全球经济一体化大环境下,制造业企业智力资本投资成为创新战略顺利实施的关键.文章以2011—2019年沪深A股制造业上市企业为研究样本,实证检验进口竞争和供应链融资绩效对智力资本投资的作用与影响机理.结果表明:供应链融资绩效越高的制造业企业智力资本投资就越多;进口竞争会显著提升制造业企业的智力资本投资强度;进口竞争对供应链融资绩效在促进制造业企业智力资本投资关系中起到显著正向调节作用.

本文选取我国2014—2019年沪深A股上市企业作为研究样本,对研发操纵、关键审计事项披露与股价崩盘风险开展实证分析后得出以下结论:关键审计事项披露能够显著抑制企业的股价崩盘风险;研发操纵会显著增加企业发生股价崩盘风险的概率;研发操纵会显著弱化关键审计事项披露对企业股价崩盘风险的抑制作用.

In the economic organization, CEO is the highest administrative official responsible for the routine business in an enterprise. The size of the CEO's power has great impact on CEO's decision making, and the interest of stakeholders. But, academia is inconsistent to the influence of CEO power, one is "power beyond" and the other is "power protection". " Power beyond" thinks too much power can let CEO give up the company's interests for personal gain. "Power protection" thinks high power of CEO is advantageous to the development of the company. This paper builds comprehensive measure CEO rights of four dimensions first, and examines that CEO power influence on investment efficiency with method of multivariate regression analysis, by using 2010-2014 data of Chinese listed companies. The conclusion shows that the greater the CEO power is, the higher the investment efficiency will be. This paper results support " power protection " and provide empirical evidence for the theory "power protection".

Teaching strategy is a hot issue in the teaching psychology research and also an important method to improve the teaching quality. Based on the analysis of college freshmen characteristics, this study takes the example of the course "Fundamental Accounting" to summary three effective teaching strategies aimed at college freshmen. These strategies address three areas: providing a real learning situation; directing an independent learning; implementing inquiry learning for students.

Using ranking of Most Admired Company in China of 2011-2013 as substitute variable of trust, this paper examined the impact of trust on the quality of financial reports with method of regression analysis. The conclusion shows that the more companies are trusted, the higher qualities of financial reports are.

This paper empirically examined the influence of risk information disclosure on business performance with method of regression analysis, based on the data from 8 listed banking from 2011 to 2015. The conclusion shows that the higher the level of risk information disclosure is, the better the future business performance is, that is to say, improving baking's risk information disclosure can benefit the improvement of business performance. The innovation of this paper is to study risk information disclosure of economic consequences in banking industry.

This paper examined that managerial overconfidence and independent director system influenced on company's financing structure with method of regression analysis, by using data of Chinese textile listed companies in 2008-2012. The conclusion shows that the higher the degree of managerial confidence is, the company is more likely to finance debt on financing structure, and the higher independent director's proportion is, while the asset- liability ratio is lower. The innovation of this paper is based on new perspective of psychological characteristics of managerial overconfidence to discuss about the influence on company's financing structure.

合格境内机构投资者(Qualified Domestic Institutional Investor,QDII)制度的建立和发展为投资者提供了新的投资渠道,但与此同时,国内投资者对于QDII投资风险的认识和防范水平亟待提高.为此,文章采用Copula-GARCH模型建立美国、中国香港、成熟市场、新兴市场的联合分布,以VAR为指标对我国QDII投资风险进行分析,发现我国QDII投资风险较大,在分析我国QDII投资风险偏大的原因的基础上阐述了投资风险评估与控制的措施建议.

This paper examined that real earnings management influenced on strategy choice of earnings preannouncements with method of regression analysis, by using data of China A-share market in 2007-2010. The conclusion shows that the higher the degree of real earnings management is, earnings preannouncements are more likely to use point estimation and range estimation, the timeliness of earnings preannouncements is worse. To consider news type of earnings preannouncements, with real earnings management degree increasing, good news is more likely to use point estimation and range estimation, and timeliness of earnings preannouncements is worse, compared with bad news. In addition, compared with the companies listed on the Shenzhen stock exchange, listed companies on the Shanghai stock exchange are more likely to disclosure qualitative earnings preannouncement, timeliness of earnings preannouncement is better. The innovation of this paper is based on new perspective of real earnings managements to discuss about the influence on strategy choice of earnings preannouncements.

This paper examines that enterprise business performance as well as nature of property right influence on government subsidies with method of multivariate regression analysis, by using data of listed companies in Chinese textile industry in 2007-2012. The conclusion shows that the better enterprise performance is, the greater possibility of the enterprise to obtain government subsidy is and the higher degree of the enterprise to get government subsidies is. Compared with the non state-owned enterprises, state-owned enterprises obtain higher degree of government subsidies, and state-owned enterprises operating performance and the degree of government subsidies obtained by enterprises have the stronger positive relationship.

