中国上市公司资本结构动态调整机制研究

本文从动态角度对中国上市公司资本结构的调整行为进行了研究.结果表明,我国上市公司存在最优资本结构,整体上表现为负债不足,由于调整成本的存在使得公司在偏离最优水平后只能进行部分调整.调整速度会受到公司规模、成长性和偏离最优水平的程度等因素影响,而且会因时间、行业和公司规模的不同而存在显著差异.     

全球国际收支失衡的可持续性、调整时机与对策建议

全球国际收支失衡是我们讨论的一个出发点,对此我们有着明显不同的观点.总的来说,我们没有考虑到美国国际收支失衡的可持续性.我们提到了有关解决全球国际收支失衡的一些问题和概念,比如美国的资产回报率可能比较高等问题;前面的讨论主要是考虑到亚洲的顺差,特别是中国的顺差;有时候政策制订者会对危机做出过度反应;余永定也提到中国实际上并不想拥有太多的外汇储备.     

Economic and equity effects on tax reporting decisions

This study examines reporting in a tax setting for which the typical empirical findings cannot be explained either by conventional economic theory or by equity theory alone. Instead, our results show that both conventional economic forces and equity considerations play important roles in reporting decisions. We extend previous research relating perceptions of inequity to reporting decisions by demonstrating that, in the absence of perceptions of inequity, reporting decisions are consistent with the conventional economic prediction. When perceptions of exchange inequity are experimentally induced, reporting decisions are inconsistent with the conventional economic prediction, but consistent with features of actual tax reporting in the field. Further analysis demonstrates that the reason these reporting decisions are inconsistent with the economic prediction is that exchange inequity effects induce taxpayers to report less income, thereby offsetting the economic forces that provide incentive for individuals to report more income. Building on earlier work, our study offers a more comprehensive explanation for why conventional economic analysis fails to accurately predict reporting decisions in the field.     

Size matters: The impact of financial liberalization on individual firms

We attempt to answer the following questions: What are the revaluation effects and the impact on performance, volatility, and return correlation from stock market liberalization in emerging markets? These questions have been studied extensively at the market level but not at the firm level. Our results show significantly different impact of stock market liberalization across firms. Large firms tend to exhibit large revaluation effects, insignificant change in performance, large declines in volatility, and insignificant change in correlation from liberalization. Small firms show small revaluation effects, improved performance, smaller decline in volatility and decreases in correlation after liberalization.     

Security issues in Europe: An Asian perspective

The future of European and Asian security can no longer be separated owing to pervasive globalization, the rise of East Asia as a new geopolitical hub, and the increasing web of interests that binds the United States, the European Union (EU), and East Asia together. Of the three key relationships‐the transatlantic, the transpacific, and the Eurasian‐the latter remains the weakest owing to a combination of historical, political, and economic reasons. Improving this relationship from the strategic, economic, and conceptual dimensions will bring significant dividends to the two regions. Operationalizing this challenge, however, is going to be cumbersome and time consuming given the historical lack of strategic interaction between East Asia and Europe.     

Rivalry for export promotions

This paper investigates rivalry for export promotions among seven industrial countries. The hypothesis in this paper is concerned with the trade-income relationship, both intra-country and inter-country, viewed from the perspective of strategic trade policy theory. A system of seemingly unrelated equations estimated by Zellner's iterative efficient method yields mixed relationships. The results provide important policy implications for reconciling trade policies among the countries.     

A conceptual and analytical framework for business process reengineering

BPR has become a hot buzzword in management and information systems disciplines. However, there is a lacuna in recognizing the characteristics and the way of performing BPR. In this paper, we categorize the reasons for BPR failure as the lack of understanding of and the inability to perform BPR, and we reviewed BPR based on the four key concepts: fundamental, radical, dramatic, and process. We argue that SSM can be applied in performing BPR in the following ways:

1. (1) SSM can be a general methodology for BPR,

2. (2) SSM can be an analytical framework for BPR, and

3. (3) SSM is able to deal with the ill-defined and complex business situation in a BPR effort.

To illustrate the applicability of SSM in the context of BPR, we describe a live case of a BPR effort in developing and implementing an image processing system for hospital ward ordering. Finally, in order to demonstrate the power of SSM, by extending SSM considerations of What/How, we elaborate further on the What's and How's conceptual framework of an analysis and redesign effort. Based on this framework, we review the roles of information technologies in BPR.     

The choice of a monetary instrument in a small open economy: The case of Korea

Using a small macroeconometric model of Korea, this paper evaluates the correct choice of a monetary instrument (either the money stock or the interest rate), the optimal multiperiod policy, and the value of current information on some monetary varialbles.