Annual Report 1995-96

and £ 43,522 f r om the U K - H o ng K o ng joint researc h scheme for seven projects. Staff members have also bee n successful i n t a p p i ng alternative resources to support their research. Six major projects w i t h good potential for industrial applications attracted f u n d i n g of HK$4.24 m i l l i on f r om the I ndu s t r i al Suppo rt F u nd of the I n d u s t ry and Technology De v e l o pme nt Council . An o t h e r HK$3 .9 m i l l i on wa s obtained f r om the He a l th Services Research Committee fo r 11 projects. The Un i v e r s i ty continues to d r aw f r om b o t h the Block Grant and private funds and to inject f unds i n to the Research Comm i t t ee to s u p p o rt research i n different fields. This amoun t ed to some HK$10 m i l l i on in 1995-96. The f u n d i ng f r om th e Un i v e r s i ty was used to top u p the RGC direct allocation, support the Ma i n l i ne Research Scheme, p r o v i de travel grants for research postgraduate students, and finance strategic research programmes. Wh i l e the Un i v e r s i ty has been successful i n attracting v e ry substantial sum s i n support of ma n y research projects , it mu st be stressed that i n ma n y specialities there ar e excellent research projects that d o not requir e mu c h f u n d i n g. 郎咸平教授主持的「負債、投資與公司成長」研究，顯示企業 高負債實際對社會有利，因可提醒經理必須投資得法。 研究結果於一九九六年刊載於財務學界最著名之《財務經濟 學期刊》，且選作該期首篇文章。 Prof. Larry H. P. Lang, in ajoint researchproject entitled 'Leverage, Investment andFirm Growth', showsthat a high levelof indebtedness by afirm canactually besocially advantageousbecause it discouragesmanagers from undertaking poor investments. Theresult waspublished in themost prestigious financial journal —Journal of Financial Economics in 1996. Research 研究 29