营运资本与公司综合治理对公司价值影响研究

拓展Faulkender 和Wang(2006)模型，引入公司综合治理水平变量，分析了公司综合治理水平和营运资本对公司价值的影响.运用我国A股市场2008~2013年数据进行实证，证实公司综合治理水平与营运资本对企业价值影响显著；边际营运资本价值小于边际现金价值，企业在现有营运资本水平下增加营运资本投资，将降低企业超额收益率，减少企业投资价值；商业性企业比工业性企业、高治理效率企业比低治理效率企业、受融资约束企业比不受融资约束企业具有更高的边际营运资本价值.     

秸秆深还机具特点和作业效率分析

秸秆深埋还田(秸秆深还)作为一种新兴的秸秆还田模式,其机具有别于地表覆盖还田和铧式犁翻压还田。为了科学管理、合理运用秸秆深还机械,提高机组的作业效率,在调查测试秸秆深还作业的基础上,对机具的特点进行了分析,同时对测试机组分别进行了时间利用率和作业效率分析。结果表明:对于各个机具的作业时间利用率和总作业效率影响因素有所不同。作业速度、幅宽、故障维修和地头转向是影响机械作业效率的主要因素。根据调查和分析的结果,针对秸秆深还作业中存在的问题提出了机组的合理运行模式。     

秸秆覆盖与镇压对小黑麦生长状况的影响

以小黑麦作为研究材料,通过设置5种不同的秸秆覆盖与镇压处理,在小黑麦的各个生长期对其进行生理指标的测定,研究秸秆覆盖与镇压对小黑麦鲜重和干物质重、株高、次生根、叶片数的影响.试验结果表明:5种处理下小黑麦的生长状况呈现出了:A4＞ A3＞ A＞ A1＞ A5.而且A4处理下小黑麦的生长状况明显大于其他各组处理下小黑麦的...     

The nearest-plant method is robust and powerful enough for different survey teams to monitor change in mesic grassland species composition

A long-term rangeland monitoring programme needs to employ a field survey technique that is practicable, precise, powerful enough to distinguish change, not prone to worker bias, and able to distinguish real change from operator error arising from staff turnover. These criteria were used to evaluate a widely used grassland sampling technique in South Africa – the nearest-plant (with 200 points) method (NP) – against common alternatives, namely NP excluding forbs (NP-nf), the plant number scale (PNS; a cover-abundance method) and quadrat frequency (QF), using multivariate ordination and permutation tests. Four trained teams surveyed four grasslands using each method. PNS took more than twice as long as the other techniques, which were similarly rapid. Estimates of composition using NP methods were the most precise and PNS was least repeatable, with QF intermediate. Compositional differences between sites were most finely distinguished using NP-nf, followed by NP and QF. PNS was able to detect only marked differences and had the greatest potential for surveyor bias. The NP method, with or without including forbs, is therefore recommended for monitoring the species composition of mesic, dense grassland. Some suggestions for monitoring agencies on how best to use multivariate methods are presented.     

Livestock grazing has minimal effect on the species richness and diversity of semi-arid shrubland in the Western Little Karoo,South Africa

The Succulent Karoo, one of two arid biodiversity hotspots in the world, is known for its high plant species richness, but little is known about the influence of topography and how it mediates the potentially deleterious effects of grazing. Changes in vegetation species composition, cover and species diversity were examined along piosphere gradients on northerly slopes, bottomlands and low-lying plains on 45 farms. Landscapes differed in the plant speciesand life-form composition, species richness and cover, with the more species-rich, heterogeneous grassy northerly slopes distinct from the plains and bottomlands, which were dominated by Pteronia pallens, Psilocaulon junceum and Drosanthenum spp. with more annual and ephemeral species. Overall, species richness declined linearly with decreasing rangeland condition. A weak grazing effect was detected only on the north-facing slopes, where shrubs and grass decreased with intense grazing. Years of overgrazing have resulted in the widespread dominance of P. pallens, especially on the plains and bottomlands, rendering them insensitive to grazing. The current condition of the northern slopes should be maintained and managed such that palatable species can spread to more degraded areas of the landscape.     

Policies for the vaccination of cats and dogs in New Zealand veterinary practices

AIMS: To determine current practices and attitudes towards vaccination of dogs and cats of veterinarians in New Zealand; the methods used for informing clients on which vaccines to use, and the preferred site for vaccination of cats.

METHODS: A postal questionnaire was sent to all 483 listed veterinary practices in New Zealand during February 2012. Some questions were specific to pet dogs, cats, or working farm dogs. Responses were categorised according to practice type and geographical region of the respondent. Factors associated with respondent recommendation of annual vaccination with modified live viral (MLV) vaccines were examined using logistic regression analysis. Vaccines that were considered to be essential for every animal were defined as core; those that may be recommended for animals whose location or lifestyle placed them at risk, were defined as non-core.

