Where We Are with CNY Invoicing

It ain＇t easy replacing the US dollar. Some see the Chinese yuan （CNY） as the imminent replacement of the US dollar （USD） as the world＇s dominant reserve currency. However, those involved in the CNY＇s first forays overseas as a means of invoicing and payment for cross-border trade have known from the start that this process will take some time. Nine months into the CNY trade settlement pilot scheme, this seems like a good time to report on the progress and examine the outstanding challenges.     

论人民币国际化的必然性和重要性

本文认为,人民币国际化指人民币从走向国际化趋势开始,最终成为可自由兑换的具有国际货币职能的世界货币。中国经济的崛起奠定了人民币国际化的根基,中国经济国际化是人民币国际化的基本依据,中国金融业的开放和发展是人民币国际化的保障。积极推进人民币国际化,将从根本上解决我国国际经济与金融发展的失衡问题。人民币国际化有助于我国抢占世界经济的制高点,并从中得到诸多实际利益,还将对中国未来经济形态和世界经济竞争格局产生积极影响。     

A Dynamic Analysis of Exchange Rate Exposure: The impact of China's Renminbi

This study examines the impacts of unexpected exchange rate movements of Chinese renminbi (CNY/USD) on stock returns of Standard & Poor's 500 corporations. To gain better insight into the long‐standing exposure puzzle concerning the divergence between theoretical and empirical investigation and the critical issue regarding the determinants of exposure, the time variation and asymmetry property associated with foreign exchange exposure are further taking into account. We also broaden the scope of analysis to investigate unexpected risk exposure at 10 economic sectors in compliance with Global Industry Classification Standard. Unlike those from the static analysis or dynamic ones with the ordinary least squares model, the empirical findings provide additional concrete evidence that unexpected exchange rate exposure varies substantially across time and market circumstances when using the quantile regression with a rolling method. Furthermore, our dynamic analysis not only supports the existence of industrial effects across different economic sectors, but also provides strong evidence that financial factors, such as size, debt ratio and book to market ratio, have a significant impact on exposure.     

Another Step Offshore for the CNY

There is every reason to celebrate the first anniversary of the Chinese yuan （CNY） trade settlement pilot scheme （＇the scheme＇）. CNY settlement volumes have grown in leaps and bounds in recent months, albeit from a very low base. The scheme＇s scope was further expanded in June - it now includes 20 provinces, which together account For 95% of China＇s exports.     

China - The end of the ＂V＂

July data suggests that the recovery continues but is losing some momentum, as expected Official policy stance remains unchanged, though fine-tuning, especially of monetary policy, is expected in the next few months Some weakness in some commodity imports is appearing     

不确定性决策与人民币汇率

运用不确定条件下决策的理论和方法,来分析人民币汇率风险评价及管理过程。研究表明,为规避汇率风险,应在完善汇率形成机制的同时,建立健全汇率政策信息的传递与反馈渠道;在微观方面,应积极建立衍生产品市场,为企业的避险行为提供有效的交易平台。     

The effect of permanent product discounts and order coupons on purchase incidence,purchase quantity,and spending

This paper examines the influence of a permanent discount strategy on customer purchase behavior, i.e., purchase incidence in each week, purchase quantity (in units), and total order spending (in CNY). Permanent discounts are defined as discounts continuously provided by retailers. We identify two types of permanent discounts, namely, product-specific price discounts (PD) and order coupons (OD, which can be redeemed for a total order). We collect transactional data from a Chinese online retailer and empirically examine the effects of the two types of permanent discounts and customers’ expectations of PD and OD. We find nonlinear relationships between permanent discounts and customer purchase behavior. PDs negatively influence spending when they are lower than 19% but show a positive effect beyond this threshold, hence depicting a U-shaped relationship. They also affect purchase quantity positively but at a decreasing rate. Customer expectations of PD influence purchase incidence, spending, and purchase quantity following a U-shaped patter with a positive influence appearing when PD expectations are high than 31%, 27%, and 18% respectively. On the other hand, ODs influence spending and purchase quantity positively at an increasing rate. Customer expectations of OD influence purchase incidence, spending, and purchase quantity following a U-shaped relationship where the positive influence on purchase incidence shows beyond OD expectations of 426 CNY, and the positive effect appearing on spending and purchase quantity when these expectations are higher than 34 CNY. We also find that customer expectations of discounts interact with current discount levels in their influence on spending. Combining these results and considering that order coupons negatively affect the profit margin of the total basket, we suggest that retailers should offer order coupons with relatively low value but product-specific price discounts with high discount depth.     

