The China (Shanghai) Pilot Free Trade Zone: Background,Developments and Preliminary Assessment of Initial Impacts

The China (Shanghai) Pilot Free Trade Zone (SPFTZ) founded one year ago is a trial for China's new round of reform and opening up, which has promised liberalisation on the capital account and trade facilitation as its main objectives. Here, we discuss why China adopted such a pilot zone after three decades of economic development, and explore what the differences are between the SPFTZ and other free trade areas, and developments of the SPFTZ in the past year. We also make a preliminary assessment of the SPFTZ's initial impacts, especially of its impact on China's capital account opening and financial liberalisation. It is possible that the successful practice of the SPFTZ and more pilot policies replicated in China will give rise to a more balanced Chinese economy in the following decade.     

Individual Large Shareholders,Earnings Management,and Capital‐Market Consequences

Using a large hand‐collected sample of all blockholders (ownership ≥ 5%) of S&P 1500 firms for the years 2002–2009, we first document significant individual blockholder effects on earnings management (accrual‐based earnings management, real earnings management, and restatements). This association is driven primarily by these large shareholders influencing rather than selecting firms’ financial reporting practices. Second, the market's reaction to earnings announcements suggests that investors recognize the heterogeneity in blockholders’ influence on earnings management. The results highlight the highly individualized effects of blockholders and a mechanism through which shareholders impact reported earnings.     

Firm location,political geography and environmental information disclosure

As the subjective and objective factors that influence corporate behaviours, political region and firm location are of great importance to environmental information disclosure (EID). With spatial and political geography as a research perspective, this article makes a study by using the samples of manufacturing listed companies from 2009 to 2011. As a result, we determine that regulatory distance and political geography had negative effects on EID, while political geography weakens regulatory distance’s function. After considering an enterprise’s administrative rank, we determined that when the rank is higher, regulatory distance has negative effects on EID; when the rank is lower, the effects are the opposite. Regarding political geography, it always weakened the regulatory distance’s function. Moreover, the effects are significant only when the enterprises had low governmental regulation. The study shows the effects that firm location and political geography have made on EID. At the same time, this study also gives theoretical and empirical evidence to the necessity of raising governmental regulatory effectiveness.     

融入策划思想的规划思路探讨——以同里景区控制性规划为例

经济全球化的大背景下，投资体制、资源和利益分配体制都快速的摆脱原来计划经济的轨道，越来越受市场规律的引导和制约，在投资渠道越来越多元的今天，建设程序也有了很大的不同，这些变革都要求我们在规划过程中打破原来以物质空间规划为重心的规划方式，全方位的革新规划的技术方法和思路．为了在规划过程中真正理解规划实施的最重要因素“市场需求”，我们尝试在同里景区控制性规划中借鉴市场营销等方面的理论，引入市场策划的思想，力求让规划成果兼顾投资方利益以及公共利益，使之在实施过程中具有更高的可行性和可操作性。     

论公用企业反垄断的法律机制

公用企业的自然垄断性已大大减弱，市场机制发挥作用的领域正逐渐扩大。为了适应公用企业发展的这种需求，各国通过废除公用企业特权和专有权、限定基本经济利益等手段，放松了对这些行业的管制，实现了价格形成机制的市场化以及产品销售的市场化。我国要打破公用企业的垄断局面，就应完善部门法的规定，建立有效竞争机制，为反垄断法在公用企业领域的适用提供必要的体制支持。     

股票基金红利再投资比例的实证研究

开放式基金"红利再投资比例"指的是基金分红时,投资者以红利再投资方式进行的收益分配占总收益分配的比例。红利再投资比例的研究可以为基金制定正确的分红策略提供依据。文章通过对股票型开放式基金红利再投资比例的研究,发现基金份额、基金存续时间与基金红利再投资比例正相关。这说明基金持有人对基金管理人越有信心,基金持有人投资基金的时间越长,则选择红利再投资的可能性就越大。     

科学技术对农民工市民化的影响因素分析

农民工市民化,是指他们在身份上获得城市居民相同的合法身份和社会权利的过程,最明显的标志是获得所在地的城市户口及相应的社会权利。科技进步促进了农民工市民化的进程,但同时科技进步对农民工市民化也提出了挑战,我们必须加快科技进步,促进农民工向市民的尽快转变,找到我国“三农”问题的突破口。     

基于“博弈人”假设的民营企业员工招聘问题分析

随着民营企业的迅速发展,人力资源成了21世纪民营企业最重要的战略资源,而员工招聘是民营企业获取优秀人力资源的主要渠道。员工招聘过程是应聘者和企业双向选择的过程。本文基于"博弈人"假设,将招聘过程看成是一个招聘者与应聘者双方博弈的过程,并在内部招聘和外部招聘两种模式下,建立博弈模型,并探讨其博弈均衡情况,为民营企业的招聘工作提供决策参考。     

双层网络嵌入下结构洞对企业二元创新的影响研究

网络结构特征影响企业知识转移与知识组合效果,进而对创新绩效产生复杂作用。利用我国165家上市企业2007—2018年专利面板数据,实证检验企业知识与协同双层网络嵌入对二元创新绩效的影响,并分析战略柔性和开放度对上述关系的调节作用。研究结果表明,企业知识网络结构洞正向影响利用式创新绩效,负向影响探索式创新绩效;协同网络结构洞与二元创新均存在负相关关系。同时,战略柔性和开放度调节双层网络结构洞与二元创新的关系,且变量间存在有效匹配关系：知识网络结构洞—开放度促进利用式创新绩效提升,而协同网络结构洞—战略柔性促进探索式创新绩效提升。研究结论为解决结构洞与企业创新关系的分歧带来新思路,同时为企业创新绩效提升提供理论借鉴。