大宗商品价格融入较多金融特性

随着全球金融一体化进程的加快，资本流动范围得以延伸，这使得大宗商品市场表现的金融属性越发明显。主导大宗商品市场的主要推力已不再是单一供需影响下的“商品属性”，而是越来越多地表现出与经济环境、金融市场运行的紧密相连。受供需和货币因素的共同影响，大宗商品价格在运行中融入了越来越多的金融特征。     

金融化对大宗商品的影响因素研究

近年来,国际大宗商品的价格大幅波动,其金融化程度日益加深。本文从价格视角,发掘利率、汇率和投机等金融因素对大宗商品价格的影响程度和方向。     

大宗商品价格中的中国因素和金融因素

针对2003年以来大宗商品价格剧烈变动引起的争论,本文采用CFTC数据构建了一个大宗商品金融投资与投机指数来代表金融因素,以中国工业增加值代表中国因素,采用结构VAR的方法对1998年1月到2012年8月大宗商品的价格变化因素进行了量化分析.脉冲响应函数显示中国因素和金融因素在整个样本期间对大宗商品价格影响显著.而分段的方差分解发现2003年12月之后中国因素和金融因素对价格变化的贡献显著增强,两者加总达到了45％,比2003年12月之前翻了一倍以上.最后,本文提出相关的政策建议.     

国际大宗商品价格波动对我国PPI的影响

随着中国与国际市场的关联度越来越高,本文从国际大宗商品价格波动的原因出发,分析其对我国工业品出厂价格影响的传导机制,并运用VAR模型量化其对工业品出厂价格的影响程度。研究表明国际大宗商品价格对我国工业品出厂价格有正向影响,并且影响存在滞后性,最后提出我国宏观经济发展政策及建议。     

货币政策立场与大宗商品价格的非线性关系 ——基于大宗商品金融化程度的视角

选取2008年3月—2020年6月月度数据,运用TVP-SVAR-SV模型和MS-VAR模型研究货币政策立场与大宗商品价格的非线性关系。结果显示：货币政策立场对大宗商品价格具有显著的时变影响,短期效应明显大于长期效应;当金融化程度高时,货币政策立场对大宗商品价格的影响更强、持续时间更久;相比于预期到的货币政策,未预期到的货币政策冲击对大宗商品价格的影响更显著,表明货币政策立场的重要性。     

评析大宗商品价格走势

本文首先分析影响大宗商品（包括能源商品、基础原材料和大宗农产品三个类别）价格的共同因素,其次分析三个类别各自特定影响因素。在以上分析的基础上预测三个类别大宗商品的价格走势。     

从国际大宗商品价格波动看“中国需求”

近年来国际大宗商品日益体现出较强金融属性,价格波动受交易主体的影响远大于供求关系本身。本文对最近5年国际铜市场价格变化与供需状况进行实证分析,通过协整检验建立误差修正模型(ECM),指出国际金融资本炒作"中国需求",利用期货市场金融化大宗商品的事实,并相应提出了行业政策建议。     

大宗商品涨价的预期传导

货币政策、美元走势以及投机活动都是影响大宗商品价格的重要原因,由于不同供给价格弹性的商品对于货币供应冲击在短期内的反应不同,各国货币管理者必须对从大宗商品价格到普通消费品价格的传导效应有所警觉。     

大宗商品价格波动与中国信贷市场运行分析

本文基于LA-VAR方法和CCF方法,对大宗商品价格与中国银行信贷市场主要变量之间的关系进行因果检验。检验结果显示:在5%的显著性水平上,大宗商品价格波动是存贷比、短期贷款利差、中长期贷款利差、总贷款余额、短期贷款余额变动的单方向原因。作者利用协整检验、VEC模型、脉冲响应和方差分解技术,分析了大宗商品价格波动对中国商业银行信贷市场的静态与动态影响。本文针对中国商业银行信贷市场的监管提出了两条政策建议:一是密切关注大宗商品价格并稳定大宗商品价格波动区间,二是货币政策的制定过程应纳入大宗商品价格。     

