Financial Reporting and the Roles of Analysts: Evidence from China

伴随着投资者对于信息需求的不断提高，分析师作为资本市场中重要的信息使用者和传递者，其所发挥的作用也越来越受到资本市场参与者的广泛关注。分析师的研究报告作为企业最重要的竞争性信息来源之一，一方面能够帮助投资者对企业的公开信息披露进行解读；另一方面也能够通过对私人信息的挖掘向投资者传递新的信息。因此，一般认为，对公开信息的解释和对私人信息的挖掘是分析师在资本市场中所扮演的两种重要角色。由此，大量的实证研究对分析师在资本市场中所扮演的角色进行了检验，但结论并不统一。此外，作为企业公开信息披露的重要方式，财务报告在很大程度上构成了分析师研究报告的主要信息来源。因此，在分析师信息解释的基础上，更应进一步...With the growing demand of information from investors, as the sophisticated information user and communicator in the capital market, analysts are playing an increasingly important role in the capital market, which have received extensive attention from the participants of capital market. As one of the most prominent competing information resource, analysts’ research report, on one hand, can help i...学位：管理学博士院系专业：财务管理与会计研究院_会计学学号：2782013015364

广义拉弗曲线在中国成立吗——基于省际PSTR的实证分析

广义拉弗曲线表述的是财政收入占比与经济增长率之间可能存在类似拉弗的倒U型关系。通过构建理论模型,并采用面板平滑转移方法 (PSTR)进行实证分析,发现广义拉弗曲线在我国确实成立,财政收入占比与实际GDP增长率之间是只有一个阈值、两种体制的非线性关系,且这种关系是呈倒U型的。在一个合理的定义域内,财政赤字率将与最优值同向变化;通过对纳入政府性基金收入、国有资本经营收入和社保基金收入的全口径财政收入进行稳健性检验,得到了一致性的结论;不同省份间的倒U型曲线位置及最优值存在差异,发达省份应坚持\"小政府\"思路,将资源配置决定权交给市场;财政收入的理论最优值略低于现实平均值。因此,结构性减税和积极的财政政策对中国经济持续增长是有帮助的。国家自然科学基金国际(地区)合作与交流项目“重大冲击和变化对中国—全球农业影响模拟模型的研究和开发”(71761147004);;中国农业科学院科技创新工程(ASTIP-IAED-2018

Inhibitory effects of triethyltin chloride on proliferation of rat C6 glioma cells in vivo and morphological changes

目的:探讨氯化三乙基锡(TETC)对体内大鼠C6胶质瘤的增殖抑制作用及病理学改变。方法:16只WISTAr大鼠皮下同种移植C6胶质瘤细胞后,随机分为实验组和对照组,实验组按1 Mg.kg-1.d-1给予腹腔注射TETC,连续给药4 d;对照组腹腔注射等量生理盐水。处理14 d后测量胶质瘤重量,计算增殖率。HE染色及电镜观察TETC作用下大鼠体内C6胶质瘤病理学变化。结果:与对照组比较,TETC实验组大鼠皮下C6胶质瘤重量减轻(P<0.01),增殖率下降(P<0.01)。HE染色及电镜观察到实验组胶质瘤细胞排列松散、细胞数目减少,可见到核染色质边集的早期凋亡改变。结论:TETC可抑制体内同种移植大鼠皮下C6胶质瘤增殖,细胞凋亡可能参与其中。Objective To study the inhibitory effects of triethyltin chloride(TETC) on proliferation and the morphological changes of rat C6 glioma cells in vivo.Methods C6 glioma cells were autotransplanted into 16 Wistar rats,and the rats were divided into experiment group and control group.TETC was injected into each rat through intraperitoneal route at the dose of 1 mg·kg-1·d-1 and the injection lasted 4 d in experiment group,and the physiological saline was injected into each rat in the same way as experiment group in control group.The weights of C6 glioma were measured and the proliferation rate of the tumor was calculated after 14 d.The morphological changes of C6 glioma cells were observed by HE staining and electron microscope.Results The weight of C6 glioma in TETC group was lighter than that in control group(P<0.01),and the proliferation rate was decreased compared with control group(P<0.01).The cell number and cell density in TETC group were lower than those in control group observed by HE staining and the chromatin margination could be observed in TETC group.Conclusion TETC can inhibit the proliferation of rat C6 glioma cells in vivo and the mechanism of which may be involved in apoptosis.国家自然科学基金资助课题(30070645

Inhibitory effect of triethyltin chloride on proliferation of rat C6 glioma cells in vitro

