银行风险承担对高管薪酬的影响研究——来自中国上市银行的经验证据

通过利用我国15家上市银行2007-2014年面板数据构建回归模型,探究银行风险承担对高管薪酬的影响。实证结果表明:银行风险承担与高管薪酬显著正相关,随着银行风险水平的提高,其高管薪酬水平也显著提升;银行资产规模、股权性质等因素对高管薪酬具有显著的调节作用,高管薪酬在不同资产规模、不同股权性质的银行中表现出明显的差异性。     

中央环保督察“回头看”的市场反应——基于重污染行业上市公司的影响分析

运用事件研究法和非参数检验,探究了中央环保督察“回头看”的宣布实施对于沪深两市A股重污染行业上市公司收益情况的影响及其差异情况,结果显示：事件窗内中央环保督察“回头看”使得重污染行业上市公司的平均累计异常收益率降低至-2.005%,且这一负面冲击在时间上有延长趋势;不同公司性质、子行业的重污染行业上市公司所受影响存在显著差异.就企业性质差异而言,非国有公司累计收益率所受的负面冲击平均比国有公司高1.696%.在不同行业中,建材、制药、石化行业所受负面冲击最大,纺织、造纸、制革行业所受影响则较小.此外,市场对于火电、化工行业企业的反应并非多为负向,注重环境管理使得部分企业在中央环保督察“回头看”中得到了市场的正向回馈.建议持续推进中央环保督察“回头看”制度,以切实促进公司开展节能减排,同时,重污染行业公司特别是非国有公司以及上述行业公司应加强自身环境管理,积极进行环境信息披露,从而尽可能避免在类似的环境规制中受到负面冲击.     

研发投入对我国上市环保企业绩效的影响分析

研发投入是技术创新的基础,而创新是一个企业的核心竞争力,直接影响企业的效益及发展.选取2016—2019年我国沪深两市环保行业61家上市公司连续4年的面板数据作为研究对象,采用多元回归分析的方法实证分析环保上市公司研发投入对公司绩效的影响,并分析研发投入的滞后效应.结果显示:研发资金投入强度在当期对公司绩效有负向作用,...     

员工股权激励与企业技术创新——来自我国制造业上市公司的证据

以2006—2012年实施员工股权激励计划的制造业上市公司为研究对象,实证分析了员工(非高管)股权激励对制造业企业技术创新的影响。研究发现,员工股权激励不仅有利于企业短期技术创新绩效的提升,而且也有利于企业长期技术创新绩效的改善,公司所有权性质不会影响员工股权激励对企业技术创新的作用。通过科学设计员工股权激励计划,逐步提高员工持股比例,能让员工与公司的长远利益更好协同。     

中国上市公司投资者关系水平及对公司绩效影响的实证研究

随着中国资本市场的日渐成熟,上市公司投资者关系管理水平对于提高上市公司价值,提升上市公司治理水平有着重要的现实意义。通过对中国上市公司2007年发布的自查报告进行整理,利用多元统计中的因子分析法对投资者关系实践进行分析,得出我国上市公司投资者关系管理活动的实施状况,并进一步探讨了其对公司绩效的影响。结果发现在中国资本市场上,有效的投资者关系管理对公司绩效有着积极的意义;上市公司投资者关系实践活动中,双向互动的沟通对于投资者关系管理实践有着更重要的意义。     

淳安县工业结构发展研究

基于《国民经济行业分类》及环境统计调查数据,淳安县的经济贡献率、污染贡献率、资源消耗贡献率、相对环境绩效及相对资源绩效在各行业之间差异比较明显,且聚集性较强。从产业竞争力来看,根据区位商评价,饮料制造业、纺织业、金属制品业具有较强的竞争力。应用聚类分析方法对淳安县11个行业进行分类,结合当地实际情况得出以下结论:环境绩效水平高且经济贡献率高,及环境绩效水平高且经济贡献率低的行业应作为该县重点鼓励发展的行业,其余两类行业应重点控制或逐步限制其发展。淳安县应进一步运用各种绿色经济政策,充分利用当地的生态优势大力发展生态工业,打造生态工业体系,同时还要加大对中小企业的扶持和服务力度。     

化学制造业上市公司环境绩效与财务绩效关系研究

选取沪深两市2011年-2014年化学原料和化学制品制造业88家上市公司为研究样本,采用实证分析方法研究两者之间的关系.环境绩效用单位营业收入排污费来衡量,财务绩效用总资产净利率来衡量.考虑到财务绩效的影响因素不仅有环境绩效,所以加入了公司规模等控制变量.分析结果显示,环境绩效与财务绩效并不是相互矛盾的关系,环境绩效的改善可以帮助公司获得更多的经济利润,企业可以在生产经营的同时主动地去履行环境保护的责任,实现环境与经济绩效的共赢.     

