金融支持与企业家精神成长:内在机理与实证分析

我国经济的快速发展首先得益于人民群体的企业家精神,而企业家精神是创业创新的统一。金融作为现代经济活动的核心要素,是培育企业家精神的关键因素。在以银行间接融资为主的金融结构体系下,金融对企业家精神的培育作用还比较有限。因此,应加快完善金融组织体系,创新金融资源配置方式,协调金融内部发展结构,充分发挥金融体系的筹资融资、资源配置、价值增值、信息揭示和传递、风险管理、监督激励等多种功能,构建完善一个多元化、多层次的企业家精神金融支持体系,推动经济创新、再创业和转型发展。     

论期货公司业务创新空间

本文在<期货交易管理条例>的法律框架内,从两个方面对我国期货公司的业务创新机遇进行分析:一是在现行金融市场和期货监管制度下期货公司的业务创新空间,二是在<期货交易管理条例>规制内,期货业务的制度创新空间.本文认为,在法规允许范嗣内积极开展与银行、信托公司、券商等金融机构的业务合作,是期货业务创新的现实突破口;以制度创新推动期货公司的业务创新,逐步扩大期货公司在境外期货、期货投资咨询与顾问、期货公司受托理财、期货交易顾问与期货基金等业务以及自有资本使用范围等方面的行政许可范围,将能真正打开期货公司业务创新的新天地.     

The impact of digital transformation of manufacturing on corporate performance — The mediating effect of business model innovation and the moderating effect of innovation capability

Digital technologies have been rapidly changing traditional industries. In the given context, this study reveals the internal influence mechanism of digital transformation on the corporate performance of the manufacturing industry based on the resource-based view theory. We build a theoretical framework incorporating business model innovation and innovation capability as mediator and moderator variables. To evaluate our hypothesis, we conduct an empirical study on 255 Chinese manufacturing enterprises. We classify digital transformation into exploitative and explorative transformations with the ambidexterity theory. The results show that exploitative and explorative digital transformations significantly and positively impact corporate performance, and business model innovation has a significant mediating effect. Innovation capability positively moderates the impact of exploitative and explorative digital transformations on business model innovation and moderates the mediating effect of business model innovation. This paper provides support for promoting the deep integration of the digital economy and the real economy.     

对以色列科创模式及中以合作的思考

近几年,国际经济关系日益复杂,中国迫切需要借鉴国际先进经验,对国内科技产业发展战略进行优化,以完成科创全产业链升级。由于中以在全球高科技产业链中存在较强互补性,中以两国在科创领域的经贸合作在过去几年持续升温。作为全球科创强国,以色列科创产业的优势恰恰对应着中国科创产业的弱势环节,这使得加强与以色列在科创领域的合作、挖掘以色列科创体系中适合我国的策略并加以借鉴具有重要现实意义。然而,现存文献对以色列科创产业的梳理并不全面,中国相关部门难以做出政策指引。本文阐述"金融支持"和"政策支持"对以色列科创产业的重要贡献,剖析以色列科创产业最新特点,最后,结合上述分析与中以合作现状,为中国借鉴以色列先进经验发展自身科技产业、改善中以合作提供政策建议。     

论商业银行中间业务的现状与发展趋势

商业银行在现代的经济生活中扮演重要的角色,它的发展对社会经济的发展具有重要的促进作用.由于利率市场化和金融脱媒的作用,促使银行进行业务的转型,大力发展中间业务,使我国商业银行中间业务得到了快速发展,.本文探讨了商业银行中间业务发展中存在的问题,对商业银行的影响因素进行了分析,并针对存的问题,给出了促进我国商业银行中间业务发展的对策及建议.     

上海开展科技银行业务的经验借鉴与实施策略

在后金融危机时代,经济发展与社会进步越来越倚重于科技创新能力、金融市场效率,尤其是科技创新链条与金融市场链条的联合创新。本文从如何为科技型中小企业提供优质高效金融服务出发．阐述科技银行业务的内涵,分析上海开展科技银行业务的优势,结合科技银行业务的国际经验,提出上海开展中国式科技银行业务的实施策略。     

The future imagined: Exploring fiction as a means of reflecting on today’s Grand Societal Challenges and tomorrow’s options

European science policy (so-called Horizon 2020) is guided by Grand Societal Challenges (GSCs) with the explicit aim of shaping the future. In this paper we propose an innovative approach to the analysis and critique of Europe’s GSCs. The aim is to explore how speculative and creative fiction offer ways of embodying, telling, imagining, and symbolising ‘futures’, that can provide alternative frames and understandings to enrich the grand challenges of the 21st century, and the related rationale and agendas for ERA and H2020. We identify six ways in which filmic and literary representations can be considered creative foresight methods (i.e. through: creative input, detail, warning, reflection, critique, involvement) and can provide alternative perspectives on these central challenges, and warning signals for the science policy they inform. The inquiry involved the selection of 64 novels and movies engaging with notions of the future, produced over the last 150 years. Content analysis based on a standardised matrix of major themes and sub-domains, allows to build a hierarchy of themes and to identify major patterns of long-lasting concerns about humanity’s future. The study highlights how fiction sees oppression, inequality and a range of ethical issues linked to human and nature’s dignity as central to, and inseparable from innovation, technology and science. It concludes identifying warning signals in four major domains, arguing that these signals are compelling, and ought to be heard, not least because elements of such future have already escaped the imaginary world to make part of today’s experience. It identifies areas poorly defined or absent from Europe's science agenda, and argues for the need to increase research into human, social, political and cultural processes involved in techno-science endeavours.     