库存周期与大宗商品价格

库存周期是企业库存的投资等变量发生的短期波动。企业的库存行为影响大宗商品的价格。在库存重建阶段大宗商品价格上涨,去库存阶段大宗商品价格下跌。根据美国的PMI自有库存数据和国际大宗商品的实证研究显示,大宗商品的库存周期较为明显,特别是农产品和软商品。而中国的PMI库存数据和国内沪胶、沪铜、连豆的实证发现,国内大宗商品价格与中国库存周期相关度十分明显。     

Short-sale refinancing and price adjustment speed to bad news: Evidence from a quasi-natural experiment in China

Short selling may accelerate stock price adjustment to negative news. However, the literature provides mixed evidence for this prediction. Using short-sale refinancing and a staggered difference-in-differences (DID) model, this paper explores the effect of short selling on stock price adjustment. Our results show that (1) short-sale refinancing improves the speed of stock price adjustment to negative news. This result holds after we control for endogeneity. (2) The positive relationship between short-sale refinancing and stock price adjustment speed is significant in subsamples of stocks with higher earnings management or lower accuracy of analyst forecasts, indicating that firms with more opaque information are more likely to be targeted by short sellers. In subsamples of stocks with a higher ownership concentration or lower ownership by institutional investors, short selling is more likely to increase the speed of stock price adjustment, indicating that ownership structure may influence negative news mining. (3) As short-sale refinancing exacerbates the absorption of bad news by stock prices, it increases crash risk. This study enriches the research on the economic consequences of short selling and provides empirical evidence supporting regulations on short selling in China.     

Guidelines for Manuscripts Submitted to The China Journal of Accounting Research

正The China Journal of Accounting Research"CJAR"(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditing and corporate governance issues that relate to the greater China region.We welcome the submission of both theoretical and empirical research papers pertinent to researchers,regulators and practitioners.Authors should note:     

The China puzzle: Opportunities for accounting research

How can China achieve phenomenal economic growth despite what is considered as 'weak' institutions in market-based economies? Xu(2011) provides a framework to u...     

Aims and Scope

<正>The focus of the China Journal of Accounting Research is to publish theoretical and empirical research papers that use contemporary research methodologies to...     

Income smoothing and the cost of debt

The literature on income smoothing focuses on the effect of earnings smoothing on the equity market.This paper investigates the effect of income smoothing on th...     

The case for management history

This article defines the case for treating management history as a discrete subject area, although one closely related to business, accounting, labour, and industrial history. It seeks to concentrate on the nature, process, and practice of management as an activity within the organization, and to argue that it is important that modern British managers understand the intellectual and cultural roots of their profession, since without these they will tend to be swayed by short-term management 'fads'. Within the broad topic there are several identifiable sub-areas for potential exploration, including the comparative historical development of management between different countries, management institutions, managerial careers and labour markets, management structures, management skills, and management thought and theory.     

Cost accounting standard and cost accounting systems in Japan. Lessons from the past - recovering lost traditions

This paper aims to show two things. The first is how Japanese culture has contributed to the development of Japanese cost accounting history. The second is to reveal the research possibilities of cost accounting history. This paper also reviews the salient features of several important examples of these aspects of cost accounting practice in Japan. It therefore explores, through some practical illustrations, how and why Japanese cost accounting differs from that found in the West.     

The life and career of John Spence Ogilvy (1805-71), the first chartered accountant to emigrate to Australia

So far as the available evidence allows, this paper examines the life and career of John Spence Ogilvy, foundation member of the Society of Accountants in Edinburgh in 1854, who emigrated to Melbourne in 1856, but did not play a part in the development of an organized accounting profession in Australia. The paper also attempts to explain the gap of thirty-two years between the formation of the first accounting bodies in Edinburgh and Melbourne.     

Guidelines for Manuscripts Submitted to The China Journal of Accounting Research

【正】The China Journal of Accounting Research‘‘CJAR’’(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditin...     

Shared Standard Setting in the Public Interest:A Strong Model

正The last two decades have been a definitive era in the evolution of the accountancy profession.In the wake of major corporate scandals at the turn of the century,an international public debate arose on the need for more effective and well-considered regulation;this debate then reignited during the global financial and sovereign debt crises.