活力彰显又一年——2006—2007浙商投资分析报告：从“赚快钱”到“赚长远的大钱”——2006—2007年度浙商省外（国内）投资分析

1年前，2006浙商大会召开之际，《浙商》杂志推出了第二份年度浙商（省外）投资环境分析评估报告。一年过去了，浙商们的投资眼光发生了怎样的变化？投资产业上又有哪些新趋势？通过对有关职能部门以及众多浙商的采访、各个省外浙江企业联合会（商会）的调查，我们总结出这一年来浙商投资的新趋势。今年的报告，我们加大了浙商维权报告的分量，同时推出了“原生态”的浙商在各地的“投资名片”，以期更全面地反映浙商在外投资的真实情况。不周全之处，敬请指正；[编者按]     

编读互动

众多城市积极申报“2006浙商（省外）最佳投资城市”评选；义博会上《浙商》杂志受各界热捧；温州哪家打火机企业可免费使用“PK”商标？。     

基于PTN组网的移动网络技术研究

随着下一代网络（NGN）和3G网络的大规模应用，海量增长的数据推动电信业务和网络正在逐步演进为面向分组的业务和网络，传统的以电路交换为主的公共交换电话网（PSTN）逐渐转向以分组交换为主。在从传统网络向未来网络演进的过程中，时钟同步仍然是其中面临的一大难题。分组传送网（PTN）是具备传送功能的分组化网络，主要用于解决无线接入网（RAN）的IP化承载，因此研究其时间同步问题具有重要意义。文章介绍了PTN的同步需求和同步以太网技术、TOP技术、IEEEI588V2等三种同步技术，描述了PTN传送时间同步的要求和方式，对比了PTN纽网模式下三种同步技术的优劣。     

理性看待财富潮起潮落

虽然依靠传统业起家的浙商，其身家要比依靠资本市场迅速暴富的主流创富模式（如金融、IT、能源等行业）下的新晋富豪要实在的多；但从长远看，市值管理的作用必须引起浙商重视。     

价值创造视角下浙商龙头企业商业模式演化机制——基于浙江物产的案例研究

价值创造视角有利于动态考察商业模式演化机制。文章基于价值创造视角,建构并运用PCAA分析框架,选取浙商龙头企业浙江物产进行纵向案例研究,在时间序列层次上,分析了浙江物产发展不同阶段商业模式要素变化情况及商业模式演进。研究发现：（1）商业模式演化是商业模式创新的发展序列,是企业外部环境和企业内在要求共同作用的系统过程,企业发展不同阶段核心要素的变化与商业模式组成维度的演进具有价值创造的动态一致性,其目的都是为了维持企业竞争优势。（2）基于价值创造视角,企业的价值主张由经济价值、能力价值向关系价值演化,价值创造由模块化组织、模块化簇群向无边界企业演化,价值分配与获取也由产业内的内部系统整合、产业内的外部系统整合向产业外的内部系统整合演化。研究深化了商业模式动态性的理解,丰富了浙商商业模式的研究,并为企业管理者和政策制定者提供理论指导。     

浙江传统专业化市场的出路

浙江省是全国闻名遐迩的“市场”大省，星罗棋布于全省范围内的各类专业市场为推动地方经济和产业发展做出了巨大贡献。专业市场与其所依托的块状经济相互作用，成为整个浙商群体资本积累的重要平台。     

2010浙商（省外）最佳投资城市评估报告

对全国各地浙江商会（企业联合会）及浙商推荐的50家候选城市，本刊通过浙商投资指数、经济基础指数、政府效率指数等7大指数进行了综合评定。最终，淮北、营口、昭通、西宁、喀什地区等10个地级市（省外）以及濉溪、阜南、忠县等10家县级城市荣列2010浙商（省外）最佳投资城市；也就是说，     

企业并购意愿渐强

本刊对2009年3、4月刊《浙商》杂志（产业·投资）“商机”栏目进行调查统计所得：通过《浙商》杂志（产业·投资）、浙商网（www．ZJSR．COM）和浙商手机报（发送8808到1065866866订阅）发布商机项日共86个,项目累计发布次数197次。     

基于设计驱动型创新的浙商商业模式演化研究——以万事利为例

浙商要在新经济形势下维持竞争优势,需要开展反映企业整体性和系统性变革的商业模式创新,而随着知识经济的迅猛发展,设计驱动型创新成为商业模式创新与演化的重要推动力量。为此,文章在梳理相关理论基础上,选取国内一家具有近40年成长历史的浙商作为研究对象,通过纵向案例研究方法深入剖析两者间的内在关系,研究发现：（1）设计驱动型创新沿着流程设计-产品设计-功能设计-文化设计等创新形式演进;（2）商业模式从传统模式到价值链延伸型模式到混合创新型模式再到价值网络创新型模式演化;（3）商业模式随着设计驱动型创新的形式变化而演化。     

