The causality between FDI and sector-specific production in Turkey: evidence from threshold cointegration with regime shifts

This article considers bidirectional nonlinear cointegration relation between FDI and industrial output in Turkey. The data cover the monthly period 2005:1–2013:10 for the time series of total industrial production, 36 sub-industrial sectors’ production and FDI. Following nonlinear threshold cointegration and VECMs, the article yields that (i) total industrial production and nine sub-industrial productions have positive long-run impact on FDI with significant error corrections, (ii) six sub-industrial productions have short-term influence on FDI, (iii) FDI has long-run positive impulse on total industrial production and nine sub-industrial productions with some significant error corrections and (iv) FDI affects four sub-industrial productions in the short run as well as in the long run. The results of VECMs from (i) also reveal that the all short-term adjustment parameters are found significant and powerful in 10 typical regimes (Regime-1s) and in 5 extreme regimes (Regime-2s). Finally, the outcome of VECMs from (iii) yields that short-term adjustment parameters are found significant and powerful in two typical regimes and in four extreme regimes. Eventually, considering FDI’s positive impact in the short and long run, this article suggests that policymakers promote specifically the FDI inflows to the sectors of intermediate goods, manufacture of beverages, manufacture of rubber and plastic and manufacture of other nonmetallic mineral products.     

商业银行与中小企业共赢之道——供应链融资

供应链融资是近年来全球商业银行界最关注的一项金融业务。我国的商业银行通过向供应链的各个环节提供融资支持,促进了中小企业发展和贸易复苏,为我国经济摆脱金融危机负面影响起到了积极的促进作用,商业银行的客户基础和利润来源也得以扩展。     

Working capital management in SMEs

This paper analyses the determinants of Cash Conversion Cycle (CCC) for small‐ and medium‐sized firms. It has been found that these firms have a target CCC length to which they attempt to converge, and that they try to adjust to their target quickly. The results also show that it is longer for older firms and companies with greater cash flows. In contrast, firms with more growth opportunities, and firms with higher leverage, investment in fixed assets and return on assets have a more aggressive working capital policy.     

Financial Transparency and Sources of Hidden Capital in Turkish Banks

This paper investigates how changes in regulatory and economic environments affect the transparency of banks’ financial-statements. Reregulation and a volatile economy make Turkish banks the ideal sample. I disaggregate sources of both hidden and booked capital in Turkish banks traded on the Istanbul Stock Exchange between 1988 and 2006. Hidden capital account for the difference between the accounting and opportunity-cost measures of a firm’s net worth. Increases in hidden capital in crisis periods indicate a greater reliance on government-contributed safety-net capital. The increase in hidden capital is more pronounced for large banks. Too-Big-To-Fail policies may explain why large banks are the beneficiaries of government-contributed capital.     

当前人民币汇率争议的文献综述及改革的趋势

随着经济步入＂后危机时代＂,国际贸易保护主义风险加剧,人民币汇率再次成为争论的焦点,2010年5月24日至25日在北京举办的一年一度的中美战略与经济对话也将此作为四项议题之一进行讨论。如何判断人民币当前的汇率水平是否合适、人民币汇率变动对中美之间的贸易会产生何种影响、人民币汇率改革将走向何方等成为理解这一热点问题的关键。本文围绕人民币汇率是否低估、人民币汇率是否可以解决贸易问题、以及人民币汇率形成机制改革等议题,对当前理论界和学术界的各种观点进行了全面梳理,试图为深刻理解人民币汇率制度未来的改革方向研究提供参考。     

外汇储备管理的多层次需求分析框架——挪威、新加坡的经验及其对中国的借鉴

现代货币理论中个人持有货币余额的需求动机理论可以引入到政府持有外汇储备的需求动机的分析中,这种需求动机可以分为交易性、预防性和盈利性三大类。结合发展中国家以及产业结构相对单一的发达国家的经济实践,外汇储备需求动机还应包括发展性需求。挪威和新加坡分别以其全球配置的组合管理和专业化的公司管理实现了多层次需求外汇储备管理,在明确外汇储备需求动机、外汇储备组合管理、确立专业化运作主体、建立严格的管理体系等方面为中国的外汇储备管理运作提供了参考。     

巨灾债券对投资组合分时期影响的实证分析

近十多年来,作为连接保险市场和资本市场的工具,巨灾风险证券化的产品很多。其中,巨灾债券的发行量最大、最为成功,它在扩大了保险承保能力的同时,为资本市场的投资者提供了一种高收益、低风险的投资工具。在分析巨灾债券的发行情况的基础上,对金融危机前后以及金融危机期间,巨灾债券对投资组合有效前沿的影响进行实证分析。分析的结果表明,巨灾债券作为一种特殊的资产,能够改善投资组合的有效前沿,并扩展投资组合的有效前沿,特别是在金融危机期间,这种影响更为显著。     

几种大学内部管理体制构架的动力特性比较分析

大学内部管理体制是以决策权力横向制衡为梁、以治理权力层级分配为柱而构建的运行构架,它是大学生存与发展的基础。文章将实体结构的"动力特性"概念加以抽象化和延伸,对几种大学内部管理体制构架的发展促动性和发展稳定性等进行了比较分析。     

Timeliness of Accounting Information in Family Controlled and Managed Companies in Brazil

The aim of this study was to assess the influence of family control and management in the quality of accounting information in Brazilian companies, with a focus on timeliness. The sample consisted of 72 Brazilian companies and 1,656 observations from 2008 to 2013. The results show that family-controlled companies are quicker to recognize good news related to the price of the respective stock. On the other hand, family managed companies showed low accounting timeliness in relation to recognition of good news. The findings contribute to the agency theory and the literature on family firms and confirm that such companies experience fewer agency problems arising from conflicts between majority and minority shareholders. In addition, the agency conflicts between the management and minority shareholders can be compounded by the recognition of good news not being in family managed firms.     

Can China realise its energy-savings goal by adjusting its industrial structure?

To investigate whether China can realise its energy-savings goal by 2020 through adjustments to its industrial structure, this study proposes a dynamic input–output multi-objective optimisation model. According to this model, the objectives to be achieved include the maximum gross domestic product and employment, and the minimum energy consumption, where the constraints are the sectoral dynamic input–output balance, labour and energy supply, and sectoral production capacity. The four best solutions are screened from the Pareto-optimal front. The study findings show that the energy intensities in 2020 would decrease by 42.8%, 43.5%, 42.9%, and 43.4% in the four scenarios when compared to their 2002 levels. This means that China can fully achieve its planned energy-savings target for 2020. In order to ensure that the industrial structure is optimised for the future, sectoral capital investments should be regulated by China's government and efforts to improve energy efficiency should be maintained.