73）]，HBeAg 转阴率[OR＝1.35，95%CI （1.08，1.69）]方面均显著高于 ADV 组，差异有统计学意义（P＜0.05）。博路定和其他抗乙肝病毒核苷酸类药物组在血清乙型肝炎病毒（HBV）-DNA 转阴率[OR＝1.36，95%CI（0.80，2.32）]和不良反应发生率[OR＝1.08，95%CI（0.60，1.93）]方面比较，差异无统计学意义（P＞0.05）。结论：核苷初治的 HBeAg 阳性CHB 患者治疗48周时，博路定促使 ALT 复常和清除 HBeAg 方面的疗效均优于其他抗乙肝病毒核苷酸类药物，但在降低血清 HBV-DNA、安全性方面相似

Testing System of Phosphor Excited by Blue LED Based on Integral Sphere

为尽可能反映荧光粉在实际工作条件下的发光性质,准确测量荧光粉的发光性能,提出了一种基于积分球的荧光粉发光性能测试系统。该系统采用蓝光lEd作为激发光源,配置有TEC控温系统对光源有效实施控温,可提供持续稳定的激发荧光粉发光。采用出光筒控制光源方向和积分球收集光线,能有效防止能量损失,提高测试的精确性。通过实验得到了不同强度蓝光激发下的荧光粉光谱功率分布以及发光效能、量子效率、光转换效率等参数的变化规律。随着驱动电流的增大,由于蓝光芯片内量子限制斯塔克效应,从而导致蓝光峰值波长出现小幅度的蓝移。三种效率在小电流下基本呈线性下降趋势,且在大电流下趋于平缓。实验结果表明,该系统及方法可以有效地评价实际lEd芯片工作状态下的荧光粉发光性能。A testing system for phosphor luminous characteristics based on integral sphere is proposed so as to show luminous characteristics of phosphor at actual operation circumstances and measure its luminous characteristics accurately.Blue LED is used as an excited source in the system.TEC temperature control system is used to control the temperature of the source effectively.And continuous and stable excited light is provided to excite phosphor illumining.Energy loss is prevented effectively and testing accuracy is enhanced for the direction of source controlled by a light tube and light ray collected by integral sphere.Based on experiments,spectrum power distributions of phosphor excited by blue light with difference light strength and variation rules of parameters such as luminous efficiency,quantum efficiency and light conversion efficiency are got.With the increasing of driving current,a small blue shift appears in blue light peak wavelength for quantum confined Stark effect in blue light chip.Three kinds of efficiency almost show linear decline trend at low current and then approach to constant at high current.Experimental results show that luminous characteristics of phosphor on real LED chip at operation state can be evaluated effectively by the system and method.国家自然科学基金项目(11104230); 福建省重点科技项目(2011H6025;2012H0039

The Difference of Luminous Performance Between Traditional Phosphor Packaging LED and Remote Phosphor LED

研究了传统白光lEd与蓝光激发的球冠形远程荧光粉白光lEd在不同电流、不同热沉温度下的发光性能,并对其机理差异展开了探讨。实验结果表明:随热沉温度和驱动电流的上升,传统白光lEd的量子效率和电光转换效率急剧下降,并导致其y/b比(yEllOW/bluE rATIO)下降,相关色温上升。而在远程荧光粉白光lEd中,其量子效率、光转换效率和相关色温在相同实验条件下变化幅度都较小。由光强空间分布和y/b比空间分布可知,远程荧光粉白光lEd的光强分布呈类似蝠翼分布,且y/b比空间均匀性远大于传统白光lEd。Under different drive current and heat sink temperature,luminous performances as well as physical mechanisms were studied for both traditional phosphor-dispensing packaging white LED and blue light-converting hemisphere remote phosphor LEDs.With the increase of the heat sink temperature and the drive currents,the quantum efficiency and light conversion efficiency in the traditional phosphor-dispensing packaging white LED drop rapidly,which is responsible for the decrease of Y/B ratio(Yellow/Blue Ratio) and the apparent increase of CCT(correlated color temperature).However,the parameters of quantum efficiency,light conversion efficiency and CCT in blue light-converting hemisphere remote-phosphor packaging LEDs have little change under the same experimental conditions.In addition,the remote phosphor LEDs exhibit a batwing spatial luminous intensity distribution and the spatial Y/B ratio distribution is much more homogeneous compared with the traditional phosphor-dispensing packaging white LED.国家自然科学基金(11104230;61102030); 福建省产学研重大科技项目(2011H6025;2013H6024); 福建省重点科技项目(2012H0039)资