罗伯特·亨利·赫茨（Robert Henry Herz，1953～）是一名卓越的会计学家，他在普华永道会计师事务所工作达28年并长期担任该会计师事务所的合伙人，由于赫茨对会计的热情以及其在改善会计信息披露上做出的巨大努力，2002年赫茨成为继爱德蒙德·L.詹金斯之后的FASB主席。由于其对会计理论及实务发展所做出的杰出贡献，2012年入选为美国会计名人堂的第89名成员，也是当年入选的唯一成员。

教学策略是教学心理学研究的热点问题,也是提高教学质量的重要方式,本文在分析大学新生特点的基础上,以《会计学基础》课程为例,总结出针对大学新生的三种有效教学策略:提供真实学习情境的教学策略;引导学生自主学习的策略;实施探究学习的教学策略.

为更好地解决我国人口老龄化的问题,国务院和中国保监会近期发布若干意见以保证“以房养老”模式在我国试点推广.美国作为“以房养老”模式发展最成熟、最完善的国家,其先进经验值得我们借鉴.文章通过“以房养老”模式的中美比较,归纳出美国“以房养老”模式的三个特点,并结合我国前期“以房养老”模式的实践情况,得出了完善我国未来“以房养老”实践的一些启示.

Innovation and M &A are two important paths of growing for economic entities .Are they substitutional or complementary ?By analyzing the samples of 31 provincial_level regions in China ,this paper studies the relationship between technological innovation and M &A ,and the impacts of government intervention and credit size on innovation and M &A .The result shows that previous innovation has a significantly positive effect on subsequent R&D investment ,while innovation has a significantly negative impact on M &A .Credit size has a partially mediating ef-fect and moderating influence on the relation between government intervention and technological innovation ,but it has no mediating effect on government intervention and M &A albeit some moderating influences .

资本市场的持续、稳定发展离不开有效的信息披露，而业绩预告是信息披露体系中最重要的组成部分之一。国外对业绩预告的研究始于20世纪80年代，并形成了丰硕的研究成果。随着我国资本市场1998年预亏制度的推行，我国学者也积极对相关研究开展了许多卓有成效的探索，但有关业绩预告的基本理论研究、业绩预告信息对投资者行为的研究以及自愿性与强制性业绩预告的差异研究还需进一步加强。

首先分析中国纺织服装行业的并购背景,然后以中国纺织服装行业2003-2013年发生的40起并购案例为基础,从纺织服装企业并购双方经济性质、并购方式及其支付方式、并购的地域特点等进行统计分析,并针对纺织服装企业并购动因、并购前后的绩效,结合海外并购的动机及其效果,对纺织服装业进行深入研究,以全方位解读中国纺织服装业的并购.其结论有助于纺织服装企业对自身发展进行深刻的认识和准确的战略定位,并利用中国政府的扶持政策、产业结构转型和纺织服装业现有资本开辟中国纺织服装业的新出路.

The paper analyzed the relationship between intellectual property protection and technology innovation based on the sample from textile and apparel industry .The results showed that IPP had a significant positive relationship with inno-vation input ,but an inverted U -shaped significant relationship with innovation capability ,namely ,strengthen IPP will promote innovation input from firms and the overall innovation capability from textile and apparel industry .However ,too strong protection of intellectual property rights will hamper the development of the innovation capability .In addition ,the study also found that in a region with more developed textile industry and higher GDP per capita ,stronger innovation capa-bility from textile and apparel industry ,firms with more cash ability and higher profitability invested more in R&D .The results of this study can provide reference for the government to use IPP rules and formulate relevant policies .

会计改革的不断推进与深化对会计从业人员的自主学习能力提出了更高的要求。以结构主义和人本主义教学观为指导，针对武汉纺织大学会计专业学生的问卷调查及相关访谈所进行分析可知，学习者对于自主学习以及应该如何自主学习都有一个正面的评价及认识，但在没有外部有效干预的情况下不能持续进行自主学习；学习者要善于利用外部资源进行及时有效的引导与讨论，避免陷入自主学习中的误区。大学应培养会计专业学生的自主学习能力，以应对未来知识的持续更新与应变能力，成就其未来职业发展能力。

Continuous advance of the accounting reform demands accounting professional high ability of self-learning. Lacking continuous accounting education might result in the difficulty of further accounting career. Therefore, training students to learn by themselves is crucial for their knowledge updating and future career success. The paper designs a questionnaire to investigate the self-learning ability of students majoring in accounting.