国内保险集团战略趋同的成因与对策

近年来,我国保险业始终保持了又好又快发展的良好势头,取得了令人瞩目的成绩。随着保险业的不断发展,一批具有较强实力的保险集团开始出现,当竞争进入到一定阶段之际,各保险集团间的发展战略开始有一定程度的趋同倾向。占据市场主导地位的保险集团在战略上趋同,将使得集团间的竞争更加复杂和激烈,也将对保险业的未来发展产生深远影响。本文旨在探讨这种现象的成因、影响,以及保险集团对此应采取的一些对策。     

Collateral in Monetary Policy Operations

We present a portfolio decision model for banks that permits us to estimate the costs associated with the need to collateralise loans from the central bank. This allows us to calibrate the difference between a restrictive collateral eligibility framework for open market operations, such as that applied by the FED, with a more flexible approach such as that of Eurosystem. We also document that there could potentially appear relevant cost differences between the various collateral mobilisation procedures (pooling and earmarking) that currently coexist in the eurozone.     

‘The Re Tea Corporation principle and junior creditors’ rights to participate in a scheme of arrangement – a view from Singapore'

This paper examines the application of the principle derived from Re Tea Corporation's case in recent schemes of arrangement to break negotiation deadlocks between senior and junior creditors of a financially distressed company. This paper argues against an overly technical application of the principle in Re Tea Corporation's case which might work injustice towards junior creditors by effectively shutting them out of a restructuring. This paper further explores how the holdout problem, which led to the formulation of the Re Tea Corporation principle in the first place, could be addressed while balancing the competing interests of junior claimants in a scheme of arrangement. Copyright © 2011 John Wiley & Sons, Ltd.     

董事会结构、股权结构与中小企业绩效

以中小企业板2004～2009年数据为基础,分析了中小上市企业董事会结构、股权结构与绩效之间的关系。实证结果表明,中小上市企业的董事会结构、股权结构与绩效之间的内生性特征不显著。董事会规模对Tobin’Q具有负向影响,对总资产收益率无显著影响。CEO双重性对Tobin’Q和总资产收益率分别具有负向影响和正向影响。董事会独立性对总资产收益率具有负向影响,对Tobin’Q无显著影响,表明独立董事在中小上市企业中并未起到有效的监督作用。Tobin’Q和股权集中度之间呈现显著的倒W形关系,但总资产收益率和股权集中度之间无显著相关性。Tobin’Q和总资产收益率与管理层持股之间均呈现显著的N形关系。     

面向融通仓系统的物流企业选择优化研究

融通仓系统建立过程中的一个关键环节就是物流企业的选择,它直接关系到该系统能否稳定持续地运行。针对融通仓系统物流企业选择过程所面临的信息不完全性、复杂性、未确知性,本文引入修正熵权的未确知测度方法建立决策模型,该模型将专家确定的权重与熵权结合起来,得到综合考虑主客观因素的指标权重向量,从而提高权重确定的准确性和评价结果的可信度。最后通过案例分析论述了具体的应用过程,表明该模型的合理性和有效性,为融通仓系统物流企业的优化选择提供一套切实可行的方法。     

The value of relational learning in global buyer‐supplier exchanges: a dyadic perspective and test of the pie‐sharing premise

Research in collaborative interorganizational relationships has typically focused on the value of these relationships to a specific supply chain partner. Furthermore, the phenomenon has rarely been explored in a global setting. Using primary data from 126 cross‐border dyads, we investigate the influence of relational learning on the relationship performance of both the buyer and the supplier, testing the contention that both members (1) benefit from relational learning efforts and (2) enjoy equal pieces of the benefits pie. We find that three specific types of relational learning (information sharing, joint sensemaking, and knowledge integration) influence relationship performance, and that these dimensions of relational learning affect supply chain partners in different ways. We draw conclusions regarding the relative value of relational learning for both buyers and suppliers. Copyright © 2011 John Wiley & Sons, Ltd.     

基于熵权—模糊综合评判的产业集群自主创新能力评价方法研究

在对产业集群自主创新能力的内涵及其构成进行分析的基础上,得到了产业集群自主创新能力的评价指标体系。将模糊综合评判中的主因素突出型、加权平均型和全面制约型三类隶属度结合起来,构造了符合客观实际的隶属函数,从而得到了产业集群自主创新能力综合评价模型。同时,在确定权重过程中,利用反映指标真实情况的指标熵,结合专家调查,得到兼顾主客观状况的评价指标权重,通过实证检验证明了此评价方法在产业集群自主创新能力评价中的有效性。     

Linking Transformational Leadership and Team Performance: A Conflict Management Approach

This study develops a model in which transformational leadership affects team coordination and performance through the conflict management approaches adopted by team members. Data were collected from three different sources in a lagged design from 108 teams in a large enterprise in China. Results support the reasoning that transformational leadership promotes team coordination and thereby team performance by encouraging teams to adopt a cooperative, as opposed to competitive, approach to conflict management. These results suggest that transformational leadership may help team members manage conflicts for their mutual benefit. This is an important mechanism through which transformational leadership enhances team coordination and, in turn, achieves higher team performance.     

Corporate cash holdings and dividend payments: evidence from simultaneous analysis

This study explores the simultaneous relationship between corporate cash holdings and dividend policy using a large sample of around 400 non‐financial firms for the period from 1991 to 2008. The results show that cash holdings are affected by dividends, leverage, growth, size, risk, profitability, and working capital ratio. Dividend policy is affected by cash, leverage, growth, size, risk, and profit. When controlling for simultaneity, dividend payments do not appear to significantly affect cash holdings, nor do cash holdings affect dividend policy. The empirical analysis suggests that simultaneity is crucial in analyzing corporate cash holdings and dividend policy. Copyright © 2011 John Wiley & Sons, Ltd.     

Testing and detecting jumps based on a discretely observed process

We propose a new nonparametric test for detecting the presence of jumps in asset prices using discretely observed data. Compared with the test in Aït-Sahalia and Jacod (2009), our new test enjoys the same asymptotic properties but has smaller variance. These results are justified both theoretically and numerically. We also propose a new procedure to locate the jumps. The jump identification problem reduces to a multiple comparison problem. We employ the false discovery rate approach to control the probability of type I error. Numerical studies further demonstrate the power of our new method.