金融危机下经济民族主义的回归与思辨

在介绍经济民族主义起源与思想本质的基础上,阐述了金融危机下经济民族主义的三种主要手段:保护贸易、保护资金、保护就业。在对经济民族主义展开理性分析的同时,结合金融危机下国际经济民族主义现状提出了我国的应对建议。     

Futures and futures options with basis risk: theoretical and empirical perspectives

Under a no-arbitrage assumption, the futures price converges to the spot price at the maturity of the futures contract, where the basis equals zero. Assuming that the basis process follows a modified Brownian bridge process with a zero basis at maturity, we derive the closed-form solutions of futures and futures options with the basis risk under the stochastic interest rate. We make a comparison of the Black model under a stochastic interest rate and our model in an empirical test using the daily data of S&P 500 futures call options. The overall mean errors in terms of index points and percentage are ?4.771 and ?27.83%, respectively, for the Black model and 0.757 and 1.30%, respectively, for our model. This evidence supports the occurrence of basis risk in S&P 500 futures call options.     

城中村改造过程村民合法权益可持续保障探讨

目前在我国城中村改造过程中存在着村民合法权益得不到保障的现象。文章从城中村改造的模式入手,探讨了村民合法权益的可持续保障问题,分析了村民权益得不到保障的原因,并就此给出了相应对策。     

阅读难易程度与信息披露质量——基于易读衡量和关联因素视角的分析

当前信息披露传递的质量与效率正受到多方利益相关者的日益关注,其中披露信息阅读难易程度的相关研究由此开始得以重视。文章系统梳理比较了国内外易读性衡量及研究的方法与发展趋势,进而从信息提供者和信息使用者的角度,探讨企业操纵信息披露阅读难易程度的关联因素与后续效应,并提出未来在财经领域强化信息披露阅读难易程度相关研究的思路与建议。     

海洋强国战略背景下我国海洋综合管理转型升级路径初探

海洋强国战略是我国当下海洋重大部署,而作为重要的支撑与后盾,我国海洋综合管理中存在资源过度开发、海洋生态与可持续发展能力衰减、海洋管理体系落后、海洋机制不健全、部门分散与权责不清等方面的问题,海洋综合管理亟待转型升级。文章在分析海洋综合管理核心内容的基础上,对比研究世界海洋管理先进国家和地区的管理模式、特点与值得借鉴的经验,试探性提出我国海洋综合管理升级转型需技术创新、资源整合、机制优化、人才建设四轮驱动来完成,并提出相应的政策建议。     

Corporate giving in Taiwan: agency cost theory vs. value enhancement theory

This article examines the determinants of corporate giving (CG) in Taiwan according to agency cost (AC) and value enhancement (VE) theories. Panel regression test results reveal several new and interesting pieces of evidence. First, VE determinants outweigh AC determinants in explaining CG there. Second, the positive link between the current CG ratio (CGR) and the lagged CGR (CGR(-1)) suggests the consistent nature of CG. Third, after the global financial crisis in 2008, the influence of debt leverage on CGR vanished, but the impact of managerial insiders’ shareholdings on CGR became significant. Last, the influences of VE determinants and CGR(-1) on CGR remain during both pre-crisis and post-crisis periods. Moreover, after the crisis, CG was still motivated to create current value for shareholders, and was apparently used as a business strategy to signal companies’ financial or managerial stability.     

Reduction in nitrogen fertilizer use results in increased rice yields and improved environmental protection

Overuse of nitrogen fertilizer represents a considerable environmental problem globally, but especially in China. Recently, a recent approach on an experimental scale based on the diffusion of the so-called Three-Control Technology (TCT) successfully alleviated the overuse of nitrogen fertilizer in southern China villages in the Guangdong Province, serving as a reference point for other rice-producing countries tackling similar challenges. Here, we assessed the correlation between rice yields and reduction in the use of nitrogen fertilizer following the introduction of TCT. Our study was based on the collection of primary data from 248 households randomly selected from four rice-growing areas of Guangdong Province, China. Our results show that TCT significantly improved the efficiency in the use of nitrogen. Crucially, participating farmers, including both full adopters and partial adopters, were found to fundamentally change their application practices of nitrogen fertilizer, resulting in major improvements in the local soil and water systems.     

西安市林业高效复合经营模式与效益调查

通过对西安市近年来主要实施的林—油、林—菜、林—苗、林—禽、林—菌、林—药等林业高效复合经营模式及其效益进行深入调研和分析,确定了不同类型的林地宜采用的具体复合经营模式和不宜种植的作物种类,为今后实施林下复合经营提供了科学依据。