Large Shareholder Control,Managerial Overconfidence and Cash Dividend

以2002--2007年的A股上市公司为研究样本,考察了大股东控制、管理层过度自信与现金股利之间的关系。实证结果表明,过度自信的管理当局具有不愿意支付现金股利的动机,而大股东具有显著的支付股利动机;大股东控股比例的增加能够有效地监督过度自信管理当局制定的股利支付政策,促使其提升公司的现金股利支付意向和支付水平。这一研究将大股东治理与管理当局过度自信相结合,从理性与非理性的视角为“股利之谜“提供了新的诠释。The paper examines the relation among large shareholder control,managerial overconfidence and cash dividend by sampling A-share listed firms for the period from 2002 to 2007.This study shows that overconfident managers are reluctant to pay cash dividend,but large shareholder have significant incentives to pay cash dividend.To increase the percent of large shareholder would effectively monitor overconfident managers to raise the intention and level of dividend payout.The study interprets "the Dividend Puzzle" from the perspective of rationality and irrationality.国家自然科学基金资助项目(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);江苏省高校哲学社会科学基金资助项目(09SJB630038);南京审计学院校级一般课题(NSK2009/B13

药瘾者庚型肝炎病毒感染状况及其影响因素

目的:调查湖北地区药瘾者HGV感染状况及其影响因素。方法:检查药瘾者的血清HGV感染指标,用ELISA法检测抗 HGV。结果:716例药瘾者HGV的感染率为12 . 85 % (92例)。静脉药瘾者抗 HGV阳性率为16 96% ,口服药瘾者为5 . 73 % ,两者比较差异有显著性意义(χ2 =10 8 .3 1,P 0 .0 5 ) ;3 45例女性药瘾者中卖淫者抗 HGV阳性率显著高于无卖淫史药瘾者(χ2 =4 10 ,P 0 . 0 5 ) ;抗 HCV (+ )者和抗 HCV (-)者的抗 HGV阳性率差异有显著性意义(χ2 =19 .2 6,P <0. 0 1)。所有HGV感染者的肝功能正常。结论:药瘾者具有较高的HGV感染率。药瘾者HGV感染率与吸毒时间呈正相关

湖北地区特殊人群庚型肝炎病毒感染状况及其影响因素

目的:调查湖北地区性滥者和药瘾者HGV感染状况及其影响因素。方法:检查药瘾者和性滥者的血清HGV感染指标,用ELISA法检测抗HGV。结果:2206例标本中普通健康体检者1257例;949例为特殊人群(药隐者716例,性滥者309例,其中76例既是药瘾者又是性滥者),其HGV感染率分别为12.85%(75/716)、11.97%(20/309)、22.37%(17/76),均显著高于普通人群(1.51%,19/1257)。药瘾和性滥2年以上者抗HGV阳性率(19.41%,17.05%)显著高于药瘾和性滥2年以下者(8.01%,5.26%;χ2分别为19.29和8.89,P0.05);抗HCV(+)者和抗HCV(-)者的抗HGV阳性率差异有显著性意义(χ2分别为19.26和4.25,P<0.05)。所有HGV感染者的肝功能正常。结论:药瘾者和性滥者均具有较高的HGV感染率。其HGV感染率与吸毒时间或性滥时间呈正相关

血液病患者中庚型肝炎病毒检测及感染情况研究

目的:了解武汉地区血液病患者中庚型肝炎病毒(HGV)的感染情况,探讨HGV的传播途径。方法:采用酶联免疫吸附试验(ELISA)及逆转录聚合酶链反应(RT-PCR)方法测定各型血液病患者血清中的抗HGV和HGV RNA。结果:51例血液病患者中血清抗HGV阳性6例,占11.8％(5/61),HGV RNA均阴性。6例抗GHV阳性患者中急粒2例,占25%(2/8),慢粒1例,占50%(1/2),再障2例,占50％(2/4),粒细胞缺乏症1例,占100%(1/1)。6例抗HGV阳性患者均有受血史,占18.7%(6/32),显著多于无受血史者。6例抗HGV阳性患者有1例ALT升高,且发生在化疗结束后,与抗HGV阴性患者无显著性差异。结论:血液病患者中存在HGV感染,输血是其主要传播途径,且与受血次数呈正相关。HGV病毒血症时间短,为自限性,致病力弱,不单独引起肝损害,也不加重化疗所致的肝损害

An Entrant of Smaller Fullerene: C-56 Captured by Chlorines and Aligned in Linear Chains

A smaller fullerene C-56 (#913) is stabilized, isolated, and crystallographically characterized as C56Cl10. The geometric parameters of C56Cl10 imply the otherwise unstable cage of C-56 can be stabilized by chlorination through releasing its surface strains and maintaining fragmental aromaticity. An unexpected C Cl center dot center dot center dot Cl C short contact, as well as the linear alignment with pearl - necklace-shaped, is revealed in C56Cl10 crystal.NSFC,20525103,20531050,20721001,20425312, 20423002 973 Program,2007C13815301

