Pricing executive stock options with averaging features under the Heston–Nandi GARCH model

In this paper, we focus on the pricing issue of four types of executive stock options (ESOs) in the Heston–Nandi generalized autoregressive conditional heteroskedasticity option pricing model. Based on the derived benchmark strike prices in the proposed framework, we obtain the closed-form pricing formulae for four types of ESOs. In the numerical part, we investigate the sensitivity and cost efficiency of ESOs and suggest that systematic risk (stock β) and the fraction of wealth invested in restricted stock could impede the cost efficiency of ESOs.     

沙南污水处理厂一期改造及中水回用工程实践

河南省漯河市沙南污水处理厂一期升级改造及中水回用工程新增深度处理单元处理规模8万m3/d,中水回用工程输水规模9万m3/d,设计出水执行《城镇污水处理厂污染物排放标准》(GB18918-2002)一级A排放标准。介绍了深度处理设计方案中各个工艺单元的比选,就设计排放标准,对比了一期升级改造后与原工程的污水处理工艺及污染物去除效果,以及一期升级改造工程的社会环境效益等。升级改造工程经过1年多的连续运行和在线检测,出水指标达到设计要求。     

中部地区休闲农业可持续发展态势比较研究

[目的]通过分析中部6省休闲农业发展情况,对各省休闲农业可持续发展态势进行比较研究。[方法]围绕休闲农业可持续发展态势进行评价,根据休闲农业发展情况,确定休闲农业发展中的核心指标,从系统内部结构着手构建休闲农业可持续发展态势评价指标体系,并根据专家对各指标的打分结果,运用层次分析法确定各指标权重,结合中部地区农业、社会、经济和旅游等方面数据,对中部6省休闲农业可持续发展态势进行比较和分析,采用综合评价法,得出中部6省休闲农业可持续发展态势的综合排名。[结果]最终确定中部6省休闲农业可持续发展态势的综合评价指数,得到的河南省、山西省、湖北省、安徽省、湖南省和江西省的综合评价指数分别为0. 60、0. 24、0. 59、0. 43、0. 64、0. 46,并根据各省综合评价指数得出中部6省休闲农业可持续发展态势排名。其中,湖南省的休闲农业可持续发展态势最高,湖北省、河南省发展态势次之,江西省和安徽省休闲农业可持续发展态势较低,山西省休闲农业可持续发展态势最弱。[结论]中部地区休闲农业可持续发展态势差异明显,未来休闲农业可持续发展空间很大,中部地区发展休闲农业需要加强区域合作,发挥互补优势,提高旅游行业服务与管理水平,共建旅游发展大格局。     

Opportunity recognition and SME performance: the mediating effect of business model innovation

Opportunity recognition is vital for small and medium-sized enterprises (SMEs), but SMEs face challenges in capturing recognized opportunities. Given that opportunity recognition does not automatically lead to higher SME performance and that SMEs need to take appropriate actions to exploit recognized opportunities to achieve better performance, it is imperative to explore the mediators that enable SMEs to translate opportunity recognition into higher performance. This study proposes that business model innovation may be a key conduit through which opportunity recognition affects SME performance. Based on a dataset of 155 SMEs, we find that the positive relationship between opportunity recognition and SME performance is mediated by business model innovation. These findings not only aid SMEs in accomplishing the performance effect of opportunity recognition, but also provide some insights into the implications of business model innovation.     

河南省传统村落空间分布特征及影响因素研究

[目的]分析河南省传统村落的空间分布特征及其影响因素,以期为中原地区传统村落的建设发展提供指导。[方法]文章通过谷歌地理信息系统及Arc GIS10. 2软件对河南省124个国家级传统村落的空间分布类型、分布格局、分布均衡型及影响因素进行分析,采用最邻近距离法、核密度估计法及地理集中程度等方法揭示其空间分布特征及其形成的影响因素。[结果]最邻近距离法分析R=0. 628,小于1,分布类型为凝聚型。核密度分析中,整体空间分布呈现3个核心区域,平顶山东北区域,豫西北沿省边界呈带状分布及豫南信阳南部,空间分布受地理、经济和文化等因素影响。[结论]河南省传统村落的空间分布属凝聚型不均衡分布。从地级市层面上分析,主要集中在平顶山东部、信阳南部和三门峡地区;从分区层面上,以豫中较多,豫北、豫西和豫南其次,豫东基本空白。形成原因与地理高程、社会经济和历史事件有关。交通不便、经济相对发达或相对落后、历史事件少发的区域,传统村落保存较为完整。     