可持续发展投资的启示

研究表明,推动可持续发展投资,能够有效提高资本市场利益相关方对上市公司环保问题的重视,形成基于市场作用下的绿色环保长效机制,从而降低环境风险。在我国,可以通过完善上市公司环境绩效评估和信息披露制度、编制可持续发展指数、开发社会责任基金及相关金融产品等多种途径,在保证投融资长期收益的同时实现资本市场的可持续发展。     

基于改进DEA模型的城市生态福利绩效评价研究——以我国35个大中城市为例

论文首先基于数据包络分析（DEA）方法构建城市生态福利绩效的评价指标体系,以我国35个大中城市（省级和副省级城市）为例,采用2013年的截面数据,选取考虑松弛变量的Super-SBM模型测算城市生态福利绩效水平,并在此基础上运用Tobit模型回归分析其影响因素。研究表明：1）我国35个大中城市2013年的整体生态福利绩效水平不高,且城市间差距较大,青岛、海口等沿海旅游城市的生态福利绩效水平明显处于领先地位,然而经济发达的长三角地区包括上海、南京、杭州等城市均排名靠后;2）从区域层面上看,呈现出“东部最高、中部次之、西部最低”的态势;3）经济产出贡献率和产业结构与生态福利绩效呈负相关,城市紧凑度和绿化与生态福利绩效呈显著正相关。最后根据实证分析结果提出针对性政策建议。     

天津泰达环保:做垃圾发电领域“先行者”

正天津泰达环保有限公司的总公司——天津泰达投资控股有限公司,成立于1984年,是由天津市国有资产管理委员会出资成立的大型国有公司。主要经营领域为区域开发与房地产、公用事业、金融和现代服务业。拥有泰达集团、泰达建设等25家全资子公司,北方信托、中非泰达等17家控股公司和泰达发展、北科泰达等27家参股公司,其中泰达股份、津滨发展、泰达物流、滨海投资4家为上市公司。     

Toxic effects of acetochlor, methamidophos and their combination on nifH gene in soil

Toxic effects of two agrochemicals on nifH gene in agricultural black soil were investigated using denaturing gradient gel electrophoresis （DGGE） and sequencing approaches in a microcosm experiment. Changes of soil nifH gene diversity and composition were examined following the application of acetochlor, methamidophos and their combination. Acetochlor reduced the nifH gene diversity （both in gene richness and diversity index values） and caused changes in the nifH gene composition. The effects of acetochlor on nifH gene were strengthened as the concentration of acetochlor increased. Cluster analysis of DGGE banding patterns showed that nifH gene composition which had been affected by low concentration of acetochlor （50 mg/kg） recovered firstly. Methamidophos reduced nifH gene richness that except at 4 weeks. The medium concentration of methamidophos （150 mg/kg） caused the most apparent changes in nifH gene diversity at the first week while the high concentration of methamidophos （250 mg/kg） produced prominent effects on nifH gene diversity in the following weeks. Cluster analysis showed that minimal changes of nifH gene composition were found at 1 week and maximal changes at 4 weeks. Toxic effects of acetochlor and methamidophos combination on nifH gene were also apparent. Different nifH genes （bands） responded differently to the impact of agrochemicals： four individual bands were eliminated by the application of the agrochemicals, five bands became predominant by the stimulation of the agrochemicals, and four bands showed strong resistance to the influence of the agrochemicals. Fifteen prominent bands were partially sequenced, yielding 15 different nifH sequences, which were used for phylogenetic reconstructions. All sequences were affiliated with the alpha- and beta-proteobacteria, showing higher similarity to eight different diazotrophic genera.     

Arsenic uptake by arbuscular mycorrhizal maize （Zea mays L.） grown in an arsenic-contaminated soil with added phosphorus

The effects of arbuscular mycorrhizal (AM) fungus (Glomus mosseae) and phosphorus (P) addition (100 mg/kg soil) on arsenic (As) uptake by maize plants (Zea mays L.) from an As-contaminated soil were examined in a glasshouse experiment.Non-mycorrhizal and zero-P addition controls were included.Plant biomass and concentrations and uptake of As,P,and other nutrients,AM colonization,root lengths,and hyphal length densities were determined.The results indicated that addition of P significantly inhibited root colonization and development of extraradical mycelium.Root length and dry weight both increased markedly with mycorrhizal colonization under the zero-P treatments,but shoot and root biomass of AM plants was depressed by P application.AM fungal inoculation decreased shoot As concentrations when no P was added,and shoot and root As concentrations of AM plants increased 2.6 and 1.4 times with P addition,respectively.Shoot and root uptake of P,Mn,Cu,and Zn increased,but shoot Fe uptake decreased by 44.6%,with inoculation, when P was added.P addition reduced shoot P,Fe,Mn,Cu,and Zn uptake of AM plants,but increased root Fe and Mn uptake of the nonmycorrhizal ones.AM colonization therefore appeared to enhance plant tolerance to As in low P soil,and have some potential for the phytostabilization of As-contaminated soil,however,P application may introduce additional environmental risk by increasing soil As mobility.     

