A linear programming duality approach to analyzing strictly nonblocking <Emphasis Type="Italic">d</Emphasis>-ary multilog networks under general crosstalk constraints

When a switching network topology is used for constructing optical cross-connects, as in the circuit switching case, no two routes are allowed to share a link. However, if two routes share too many switching elements, then crosstalk introduced at those switching elements degrades signal quality. Vaez and Lea (IEEE Trans. Commun. 48:(2)316–323, 2000) introduced a parameter c which is the maximum number of distinct switching elements a route can share with other routes in the network. This is called the general crosstalk constraint. This paper presents a new method of analyzing strictly nonblocking multi-log networks under this general crosstalk constraint using linear programming duality.     

政治联系、银行贷款与公司价值

以中国民营上市公司为样本,考察政治联系以及制度环境差异对民营企业获取银行贷款的影响,并进一步分析银行贷款对企业价值和社会资源配置效率的影响。研究结果表明:(1)民营企业的政治联系影响了银行的放贷决策,与政府建立政治联系的民营企业可以获取更多的银行贷款;(2)制度环境越差的地区,政治联系越有助于民营企业获取银行融资便利,构建政治联系是民营企业克服市场制度缺陷的一种非正式替代机制;(3)建立政治联系的民营企业,其背负的银行债务促进了企业价值的提升,能够发挥一定的债务治理作用,政治联系为企业带来的银行资金是有效率的资源配置。本研究为加深理解政治联系对公司价值和社会资源配置效率的影响提供了一个有意义的视角。     

股价信息含量与资本投资效率——基于投资现金流敏感度的视角

本文以2001-2008年在沪深证券交易所上市的制造业公司为研究样本,基于投资现金流敏感度的视角研究了股价信息含量与资本投资效率之间的关系,得到以下研究结论 :富含信息的股价有效降低了资本投资对现金流的敏感程度。进一步研究后发现,富含信息的股价不仅能够有效降低融资约束导致的投资现金流敏感度,而且也能够有效降低代理冲突导致的投资现金流敏感度问题,以上结论在添加了诸多影响资本投资的控制变量及稳健性检验后仍然成立。本文的研究从一个全新的视角证明,富含信息的股价通过缓和融资约束和代理冲突问题,有效地改善了企业的资本投资效率。     

交易所与银行间债券市场交易机制效率研究

通过构建交易价格分解模型,将交易机制效率进行量化,构造度量交易机制效率综合性指标,该指标充分考虑不同市场交易主体和流动性差异;剔除价差中的逆向选择部分,提取成交价格与有效价格的真实偏离,同时将价格波动归结为由债券新息引起的波动和由交易机制摩擦引起的波动两部分.选取在交易所和银行间市场同时交易的跨市国债作为研究对象,运用逐笔成交高频数据计算交易机制效率综合性指标的平均值和标准差,对两个市场交易机制效率进行对比研究.实证结果表明,交易所债市竞价交易机制价格误差更小,交易机制效率更高;银行间债市较大的报价价差源于做市商的逆向选择风险防范,而做市商机制的真实交易成本与交易所竞价机制相差较小,这种交易成本虽然不利于频繁买卖的现券交易,但对于大宗交易者来说可以忽略.     

基于Logistic函数的互补关系创新产品的扩散叠加模型研究

运用Logistic函数构建了创新产品扩散叠加模型及相互共生模型,以分析不完全竞争条件下互补关系创新产品的扩散问题;在此基础上,利用平衡点稳定性分析法,计算了在时间变量不断变化的情况下,创新产品扩散叠加的演化趋势和扩散叠加模型的平衡点,并对平衡点的稳定性进行了分析。     

The thickness of the complete multipartite graphs and the join of graphs

The thickness of a graph is the minimum number of planar spanning subgraphs into which the graph can be decomposed. It is known for relatively few classes of graphs, compared to other topological invariants, e.g., genus and crossing number. For the complete bipartite graphs, Beineke et al. (Proc Camb Philos Soc 60:1–5, 1964) gave the answer for most graphs in this family in 1964. In this paper, we derive formulas and bounds for the thickness of some complete k-partite graphs. And some properties for the thickness for the join of two graphs are also obtained.     

A heuristic for the time constrained asymmetric linear sum assignment problem

The linear sum assignment problem is a fundamental combinatorial optimisation problem and can be broadly defined as: given an \(n \times m, m \ge n\) benefit matrix \(B = (b_{ij})\), matching each row to a different column so that the sum of entries at the row-column intersections is maximised. This paper describes the application of a new fast heuristic algorithm, Asymmetric Greedy Search, to the asymmetric version (\(n \ne m\)) of the linear sum assignment problem. Extensive computational experiments, using a range of model graphs demonstrate the effectiveness of the algorithm. The heuristic was also incorporated within an algorithm for the non-sequential protein structure matching problem where non-sequential alignment between two proteins, normally of different numbers of amino acids, needs to be maximised.     

The complementarity of internal integration and product modularity: An empirical study of their interaction effect on competitive capabilities

Modular product design and internal integration are commonly adopted by manufacturers to improve operational performance. A number of studies argue that the adoption of product modularity significantly alters organization design, which affects the impact of internal integration on competitive capabilities. This paper thus aims to empirically explore the individual effects as well as interaction effects of product modularity and internal integration on competitive capabilities. The competitive capabilities studied in this paper include product innovativeness, low price, product quality, delivery, flexibility and customer services. After analysing the data from 251 Hong Kong manufacturers through moderated multiple regression analysis, the study found that better internal integration can significantly improve product innovativeness, product quality, delivery, flexibility and customer services, while a high level of product modularity enhances product innovativeness, flexibility and customer services. More importantly, the study shows that internal integration and product modularity can interact to improve product innovativeness and product quality. These results enhance our understanding of the interaction of product design and organizational coordination.     

The moderating effect of foreign direct investment intensity on local firms' intangible resources investment and performance implications: A case from China

Foreign direct investment (FDI) has been known to generate positive externalities to increase the productivity and competitiveness of domestic industries through knowledge and technology spillover. This study focuses on the indirect effect of FDI by investigating whether FDI intensity benefits local firms by enhancing the local intellectual property rights (IPR) environment. We argue that due to the inadequate IPR environment in emerging economies, local firms' intangible resources investment can be negatively related to firm performance. Further, we suggest that FDI intensity can improve the local IPR environment, thereby enhancing the appropriability of local firms' intangible resources investment. We find empirical evidence to support our arguments by examining 70 semiconductor firms in China from 1999 to 2006, and we discuss the theoretical and practical implications of the impact of FDI intensity on the local IPR environment.     

Is there an Expectations Gap in the Roles of Independent Directors? An Explorative Study of Listed Chinese Companies

This paper investigates whether an expectations gap exists in the control, strategic and resource provision roles that independent directors play in the corporate governance of listed Chinese firms and the factors that affect their performance of these roles. For this purpose, we interviewed Chinese executive directors, independent directors, institutional investors and stock exchange regulators. We find a performance gap but no reasonableness gap with respect to the control and strategic roles. The results suggest that the performance gap may be attributed to such factors as the ill‐defined roles, independent directors' limited amount of time commitment and their lack of competence and objectivity. Interestingly, there is disagreement over the protection of minority interest as the objective of the control role. We find no consensus on the desirability, reasonableness and effectiveness of independent directors' resource provision role, perhaps because of a pejorative interpretation of this role as an exercise of guanxi.