全域旅游示范区空间分布特征及影响因素分析

［目的］全域旅游示范区的确立为旅游业增添了新的旅游吸引模式，成为新时期我国旅游产业转型升级的重要途径之一。［方法］文章利用ArcGIS102，运用最邻近距离法、不均衡指数、核密度分析、等方法，对标记在地图上的500个全域旅游示范区的空间分布特征进行分析，并探究其空间分布差异的影响因素。［结果］（1）示范区空间分布不均衡，呈典型的聚集型分布，从区域角度来看，西部地区示范区数量多于东部地区，中部地区相对较少，与传统认知上的示范区分布格局存在一定错位； （2）示范区空间分布密度存在明显差异，其中江浙皖、湘赣交界、晋豫交界、陕渝交界等地区示范区聚集最多，形成显著的高密度区； （3）示范区规模度差距较大，上海、北京、江苏、天津等省市规模度较大，其他省市规模度较小； （4）示范区空间分布受到资源禀赋、区位交通、社会经济、政策环境等因素影响较大，呈现“傍景”“环路”的分布格局。［结论］全域旅游示范区空间分布不均衡，各省市既要挖掘自身核心竞争力，也要加强区域协调发展，突出示范区模范带头作用，达到辐射周边市县的效果，实现全域旅游资源优化配置。     

宁夏农民增收驱动力研究及对策建议

[目的]切实解决农民收入低且不稳定的弊端,是我国实现现代化、推进小康社会建设的重中之重。[方法]文章基于2000—2017年宁夏农民家庭就业劳动力水平、医疗条件、城镇化率、农业科技进步贡献率等指标数据,针对宁夏农业农村发展态势以及影响其农民收入变动的原因作以系统研究。[结果](1)18年来,宁夏农业农村在农民资本禀赋、农村经济制度建设、农业产业结构、农业科学技术以及粮食生产客观条件等方面都有了不同程度的提升。(2)宁夏农民家庭人均可支配收入快速上升,2017年达1.073 8万元,约为国家平均值的80%,仍存在收入低且不稳定的问题。(3)农民家庭就业劳动力初中及以上程度比重、农村社会固定资产投资额、支农支出和农林水事务费等因素不同程度地影响了宁夏农民的收入水准。[结论]为稳步推进农业农村改革,充分利用强农惠农的政策优势,从强化人力资本投入、完善多元化支农机制、深化一、二、三产业融合以及改进基础保障机制等角度指出了切实助益于宁夏农民收入稳定增长的对策。     

Venture capital,innovation, and growth: evidence from Chinese metropolitan data

Using panel data from 282 Chinese cities from 2003 to 2015, we estimate the impact of venture capital (VC) on innovation, employment, and payroll in metropolitan areas. Controlling for endogeneity, VC investments are significantly positively related to metropolitan innovation, employment, and payroll in a fixed effects panel regression and dynamic GMM estimation. Using the number of IPOs (Initial public offerings) in the city as an instrumental variable to again control for endogeneity, VC remains significant. Our results show that VC is significantly contributing to the metropolitan economy as a whole by supporting innovation, creating jobs, and generating wealth in the local cities.     

Does economic policy uncertainty raise corporate precautionary cash holdings? Evidence from China

Using China as the research setting, this paper investigates the relationship between economic policy uncertainty and corporate precautionary cash holdings. Empirical results show a U-shaped relation between economic policy uncertainty and corporate precautionary cash holdings. Empirical analysis, in terms of ownership structure, firm size, corporate competitiveness and geographical location, further shows that (i) the effects for economic policy uncertainty in both state-owned and non-state-owned enterprises are significant, but the effect is stronger for state-owned enterprises; (ii) such significant effect is also found more strongly in small and medium-sized enterprises and highly competitive enterprises; and (iii) the effects for eastern, central and western China are all statistically significant, but the effect is strongest for eastern China.     

Back to the future. Is industry 4.0 a new tecno-organizational paradigm? Implications for Latin American countries

ABSTRACT

The objective of this article is to establish a dialogue between the recent ‘Industry 4.0’ (I4.0) literature and evolutionary neo-Schumpeterean studies about techno-organizational paradigms. In that direction, we wonder whether I4.0 constitutes a new paradigm, as it is assumed by the first group of literature, or it represents – until the moment – an intensification of key features of the information and communication technology (ICT) paradigm, following the second group of studies. Some questions are raised about the implications of I4.0 for developing countries (DEC), afterwards. Specifically, we reflect on the possibilities of these countries to identify and take advantage of new windows of opportunity, opened by the development and diffusion of these technologies. In this regard, the review of recent Latin American experience raises strong concerns regarding I4.0 as a new source of intra- and international heterogeneity, linked to the severe difficulties these countries have in appropriating these technologies in the form of productivity gains and quasi-rents. It seems that this is partially derived from weak technological, organizational, and connectivity capabilities paths of accumulation between institutions and actors.