Managerial Overconfidence,Tax Shield Kink and Corporate Performance

随着行为公司金融的兴起,管理者非理性尤其是过度自信的认知偏差与公司财务决策关系的研究成为一个新的研究热点。基于中国制度背景,以2002年至2007年沪深两市A股上市公司为观测值,考察管理者过度自信、债务政策与公司绩效之间的关系。采用TOb IT和lOgISTIC回归模型,从管理者过度自信视角,利用税盾拐点考察公司的债务政策。实证检验结果发现,管理者过度自信显著影响公司的债务政策,公司税盾拐点随管理者过度自信程度的增强而降低,表明过度自信管理者将实施更为激进的债务融资策略。利用OlS回归模型检验过度自信管理者实施的债务政策与公司绩效之间的关系,发现公司绩效随债务税盾拐点的降低而下降,意味着如果过度自信管理者奉行的债务政策是激进的,将对公司绩效产生不利影响。With the emerging of behavioral corporate finance,the relationship between managerial irrational behavior,especially cognitive bias of overconfidence,and corporate financial decision becomes a new hot research issue.Based on the background of Chinese institution,the paper examined the relationship of managerial overconfidence,debt policy and corporate performance by sampling A-share listed firms from the Shanghai and Shenzhen Stock Exchanges for the period from the year 2002 to 2007.With the tobit and logistic regressions model,the paper used tax shield kink to examine corporate debt policy from the perspective of managerial overconfidence.The result shows that managerial overconfidence significantly affects corporate debt policy.The kink of tax shield decreases with the increasing of managers′ overconfidence,and indicates overconfident managers implement the more radical debt policy.Moreover,the paper tested the relationship between the debt policy with overconfident managers and corporate performance with the OLS regressions model.The results show that corporate performance reduces with the decreasing of tax shield kink.It means that the radical debt policy with overconfident managers produces negative influence on corporate performance.国家自然科学基金(70872096);福建省教育厅社会科学研究项目(JA10054S);江苏省高校哲学社会科学基金(09SJB630038);南京审计学院校级一般课题(NSK2009/B13)---

Molecular Cloning and Tissue Expression of HSP70 from the Mud Crab,Scylla paramamosain

热休克蛋白70(HSP70)是一种重要的功能蛋白.利用rACE和基因克隆等分子生物学技术,获得拟穴青蟹(SCyllA PArAMAMOSAIn)HSP70全长CdnA序列,全长共2 189 bP,包括110 bP的5′uTr(unTrAnSlATEd rEgIOnS)、126 bP的3′uTr和一个1 953 bP的开放阅读框(Orf).Orf可编码650个氨基酸残基,总分子质量约为71.2 ku,PI为5.38.同源蛋白的比较结果显示,拟穴青蟹HSP70序列与其他一些物种具有很高相似性,推测HSP70基因具有很高的遗传保守性,而基于HSP70氨基酸序列比对而绘制的系统树基本能够反映出各物种间的进化关系.以rT-PCr法检测雌性拟穴青蟹一些组织中的HSP70表达,结果显示各待测组织中均能扩增得到HSP70,说明HSP70在拟穴青蟹为组成型表达.其中,HSP70在卵巢中表达量最高,其次为脑神经节,推测这与HSP70作为分子伴侣的功能相关.Heat shock protein 70(HSP 70) is an in evolutionarily highly conserved protein,with a variety of biological functions.A full-length cDNA of HSP70 was cloned from Scylla paramamosain using RACE and gene cloning method in this study.The full-length HSP70 cDNA was 2 189 bp,including a 5′untranslated region(UTR) of 110 bp,a 3′UTR of 126 bp,and an open reading frame(ORF) of 1 953 bp nucleotides.The ORF encoded a polypeptide of 650 amino acids with calculated molecular mass of 71.2 ku and theoretical point of 5.38.Amino acid sequence alignment showed the S.paramamosain HSP70 had high homology with that in some model animals.It suggested HSP70 was highly conservative.Phylogenetic tree based on comparison of HSP70 proteins,was consistent with the evolution relationship.The tissue expressions in 8 different tissues were tested by RT-PCR.The results showed that the expected PCR products were amplified from every tested tissues.It suggested that HSP70 can be constitutively expressed in S.paramamosain.The highest expression of HSP70 was found in ovary,the following was in brain,this was possibly related with the functions of HSP70.国家自然科学基金项目(4040603041076081

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

Cloning and Sequence Analysis of Scylla paramamosain Protein-disulfide Isomerase Conserved Domain

【中文摘要】 蛋白二硫键异构酶(PDI)是真核生物重要的多功能蛋白,其基因结构在虾蟹类尚未报道.从拟穴青蟹Scylla pa-ramamosain(Estampador,1949)脑组织中分离纯化总RNA,经逆转录得到cDNA第一条链,并以之为模板利用RACE(rapid-amplification of cDNA ends)技术,扩增出一条950 bp的cDNA.将所得cDNA克隆到质粒载体pTZ57R/T,转化大肠杆菌DH5α细胞并对筛选的阳性克隆测序.通过与目前数据库中序列的比较,在此cDNA编码蛋白中发现其中101个氨基酸与其他物种已知蛋白二硫键异构酶(PDI)中的PDI_a_PDI_a′_C保守区域相似率在64%~79%之间.确定此cDNA编码拟穴青蟹PDI_a_PDI_a′_C保守区域. 【英文摘要】 The protein disulfide isomerase severs to be a multifunctional protein of great importance to the eukaryotes.The total RNAs isolated from the brain of Scylla paramamosainn(Estampador,1949) were reverse transcribed to the first strands of cDNA.A cDNA fragment of 950 bp was amplified from the first strands of cDNA by RACE(rapid-amplification of cDNA ends) method.This fragment was inserted into plasmid pTZ57R/T for screening and DNA sequencing.Compared with current sequences in the database,a 101-aa domain,whi...国家自然科学基金(40406030,40776084);福建省高等学校新世纪优秀人才支持计划资