风险投资参与对中资企业首次公开发行折价的影响——不同证券市场的比较

本文考察中资企业在不同市场上市时风险投资的参与是否影响首次公开发行折价。研究发现,在大陆中小板和香港主板市场上市的中资企业中,有风险投资参与的企业IPO折价显著高于无风险投资参与的企业,支持声誉效应假说,即风险投资机构以IPO折价来提早退出投资项目,以此来建立自己的声誉,吸引更多的资金流入。在美国市场风险投资的参与对IPO折价则没有显著影响。本文进一步研究发现从业时间短的风险投资机构,其参与投资的公司上市时的历史也较短;风险投资进入企业的时间越长,IPO折价水平也越高。这两个检验都验证了风险投资机构通过IPO折价提早退出投资项目,进一步支持了声誉效应假说。     

产业内贸易对劳动力市场调整的影响分析——基于中国制造业面板数据的SAH检验

随着中国经济全球化进程的深化,外贸对国内经济的影响日益显著。根据平滑调整假说(SAH),劳动力市场调整成本会随着产业内贸易水平的提高而降低。基于中国制造业22个细分行业面板数据进行检验,本文发现间隔3年的边际内产业指数最为有效,且产业内贸易水平对劳动力市场调整具有滞后效应,但回归分析结果并不支持SAH。随着产业内贸易比例扩大,劳动力的产业间调整增加,而并非产业内的调整。此外,劳动生产率和国内显性需求对劳动力市场调整有很大影响,在产业内贸易水平较高的行业内,劳动生产率的这种影响更加显著,而显性需求和产业内贸易水平影响作用较弱。     

A critique of Porter＇s cost leadership and differentiation strategies

Porter identifies high market share with cost leadership, citing GM as a successful practitioner of this strategy. However, GM became a market share leader in the American automobile industry due to a strategy of market segmentation, differentiation and a broad scope shaped during the 1920s. Porter argues that cost leadership and differentiation offer an equally viable path to competitive success. Nevertheless, a differentiation strategy based on superior quality compared to competition is more profitable than cost leadership strategy. It can lead a business to become a market share leader, and consequently even a low-cost leader. Research indicates that differentiation and cost leadership can co-exist. However, Porter insists that each generic strategy requires a different culture and a totally different philosophy. The problem is that Porter＇s generic strategies are too broad. It is not his logic that is flawed, but his basic premise that prescribes cost leadership strategy as the only route to market share leadership, and presents a narrow view of differentiation with a unique product--sold at a premium price--on the one hand, and a ＂standard, or no-frills＂ product on the other. Mintzburg （1988） says Porter＇s cost leadership strategy should be called ＂price differentiation＂： a strategy that is based on a lower price than that of the competition. He suggests that business strategy has two dimensions： differentiation and scope. Thus, setting scope aside, competitive strategy has only one component： differentiation. So, the key question is not whether to differentiate, but how？ First, make customer-perceived quality as the foundation of competitive strategy because it is far more critical to long-term success than any other factor. Second, serve the middle class by competing in the mid-price segment, offering better quality than the competition at a somewhat higher price. It is this path that can lead to market share leadership--a strategy that can be both profitable--and sustainable.     

浅析《灰白马、灰白骑手》的作品结构和文艺形象

《灰白马、灰白骑手》是一则书写具体经验的故事。它运用空间的转换,体现主题——战争的混乱——政治、社会、心理和道德的暗示。在不算长的篇幅中,把素材、主题、结构和风格融为一体,揭示出在疾病、战争和死亡的威胁下西方人的处境和对待人生的态度。     

基于比较优势四个来源的新钻石框架及其政策含义——兼论波特模型的解释困难

本文说明了相对于比较优势理论而言国家竞争优势理论的若干解释困难,重点阐述了存在于钻石模型四个要素中的矛盾和问题。通过对生产要素概念的扩展、让技术作为第四要素正式加入要素体系,建立了以自然资源、劳动力、资本和技术四项生产要素为支点的新钻石框架,力图解释国家竞争力的产生和强化机制及其与生产率提高和政府作用的直接关系。最后,结合我国经济的增长,讨论了针对新钻石框架四个支点的国家职能和政策含义。     

一种基于族类划分理论的保险营销信息获取方式研究

保险营销中的传统信息获取模式存在弊端，本文提出一种假说，利用历史资料推断客户的保险购买模式，从而获得客户更加完整的购买信息。这首先需要对商品进行族类划分。本文探讨了一种创新型的商品族类划分的基本理论以及操作方法，并对其方法进行了部分检验。     

Institutionalized pollution havens

A multiple-principal, multiple-agent lobby group model suggests that the effect of foreign direct investment (FDI) on environmental policies is conditional on the structure of host countries' political institutions such as the number of legislative units (veto players). The model also yields the novel concept of “aggregate honesty” which combines veto players and corruption. FDI raises environmental policy stringency where the number of legislative units are many (aggregate honesty is high), but reduces it where the legislative units are few (aggregate honesty is low). Our panel data evidence is fully consistent with these predictions. An additional contribution is to show the empirical importance of endogenizing environmental policy in Pollution Haven Hypothesis studies. Only when treated as endogenous does environmental policy have a significant negative effect on FDI.     

基于波特模型的中国汽车行业竞争环境研究

上世纪90年代初期中国的私人购车消费开始起步,如今经过20多年的发展,我国的汽车工业已经取得了很大的成就并且发展成为我国的支柱性产业。本文聚焦于中国汽车产业,通过对我国汽车产业的波特五力模型进行分析以及对波特模型的补充分析,对当前的产业竞争现状和未来的发展进行了研究。     

Trade and Specialisation in Pollution Intensive Industries: North–South Evidence

Abstract

The pollution haven hypothesis (PHH) and the capital-labour hypothesis (KLH) state that the relative level of a country's environmental regulations and capital and labour endowments determines its comparative advantage respectively. Since these hypotheses lead to conflicting predictions as to whether the North or the South will specialise in pollution-intensive production, this paper examines whether changes in trade and specialisation patterns allow us to distinguish between pollution haven and factor endowment effects. We employ a methodology that enables us to present North-South trade patterns over time and to identify those periods when trade patterns were consistent with either the PHH and/or the KLH as a foundation for undertaking more detailed econometric studies.     

Real Exchange Rate in China：A Long-run Perspective

This paper investigates the RMB exchange rate from a long‐run viewpoint. Whether China's rapid economic growth brought about real exchange rate appreciation between 1975 and 2002 is empirically examined, based on a supply‐side model, the Balassa—Semuelson Hypothesis (BSH). The same test is conducted on Japan, Hong Kong, Korea, Malaysia, Singapore, Thailand, the Philippines, Indonesia and India. Our result indicates that the BSH only exists where the industrial structure has been upgraded and the economy has been successfully transformed from an agricultural economy to a manufacturing economy. Interestingly, China, among those where the BSH does not present, appears to be upgrading its industrial and trade structure. We then try to answer the question of why past rapid growth has no significant relationship with the RMB real exchange rate and what factors are underlying the trend of the RMB real exchange rate. We expect an appreciating trend of RMB real exchange rate in the foreseeable future, presuming that China's industrial upgrading process continues and the factors pertaining to the BSH's prediction, such as rise of wage rates in both tradables and nontradables, become more significant. (Edited by Xiaoming Feng)