不同于结构化的财务报表,管理层讨论与分析(management discussion and analysis,MD&A)的内容包含了管理层对公司经营业绩和未来经营态势的分析,语言风格无固定特征。因而,其所用措辞的不同是否能被投资者感知并引起投资者的不同反...不同于结构化的财务报表,管理层讨论与分析(management discussion and analysis,MD&A)的内容包含了管理层对公司经营业绩和未来经营态势的分析,语言风格无固定特征。因而,其所用措辞的不同是否能被投资者感知并引起投资者的不同反应是一个很有意义的问题。本文以2014~2018年中国A股上市公司为研究对象,探讨MD&A的可读性是否会影响投资者对会计盈余信息的市场反应,并进一步探究经营复杂度和分析师盈余预测分歧度对该关系的调节作用。研究发现:(1)MD&A的可读性越高,会计盈余反应系数(earnings response coefficients,ERC)越强;(2)在经营复杂度较高和分析师盈余预测分歧度较高的情况下,MD&A与会计盈余反应的正向关系更显著。本文进一步分析了MD&A的可读性对股价同步性的影响,结果发现,MD&A的可读性越高,股价同步性越低。本文的研究可以拓展信息披露的研究边界,并为完善MD&A信息披露的指引提供经验证据。展开更多
Three-dimensional(3D)direct writing based on the meniscus-confined electrodeposition of copper metal wires was used in this study to develop vertical capacitive microelectromechanical switches.Vertical microelectromec...Three-dimensional(3D)direct writing based on the meniscus-confined electrodeposition of copper metal wires was used in this study to develop vertical capacitive microelectromechanical switches.Vertical microelectromechanical switches reduce the form factor and increase the area density of such devices in integrated circuits.We studied the electromechanical characteristics of such vertical switches by exploring the dependence of switching voltage on various device structures,particularly with regard to the length,wire diameter,and the distance between the two wires.A simple model was found to match the experimental measurements made in this study.We found that the electrodeposited copper microwires exhibit a good elastic modulus close to that of bulk copper.By optimizing the 3D structure of the electrodes,a volatile electromechanical switch with a sub-5 V switching voltage was demonstrated in a vertical microscale switch with a gap distance as small as 100 nm created with a pair of copper wires with diameters of~1μm and heights of 25μm.This study establishes an innovative approach to construct microelectromechanical systems with arbitrary 3D microwire structures for various applications,including the demonstrated volatile and nonvolatile microswitches.展开更多
基金We also acknowledge the financial support of the National Natural Science Foundation of China(11574331 and 11374311)the Ningbo Science and Technology Bureau(2015B11002,2015A610017,2012A610121)the Jiangsu Key R&D program(BE2015104).
文摘Three-dimensional(3D)direct writing based on the meniscus-confined electrodeposition of copper metal wires was used in this study to develop vertical capacitive microelectromechanical switches.Vertical microelectromechanical switches reduce the form factor and increase the area density of such devices in integrated circuits.We studied the electromechanical characteristics of such vertical switches by exploring the dependence of switching voltage on various device structures,particularly with regard to the length,wire diameter,and the distance between the two wires.A simple model was found to match the experimental measurements made in this study.We found that the electrodeposited copper microwires exhibit a good elastic modulus close to that of bulk copper.By optimizing the 3D structure of the electrodes,a volatile electromechanical switch with a sub-5 V switching voltage was demonstrated in a vertical microscale switch with a gap distance as small as 100 nm created with a pair of copper wires with diameters of~1μm and heights of 25μm.This study establishes an innovative approach to construct microelectromechanical systems with arbitrary 3D microwire structures for various applications,including the demonstrated volatile and nonvolatile microswitches.