Impact of atrazine and nitrogen fertilizers on the sorption of chlorotoluron in soil and model sorbents

Sorption of chlorotoluron in ammonium sulfate, urea and atrazine multi-solutes system was investigated by batch experiments. The results showed application of nitrogen fertilizers to the soil could affect the behavior of chlorotoluron. At the same concentration of N, sorption of chlorotoluron decreased as the concentration of atrazine increased on the day 0 and 6 in soil, respectively. The sorption of chlorotoluron increased from 0 to 6 d when soils were preincubated with deionized water, ammonium sulfate and urea solution for 6 d. That indicated incubation time was one of the most important factors for the sorption of chlorotoluron in nitrogen fertilizers treatments. The individual sorption isotherms of chlorotoluron in rubbery polymer and silica were strictly linear in single solute system, but there were competition sorption between pesticides or between pesticides and nitrogen fertilizers. That indicated the sorption taken place by concurrent solid-phase dissolution mechanism and sorption on the interface of water-organic matter or water-mineral matter.     

Degradation of metabolites accumulated of benzo[a]pyrene by coupling Penicillium Chrysogenum with KMnO4

Several main metabolites of benzo[a]pyrene （BaP） formed by Penicillium chrysogenum, Benzo[a]pyrene-1,6-quinone （BP 1,6- quinone）, trans-7,8-dihydroxy-7,8-dihydrobenzo[a]pyrene （BP 7,8-diol）, 3-hydroxybenzo[a]pyrene （3-OHBP）, were identified by high-performance liquid chromatography （HPLC）. The three metabolites were liable to be accumulated and were hardly further metabolized because of their toxicity to microorganisms. However, their further degradation was essential for the complete degradation of BaP. To enhance their degradation, two methods, degradation by coupling Penicillium chrysogenum with KMnO4 and degradation only by Penicillium chrysogenum, were compared; Meanwhile, the parameters of degradation in the superior method were optimized. The results showed that （1） the method of coupling Penicillium chrysogenum with KMnO4 was better and was the first method to be used in the degradation of BaP and its metabolites; （2） the metabolite, BP 1,6-quinone was the most liable to be accumulated in pure cultures; （3） the effect of degradation was the best when the concentration of KMnO4 in the cultures was 0.01% （w/v）, concentration of the three compounds was 5 mg/L and pH was 6.2. Based on the experimental results, a novel concept with regard to the bioremediation of BaP-contaminated environment was discussed, considering the influence on environmental toxicity of the accumulated metabolites.     

Potential of plant polyphenol oxidases in the decolorization and removal of textile and non-textile dyes

In this study an effort has been made to use plant polyphenol oxidases; potato （Solanum tuberosum） and brinjal （Solanum melongena）, for the treatment of various important dyes used in textile and other industries. The ammonium sulphate fractionated enzyme preparations were used to treat a number of dyes under various experimental conditions. Majority of the treated dyes were maximally decolorized at pH 3.0. Some of the dyes were quickly decolorized whereas others were marginally decolorized. The initial first hour was sufficient for the maximum decolorization of dyes. The rate of decolorization was quite slow on long treatment of dyes. Enhancement in the dye decolorization was noticed on increasing the concentration of enzymes. The complex mixtures of dyes were treated with both preparations of polyphenol oxidases in the buffers of varying pH values. Potato polyphenol oxidase was significantly more effective in decolorizing the dyes to higher extent as compared to the enzyme obtained from brinjal polyphenol oxidase. Decolorization of dyes and their mixtures, followed by the formation of an insoluble precipitate, which could be easily removed simply by centrifugation.     

Effects of two sludge application on fractionation and phytotoxicity of zinc and copper in the soil

The potential harm of heavy metals is a primary concern in application of sludge to the agricultural land. A pot experiment was conducted to evaluate the effect of two sludges on fractionation of Zn and Cu in soil and their phytotoxicity to pakchoi. The loamy soil was mixed with 0%, 20%, 40%, 60% and 80% (by weight) of digested sewage sludge (SS) and composted sludge (SC). The additions of both sludges caused a significant raise in all fractions, resulting in that exchangeable (EXCH) and organic bound (OM) became predominance of Zn and organic bound Cu occupied the largest portion. There was more available amount of Zn and Cu in SS treatments than SC treatments. During the pot experiment, the concentration of Zn in EXCH, carbonate (CAR) and OM and Cu in EXCH and OM fractions decreased in all treatments, so their bioavailability reduced. Germination rate and plant biomass decreased when the addition rate was high and the best yield appeared in 20% mixtures at the harvest of pakchoi. The two sludges increased tissue contents of Zn and Cu especially in the SS treatments. Zn in pakchoi was not only in relationship to ΔEXCH and ΔCAR forms but also in ΔOM forms in the sludge-soil mixtures. Tissue content of Cu in pakchoi grown on SC-soils could not be predicted by ΔEXCH. These correlation rates between Zn and Cu accumulation in pakchoi and variation of different fractions increased with time, which might indicate that sludges represented stronger impacts on the plant in long-term land application.     