Accounting Comparability,Information Environment and Earnings Forecast Accuracy

本文研究会计信息可比性对管理层业绩预告准确度的影响,并进一步考察公司的内外部信息环境对这二者关系的影响。研究发现,会计信息可比性越高的公司,其管理层业绩预告的准确度越高;会计信息可比性对业绩预告准确度的促进作用还受公司内外部信息环境的影响,良好的公司外部和内部信息环境均能够增强会计信息可比性与业绩预告准确度之间的正向关系。在业绩预测难度较大的情况下,会计信息可比性对业绩预告准确度的提升作用能得到更大程度的发挥。This paper investigates the influence of accounting comparability on earnings forecast accuracy and the moderate effect of information environment on the relationship between accounting comparability and earnings forecast accuracy.We find that firms with higher accounting comparability have higher earnings forecast accuracy.Further study finds that the good internal and external information environment can strengthen the relationship between accounting comparability and earnings forecast accuracy.Moreover,when the difficulty of earnings forecast is larger,the positive relation between accounting comparability and earnings forecast accuracy is more significant.国家自然科学基金资助项目(71502166); 浙江省自然科学基金资助项目(LQ14G020002); 浙江省教育厅科研基金资助项目(Y201534414

Corporate Governance,Financial Characteristics,and Accounting Comparability

【中文摘要】本文基于公司年度会计信息可比性的度量，考察了公司内、外部治理机制以及公司财务特征等因素对我国上市公司会计信息可比性的影响。研究发现，激烈的产品市场竞争能够提高所在行业公司的会计信息可比性；审计师的行业专长也有利于提高被审计公司与行业内其他公司的会计信息可比性；相对于非国有控股公司，国有控股公司的会计信息可比性更低；盈余波动性、公司规模、负债比率均与会计信息可比性显著负相关；盈利能力和账面市值比与会计信息可比性显著正相关；机构投资者持股和独立董事比例对会计信息可比性的影响不显著。 【Abstract】 Using measures of firm-level accounting comparability， we explore the effects of the external and internal corporate governance mechanisms and firm financial characteristics on accounting comparability inChinese listed companies. We document the following findings. First， both the degree of product market competition and auditor industry specialization can enhance the accounting comparability. Second，the accounting comparability of state-owned firms is lower than non-state-owned firm.. Third， earnings volatility， firm size,and the debt to assets ratio are all significantly negatively correlated with accounting comparability. Fourth， both operating performance and book-to-market ratios are significantly positively correlated with accounting comparability. Fifth， institutional ownership and the proportion of independent directors are not significantly related to accounting comparability.国家自然科学基金面上项目“全球经济波动背景下R&D投资决策行为心理效应与政策诱导”(70972112)、国家自然科学基金项目“管理层盈余预测乐观偏差：影响因素与经济后果”（71502166) 、国家社会科学基金重点项目“公允价值信息采集及指数构建研究”(13AJY005)、教育部人文社会科学重点研究基地重大项目“国际趋同的公允价值计量模型设计及效果检验”(14JJD790008)、浙江省自然科学基金项目“我国上市公司营收计划披露的特征研究”(LQ14G020002)

Luminous Performance of Remote Phosphor White LED

研究了高色温和低色温两种球冠状远程荧光粉白光lEd在不同电流、不同热沉温度下的发光性能差异.结果表明:在大电流下,lEd有源层内由于量子限制斯塔克效应使其峰值波长向短波方向移动,偏离了高色温荧光粉的最佳激发波长,更加接近低色温荧光粉的最佳激发波长.高色温lEd的相关色温随电流增加呈上升趋势,低色温lEd的相关色温随电流增加呈下降趋势,与它们的量子效率变化引起的色坐标漂移有很大关系.两种lEd量子效率和发光效能随热沉温度的升高均呈略微增大的趋势;其中,高色温lEd的量子效率和发光效能随电流的增大而减小,而低色温lEd的量子效率和发光效能则随电流的增大而升高;高色温lEd发光性质较低色温lEd好,但色特性的稳定程度不如低色温lEd.The luminous properties of sphere-like remote phosphor white LEDs with high Correlated Color Temperature(CCT)and low CCT were studied under different drive currents and heat sink temperatures.The result shown that the quantum efficiency and luminous efficacy of both LEDs raise with the increase of heat sink temperatures;the high-CCT LED's quantum efficiency and luminous efficacy decrease with rising currents.However,the low-CCT LED shows a reverse trend.The reason is attributed to the quantum confinement stark effect in the active region,which makes the wavelength move towards shortwavelength so as to deviate from the optimum stimulation wavelength of the high-CCT phosphor,but close to the optimum stimulation wavelength of the low-CCT phosphor.The CCT of the high-CCT LED increase with rising currents,again,the low-CCT LED shows a reverse trend with rising currents.This trend is mainly related to the drifting of color coordinates caused by quantum efficiency changing.To sum up,the high-CCT LED possesses better optical properties but inferior color properties than the low-CCT LED.国家自然科学基金(Nos.11104230;61102030); 福建省产学研重大科技项目(Nos.2011H6025;2013H6024); 福建省重点科技项目(No.2012H0039)资