Strong Renminbi Policy & the Coming of Age of China's Outward FDI

This,we believe,will be the year of Beijing's strong renminbi policy.Despite concerns about exports,we believe Beijing will keep the CNY pegged against a strong dollar.Combined with cheaper commodity prices and the pressing need of many overseas commodity firms to deleverage,this will create the perfect opportunity for China's firms to significantly ramp up their outward foreign direct investment (FDI).     

汇率变动与资产价格——兼论人民币升值压力下的宏观调控思路

文章对新型开放经济宏观经济学产生以来的四大新的汇率理论进行了评述,对汇率变动与资产价格之间的关系进行了理论分析,并以日本为例加以具体分析。为了防止“泡沫经济”的崩溃,货币政策的事前调控或“预调”是关键。当前迫切需要防止人民币升值压力货币化为通货膨胀和房地产泡沫。     

新形势下中小型外贸企业财务风险管理研究

随着人民币不断升值,汇率波动直接影响我国中小型外贸企业实际收汇,国内通货膨胀趋势明显,成本上升减少出口盈利,国际贸易保护主义抬头使中小型外贸企业因面临销售风险而遭受损失。宏观经济形势复杂,利率的波动增加了企业的筹资风险,国外进口商的信用缺失使中小型外贸企业坏账损失风险加大。中小型外贸企业应该采取加强出口结算方式的灵活性,利用金融衍生市场套期保值,多渠道、多方位拓展海外市场,提高风险意识,建立内部信用风险管理体系,拓展融资渠道,加强资金管理,合理运用出口信用保险,减少坏账损失等方法减少财务风险。     

China-The Momentum Keeps Building

China＇s August data came in better than July＇s. In particular, new loans were CNY 410bn （USD 60bn）, allaying concerns about the negative impact of slower loan growth. We expect the momentum to remain strong for at least two more quarters. We look for the domestic private sector and exports to pick up some of the slack as the stimulus effect fades in H2~2010. Real tightening - by which we mean a hard constraint on loan availability - is at least three quarters away. However, in the meantime, we expect reserve requirements and rate hikes to be a shot across the bow, the latter possibly starting in Q2.     

Yes,Virginia, there is an economic recovery

More factories seem to be at work in the Pearl River Delta than there have been in a recent eight‐month period. Maybe the economy is improving. If pollution means more work, then China just might be on an economic rebound. China has done a few things to speed a possible recovery; among them, it acted fast, engaging in a massive CNY 4 trillion stimulus package combined with bank lending at higher levels than ever by the state‐owned Chinese banks. But the news comes with some caveats, including the increased risk of corruption and triangular debt. China also continues to export but less than before, due to increasing consumer demand at home. Of course, you can create economic incentives to export (assuming there are importers available to the extent there were previously). But what you cannot do is change a culture that understands there is no more “iron rice bowl,” and therein lies the real dilemma for China and an economic recovery. © 2010 Wiley Periodicals, Inc.     

重点行业 零部件制造：价格阵痛

使产品向高端、核心部分转型,树立品牌,提升价格,是未来中国零部件厂商国际化战略的重要一环。伴随着近10年来中国机械制造行业的快速增长,零部件制造产业也获得了蓬勃发展。     

Are green bonds priced lower than their conventional peers?