Intraspecific differences in effects of co-contamination of cadmium and

A hydroponic experiment was carried out to study intraspecific differences in the effects of different concentrations of cadmium (Cd)(0-10 mg/L) and arsenate (As(V)) (0-8 mg/L) on the growth parameters and accumulation of Cd and As in six wheat varieties Jing-9428, Duokang-1, Jingdong-11, Jing-411, Jingdong-8 and Zhongmai-8. The endpoints of wheat seedlings, including seed germination,biomass, root length and shoot height, decreased with increasing the Cd and As concentrations. Significant differences in seed germination, biomass, root length, shoot height and the accumulation of Cd and As were observed between the treatments and among the varieties (p ＜ 0.05). The lethal dosage 50% were about 20, 80, 60, 60, 80 and 20 mg As/L for Jing-9428, Duokang-1, Jingdong-11,Jing-411, Jingdong-8 and Zhongmai-8, respectively, and the corresponding values for Cd were about 30, 80, 20, 40, 60 and 10 mg Cd/L, respectively. Among the six varieties, Duokang-1 was found to be the most resistant to Cd and As toxicity, and Zhongmai-8 was the most sensitive to Cd and As co-contamination. The resistance of the six varieties was found dependant on the seedling uptake of Cd and As. Duokang-1 was the most suitable for cultivation in Cd and As co-contaminated soils.     

Removal of heavy metals from sewage sludge by low costing chemical method and recycling in agriculture

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Isolation and preliminary characterization of a 3-chlorobenzoate degrading bacteria

A study was conducted to compare the diversity of 2-, 3-, and 4-chlorobenzoate degraders in two pristine soils and one contaminated sewage sludge. These samples contained strikingly different populations of mono-chlorobenzoate degraders. Although fewer cultures were isolated in the uncontaminated soils than contaminated one, the ability of microbial populations to mineralize chlorobenzoate was widespread. The 3- and 4-chlorobenzoate degraders were more diverse than the 2-chlorobenzoate degraders. One of the strains isolated from the sewage sludge was obtained. Based on its phenotype, chemotaxonomic properties and 16S rRNA gene, the organism S-7 was classified as Rhodococcus erythropolis. The strain can grow at temperature from 4 to 37℃. It can utilize several （halo）aromatic compounds. Moreover, strain S-7 can grow and use 3-chlorobenzoate as sole carbon source in a temperatures range of 10-30℃ with stoichiometric release of chloride ions. The psychrotolerant ability was significant for bioremediation in low temperature regions. Catechol and chlorocatechol 1,2-dioxygenase activities were present in cell free extracts of the strain, but no （chloro）catechol 2,3- dioxygenase activities was detected. Spectral conversion assays with extracts from R. erythropolis S-7 showed accumulation of a compound with a similar UV spectrum as chloro-cis,cis-muconate from 3-chlorobenzoate. On the basis of these results, we proposed that S-7 degraded 3-chlorobenzoate through the modified ortho-cleave pathway.     

Single and joint effects of pesticides and mercury on soil urease

The influence of two pesticides including chlorimuron-ethyl and furadan and mercury （Hg） on urease activity in 4 soils （meadow burozem and phaeozem） was investigated. The soils were exposed to various concentrations of the two pesticides and Hg individually and simultaneously. Results showed that there was a close relationship between urease activity and organic matter content in soil. Chlorimuron-ethyl and furadan could both activate urease in the 4 soils. The maximum increment of urease activity by chlorimuronethyl was up to 14%-18%. There was almost an equal increase （up to 13%-21%） in the urease activity by furadan. On the contrary, Hg markedly inhibited soil urease activity. A logarithmic equation was used to describe the relationship （P〈0.05） between the concentration of Hg and the activity of soil urease in the 4 tested soils. Semi-effect dose （ED50） values by the stress of Hg based on the inhibition of soil urease in the 4 soils were 88, 5.5, 24 and 20 mg/kg, respectively, according to the calculation of the corresponding equations. The interactive effect of chlorimuron-ethyl or furadan with metal Hg on soil urease was mainly synergic at the highest tested concentrations.