中国基础货币投放的宏观经济效应变化——基于TVP-VAR模型的实证研究

中国基础货币投放经历了被动投放到主动投放的转型，对基础货币投放机制的研究紧随政策实践变化。基础货币投放是宏观调控政策的重要一环，一直以来是货币金融政策研究的重要部分。本文建立时变参数向量自回归模型(TVP-VAR),分析基础货币投放、经济增长与物价水平之间的动态时变关系。研究结果表明：(1)基础货币投放与经济增长之间存在明显的动态关系，基础货币被动投放对经济增长的中长期效应要大于短期效应，但基础货币主动投放的中短期效应要大于长期效应。这既体现出中国货币政策精准投放效果显著，也反映出基础货币投放对经济的长期支撑效果有待提高。(2)基础货币投放对物价水平中长期影响均大于短期影响，而且中长期影响更加稳定。(3)不同基础货币投放阶段，被动投放和主动投放对经济增长和物价水平的影响时滞较为一致，但程度略有不同。本文认为应在优化基础货币投放工具的同时，拓宽基础货币投放渠道，从短、中、长期有针对性地制定政策计划。     

对资源型区域现金投放快速增长的调查与分析

近年来，人民银行现金投放表现出一个新的特点，资源型区域：现金投放增势凶猛，为了研究把握这一问题，人民银行吕梁中支和岢岚支行联合对吕梁市的现金投放情况进行了分析研究。     

中国上市公司股权融资的信号传递及市场反应研究

我国上市公司存在股权融资偏好,与梅耶斯(Myers,1984)提出的优序融资理论不符。国内许多学者对此进行了研究并提出各自的解释模型,但相关的模型无法完全解释上市公司的股权融资偏好。本文从优序融资理论的基本假设入手,运用中国A股样本公司对上市公司股权融资行为的信号传递和市场反应进行了研究,结果发现虽然上市公司的股权融资行为确实影响了公司的价值,传递了一种不利的信号,但这种信号传递并没有在市场中得到完全的反应。当市场处于"牛市"时投资者对上市公司股权融资行为的负面反应较弱,正是因为中国证券市场尚未达到半强式有效,因此上市公司的融资行为不符合优序融资理论。     

扶贫资金使用效益问题浅议

扶贫资金如何合理投放，正确使用，确保效益，是本文试从理论和实践的结合上，进行研究探讨的问题。一、资全的投向与目标效益的确定贫困地区治穷脱贫，改变面貌，离不开银行信贷的有力支持。但信贷支持必须以效益为前提，而效益的实现往往与信贷资金投放息息相关。因为资金投放的正确与否决定着投入资金所要表现的功能，投资的目的，是资金获得较好的效益。一般来说，效益从其性质上讲，可按短期效益和长期效益划分，所谓短期效益＿就是资金使用周期一次性完成并无资金增殖效益；而长期效益则是按照资金投入——增殖——再投入——再增殖的…     

动态环境下竞争市场信号的阐释与反应

对竞争市场信号的分析在企业战略决策中居于重要地位,它帮助企业有效地把握市场信息,增强其对动态市场环境的适应性。本文基于信息经济学和战略管理理论,探讨了企业发送市场信号的动机,以及竞争市场信号的阐释与反应策略。     

现金投放大量减少的原因何在——对稷山县现金投放情况的调查

现金投放大量减少的原因何在——对稷山县现金投放情况的调查●张俊琪薛旌泽山西省稷山县从１９８８年开始，现金投放每年都有大幅度的增加，到１９９２年现金投放达到高峰。这期间，尽管人民银行和各专业银行都采取了一系列控制现金投放的措施，现金投放有增无减的势头还...     

动态竞争中的技术创新信号与企业反应决策

以调查问卷方式分析了在动态竞争环境下钢铁行业技术创新信号的不同特征及其对企业战略决策的影响。研究结果显示:信号的敌对性和强度对企业反应决策有显著性的影响,而信号的可信度则影响不显著;信号的不同特性与企业反应速度都呈显著的正相关关系;信号的敌对性、强度与企业反应的敌对性和强度有匹配关系,信号的强度对企业反应方式的选择没有显著性的影响。     

