全流通环境下中国银行业的市值评估——来自国内上市银行的经验数据

银行业的价值评估对于推进金融体制改革存在重要意义,本文从价值评估文献综述入手,建立了一个两步骤的统计学模型,首先通过因子分析得到影响银行价值的主要成分,然后通过多元线性回归检验银行规模、经营业绩和流动性对银行股票价格的影响,实证结果显示:股权分置改革并未如预想的那样对股票价格有明显影响,中国银行业主要盈利来自于存贷款利差收入。     

Nonlinear models with panel data

Panel data play an important role in empirical economics. With panel data one can answer questions about microeconomic dynamic behavior that could not be answered with cross sectional data. Panel data techniques are also useful for analyzing cross sectional data with grouping. This paper discusses some issues related to specification and estimation of nonlinear models using panel data.JEL Classification: C230The research behind this paper was supported by the National Science Foundation, the Gregory C. Chow Econometric Research Program at Princeton University, and Danish National Research Foundation (through CAM at the University of Copenhagen). The author thanks Ekaterini Kyriazidou, Hong Li, Marina Sallustro, and the editors for helpful suggestions.     

Non-cooperative bargaining in apex games and the kernel

This paper studies non-cooperative bargaining with random proposers in apex games. Two different protocols are considered: the egalitarian protocol, which selects each player to be the proposer with equal probability, and the proportional protocol, which selects each player with a probability proportional to his number of votes. Expected equilibrium payoffs coincide with the kernel for the grand coalition regardless of the protocol. The equilibrium is in mixed strategies and the indifference conditions can be reinterpreted in the language of the kernel.     

Stationary measures for some Markov chain models in ecology and economics

Summary. Let continuous, exists in for x in . Let be an i.i.d. sequence from F and X₀ be a nonnegative random variable independent of . Let be the Markov chain generated by the iteration of random maps by . Such Markov chains arise in population ecology and growth models in economics. This paper studies the existence of nondegenerate stationary measures for {X_n}. A set of necessary conditions and two sets of sufficient conditions are provided. There are some convergence results also. The present paper is a generalization of the work on random logistics maps by Athreya and Dai (2000).Received: 20 March 2002, Revised: 4 December 2002, JEL Classification Numbers: C22, D9.The author wishes to thank Professor Mukul Majumdar and the referees for several useful suggestions.     

我国金融发展对居民收入分配影响的实证研究

我国金融发展对城乡居民收入分配影响的实证研究结果表明:金融发展规模是城乡居民收入差距的格兰杰原因;金融发展效率与城乡居民收入差距具有双向的格兰杰因果关系.金融发展规模的扩张扩大了城乡居民收入差距,金融发展效率的提升则缩小了城乡居民收入差距.     

The Inequality of Regional Economic Development in China between 1991 and 2001

This paper measures the unequal development of the regional economies in China and investigates the primary factors leading to the inequality. The official data on China's regional GDP and the regional GDP of three industrial sectors from 1991–2001, as reported in the China Statistical Yearbook and A Statistical Survey of China, are adopted to calculate and decompose the Gini coefficient for each year. The primary finding is that the levels of inequality in China's regional economies clearly showed a slight upward trend after 1991. The inequality of the overall GDP is primarily attributed to the between-group effect rather than to the within-group effect. It is also found that the regional inequality of the secondary industry sector's development accounted for half of the overall inequality. Thus, this study suggests that it is crucial for China to formulate and adhere to policies that will help it to develop the economy more equally among all areas and to develop the secondary industry sector among all regions/provinces in order to overcome the important issue of the inequality in regional economic development.     

国际铸币税收支对我国经济影响的实证分析

人民币国际化使我国获得国际铸币税收入,由于国际收支顺差导致的外汇储备增加又使我国支出国际铸币税,因此,国际铸币税也有一个收支问题.本文在计算我国1996年-2011年国际铸币税收支情况的基础上,运用相关性和回归方法实证分析了我国的国际铸币税收支对我国经济的影响.最后得出：我国的国际铸币税收支对我国的物价水平、利率水平、汇率水平、财政赤字、净出口没有影响,对我国的GDP、货币供给和外汇储备有影响.     

CEO Pay,Shareholder Returns,and Accounting Profits

We assess the impact on CEO pay (including salary, cash bonus, and benefits in kind) of changes in both accounting and shareholder returns in 99 British companies in the years 1972-89. After correcting for heterogeneity biases inherent in the standard specifications of the problem, we find a strong positive relationship between CEO pay and within-company changes in shareholder returns, and no statistically significant relationship between CEO pay and within-company changes in accounting returns. Differences between firms in long-term average profitability do appear to have a substantial effect on CEO pay, while differences between firms in shareholder returns add nothing to the within-firm pay dynamics.These findings call into question the rationale for explicitly share-based incentive schemes.     

中国传统村落空间分布特征与影响因素分析

村落是乡村振兴战略实施的载体,认知传统村落空间分布及其影响因素对传统村落的传承和发展有重要价值。以中国传统村落为对象,采用核密度方法识别核心和次核心;构建“格网分析—空间自相关—地理加权回归”的影响因素研究方法,并进行实践分析。发现:①在地理格局上,传统村落主要分布在“胡焕庸线”以东、第二和第三级阶梯、年均降水量400 mm以上的区域、亚热带季风气候区和温带季风气候区;从行政区划来看,部分省份、地级市的交界地带为传统村落的密度核心。②GWR结果显示,对于地形因素,第二阶梯海拔越低、第三阶梯海拔越高传统村落越集中;对于生态因素,在农产品主产区或生态环境保护区,既出现生态环境越好传统村落越密集特征,也出现生态环境越好传统村落越分散特征;对于人口因素,“胡焕庸线”以西的大部分地区人口越密集传统村落越集中,而该线以东区域则相反;对于经济因素,中西部大部分经济发展水平较低的区域传统村落趋于聚集,东部地区经济水平总体较高传统村落趋于分散;交通和城市因素在不同区域对传统村落空间分布亦存在两面性特征。总体看,各地理要素的回归系数存在正负值、正负值比重差异以及高低值空间差异,反映各要素对传统村落空间分布的影响方向、程度和范围均存在较大空间差异。基于空间分布特征及要素回归系数空间差异,提出了传统村落开发利用的建议。     

Relationship Between Human and Nature In America Literature

Nature is one of an important themes in America literature.This article mainly analyzes Ralph Emerson,Henry David Thoreau, Nathaniel Hawthorne,Jack London,Ernest Hemingway and Robert Frost's different representative stylistic works on nature;inquires into nature's various forms in America literature,such as its personification,objectification,deification and so on;elaborates on its significant meanings;expounds and proves the relationship between and nature in different writer's works and points out nature's profound impact on human.