中国房地产财富效应测度的实证研究

中国居民的财富特征与发达国家居民的财富特征明显不同。利用中国1996—2007年房地产价格和居民消费的季度数据,建立房地产财富效应模型,对中国房地产财富效应进行测度,计算结果表明:随着中国经济增长和居民收入的增加,房地产财富对居民消费的影响不断增强。房地产价格变化是居民消费增加的Granger原因,居民消费的增加是城镇居民可支配收入上升的Granger原因。无论从长期还是短期分析,中国房屋价格变动都会给居民消费带来财富效应。通过脉冲响应函数分析可知,房地产价格的正向冲击将对居民消费产生正效应,导致居民消费增加,从而验证了中国房地产财富效应的存在。     

亚洲国家估值效应波动分析

本文构建了汇率波动、资产收益率影响估值效应的理论模型,表明汇率波动、资产收益率对估值效应存在跨期的动态影响,并对亚洲13个主要国家2006-2013年相关变量采用面板VAR分析。结果表明:估值效应波动主要是由对外净资产自身的投资组合和币种配置决定的,占76.25%,且见效快;资产收益率对估值效应的作用大于汇率波动,但见效慢,两者各占20.17%、3.57%。从管理估值效应波动、减少亚洲国家财富外流的角度来看,存量估值的管理应是重中之重;同时,从现实来看,运用汇率政策来管理估值效应波动难度较大。建议亚洲国家考虑将存量估值与资产收益率结合起来管理估值效应波动。     

出口变动、产业特性与失业——基于中国微观数据的实证研究

基于2002—2012年的中国海关数据和中国城镇住户调查数据,本文探讨了一般贸易和加工贸易出口变动对各部门失业的影响。实证结果表明:正向出口变动尤其是加工贸易出口变动显著降低了劳动密集产业主导地区的失业,这一效应在东部地区和私有部门更加明显;国有企业资本更加密集,正向出口变动增加了东部地区资本密集产业主导地区国有部门的失业。基于教育水平、性别、年龄的分组研究进一步证实了上述结果。基于工业企业数据的实证结果提供了进一步的支持性证据。本文首次利用多年的连续家庭调查数据从不同类型出口变动视角研究了中国的失业问题,有助于理解外部经济环境变化对失业的影响,在贸易保护主义风险高涨的背景下具有重要启示。     

1992年以来中国消费函数实证分析

本文对1992年以来的中国消费函数进行分析。研究表明，中国居民可支配收入的MPC过低，MPC=0.5254(金融资产)；金融资产存在财富效应，资产财富效应引起的消费变动占当年总消费变动的平均比例为15.18％；但是，中国股市的财富效应微弱，股市财富效应引起的消费变动占当年总消费变动的平均比例仅为1.33％。     

中国居民资产结构性财富效应的时间特征分析——基于改进的分析模型并兼论货币政策对资产价格的关注

资产价格通过财富效应、金融加速器效应、托宾Q效应和现金流效应等机制对实体经济形成影响。其中,财富效应的影响是重要的途径,也是本轮金融危机的重要传播方式。研究财富效应的分析模型较多,但大多存在一定缺陷,需要改进。本文通过一个改进的比较分析模型,研究中国居民财富效应的时间特征。总体上看,中国居民金融资产和不动产的财富效应微弱,非证券类金融资产要大于证券类资产的财富效应。这与不同种类资产的波动性及资产的结构特征有关系。为发挥各类资产财富效应对消费的促进作用,本文提出货币政策应该关注资产价格,加强宏观调控的及时性,加强金融产品的开发,对金融衍生品交易进行完备的监管等主张。     

我国能源价格与能源效率变动关系研究

本文探讨能源价格对能源效率影响的存在性、方向性及程度等问题并对这些关系进行了实证检验。本文研究发现能源价格对能源效率变动存在明显的正向影响机制,能源价格提高能够提升我国能源效率。在此基础上,本文构建了包含能源价格变量的状态空间变系数模型,探究了能源价格对能源效率影响的变动性特征,研究证实了能源价格对能源效率的影响呈现明显的波动性,在90年代中后期变动程度较为明显,2002年后这种影响趋于稳定。     

我国股票价格对房地产价格的影响研究——基于居民消费的股票财富效应分析

股票市场财富效应与消费者实际财富水平有一定的关联性。然而,实际财富水平的提高不仅可能对一般消费支出产生影响,也可能影响住房消费。本文通过对股票价格与社会总消费、股票价格与房地产价格之间进行格兰杰因果检验,得出股价变动并不是消费变动的Granger原因,而股价变动是引起房地产价格变动的Granger原因。在进一步对我国股票市场的财富效应进行分析后,得出我国股票价格对房地产价格的影响具有区域异质性。     

我国银行财务项目对公允价值变动的敏感性分析

商业银行采用公允价值计量对提高信息质量、增强经营能力有着重要意义。我国上市银行财务项目通过对公允价值变动的敏感程度进行定量分析，可得出公允价值变动对我国上市银行净利润的影响及银行的股东权益对公允价值变动的敏感程度。银行监督部门和商业银行应坚持并推广对公允价值计量的运用、完善公允价值的估值程序和估值技术、加强金融监管，关注银行财务波动性，维护金融稳定，建立完善的风险防范体系来规避风险。     

融资融券与市场流动性、波动性关系实证分析——基于中国台湾证券市场的检验

根据中国台湾证券市场数据,本文对融资融券交易与市场流动性、波动性的关系进行实证研究,研究结果表明:融券卖空交易额的变动与市场流动性变动之间没有因果引致关系;市场波动性的变动可以解释融券卖空交易额的变化;融资买空交易额的变动与市场流动性、波动性变动之间不存在因果关系;保证金的变动除会对买空交易额产生显著性影响外,对卖空交易额、流动性、波动性并不会产生显著影响。     