RESULTS: There were 204 useable returns, equivalent to a response rate of 42.2%, distributed across the country. Annual vaccination with MLV vaccines of dogs was recommended by 54/198 (27.3%) respondents, and of cats by 107/181 (59.1%) respondents. Factors associated with the recommendation of annual administration of MLV vaccines to dogs included being a companion animal practice, a desire for policies on vaccination to be left to individual clinics, and having one veterinarian in the practice. Administration of the final vaccination for puppies was recommended at ≥14 weeks old by 55/185 (29.7%) respondents, and for kittens at ≥13 weeks old by 42/183 (23%) respondents. Of respondents that administered MLV vaccines annually, 62/103 (60.2%) believed reducing the frequency of vaccination would reduce income, and 52/103 (50.5%) considered it would have a negative effect on animal health. Advice to enable clients to decide which non-core vaccines were administered was given by 181/199 (91%) respondents. Factors considered when recommending a vaccine included consideration of risk to individual patients (190/203; 93.6%), requirements of boarding kennels/catteries (165/203; 81.3%) and clinic vaccination policy (142/203; 70%). The preferred site for administering MLV vaccines to cats was the dorsal neck or inter-scapular region (137/198; 69.2%). Amongst respondents, 18 wanted disease surveillance information to allow for truly informed decisions to be made about vaccination.

CONCLUSIONS AND CLINICAL RELEVANCE: Veterinarians can now compare their own vaccination practices and attitudes with those of veterinarians nationally, and internationally. There is a need for national surveillance information and for continued education of the public and commercial kennel and cattery owners for optimal vaccination strategies to be developed.     

Differences between primiparous and multiparous dairy cows in the inter-relationships between metabolic traits, milk yield and body condition score in the periparturient period

During the early postpartum period dairy cows mobilize fat and muscle to support lactation. This is associated with alterations in blood metabolite and hormone profiles which in turn influence milk yield and fertility. This study developed models to determine how metabolic traits, milk yield and body condition score were inter-related at different times in the periparturient period and to compare these relationships in primiparous (PP, n=188) and multiparous (MP, n=312) cows. Data from four previous studies which included information on blood metabolic parameters, parity, milk yield, body condition score and diet were collated into a single dataset. Coefficients of polynomial equations were calculated for each trait between -1 week pre-calving and week +7 postpartum using residual maximum likelihood modelling. The completed dataset was used in a multiple correlation model to determine how the best fit curves were related to each other over time. PP cows had higher concentrations of insulin-like growth factor-I and lower beta-hydroxybutyrate concentrations throughout, higher leptin concentrations pre-partum and both the peak in non-esterified fatty acids and the nadir in urea concentration occurred earlier after calving. These differences were associated with significantly lower milk production. Leptin concentrations fell at calving and were related to body condition score. Insulin was negatively correlated with yield in MP cows only. In MP cows the relationship between insulin-like growth factor-I and yield switched from negative to positive between weeks +4 and +7. Both beta-hydroxybutyrate and urea were positively related to yield in PP cows. In contrast, in MP cows beta-hydroxybutyrate was negatively correlated with yield and urea was strongly related to body condition score but not yield. These results suggest that there are differences in the control of tissue mobilization between PP and MP cows which may promote nutrient partitioning into growth as well as milk during the first lactation.     

Pre-partum monensin supplementation improves body reserves at calving and milk yield in Holstein cows dried-off with low body condition score

The objective of this study was to determine the effect of a monensin controlled-release capsule administered intraruminally at drying-off on body condition score (BCS) at calving, milk yield, fertility and concentration of energy-related blood metabolites in Holstein cows dried-off with low BCS (< or = 3.0, scale 1 to 5 with a 0.25 point of increment). Between July and August, 2001, 220 cows from parity 2 or more and dried-off 50-70 days before expected parturition, with a BCS < or = 3.0 were randomly assigned to either a treatment group (n=110; oral capsule of monensin releasing 335 mg/day for 95 days) or a control group (no capsule, n=110). At assignment, on day 21 before expected parturition, at calving, and at 7, 14, and 21 days in milk a blood sample was obtained from a random sub sample of 10 cows per group. Effects of monensin on serum NEFA, BHBA and glucose were measured. Milk yield, milk fat and protein content (%) at DHIA test days during the entire lactation, 305 ME milk production and reproductive responses were compared. Monensin significantly improved BCS at calving, increased milk yield at test days 4 and 8, decreased the percentage of milk protein, did not change the percentage of milk fat, and decreased NEFA and BHBA during the post-partum period.