一场项目与资本对接的盛会——2008浙商（创业与投资）博览会亮点解读

6月20日-22日，2008浙商论坛暨浙商（创业与投资）博览会将在“中国市场之都”——浙江义乌召开。博览会由浙商论坛组委会主办，《浙商》杂志社为主承办，全国29个浙江商会等协办。与以往三届相比，本届博览会将有什么新的亮点呢？     

基于社会资本的产业集群交易治理研究——交易域、交易频率及交易对象视角的分析

文章研究了社会资本对于产业集群内部企业间交易的治理机制,从交易域、交易频率、交易对象这三个维度,对匿名市场现货交易进行扩展,建立了基于社会资本的交易治理模型,分析了产业集群内企业进行交易时的主要特点：交易嵌入社会网络、交易频率高、主要与集群内部交易对象进行交易。依据这三个特点,将上述模型进行综合,得出适用于产业集群内部企业间交易的社会资本治理机制模型,并分析了该模型的适用条件。研究结果显示由于社会资本的存在,使得产业集群内部交易得到了有效治理,这种有效治理的水平受到产业集群规模和信息畅通水平的约束,当产业集群规模不大、存在通畅的信息沟通渠道、交易者存在实施集体惩罚的动力时,社会资本能够成为产业集群内部企业间交易的有效治理机制,但是这种机制并不适用于集群内部企业与外部企业间的交易治理。     

Some Transaction Cost Effects of Authoritarian Management

This paper studies the transaction cost economizing effects of authoritarian management in organizations and systems subject to higher transaction costs originating from various sources. We analyze the nature, mechanisms, and transaction cost aspects of the authoritarian management style. We argue that the higher the transaction costs of internal organization, the more autocratic the manager is likely to be. We discuss the features of authoritarian managers, illustrating some of our key hypotheses with the example of Henry Ford and his running of the Ford Motor Company. In the context of non-market economies, we relate authoritarian leadership to economic centralism in high transaction cost systems such as East European societies with significant transactional or organizational opportunism, as well as other sources of market failure.     

A secure,real-time stock market protocol

Stock markets constitute the largest electronic commerce market in the world. The tremendous growth in trading volume and the need for fast and accurate transaction execution has made the stock market one of the most technology friendly markets. The fastest growing stock exchange, NASDAQ, is a wholly electronic stock exchange with all transactions conducted over computer networks. However, the transaction model used by NASDAQ and other electronic stock markets still borrows heavily from the older traditional models used by non-electronic stock exchanges. Two important requirements of modern day stock market transactions are: (a) customer's ability to place sophisticated transaction orders to buy/sell stock, and (b) customer's ability to detect transaction delays. Modern electronic stock exchanges lack both the ability to place newer, more sophisticated transaction orders and the ability to detect delays in transaction execution. In this paper, we propose a protocol for stock market transaction that can model a new sophisticated model for transaction orders while continuing to support traditional transaction orders. The protocol is augmented with a mechanism to detect delays in transaction execution. It is further shown that the protocol proposed is secure, atomic, anonymous, private, and incurs low overhead costs. This revised version was published online in June 2006 with corrections to the Cover Date.     

A Study of Arbitrage Efficiency Between the FTSE‐100 Index Futures and Options Contracts

Despite the importance of the London markets and the significance of the relationship for market makers, little published research is available on arbitrage between the FTSE‐100 Index futures and the FTSE‐100 European index options contracts. This study uses the put–call–futures parity condition to throw light on the relationship between options and futures written against the FTSE Index. The arbitrage methodology adopted in this study avoids many of the problems that have affected prior research on the relationship between options or futures prices and the underlying index. The problems that arise from nonsynchroneity between options and futures prices are reduced by the matching of options and futures prices within narrow time intervals with time‐stamped transaction data. This study allows for realistic trading and market‐impact costs. The feasibility of strategies such as execute‐and‐hold and early unwinding is examined with both ex‐post and ex‐ante simulation tests that take into consideration possible execution time lags for the arbitrage trade. This study reveals that the occurrence of matched put–call–futures trios exhibits a U‐shaped intraday pattern with a concentration at both open and close, although the magnitude of observed mispricings has no discernible intraday pattern. Ex‐post arbitrage profits for traders facing transaction costs are concentrated in at‐the‐money options. As in other major markets, despite important microstructure differences, opportunities are generally rapidly extinguished in less than 3 min. The results suggest that arbitrage opportunities for traders facing transaction costs are small in number and confirm the efficiency of trading on the London International Financial Futures and Options Exchange. © 2002 John Wiley & Sons, Inc. Jrl Fut Mark 22:31–58, 2002     

A brighter future with lower transactions costs?

