Household savings constraints,uncertainty and macroprudential policy

We investigate the impact of macroprudential policy on Irish households' perception of savings adequacy, with a particular focus on households intending to purchase a home. These measures tighten loan-to-value ratios and raise the entry cost for home purchase. We find that the measures have had a significant impact on savings constraints. Indeed, constrained potential buyers, who are planning to purchase, but not presently saving to buy a home, are the group most affected as the macroprudential rules increase the downpayment size required. Heterogeneous effects across households indicate younger, private renting households, and those with relatively uncertain cash flows.     

我国农作物秸秆综合利用产业促进政策研究

［目的］深入地分析了我国秸秆综合利用产业现行促进政策，阐述了存在的主要问题，并提出针对性解决方法，以期为促进秸秆综合利用政策体系建设提供政策建议。［方法］按照法律法规、目标引导和考核、财税补贴、技术研发和推广、信息统计等进行分类，综合评述各类现行政策的特点、使用范围和有效性，并采用相关者利益分析等方法分析存在问题，提出政策建议。［结果］随着我国秸秆露天焚烧问题日益突出，国家加大了对秸秆综合利用重视的程度，出台一系列关于秸秆综合利用等方面的法律、法规和激励政策等，初步构建了秸秆综合利用政策体系，呈现出聚焦关键环节、关键技术和重点地区的趋势。但是，还存在着政策的有效性有限，未形成合力； 农民参与度低； 使用环节缺乏激励政策等问题。［结论］建议出台区域生态补偿制度，落实耕地地力保护补贴政策，鼓励终端产品使用和消费等政策。     

信息化环境下企业内部审计模式思考

随着信息技术的高速发展,大数据技术呈现出爆发增长并逐渐渗入各行各业。基于信息化的大背景,大数据技术已被越来越多的企事业单位广泛运用,为企业发展带来更多可能性。大数据审计作为一种新型内部审计手段,具备独特的优势,将其运用到企业内部审计中可以较大程度提高内部审计的效率。但是它也为内部审计带来了一定不确定性,进而增加其审计风险。论文就大数据审计在企业内部审计中的应用进行了相关分析,并提出了相应的应对措施。     

Social media and sustainable purchasing attitude: Role of trust in social media and environmental effectiveness

The role of social media in promoting sustainable attitudes is currently understudied. Underpinned by social learning theory, this study unveils the effect of social media usage and browsing on sustainable purchasing attitude, the underlying mechanism, and the boundary condition. Drawing on a sample of 693 experienced respondents analyzed using structural equation modeling, this study reveals that social media usage and browsing have a significant positive association. Both constructs significantly impact sustainable purchasing attitudes with complementary partial mediation of the drive for environmental responsibility. Further, trust in social media and perceived environmental effectiveness significantly moderate the relationships belongs to the browsing and drive for environmental responsibility. Contrary to the theorization, moderating constructs cannot substantially impact the proposed associations of social media usage. In this manner, the present research is innovative and provides valued knowledge to comprehend social media's role in encouraging sustainable attitudes.     

Comparing Compliance Behaviour of Students and Farmers. An Extra-laboratory Experiment in the Context of Agri-environmental Nudges in Germany

Increasing popularity of economic experiments for policy impact analysis has led to an on-going debate about the suitability of students to substitute professionals as experimental subjects. To date, subject pool effects in agricultural and resource economics experiments have not been sufficiently studied. In order to identify differences and similarities between students and non-students, we carry out an experiment in the form of a multi-period business management game that is adapted to an agri-environmental context. We compare the compliance behaviour of German agricultural students and German farmers with regard to water protection rules and analyse their responses to two different green nudge interventions. The experimental results reveal that the direction of the response to the policy treatments is similar. Even unexpected behaviour could be reproduced by the student sample. Nevertheless, the magnitude of the treatment effects differed between the two samples. This implies that experimenters in the field of agricultural and resource economics could use the subject pool of students to analyse the direction of nudge policies. If predictions should be made about the magnitude effects, we suggest using a professional subject pool.     