产业结构变迁的城市化效应实证分析——基于中国省级动态面板数据模型的检验

本文基于产业结构合理化和高级化对城市化发展具有正向效应的假说,利用中国省级面板数据和动态面板系统GMM估计实证检验了产业结构变迁对城市化发展的影响,结果显示:城市化水平的变动具有惯性作用;产业结构合理化对城市化发展具有正面的促进作用;产业结构高级化对城市化发展的正向作用并不显著;城市化发展水平在区域之间存在差异,中、西部地区城市化水平的变动并未表现出惯性。     

Universal Coverage, Pinpoint Illustration and Profound Impact HTC 2008 Intermedia Recommendation and Introduction Meeting

Holding 88 percent of train media resources across China, based on "Time Cube", on the 2008 Intermedia Recommendation and Introduction Meeting on December 19, 2007, HTC announced its high-profile strategy of tour marketing and tapping the immeasurable potentials on the train. Meanwhile, HTC officially launched its brand new product Olympic Train on the meeting, providing a fabulous platform for all the brands that are prepared to do a smart marketing on the occasion of 2008 Olympic Games.     

Market presence in China strengthened Network growth and Dual-Chinese-Hub Strategy More frequet Flyer Benefit——Air China and shanhai Airlines Join Star Alliance

In the end of 2007, Air China Limited (hereinafter "Air China") and Shanghai Airlines, formally joined Star Alliance at a ceremony held in the new Terminal Three at Beijing Capital International Airport. With the addition of the two Chinese airlines, Star Alliance now has 19 member carriers operating 17,000 daily flights to 897 destinations in 160 countries.     

A World of Love 2008 Music Grand Ceremony

Under the guidance of the theme slogan of the 29th Olympic Games - One World One Dream, with dream, love and dedication as its theme, the 2008 Music Grand Ceremony ＆ 1000 People Charity Concert on 100 days cotmtdown to Paralympic Gamesis officiaily launched on December 22, 2007. The 2008 Music Grand Ceremony is sponsored by China Disabled Persons＇ Federation, and co-hosted by National Paralympic Committee of China,     

MUYANG GROUP

With its headquarters in the historic city of Yangzhou,Jiangsu Muyang Group Co.,Ltd has since its founding in 1967 grown into a well-known group corporation whose activities cover research ＆ development,project design,manufacturing,installation and services in a multitude of industries including feed machinery and engineering,storage engineering,grain machinery and engineering,environmental protection,conveying equipment and automatic control systems.     

China''''s National Oil Reserve Center was Born

Aseries of events that occurred in October 2007, are rewriting the history of China's energy industry: November 3 an Energy Law Committee asked the public for suggestions on improvements; forty top experts came together to form the National Energy Expert Advisory Committee on November 6; and the National Oil Reserve Center (NORC)became the nerve centre of oil reserves on November 18. Yet, behind the progress of these recent activities remains the fact that international oil prices still hover around a very high price of US$ 90/barrel, and China's oil imports are close to accounting for half of its total oil reserves.     

2007 China Harbor Ten People

2007 China Harbor Ten People elected the entrepreneurs who contributed a lot to port economy and enterprises this year trough their talent management.These ten people embody their social responsibility,professional skills,creative ability,and charming personality.Bearing full confidence in China＇s port economy,the port entrepreneurs are brave enough to explore a brand new area,so as to promote harbor economic development. At the very beginning of 2008,China Shipping Website,Dalian Maritime University,and China Port and Shipping In- stitute jointly select the 2007 China Harbor Ten People,demonstrate port entrepreneurs＇ stunning minds,disclose their secrets to success,and providing abundant experiences to others in harbor development.The top ten people are various excellence during the ups and downs harbor development.     

Sony Style in China

Since the normalization of the diplomatic ties between China and ） Japan, the bilateral economic relations have deepened continually. According to the statistic of Japan, China passed U.S. to become Japan＇s top trade partner as well as is the second largest export market for Japan and is the largest import resource for Japan. Japan companies such as Mitsui, Sumitomo, Sony and Panasonic, have set the subsidiaries in China and explored their scales. This year 2008 marks the 30th anniversary of the signing of the ChinaJapan Treaty of Peace and Friendship.     

China''''s Import and Export of Textiles and Apparel in the Q1

China's textile and apparel industry suffered an unprecedented cold market for exports in the first quarter this year,the result of a few factors including: the appreciating RMB, decreasing export rebate rate,expanding influence of the U.S. subprime crisis, increasing costs of production and rising labor cost.     

Financial Services for Post-Quake Reconstruction

The May 12 earthquake in Sichuan caught Chinese people by surprise and took the nation＇s heart. While mourning the dead and searching for the missing, many services must be provided for the survivors in the wake of the earthquake. Available post-quake financial services have become an important part of the reconstruction effort in the disasterstricken areas of Sichuan province.     

The Frankenstein Syndrome: The Creation of Mega-Media Conglomerates and Ethical Modeling in Journalism

Aristotle saw ethics as a habit that is modeled and developed though practice. Shelly's Victor Frankenstein, though well intentioned in his goals, failed to model ethical behavior for his creation, abandoning it to its own recourse. Today we live in an era of unfettered mergers and acquisitions where once separate and independent media increasingly are concentrated under the control and leadership of the fictitious but legal personhood of a few conglomerated corporations. This paper will explore the impact of mega-media mergers on ethical modeling in journalism. It will diagram the behavioral context underlying the development of ethical habits, discuss leadership theory as it applies to management, and address the question of whether the creation of mega-media conglomerates will result in responsible corporate citizens or monsters who turn on their creators.