人民币利率-汇率联动协调机制的实证分析和对策研究

利率、汇率是货币市场与外汇市场的调节工具和货币政策的主要手段,两者之间相互联动相互协调。宏观调控政策的有效性不仅取决于利率政策或汇率政策,而且取决于利率-汇率联动协调效应。加强利率-汇率联动协调是实现我国内外经济均衡的重要途径。文章首先分析利率-汇率联动协调机制的M-F-D模型,然后建立计量模型对人民币实际汇率和中美实际利差进行实证分析,进而分析我国偏离M-F-D的现实和原因,最后提出增强人民币利率-汇率联动协调机制、实现我国经济内外均衡的政策建议。     

股权分置对中国资本市场实证研究的影响及模型修正

流通股和非流通股并存的特殊股权制度影响到中国上市公司股价和股数科学合理的确定,进而影响到几乎所有的中国股票市场实证研究结果。股权分置改革全部完成之后,涉及股改前数据的所有实证研究和数据库建设也都不能忽视改革前后的股数和股价的不可比问题。现有的基于股权分置的指标修正方法五花八门,也缺少合理的经济逻辑和数据支持。本文证明忽视股权分置现实,或者不适当的修正都将导致偏颇的结论,进而提出了一个通用的修正方法,即每股非流通股的价格相当于每股流通股的一个百分比。然后用实际数据对这个百分比的表达式进行了估计,从而对股权分置条件下价格模型与回报率模型进行了修正。结果显示,经过修正后的模型估计优于未修正的模型。在此基础上,我们研究了现在的全流通改革是否公平地补偿了流通股股东。结果显示,对于非流通股比率较小的公司,补偿是公平的,但对于非流通股比率较高的公司,还是存在着大的非流通股股东剥削流通股股东的现象。     

农村公共产品供给绩效评价指标体系的构建与实证性检验

大量研究文献证明,我国农村公共产品供给是低绩效的、而目前对农村公共产品供给绩效的研究,大多停留在价值的选择上,很少有人提出一整套的量化指标体系.本文以农村公共产品绩效评价指标的新理念为核心,采用标准化评分方法,创新性的构建了一套操作性较强的农村公共产品供给绩效评价指标体系,并将西部某省一些县乡取消农业税后公共产品供给情况的调研数据,代入所构建的绩效评价指标体系中进行实证分析和检验,结果显示:该指标体系不仅可以反映出政府在农村公共产品供给上的行为偏好,而且可以说明政府农村公共产品供给政策合理与否,为以后展开相关研究提供了一种思路和参考.     

财务独立董事与公司经营绩效的关系——基于中国A股上市公司的经验证据

系统回顾国外关于财务专家与公司经营绩效之间关系的研究成果,以中国上市公司2004~2006年的经验数据为样本,在对财务独立董事分类打分的基础上,实证分析了不同类型的财务独立董事与公司经营绩效之间的关系。结果表明:有较高财务独立董事水平的公司有较好的公司经营绩效,会计专家型财务独立董事和金融型财务独立董事能够显著地促进公司经营绩效,而会计实务型财务独立董事和监管型财务独立董事与公司经营绩效并无相关性。     

The Accuracy of Scanned Prices

Nearly all retailers use price scanning systems to process transactions quickly, and presumably, accurately. Inaccuracies in scanned prices have important implications for retailers in that undercharges may impact retail profitability while overcharges could result in negative consumer perceptions of retailers and continued legal action. Here, we investigate the overall State of accuracy of scanned prices and develop certain empirical generalizations. To do so, we begin with a review of what is known regarding the accuracy of scanned prices and conduct a reanalysis of FTC data and compare the results with those from more recent cross-sectional data from the State of Washington. We then conduct a thorough analysis of a large longitudinal price scanner data set, with 231,760 products screened over a 15-year period. We investigate accuracy across different retailer characteristics, merchandise locations, and promotional activities. Implications of these results for retailers are discussed.     

城市居民低碳消费理念与消费行为的实证分析

低碳消费是指消费者在日常消费过程中自觉选择低能耗、低污染、低排放的消费行为。通过对青岛社区居民和在校大学生的问卷调查分析,可以看出,环境问题意识、低碳消费知识、个人责任意识,及媒体宣传等因素对城市居民低碳消费行为影响显著。因此,要加强低碳教育、加大低碳交通的宣传力度、强化低碳产品认证、建立低碳消费反馈激励机制。     

Where Are We Now On Cultural Economics

A survey of progress in cultural economics since its virtual birth in 1966 with the publication of Baumol and Bowen, Performing Arts: The Economic Dilemma , distinguishing between 'theoretical progress' and 'empirical progress'. Following in the footsteps of Towse's recent anthology of classic papers in cultural economics, I address nine topics that between them cover the subject, namely, (1) taste and taste formation, (2) demand and supply studies, (3) the media industries, (4) the art market, (5) the economic history of the arts, (6) the labour market for artists, (7) Baumol's cost disease, (8) non‐profit arts organisations, and (9) public subsidies to the arts. I conclude that there has been some theoretical and empirical progress in the treatment of almost all these topics.     

Empirical evidence of advances in scrubber technology

Flue gas desulfurization (FGD) units have been employed at US power plants for approximately 25 years to control sulfur dioxide emissions. Although it might be hoped that FGD technology would have improved over that period, theoretical work (e.g., Downing and White [Downing, P.B., White, L.J., 1986, Innovation in pollution control, J. Environ. Econ. Manage., 13, 18–29], and Milliman and Prince [Milliman, S.R., Prince, R., 1989, Firm incentives to promote technological change in pollution control, J. Environ. Econ. Manage., 17, 247–265]) has shown that the type of regulation generally favored in the US (direct regulation of emissions levels) provides poor incentives for technological improvements. Data on the design, performance and costs of FGD units at coal burning plants in the US are used to estimate a model of FGD costs and tests are performed in an attempt to determine whether progress has occurred. Results suggest that no significant progress has occurred in abatement technology, although costs of operating particular units at plants to tend to decrease over the lifetime of the unit.     

外资银行渗透对中国银行业体系稳定性的影响——基于阶段理论与演化理论的实证研究

基于阶段理论分析方法,本文从演化和发展的角度研究外资银行渗透对于中国银行业体系稳定性的影响,并选取1999～2008年数据进行实证研究。研究发现,中国银行业在开放的过程中,伴随外资银行渗透,银行体系稳定性的演化过程也可粗略地看出倒U形态,与阶段性理论基本相吻合。此外,在危机期间,外资银行在中国采取的微观战略也是影响中国银行业体系稳定性的重要因素。     

分部信息披露:经验证据与未来展望

分部信息的强制性披露一直是研究的热点问题之一.围绕着分部信息的披露全面而系统地综述了国外关于该问题的研究成果,研究表明其研究视角主要关注于本国研究,较少设计分部信息有关的国际比较(即横向比较),另外对于业务分部研究较多而对于地理分部的分析较为单薄.在以后的研究中有必要进行分部信息的国际比较研究和地理分部的研究,以推动该领域的研究进程.