目的:探讨氯化三乙基锡(TETC)对体外培养大鼠C6胶质瘤细胞的增殖抑制作用及其机制,为胶质瘤治疗提供实验依据。方法:采用MTT法检测0.5、1.0和2.0μMOl.l-1TETC对大鼠C6胶质瘤细胞作用24和48 H后细胞增殖抑制率,采用HOECHEST33258染色荧光显微镜观察0.5、1.0和2.0μMOl.l-1TETC作用48 H后C6胶质瘤细胞核的形态学变化,采用流式细胞术(fCM)检测0.5、1.0和2.0μMOl.l-1TETC作用48 H后C6胶质瘤细胞周期和凋亡。结果:0.5、1.0和2.0μMOl.l-1TETC在体外可抑制C6胶质瘤细胞增殖,24 H抑制率分别为7.92%、9.51%和19.03%;48 H抑制率分别为15.62%、36.16%和41.92%,存在剂量依赖性和时间依赖性上升趋势,48 H抑制率在各剂量组间及各剂量组与对照组间比较差异有显著性(P<0.05或P<0.01)。荧光显微镜显示TETC作用C6胶质瘤细胞48 H后,细胞呈现核浓缩和碎裂的凋亡形态学改变。1.0和2.0μMOl.l-1TETC作用C6胶质瘤细胞48 H后,g0/g1期细胞比例明显高于对照组(P<0.05),S期细胞比例明显低于对照组(P<0.05),细胞凋亡比例明显高于对照组(P<0.05)。结论:TETC对大鼠C6胶质瘤细胞有增殖抑制作用,通过细胞周期阻滞及诱导凋亡可能是TETC抑制C6胶质瘤细胞增殖的作用机制。Objective To study the inhibitory effect of triethyltin chloride(TETC) on proliferation of rat C6 glioma cells in vitro and its mechanism and provide basis for research on TETC in treatment for glioma.Methods MTT assay was performed to determine the inhibitory rate of 0.5,1.0 and 2.0 μmol·L-1 TETC on rat C6 glioma cells for 24 and 48 h.The changes of nucleus of C6 glioam cells treated with 0.5,1.0 and 2.0 μmol·L-1 TETC for 48 h were observed by fluorescent microscope.Flow cytometry was used to assess the effects of 0.5,1.0 and 2.0 μmol·L-1 TETC on cell cycle and apoptosis in rat C6 glioma cells for 48 h.Results 0.5,1.0 and 2.0 μmol·L-1 TETC inhibited the proliferation of C6 glioma cells in vitro,and the inhibitory rates were 7.92%,9.51%,19.03% and 15.62%,36.16%,41.92% in 24 h TETC treated group and 48 h TETC treated group,respectively.The inhibitory rate of TETC on C6 glioma cells determined by MTT assay increased in a dose-dependent and time-dependent manner,and there were significant differences of the inhibitory rates at 48 h between control and various doses groups as well as between various doses groups(P<0.05 or P<0.01).Pyknotic nucleus and nuclear fragment were shown by fluorescent microscope.When C6 glioma cells were treated with 1.0 and 2.0 μmol·L-1TETC for 48 h,the ratio of G0/G1 phase cells significantly increased compared with control group(P<0.05);while the cells at S phase were decreased(P<0.05);the apoptotic cells were significantly higher than those in control group(P<0.05).Conclusion TETC can inhibit the proliferation of rat C6 glioma cells in vitro,the mechanism of which may be involved in cell cycle arrest and apoptosis.国家自然科学基金资助课题(30070645

The Characteristics of Ultimate Shareholders and Accounting Conservatism:Evidence from China

本文从最终控制人角度，利用中国A股市场2004年-2009年的7146个公司年数据对最终控制人特征与会计稳健性之间的关系进行了检验，并进一步探讨了中国上市公司中会计稳健性存在的根本动因。基于经验证据我们发现，会计稳健性在我国资本市场上伴随着控制权私利的存在而存在，并且最终控制人为了掩盖其“掏空”行为，会利用稳健的会计信息来实现其所获得的控制权私利。研究结果表明，在我国资本市场中，会计稳健性并不能作为一种有效的公司治理机制加强投资者保护。Using a new data set of 7146 firm-year observations from China during the period of 2003-2009，we examine the relationship between accounting conservatism and ultimate share-holders' characteristics. In addition, we investigate the factors that drive accounting conservatism in China's capital markets. The evidence suggests that accounting conservatism is associatcd with the higher private benefits of control for the listed firms in China. In order to conceal the private benefits of control through tunneling, ultimate shareholders appear to intentionally mislead investors with the conservative accounting information. Our empirical evidence suggests that accounting conservatism cannot be taken as an effective corporate governance mechanism to protect minority investors in China's capital markets.作者单位：内蒙古财经大学会计学

一种核壳结构的纳米磷酸锰铁锂复合材料及其制备方法和应用

本发明涉及一种纳米磷酸锰铁锂复合材料，具体地，所述复合材料包括核壳结构和任选的包覆所述核壳结构的外碳层，其中，所述的核壳结构包括：(i)核芯，所述核芯的化学组成为LiMn1-(x-a)Fex-aPO4，其中0.05≤a≤x≤0.6；和(ii)核壳，所述核壳为磷酸铁锂；并且所述复合材料的粒径为10-900nm。本发明还公开了所述复合材料的制备方法和应用。本发明所述复合材料利于提高锂离子电池电化学性能且制备工艺可操作性强、易于控制且成本低

利用离子膜电解槽在氯盐电解质中电沉积金属锰

对阴离子交换膜电解槽在氯盐电解质中电沉积锰进行研究,并采用循环伏安法对其进行电化学分析。研究结果表明:电解最佳条件是锰离子浓度为0.9 mol/L,氯化铵浓度为2.4 mol/L,电解温度为40 ℃,电流密度为450 A/m~2,pH为7.3,SeO_2浓度为0.36 mmol/L,在此条件下,金属锰的电沉积效率为90.8%,电耗为4 816 kW·h/t;其晶型为γ型;利用离子膜电解槽电沉积金属锰能有效地防止阴极表面Mn~(2+)的浓差极化,提高电流效率,该过程所发生的还原反应为扩散过程控制

利用离子膜电解槽在氯盐电解质中电沉积金属锰

对阴离子交换膜电解槽在氯盐电解质中电沉积锰进行研究,并采用循环伏安法对其进行电化学分析。研究结果表明:电解最佳条件是锰离子浓度为0.9 mol/L,氯化铵浓度为2.4 mol/L,电解温度为40 ℃,电流密度为450 A/m~2,pH为7.3,SeO_2浓度为0.36 mmol/L,在此条件下,金属锰的电沉积效率为90.8%,电耗为4 816 kW·h/t;其晶型为γ型;利用离子膜电解槽电沉积金属锰能有效地防止阴极表面Mn~(2+)的浓差极化,提高电流效率,该过程所发生的还原反应为扩散过程控制