市场能够甄别管理层的"靖言庸违"吗?——来自年报语调与内部人交易的经验证据

文章以信号传递理论为基础,将年报语调(管理层的"言")与内部人交易(管理层的"行")视作同一主体发送的两个传递公司未来价值的信号,检验了投资者能否甄别两个信号的不一致程度.结果表明,若年报公布后发生了内部人减持行为,则年报语调的积极程度与内部人减持后的短期市场反应显著负相关.这说明前后信号相左时,市场会利用内部人交易信号去修正之前年报语调信号所形成的错误预期,即市场能够甄别管理层的"靖言庸违".①但这一现象并不存在于管理层在年报公布后增持股票的情境中.进一步研究发现,减持规模、机构投资者持股和公司财务信息透明度均会影响市场对管理层"靖言庸违"的甄别程度.只有在年报公布后内部人减持比例较高、机构投资者持股比例与财务信息透明度较低的情境中,管理层的"靖言庸违"才会造成显著的负面市场反应.文章从信号一致性视角研究了我国内部人交易行为的信号"反馈"功能,研究结论有助于进一步解码内部人交易信息传递功能的作用机理,并对市场参与者特别是中小投资者具有启示意义.     

最优区分视角下企业信号传递对技术创新扩散的影响

现有研究认为信号传递有助于降低技术创新扩散过程中企业面临的“非合法性折扣”风险，但就如何有效使用信号传递策略存在悖论。基于最优区分理论，以网络资源身份特征作为企业信号传递的主要表征，在区分一致性和差异性的基础上，探索两者对技术创新扩散的协同效应。基于中国沪深上市高技术企业样本，发现在控制企业信号传递一致性和差异性特征的前提下，二者交互是影响技术创新扩散的主要因素，并且该影响受到企业历史业绩的负向调节。研究结论有助于拓展信号传递理论在技术创新扩散领域的应用，为企业创新实践提供经验参考。     

创新物业管理与提升服务品质研究

本文探讨了物业管理的涵义，分析了加强物业管理“强化管理，提高管理水平、加强员工培训提高员工自身综合素质、作好业主投放接待与处理、培养ISO质量体系管理意识”等四方面的对策，对加强新时期下的物业管理，具有一定的理论借鉴意义。     

网络效应新产品的启动战略研究

有效的启动战略是新产品成功的重要因素,对传统新产品有效的启动战略不适合基于信息和通信技术的创新产品,因为这些产品具有的网络效应改变了消费者响应模式和市场竞争模式。网络效应新产品启动的目标不是短期利润最大化,而是尽快扩大安装基础获得长期竞争优势。提出了有助于网络效应新产品快速成功启动的大众市场定位战略、渗透定价战略、捆绑战略、预期管理战略和锁定战略。     

制造外包下的供应商协同产品开发机制初探——以我国制造业为例

金融海啸和全球化竞争的压力促使我国制造业必须拓展除低成本劳动力和原材料以外的利润增长空间,才能获得在世界舞台上与其他企业竞争的实力和竞争力。本文认为,在制造外包的环境下,我国制造企业与外包供应商的协同产品开发将能更有效地降低成本,缩短研发周期,改善产品质量。结合供应链管理和协同理论,文章对供应商协同的内涵进行了剖析,并归纳了协同产品开发的主要活动,即规格、概念设计、细节设计和产品设计。与此同时,协同产品开发还必须满足六项重要的前提条件。基于此,本文提出了供应商协同产品开发的机制,该机制涉及了从顾客需求到初始运行测试五个阶段的关键活动和协同方式。最后,对协同机制需要在产业背景下进行深一层的具体研究作了展望。     

FIRM AND INDUSTRY OUTPUT WHEN PRODUCT DEMAND IS UNCERTAIN

Previous work has established the partial equilibrium response to product demand uncertainty by a single firm in a competitive industry, but for many purposes the aggregate output response of the whole industry is more important. The paper shows that this depends in a simple and intuitive way upon the attitudes to risk of the industry's constituent firms.     

绿色产品创新对企业绿色竞争优势的影响

为了更好地增强企业绿色竞争优势，基于自然资源基础理论和绿色创新理论，构建了绿色产品创新-企业绿色形象-企业绿色竞争优势的理论模型，明晰了企业通过绿色产品创新构建企业绿色竞争优势的过程。结果表明，绿色产品创新通过企业绿色形象的中介作用提升企业绿色竞争优势；绿色创造力和商业环境动态性促进了绿色产品创新对企业绿色形象的影响，同时，绿色创造力进一步增强了企业绿色形象的中介作用。因此，企业在不断创新绿色产品提升其绿色竞争优势的过程中，应重视企业绿色形象的建立以及绿色创造力和商业环境动态性的影响，为企业提升产品创新能力和构建绿色竞争优势提供依据，助其实现绿色发展与可持续发展。     

Corporate governance structure and product market competition

This article assesses the effects of the competitive structure of a product market on a firm’s corporate governance structure. Our model demonstrates that shareholders strategically determine the corporate governance structure, including the manager’s stock ownership and his controlling power over the firm, in order to maximize their utility in the product market competition. We find that the manager’s stock ownership is lower and his controlling power over the firm is higher when the firm’s product is more profitable or when competition within the product market is more severe. The inefficiency of the wealth transfer from shareholders to the manager also affects the corporate governance structure.     