Recently, the OMX Nordic Exchange reduced the exchange fee for trading the OMXS 30 index futures with more than 22%. The reduction in exchange fees provides this study with a unique opportunity to investigate the effects of a change in fixed transaction costs on futures market liquidity, trading activity, volatility, futures pricing efficiency, and the futures exchange's revenues. The results show a ceteris paribus increase in futures trading volume with 19%, a 27% decrease in futures bid–ask spread, and a 27% increase in volatility, as a result of the futures exchange fee reduction, whereas the pricing efficiency of the futures contract and the exchange's revenues are unaffected by the change in transaction costs. The exchange fee reduction has improved futures market liquidity at the cost of higher volatility. Moreover, the attractiveness and competitiveness of the futures exchange has increased relative alternative trading venues, without a loss of revenues in the process. © 2009 Wiley Periodicals, Inc. Jrl Fut Mark 29:775–796, 2009     

Need for speed: Hard information processing in a high‐frequency world

I study the role of high‐frequency traders (HFTs) and non‐high‐frequency traders (nHFTs) in transmitting hard price information from the futures market to the stock market using an index arbitrage strategy. Using intraday transaction data with HFT identification, I find that HFTs process hard information faster and trade on it more aggressively than nHFTs. In terms of liquidity supply, HFTs are better at avoiding adverse selection than nHFTs. Consequently, HFTs enhance the linkage between the futures and stock markets, and significantly contribute to information efficiency in the stock market by reducing the delay between the stock and the futures markets.     

Is it Efficient to Impose Costs on Small-Volume Equity Traders?

A securities market that imposes higher trading costs on small-volume traders may reduce free-riding on information generated by large-volume traders. The reduction in free-riding increases the probability that large-volume traders will invest in socially beneficial information and engage in costly monitoring of managers of firms in their portfolio.V arious mechanisms can be used to impose costs on small-volume traders.We argue that Nasdaq's former treatment of limit orders was one such mechanism. Depending on the market's structure and the nature of the securities traded in the market, a reduction in freeriding activity may improve overall market efficiency despite a potentially negative impact on information dissemination.     

OPTION PRICING AND HEDGING WITH EXECUTION COSTS AND MARKET IMPACT

This paper considers the pricing and hedging of a call option when liquidity matters, that is, either for a large nominal or for an illiquid underlying asset. In practice, as opposed to the classical assumptions of a price‐taking agent in a frictionless market, traders cannot be perfectly hedged because of execution costs and market impact. They indeed face a trade‐off between hedging errors and costs that can be solved by using stochastic optimal control. Our modeling framework, which is inspired by the recent literature on optimal execution, makes it possible to account for both execution costs and the lasting market impact of trades. Prices are obtained through the indifference pricing approach. Numerical examples are provided, along with comparisons to standard methods.     

专业化交易地理集中、区域市场一体化与浙中内陆城市圈层化——“义乌商圈”的空间效应分析

基于专业化交易地理集中促成的总合交易费用节约,义乌市场不仅衍生出周边产业集群,从而提升义乌城市集聚度,并进一步引致周边的浙中城市群走上圈层化的发展路径,构建起基于自主层级体系的城市共同体。本文借助新兴古典城市网络分层模型刻画了圈层化的微观机制,并启示内陆城市形成自主共同体,以获取类似海滨城市优势的途径。     

Jobs on the wire: In search of the perfect labor market

The Internet as the most recent development in communication technology might dramatically reduce transaction costs and thereby lead to the emergence of a nearly perfect market. This would have drastic implications for labor markets and the social security system. In the first part of the paper, the influence of the Internet on transaction costs is examined. It is shown that the Internet will not necessarily lead to a decrease of transaction costs. Therefore, it is not clear whether the Internet will promote a perfect labor market. Moreover, it is shown that an outsourcing to the Internet will only take place for certain jobs which can be easily standardised. The second part of the paper shows what an Internet‐based labor market may look like. To show this, the model of monopolistic competition is used. A result of these considerations is that an increased outsourcing to the Internet may lead to a kind of association of freelancers. This revised version was published online in June 2006 with corrections to the Cover Date.