融资约束与公司投资关系研究综述

公司的融资约束和投资-现金流量敏感性之间的关系成为财务管理的焦点问题。本文通过对国内外融资约束与投资关系众多文献的分析,研究了融资约束的影响因素,探讨了不同情况下融资与投资的关系,并分析了现存的投资-现金流敏感性模型的应用现状。最后,对我国进行投资-现金流敏感性问题的研究提出了建议。     

服务贸易发展的宏观政策战略转变分析

顺应全球产业结构的发展变化趋势,做好中国服务贸易发展的战略准备。作者提出了中国宏观经济发展思路和宏观经济发展政策的八个战略转变建议及具有针对性的有关中国服务贸易发展的五大产业政策转变对策。     

货物库存控制策略的评价方法研究

针对目前库存控制策略较多的情况,提出了一种策略评价方法,并给出了评价方法的评价过程。对该方法进行计算机编程仿真,能够获得最优库存控制策略。     

上市公司资本结构微观决定因素分析

我国上市公司资本结构的突出特点是偏好股权资本,内源融资和债权融资的比重偏低,这有悖于经典的资本结构理论。本文分析了决定上市公司资本结构的微观因素,并提出了优化上市公司资本结构的建议。     

How do economic policy uncertainty and geopolitical risk drive Bitcoin volatility?

We investigate how economic policy uncertainty (EPU) and geopolitical risks (GPR) impact Bitcoin volatility with respect to factors related to type and nationality of uncertainty, investigated period, relationship horizon and extreme conditions. Applying ARDL model and quantile regression for monthly data from August 2010 to September 2021, we reveal that June 2014 corresponds to a key date that marks a reversal in the investigated relationship. Furthermore, we show that the relationship between uncertainty and bitcoin volatility changes according to different factors. US uncertainty has short run effects on Bitcoin volatility, while China’s uncertainty has rather long run effects. Moreover, Bitcoin volatility responds in the same manner to US EPU and GPR, while, it responds differently to China's EPU and GPR. In extreme quantiles, we find that Bitcoin hedges against US EPU and GPR. Further, Bitcoin hedges against either individual or joint effects of US uncertainty, but not both.     

Does economic policy uncertainty drive the dynamic spillover among traditional currencies and cryptocurrencies? The role of the COVID-19 pandemic

The paper examines the dynamic spillover among traditional currencies and cryptocurrencies before and during the COVID-19 pandemic and investigates whether economic policy uncertainty (EPU) impacts this spillover. Based on the TVP-VAR approach, we find evidence of spillover effects among currencies, which increased widely during the pandemic. In addition, results suggest that almost all cryptocurrencies remain as “safe-haven” tools against market uncertainty during the COVID-19 period. Moreover, comparative analysis shows that the total connectedness for cryptocurrencies is lower than for traditional currencies during the crisis. Further analysis using quantile regression suggests that EPU exerts an impact on the total and the net spillovers with different degrees across currencies and this impact is affected by the health crisis. Our findings have important policy implications for policymakers, investors, and international traders.     

制约我国科技创新的环境因素研究

走科技创新之路是我国今后中长期的战略决策.然而,目前我国科技创新的硬环境和软环境基础相对都比较薄弱.基于全国科技工作者的调查数据,我们分析了目前影响我国科技工作创新的主要环境因素.结果表明:创新管理体制和运行机制、国家资金支持力度、组织制度和创新氛围以及我国传统文化因素等是制约科技创新的主要因素.在讨论的基础上提出了相应的对策.     

我国货币政策传导机制:阻梗现象与制度安排

完善的货币政策传导机制是任何一种稳定发展的经济所必须的，是健康经济的重要标志之一。近年来，由于我国经济金融运行中出现的种种客观因素的限制，货币政策尚未达到其预期效果。究其原因，主要是货币政策传导机制不畅减弱了货币政策的效果。因此，改善货币政策传导机制的措施应该从消除制度性障碍入手。     

羧甲基壳聚糖/海藻酸钠水凝胶pH值对溶胀行为的影响

以CaCl2为交联剂制备了一系列羧甲基壳聚糖/海藻酸钠水凝胶。研究了羧甲基壳聚糖与海藻酸钠溶液的配比、交联剂的用量以及pH值对水凝胶溶胀率的影响,并分析了不同pH值时水凝胶的红外谱图。结果表明,pH=1.0、3.0时,水凝胶收缩,而pH=5.0、7.4、9.0、13.0时,水凝胶溶胀随pH值增高,其溶胀率增大。当两者配比为1:3,pH 9.0时溶涨率最大。同时,红外谱图证明,水凝胶的pH敏感行为是氨基和羧基基团结构的变化所引起的。     

政策性因素对中国股市影响的博弈分析

中国股市的大涨大跌和不稳定性是其最明显的特征,政府经常有意识地运用一些政策手段来调控股市的运行.本文首先总结了关于政策性因素影响股市运转的相关文献,其次通过建立博弈模型具体分析了国家推出政策性因素和投资者在股市上操作的运作过程,最后针对中国股市现状提出了一些建议.