Real call options to enlarge foreign subsidiaries – The moderating effect of irreversibility on the influence of economic volatility and political instability on subsequent FDI

This paper develops a real option model to explain the decision of enlarging a new foreign subsidiary by subsequent investment. The model is tested on a panel of 1148 subsidiaries in 22 host countries. The findings complement the traditional process model of firm internationalization. Rather than abiding by an incremental pattern of investment, internationalizing firms seem to keep foreign investment strategies flexible and build up their subsidiaries contingent upon the interaction of economic volatility and irreversibility of investment. However, the moderating effect of irreversibility on the relationship between uncertainty and investment may not hold for downside risks such as political instability.     

基于背包问题的散货航次方案优选方法研究

针对散货航运市场的航次方案优选问题,使得公司能够在自身的能力约束下获得最大收益,最终目标是快速地在潜在的商业机会中找出最优的航次方案组合。通过调研定义了合理的航次收益、成本定量预估方法,在此基础上结合背包问题构建了航次方案优选模型,并进行改进,从而快速地求解航次方案优选问题,提高企业的核心竞争力。     

异质性与跨国公司的战略选择

新新贸易理论将公司异质性引入到国际贸易理论中,从微观层面解释了公司国际化的战略选择。但它们通常假定两国是同质的,所以公司国际化的选择仅局限于出IZl贸易和水平型直接投资。本文构建了三国模型,考察了跨国公司的三种战略选择模式。理论研究表明,生产率最高的公司选择水平型直接投资,生产率较高的公司选择出口平台直接投资,生产率较低的公司选择出口贸易,生产率最低的公司只供应国内市场。发达国家的相对工人工资水平越高、发展中国家建厂成本越小,选择出口和水平型直接投资的公司会越少,而选择出口平台的直接投资公司会越多。     

西方对外直接投资理论的演进及评述

对外直接投资反映了一个经济体中某一居民实体(直接投资者)在另一经济体的某一企业(直接投资企业)中获得永久利益的目的,同时这种永久利益意味着直接投资者和直接投资企业之间存在着一种长期的关系以及对该企业的管理产生了重大影响。西方学者对该问题的研究主要按照三条路径演进:渐进的演化路径、间断的演化路径和经过临界点的演化路径。本文主要将西方对外直接投资理论中目前引用率较高的观点分别按照其演进方式进行归纳、介绍和评价,认为有必要在学习西方对外直接投资理论的基础上,结合我国的经济实践,建立适合中国国情的对外直接投资理论。     

Investment opportunities and dividend omissions

This study examines the market's reaction to dividend omission announcements and finds that if dividends are skipped to preserve cash for good investments, investors do not necessarily regard the omission as negative information. Markets penalize firms for dividend omissions only in the absence of a good stream of investments. In addition, the positive relation between investment opportunity and abnormal stock returns around the announcements is stronger when the level of information asymmetry between management and the rest of the market participants is low. Additional tests reveal that good omitters overcome underperformance faster in the post period. Overall, the results suggest that financial markets interpret differently the information conveyed in the announcement of dividend omission depending on the firm's future prospects.     

Greening transportation fleets: Insights from a two-stage game theoretic model

The greening of organizational transportation fleets, especially trucks and automobiles, has gained increasing attention by companies in a variety of industrial sectors. The reasons for this concern and attention are due to regulatory and competitive pressures, but also increasing costs of fossil-fuels. Surprisingly the amount of research and modeling for fleet management overall has been rather limited, with the focus on managing green vehicle investments virtually non-existent. In this study we develop a two-stage game theoretic model that helps evaluate, from both policy and organizational perspectives, the implications of greening of transportation fleets. Various parameters are evaluated including factors such as innovations in green vehicle technology, levels of service differences, cost of fuel, adjusting tax policy, regulatory compliance requirements, and adaptation costs. This evaluation provides practical insights into actions that could be considered by regulators and organizations to encourage environmental investments.     

《中国—东盟投资协议》:成就、不足与完善

《中国—东盟投资协议》在中国—东盟自由贸易区范围内创建了统一的国际投资保护法制,在保护外国投资者私益的同时试图兼顾东道国国家主权,此为其成就。但该协议也存在重大不足,如所约束的国家行为范围过于狭窄、缺乏审慎措施条款、根本安全例外条款未受到必要的制度性约束等。目前的当务之急是有针对性地完善该协议。     

影响外商投资企业出口的决定因素——江苏省高新技术企业的例证

文章利用江苏省466家外商投资高新技术企业样本数据,试图揭示影响企业出口的决定因素。研究结果表明劳动生产率、外资来源、企业规模是影响企业出口的重要因素,而资本密集度、人力资本对企业出口的影响不明显,这表明江苏省外商投资高新技术企业的产品出口仍然带有较为明显的加工贸易特征。本文还发现不同创新投入强度的企业出口决定因素存在差异,"高强度创新投入企业组"企业出口主要受制于人力资本水平。这些研究结果具有很强的政策涵义。     

中越边境贸易存在问题与对策建议——以广西凭祥市为例

中越两国来往日趋密切,交往日益增多,促进了经贸合作发展。中国—东盟自由贸易区计划的启动和＂两廊一圈＂经济架构的提出和实施,为桂越边贸提供了新的发展契机。文章介绍凭祥与越南边境贸易的发展渊源,总结边境贸易取得的成效,探讨边境贸易面临的困境,提出边境贸易的发展对策。     

Excel在本科金融专业课程中的应用探讨——以金融专业核心课程《证券投资学》为例

本文以金融学专业课程《证券投资学》为例,借鉴经济学的分析框架探讨了教学中利用Excel电子表格软件进行教学的一些具体步骤,旨在提高教学质量,促进金融类专业建设。