Does bond market development enhance the banking sector’s efficiency in resource allocation? Industry-level evidence from Korea

Korea’s financial system used to be bank-based, with banks playing the leading role in financing corporations. As highlighted by Park et al. (2019), however, bond markets have developed rapidly in Korea and other Asian countries. The corporate bond market competes with banks as a source of finance for large borrowers. As such, bond markets may affect banking sector operation, a process known as disintermediation. In this paper, we examine whether bond market development improves the efficiency of resource allocation in Korean bank lending. We propose two channels through which bond market development affects the efficiency of bank lending. Since the two channels have opposing effects on the efficiency of banking, the issue must be settled by empirical analysis. We find that bank loans are much less efficient than bond financing in allocating resources across industries. Furthermore, banks are particularly inefficient in resource allocation in industries that rely more on bond financing. This suggests that competition from bond financing does not improve allocative efficiency of bank loans.     

Maximizing political vote in multiple districts

This paper models a resource allocation problem in the political context. Voters and political candidates of two parties are positioned in each of n given electoral districts. We assume that each voter will vote for the candidate he is more attracted to. This attraction is modeled by an attraction function. Each of the parties now attempts to allocate a finite budget to maximize their objective, which is either the popular vote or the number of districts, in which the party has a majority. Individual scenarios are examined with respect to leader-follower solutions and Nash equilibria. The paper then describes a dynamic model that successively allocates existing funds plus additional donations to candidates in different electoral districts.     

‘It’s a Harsh Fact of Life with the RMA’: neo-liberalism and the realities of community sports facility development by the private sector in New Zealand

Despite the importance of facilities as primary sites for delivery of leisure and sport services, there has been a scarcity of academic literature on the provision of community sports facilities and the processes through which they are developed. In particular, this paper provides empirical analysis of leisure facility provision with a focus on practice and experience of policy and planning actors. By employing a case study approach and semi-structured interviews, the study identified a sharp contrast between the discourse of neo-liberalism and the realities of a highly regulated environment for the private sector under a national legislation of New Zealand, namely the Resource Management Act 1991. While both public and private actors recognised benefits of the resource consent process in mitigating the negative environmental impacts and facilitating public input, the findings also revealed its potential impediments to both private and philanthropic developments and their potential resultant benefits to communities and social citizenship due to its costly, restrictive and undifferentiated nature. Consequently, the paper suggests that future research needs to examine empirical evidence of how social citizenship and citizen engagement are enhanced by both public and private sectors through planning and development of community sports facilities and services.     

网格计算对企业信息化建设的影响分析

在目前的信息化建设中存在这样一种现象,一方面,企业大量的信息资源得不到充分利用;另一方面,许多复杂的问题难以使用企业现有的信息技术去解决。网格计算就是应对这些问题而出现的新技术。本文首先讨论了现阶段企业信息化建设中存在的问题,然后介绍了网格计算的概念及特点,最后分析了网格计算在企业信息化建设中的作用与影响。     

论资源流成本会计在铅锌冶炼业的应用

企业经济效益与环保效益的兼得,一直是现代企业追求的理想目标,资源流成本会计（Resource Flow Cost Accounting,RFCA）则提供了一个新的研究视角。RFCA根据资源流转平衡原理,以企业内部资源在各工序的物质流转路线为基础,通过描绘企业生产流程过程的资源投入、消耗、废弃等信息,追踪资源流转成本的时空转移,从而为企业挖掘资源利用潜力,提高循环利用效率提供一种有效的管理手段。对此,本文将以相关文献的集成创新为基础,通过对铅锌冶炼企业资源流的跟踪,探讨RFCA的应用原理、功效及实施的过程,构筑通用模式,可供冶金、化工等流程制造业借鉴。     

Executive flight simulator as a learning tool in new companies’ resource planning based on the balanced scorecard

In many cases, a deficient strategic planning in new companies has led entrepreneurs to take inadequate initial decisions that, in the long term, reflect consequences in the failure of many new businesses. The objective of this article is to propose an executive flight simulator, which will help to identify and evaluate the different development strategies for resources of a new manufacturing company, under the four perspectives of the balanced scorecard, educating the user on the impact that these would have in the main performance indicators. The simulator is designed utilizing the focus of system dynamics to be used didactically in master's degree programs in administration, by entrepreneurs or in executive development programs.     

股票市场开放与企业投资效率——基于“沪港通”的准自然实验

资本市场的持续对外开放是党的十九大强调的重要举措。本文基于沪港通开通这一准自然实验,检验了股票市场开放对企业投资效率的影响。结果发现:沪港通的开启促进了标的公司投资效率的提高,这一影响主要体现在信息环境不透明、治理水平低的公司;机制分析发现,沪港通开启后,公司信息质量的提高和分析师预测准确度的增加是股票市场开放影响标的公司投资效率的重要渠道;最终标的公司在沪港通开通后经营业绩也得到提升。本文结论表明,股票市场开放改善了公司的投资效率,提高了对实体经济的服务能力,这对党的十九大提出的“深化资本市场对外开放”和“金融服务实体经济”系列改革有重要启示。     

社会创投、资源获取与社会企业绩效关系研究

在社会使命和市场经济的双重驱动下,社会企业通过创新商业模式来解决社会问题。社会创投作为一种新型投资模式,解决社会企业发展难题。由于二者在国内起步较晚,学者们对社会创投如何影响社会企业发展的研究较少。借鉴风险投资和传统商业企业绩效评价体系,实证分析社会创投对社会企业绩效的影响,结果表明：社会企业在接受社会创投后绩效实现提高,并且资源获取在社会创投与社会企业绩效之间具有中介作用。这为社会企业绩效提升以及社会创投与社会企业的发展提供了理论参考和依据。     

海洋空间利用年度计划内涵研究与制度框架构建

海洋空间利用年度计划是自然资源部基于其国土空间用途管制职责提出的海洋空间资源管理新思路。基于当前海洋资源管理面临问题、生态文明体制改革要求以及空间资源计划管理经验,研究并提出海洋空间利用计划的内涵;并在此基础上,提出了海洋空间利用年度计划的构建原则、目标和制度体系。通过以上研究,拟为海洋空间利用年度计划制度的建立和实施提供技术支撑和决策支持。