The green bond market's rapid growth has alerted issuers and investors to this sustainable area of investment. This study ascertains whether green bonds are priced lower than conventional bonds—whether a negative green bond premium exists in both Chinese and global bond markets—and the driving forces behind any such green bond premium. First, an event study is set up to observe stock market's reaction upon issuance of green bonds to test whether green bonds are embedded with additional value by improving the issuer's equity market performance. Then, using the matching method and a two-layer regression process, the study estimates the green bond premium in the Chinese and global markets, respectively, and analyses factors affecting the green bond premium. The event study reveals that green bond issuance could reduce the issuer's equity return performance. The regression models found no significant negative green bond premium in either Chinese or global markets, indicating that green bonds are not priced significantly lower than conventional bonds. However, global market models show that issuing green bonds in CNY could reduce the green bond premium, unlike in USD or EUR.     

Essential research in technology management

Now that we live in a world full of cutting-edge breakthroughs, technology management seems to be particularly essential. The Journal of Business Research has published a special issue entitled “Essential Research in Technology Management.” This special issue includes 11 papers. Six of them are from the 2007 Chinese Society for Management of Technology Annual Meeting and Conference held at Feng Chia University, Taiwan, while the other five are invited. All of them went through double-blind reviews and revisions. These papers contribute to various perspectives of technology management in different countries.     

The Demise of Ethical Schizophrenia?

Business Ethics is a topical issue. The relationship between Business Ethics and Corporate Strategy, however, has been less widely discussed. This article argues that recent developments in society, including a greater awareness of environmental issues, encourage a different way of exploring this relationship.     

Monetary policy,exchange rate fluctuation,and herding behavior in the stock market

Interest rate and exchange rate are two important macroeconomic variables that exert considerable effects on the stock market. In this study, we investigate whether variations in interest and exchange rates induce herding behavior in the Chinese stock market. Empirical results indicate that interest rate increase and Chinese currency (CNY) depreciation will induce herding and this phenomenon is mainly manifested in down markets. Moreover, the herding level of the highest idiosyncratic volatility quintile portfolio is twice that of the lowest quintile portfolio which we consider evidence of intentional herding. This result is consistent with those of previous studies, which report that retail investors prefer and overweigh lottery-type stocks. Finally, we investigate the effects of monetary policy announcements and extreme exchange rate volatility on herding because these events elicit considerable public attention and may trigger collective behavior in the aggregate market.     

国际贸易中劳工标准执行手段对发展中国家福利后果比较

贸易和劳工标准问题近二十年来一直是国际贸易谈判中的热点问题,其对发展中国家出口的影响日益凸显。文章在局部均衡的框架之内侧重分析了发达国家不同的劳工标准执行手段对发展中国家福利的影响,并在此基础上提出了对策建议。     

How scolding can encourage consumer engagement with plastic waste issue? The moderating role of consumers’ mindset

Extant literature has reported mixed findings on the effectiveness of praising versus scolding in social marketing messages, such as how to encourage consumer engagement with plastic waste issue. Against this backdrop, this research investigates the moderating role of consumers' mindset in this regard. This research reports two experimental studies and demonstrates that consumers with a growth (vs. fixed) mindset will experience higher levels of outcome efficacy when evaluating a scolding (vs. praising) message. In addition, this research employs different methods of eliciting consumers' mindset and examines different dependent variables (product choice in Study 1 and donation allocations in Study 2). The results of this research thus offer a fresh theoretical perspective on the effectiveness of scolding (vs. praising) in enhancing consumer engagement with plastic waste issue by examining the moderating role of consumers’ mindset and establishing the underlying mechanism.     

银行间债券市场收益率曲线税收效应实证研究

文章利用品种相对较多、交易相对较活跃的银行间债券市场中的无风险债券来构建收益率曲线.由于投资者面临不同的税收待遇,税收因素是否显著影响投资者对债券的定价与市场收益率曲线的形状是个重要的研究课题.通过实证比较分析,发现我国银行间债券市场收益率曲线存在税收效应.也就是说,考虑了税收影响的Svensson模型具有更好的拟合能力.