A framework to measure integrated risk

A framework underlying various models that measure the credit risk of a portfolio is extended in this paper to allow the integration of credit risk with a range of market risks using Monte Carlo simulation. A structural model is proposed that allows interest rates to be stochastic and provides closed-form expressions for the market value of a firm's equity and its probability of default. This model is embedded within the integrated framework and the general approach illustrated by measuring the risk of a foreign exchange forward when there is a significant probability of default by the counterparty. For this example moving from a market risk calculation to an integrated risk calculation reduces the expected future value of the instrument by an amount that could not be calculated using the common pre-settlement exposure technique for estimating the credit risk of a derivative.     

Social Capital and Access to Bank Financing: The Case of Chinese Entrepreneurs

This paper presents the results of a study of the effects of social capital on access to bank financing. Based on a Chinese nationwide survey, our analysis suggests that entrepreneurs who contribute to charities are more likely to be successful in loan applications. In addition, we find that political party membership is an important determinant of state-owned bank financing, whereas time spent on social activities increases the probability of obtaining loans from commercial banks. Therefore, our data provide some evidence for substitutability between various types of social capital. To obtain a loan from a specific type of bank, an entrepreneur should access the relevant social network.     

人民币资本项目可自由兑换目标下的“双Q”制度研究

我国QFII和QDII制度是人民币资本项目可自由兑换的重要阶段。QFII和QDII近年取得较快发展,但亦面临QFII规模偏小、我国资本市场对其吸引力不够,QDII缺乏海外投资经验、亏损严重等问题。需要完善资本市场功能,为QFII制度的实施营造良好的投资环境;加强QDII风险管理,提高QDII境外投资管理能力;加强监管,健全和完善＂双Q＂制度,促进跨境证券投资持续健康发展。     

劳工标准全球化对中国私营企业劳资关系的影响——基于博弈论的分析

笔者基于博弈论的分析发现目前中国的劳动力供给仍然过剩,劳动密集型产业还处于过度竞争的状态,所以劳工标准全球化对中国私营企业劳动者权益保护难以起到实质性的作用。在中国劳动密集型产业中培养名牌企业和形成垄断竞争的市场结构,有利于劳工标准全球化发挥保护中国私营企业劳动者权益的作用。     

Antecedents and Consequences of User Coproduction in Information System Development Projects

Based on a coproduction concept highlighted by service‐dominant logic, this study attempts to understand the antecedents and consequences of user coproduction in information system development projects. As a key contribution, we posit that user coproduction is influenced by social capital between users and developers; we then postulate that user coproduction determines the project outcomes. Paired data collected from both user representatives and developers by using a survey approach was used to test proposed hypotheses. The results showed that user coproduction has a positively significant influence on project outcomes, and social capital between user representatives and developers is also associated with user coproduction.     

Symbiotic Marketing and Trust-Related Issues: Empirical Evidence From an Emerging Economy

ABSTRACT

Adopting a perspective of social capital theory, we study the effect of market orientation on the stability of symbiotic alliances in an emerging economy. Focusing on a subset of the alliances, namely symbiotic marketing alliances, the results reveal that firms’ market orientation has a positive effect on social capital, which, in turn, has a positive effect of the stability of the symbiotic marketing alliances. Moreover, social capital also has a positive effect on the sharing of resources among the partners, which should also influence the stability of the alliance. This report concludes with a discussion of the implications for academic researchers and practitioners.     

人力资本教育投资对收入分配的影响

人力资本理论提出后，人力资本投资尤其是教育投资对收入分配的影响越来越受到重视，但其影响如何却研究不够。本文在结合国内外相关研究的基础上，主要探讨我国目前人力资本教育投资对收入分配影响的现状及原因，并得出相应的启示。     

Capital structure choice and ownership: evidence from electronics enterprises in China

Empirical studies on capital structure mostly focus on listed companies and also on countries other than China. In this paper, we employ a panel dataset for 4,716 large and medium-sized enterprises in the Chinese electronics industry during the period 2005–2007 in order to investigate the determinants of their capital structure choice. Using the debt ratio as the dependent variable, we find that firm size and potential growth have a positive effect on the debt ratio whereas profitability has a negative effect. We show that decisions on the debt ratio are based on mixed factors that the various theories suggest. The unlisted Chinese companies which are unable to access to the securities market are prone to acquire bank loans as sources for funds which provides room for the modification of pecking order theory based on listed companies. As to ownership structure, we find that those Chinese electronics enterprises with higher portions of foreign equity tend to have lower debt ratios.     

发展低碳经济的制度性思考

在地球能源日益紧张和枯竭的背景下,在人类生存环境日益恶化的状况下,提出发展低碳经济显得更加具有现实意义。发展低碳经济是能够使社会经济发展与生态环境保护达到双赢的一种新的经济发展方式。文章针对我国低碳经济发展的现状,发展低碳经济的制度性缺陷,从制度层方面提出了具体的发展低碳经济的若干建议,旨在对我国的低碳经济发展有所借鉴。