“草根”金融P2P信贷模式探究

P2P信贷即网络信贷,具有小额、无担保、快捷、网络化的特点,又被称作"草根"金融模式。P2P信贷模式在全球范围内发展迅猛,迸发出强劲的生命力,近几年我国也相继诞生了上千家P2P信贷平台。通过对P2P信贷模式的运营模式、自身优点和存在的风险进行研究分析,进而提出解决P2P信贷风险的建议。     

The New Narrative: Applying narratology to the shaping of futures outputs

Both scenario development and design practices incorporate elements of storytelling, but this use remains undertheorised. This paper will draw upon literary theory, film theory and science fiction criticism to develop an analytical model of narrative structure and rhetorics which speaks to the concerns of scenario developers and designers when engaged in shaping the final outputs or deliverables of a futures project.After highlighting the differing role of telos in art and futures and defining the metacategory of “narratives of futurity”, this paper then defines the terms “story”, “narrative”, “narrator” and “world” in the literary context. It then shows how those concepts map onto futures practice, before going into detail regarding the variety of narrative strategies available across a range of different forms and media, and the qualitative effects that they can reproduce in audiences. There follows the construction of a 2 × 2 matrix based on the critical concepts of narrative mode and narrative logic, within which narratives of futurity might be usefully catalogued and compared, and from which certain broad conclusions may be reached as regards the relation between choice of medium and rhetorical effect. The implications of this analysis are explored in detail.     

“十二·五”时期商业银行业务创新与技术创新的融合

“十二五”期间商业银行机遇与挑战并存。要改变传统上依靠资本消耗的增长模式,银行唯有坚持不断创新,提高核心竞争力。“十二互”期间我国银行业要在管理创新、产品和服务创新、渠道创新等方面有所突破,必须加强业务创新与技术创新的融合。因此,商业银行需要从战略层面保证IT战略、IT架构和银行总体战略一致,加强信息标准化和信息整合,加强和完善IT治理,加强IT风险管理,改进内部创新机制,加强复合人才培养,以业务创新引领信息技术创新,以信息技术创新推动业务创新,推进业务创新和技术创新的相互促进和融合。     

政府创新偏好与区域创新能力:如愿以偿还是事与愿违?

本文基于中国地方政府不同程度上参与区域创新系统建设的事实特征,以城市作为考察单元,并使用包含专利价值的创新指数反映区域创新能力,在因果分析框架下从财政投入强度和财政支出结构的双重视角系统评估政府创新偏好对区域创新能力的影响效果。研究发现:在中国情境下,政府创新偏好与区域创新能力之间表现出稳健的正向关系,这种正向影响在因果分析框架下仍然成立。异质性分析表明:就政府创新偏好对区域创新能力的作用效果而言,东部和中部区域作用效果比西部区域更为明显;大城市作用效果比中小城市水平略低。随着区域创新能力不断增强,政府创新偏好对增强区域创新能力的重要性不断凸显。最后,本文还证实扩大对外开放水平、促进人力资本积累以及改善制度环境有助于充分释放政府创新偏好的技术创新效应。     

财政科技创新项目绩效审计评价指标设计及应用

财政项目支出绩效审计是政府绩效审计的重要内容,如何构建合理的绩效审计评价指标并运用科学的评价方法是获得客观的审计结论的重要前提.本文分析了绩效审计评价指标体系的构建原则,在此基础上构建了一项财政科技创新项目的绩效审计评价指标,并采用层次分析法和模糊综合评价法对该项目进行绩效审计评价,将定性评价的指标演算为量化的评价结论.最后,在结论部分,对模糊层次分析法在绩效审计评价中的运用进行了总结.     

Owning the consumer—Getting to the core of the Apple business model

This paper uses a business model framework to analyze the main limitations of Apple Inc. post-2003, a significant turning point in the company's history. As such, we move beyond an exclusive focus on what makes Apple unique or different by evaluating the mundane and out-dated elements of its business model. To do so, we examine the end-to-end supply chain, from source to store, to present a more holistic evaluation of the Apple business model. Drawing on the existing literature, we argue that the quintessential element of the Apple business model is its ability to ‘own the consumer’. In short, the Apple business model is designed to drive consumers into its ecosystem and then hold them there, which has been hugely successful to date and has allowed Apple to wield enormous power in the end-to-end supply chain. We demonstrate this through a detailed evaluation of Apple's physical and content supply chains and its retailing strategy. Moreover, we find that the very business processes that enable unparalleled corporate control bring with them new problems that Apple has thus far been unable, or unwilling, to adequately address.     

Business models in the search for efficiency: the case of public financial intermediaries

This paper presents an optimal business model configuration for public financial intermediaries (PFIs). Using nonparametric techniques on Italian public financial corporations, the most efficient business models combined asset diversification and income specialization. These business models were unaffected by external financial turmoil, due to weak connections between PFIs and the traditional financial circuit; and public–private ownership is more efficient than purely public ownership, regardless of the business model adopted.     

Pricing credit-risky bonds and spread options modelling credit-spread term structures with two-dimensional Markov-modulated jump-diffusion

The relationship between company hazard rates and the business cycle becomes more apparent after a financial crisis. To address this relationship, a regime-switching process with an intensity function is adopted in this paper. In addition, the dynamics of both interest rates and asset values are modelled with a Markov-modulated jump-diffusion model, and a 2-factor hazard rate model is also considered. Based on this more suitable model setting, a closed-form model of pricing risky bonds is derived. The difference in yield between a risky bond and risk-free zero coupon bond is used to model a term structure of credit spreads (CSs) from which a closed-form pricing model of a call option on CSs is obtained. In addition, the degree to which the explicit regime shift affects CSs and credit-risky bond prices is numerically examined using three forward-rate functions under various business-cycle patterns.