What Makes Firms Competitive? States,Markets, and Organisational Embeddedness in Competitive Firm Restructuring in Postsocialist Economies

The prevailing transitions literature suggests that dynamic firms in postsocialist economies are the result of macroinstitutional reforms leading to the making of markets. This article builds on work in comparative political economy and economic sociology to show that the degree of competitive behaviour of postsocialist firms is determined not by the existence of general market institutions alone but by the kinds of organisational allies firms possess and the kinds of markets they compete in. Using firm survey data across 28 postsocialist economies, the article examines the determinants of competitive restructuring by firms, including product innovation, standards upgrade, financial transparency, and investments in research and development. The article confirms insights from comparative political economy which suggest that dynamic enterprise sectors emerge when governance is effective. However, at the firm level, the article finds that transnational ties and supportive policy environments are most significant in the making of dynamic postsocialist enterprises. The article also highlights important regional variation in firm behaviour and discusses the relationship between institutional frameworks, organisational embeddedness, and firm restructuring in postsocialist economies.     

企业核心竞争力信息的自愿披露战略研究

自愿性信息披露是解决信息不对称问题的重要手段，而核心竞争力作为反映企业持续竞争优势源泉的信息，成为企业自愿性披露战略的重点内容。本文以信息不对称理论、信号理论和经济后果理论为基础．分析了自愿性信息披露的价值．对既有研究中核心竞争力的识别和价值测度问题进行了述评．并围绕核心竞争力信息自愿披露的内容、形式、有效程度以及诉讼回避等问题，对企业核心竞争力信息自愿披露战略进行了探讨。     

The Impact of Competition and Trade Unions on Workplace Reform and Organisational and Technological Change

This article addresses two research questions, firstly to test the hypothesis that organisational and technological changes are more likely to occur in the traded goods sector, in the private sector relative to the public sector and in more competitive product markets. Secondly, to examine whether trade unions have a positive or negative effect on the implementation of different types of workplace reforms, and organisational and technological changes. The analysis supports the hypothesis that workplaces in the traded goods sector are more likely to implement organisational and technological changes. It also indicates that workplaces in the private sector are more likely to implement certain types of reforms, whereas workplaces in the public sector are more likely to implement others. However, this study does not provide conclusive evidence that competitive pressure in product markets increases the probability that a firm will implement each workplace reform mentioned in this study. The evidence on unions provides tentative support to the view that more unionised workplaces are less likely to implement the reforms in question.     

World oil: the growing case for international policy

Can the economic theory of depletion be reconciled with low petroleum prices? This article uses a revision of the theory, which reflects demand functions that rise in response to increasing world population and income. The magnitude of producers' and consumers' surplus is estimated under both competitive and monopolistic assumptions; the result indicates a present value comparable to or in excess of today's gross world economic product. Game theory suggests a framework that explains the interaction between oil pricing and military policy, and the economic incentives that result in a general pattern of recent market equilibrium crude oil prices often fluctuating with a $15–20 per barrel range. The analysis concludes that the economic incentives for political instability in the Persian Gulf will increase, and more formal methods of setting the international framework for Persian Gulf oil may be expected.     

What are the determinants of hiring? The importance of product market demand and search frictions

In this article, we study the importance of product market demand and search frictions for hiring. We use a search-matching model with imperfect competition in the product market to derive an equation for total hiring in a local labour market, and estimate it on Swedish panel data. If product markets are imperfectly competitive, product demand shocks should have a direct effect on employment for given levels of prices and wages. Our main finding is that product demand has such a direct effect on hiring. This highlights the importance of taking imperfect competition in the product market into account in studies of employment dynamics and hiring. We also find that, for given levels of prices, wages, and product demand, the number of unemployed workers in a local labour market has a positive effect on hiring, suggesting that search frictions matter. Quantitatively, product demand shocks seem to be more important for understanding the variation in hiring than shocks to the number of unemployed workers.