Determinants of income diversification: evidence from Chinese banks

This article presents an analysis of the determinants of Chinese commercial banks’ income diversification decisions. Using a panel dataset comprising 88 Chinese domestic banks from 2003 to 2010, we find that bank diversification reflects a variety of managerial abilities: insolvency risks, cost, capital position, asset scale and ownership structure. A larger ratio of banking assets to gross domestic product and lower interest spread lead to a higher level of diversification. Moreover, national banks and regional banks have different strategic responses to the macroeconomic, and indeed, regulatory environment. Resisting shocks from the banking sector and the macro economy, and supplementing liquidity shortages from intermediation business seem to be the driving forces of national banks to operate in non-banking sectors.     

Social capital and access to informal finance – evidence from Chinese private firms

This study investigates how firms’ social capital affects their access to informal finance. We argue that social capital helps reduce information asymmetry, increase trust between related parties and enforce lending contracts, so it has positive effects on firms’ access to informal finance. Using novel survey data of Chinese private firms, we find that firms with more social capital have more access to informal finance with lower costs. Further tests show that the effect of social capital is more significant when firms are located in regions with less developed market and lower community’s social capital and during the 2008 financial crisis.     

内生技术变迁视角下金融发展与产业结构升级

基于内生技术变迁视角，采用1985—2016年中国产业结构升级、金融发展、劳动力、技术创新相关数据，建立VAR模型进行脉冲响应函数分析和方差分解，并进一步构建VEC模型。结果表明：金融发展与产业结构升级具有长期均衡且显著为正的关系，同时产业结构升级和技术创新对金融发展扰动的响应具有滞后性。从长期看，金融发展对产业结构升级的贡献度超过劳动力。从短期看，金融发展与产业结构升级短期偏离修正系数较小，恢复均衡的速度较慢，且金融发展对产业结构升级的短期波动具有显著影响。     

文化传承与创新视角下两岸高等教育交流合作研究

本文着重从中华文化传承与创新视角,就新形势下两岸高等教育交流与合作的目标定位及其主要影响因素进行较深入分析,并从开放招生、合作办学、共同研发、扩大就业等方面,对其实现路径和配套措施进行研究,以促进两岸文教事业发展和中华文化与民族认同。     

On variable ordination of modified Cholesky decomposition for estimating time-varying covariance matrices

Estimating time-varying covariance matrices of the vector of interest is challenging both computationally and statistically due to a large number of constrained parameters. In this work, we consider an order-averaged Cholesky-log-GARCH (OA-CLGARCH) model for estimating time-varying covariance matrices through the orthogonal transformations of the vector based on the modified Cholesky decomposition. The proposed method is to transform the vector at each time as a linear transformation of uncorrelated latent variables and then to use simple univariate GARCH models to model them separately. But the modified Cholesky decomposition relies on a given order of variables, which is often not available, to sequentially orthogonalize the variables. The proposed method develops an order-averaged strategy for the Cholesky-GARCH method to alleviate the effect of order of variables. The merits of the proposed method are illustrated through simulations and real-data studies.     

Political Connection and Regulatory Scrutiny through Comment Letters: Evidence from China

Heese, Khan, and Ramanna (2017, hereafter, HKR) find that political connection (PC) positively predicts the receipt of comment letter (CL) reviews in the United States. This paper investigates whether this phenomenon exists in China and, if so, the specific channel by which it occurs. We find that Chinese publicly listed firms with PC are more likely to receive CLs from Chinese regulators, and this result is particularly strong for firms that have hired former officials from the lower tier of the political hierarchy. Additionally, the positive association between PC and the chance of receiving CLs is more pronounced in nonstate‐owned enterprises. Overall, we show that HKR's results hold for both the United States and China, and we add new evidence that state ownership and the level of connection moderate this relationship.     

人工智能时代有线电视广告的创新与发展

本文主要介绍了在5G互联网技术及人工智能技术发展的大背景下,以广东广电网络为代表的有线数字电视广告在系统建设及运营方式上的创新与发展,探索智能场景识别及精准投放策略下,如何更好的把握广告主需求与用户良好体验之间的平衡点。     

快速变化环境下的竞争优势建构机制研究——基于动态能力的视角

互联网的发展大大加快了环境变化的速度。如何在互联网所带来的快速变化环境中，尽可能地维持竞争优势?这成为了当前大多数中国企业无法回避的难题。复合基础观从资源整合的角度提出了基于静态资源的动态竞争优势建构的思路，但缺乏具体的实现路径；动态能力理论虽然从产品架构和操作常规的角度分别为资源的创新与整合提供了框架和操作机制，但是却没有整合这些零散的发现，为快速变化环境下的竞争优势构建提供一个系统性的分析框架。为弥补这一不足，文章通过腾讯和小米的案例研究，结合产品架构和操作常规两种视角，对企业通过动态能力构建快速变化环境下的竞争优势展开讨论。研究显示，企业可以通过不同类型的资源、产品架构和操作常规的动态匹配形成特定的动态能力，进而构建动态的竞争优势。这些结论既为环境快速变化情境下的战略管理提供了理论框架，也从情景化的角度，拓展了资源和动态能力的概念分类及维度。     

论良心

良心是一个古老的伦理范畴,是人类共有的美德.孟子、王阳明、苏格拉底、斯多亚学派、经院哲学、康德和黑格尔等对良心都有过很深刻的阐述.虽然中西方良心观的差异不是绝对的,而是关于良心源头与走向之诠释所持倾向的相对差异,但在历史观上两者却是唯心的.从唯物史观出发,良心是在一定的历史时期条件下,由人的认知程度和特定的生活方式所决定的,是人们根据个人学习、接受教育和生活实践经验所形成的道德情感和行为准则,并以此评价或指导自己的行为.     

科技创新、对外开放与长江经济带高质量发展

推动长江经济带高质量发展是新时代实施长江经济带发展战略的必然要求。采用2005-2016年长江经济带108个地级及以上城市面板数据，从线性、非线性视角考察科技创新、对外开放与长江经济带高质量发展的关系。结果表明：科技创新能有效促进长江经济带沿线城市绿色全要素生产率提升；对外开放背景下，这种影响效应呈现出显著非线性特征，对外开放能有效规避科技创新促进绿色全要素生产率提升的边际效率递减困境；科技创新、对外开放、经济高质量发展之间的关系表现出显著空间异质性。推动长江经济带高质量发展，应科学处理科技创新、对外开放与经济高质量发展三者的关系，构建高质量对外开放与科技创新之间的良性互动机制，形成长江经济带深度融合的开放创新局面。