我国物流业2019年发展回顾与2020年展望

2019年是中华人民共和国成立70周年,也是物流业稳中有进、变中求新的一年。面对严峻形势,我国物流业顶住下行压力,实现平稳运行,取得多方面进展。具体而言,一是社会物流需求增速持续放缓,总体运行缓中趋稳;二是物流需求结构持续优化,物流供给结构稳步升级,供需结构加速调整;三是科技应用引领数智化转型,科技赋能物流数智化、平台化;四是新兴的供应链服务企业向标准化发展迈出了重要一步,供应链创新发展进入新阶段,现代供应链成为新亮点;五是物流基础设施网络加快升级,物流枢纽网络建设进入实质推进阶段,助力枢纽经济发展;六是物流业"走出去"空间加大,国际物流打开对外开放新局面,我国对外投资合作与对外援助执行保持平稳有序健康发展;七是绿色物流配合污染防治攻坚战,绿色可持续物流取得新进展;八是物流政策落地,物流企业获得感增强,从业人员稳定性增强,物流营商环境持续改善。2020年,我国经济稳中向好的基本趋势不会改变,物流业平稳增长的总体方向不会改变,物流业主要经济指标将继续保持平稳增长,但物流业下行压力依然较大,发展不平衡、不充分矛盾依然比较突出,与人民群众日益增长的美好生活需要和现代化经济体系建设的要求相比依然存在差距,高质量发展任重道远。在新的一年里,为更好地推动我国物流业发展,一要平衡物流稳增长与高质量发展关系,决胜全面建成小康社会;二要坚持目标导向,探索新时代物流业发展的新使命新要求;三要突出新发展理念,推动传统数量型降成本向效率型降成本转变;四要深化产业联动融合,从低水平粗放式发展向精细化、高品质发展转变;五要坚持科技引领和技术驱动,激发物流业高质量发展新动能;六要推进国家物流枢纽联盟工程和全国百家骨干物流园区互联互通工程,建设物流基础设施网络;七要配合"一带一路"倡议,推动国际物流合作与交流;八要进一步处理好政府与市场、国家与地方、市场与企业的关系,营造政府、企业与协会合力推动物流业高质量发展的产业生态圈。     

For green or not for green? The effect of cooperation goals and type on environmental performance

Although many scholars have demonstrated that companies engaged in collaborations achieve better environmental performance than other companies, existing studies have not analyzed in depth whether this effect changes considering the characteristics of cooperation. Our paper aims to explore whether collaboration with other companies always has a positive effect on environmental performance or whether it depends on cooperation goals, collaboration type, or company size. Empirical analysis based on a sample of 773 European companies demonstrated that an external source of knowledge is an important way to foster firms' environmental proactivity, especially when environmental goals are shared at the basis of collaboration. Second, we verified that companies involved in JVs with environmental goals achieve greater environmental performance than companies that use M&As to acquire external knowledge. Finally, we demonstrated that it is more important for small companies to be involved in environmental collaboration than larger ones.     

土壤污染防治法背景下的城乡绿地系统建设：趋势与对策

《中华人民共和国土壤污染防治法》的颁布标志着中国将形成完善的土壤污染防治法律体系，建立从污染土壤调查、修复、风险防控、监测到场地再利用，从环境标准到规划管理的全方位制度。生态文明制度建设的宏观背景，再加上中国土壤污染严重、规模大、修复难、成本高、周期长等特征，将导致大量污染场地转变为绿地或生态用地，最终对绿地系统的数量与规模、布局与功能、规划与管理、环境质量标准等多个维度产生实质性影响。分析这一趋势，对其影响提出预判，最终提出对策建议。     

Short-termism,shareholder payouts and investment in the EU

Investor-driven 'short-termism' is said to harm EU public firms' ability to invest for the long term, prompting calls for the EU to better insulate managers from shareholder pressure. But the evidence offered—rising levels of repurchases and dividends—is incomplete and misleading: it ignores large offsetting equity issuances that move capital from investors to EU firms. We show that, over the last 30 years and the last decade, net shareholder payouts have been moderate and investment and cash balances have increased. In sum, the data provide little basis for the view that short-termism in the EU warrants corporate governance reforms.     

Banking sector reactions to COVID-19: The role of bank-specific factors and government policy responses

This paper examines the impact of bank-specific factors and variations in the context of stringency of government policy responses on bank stock returns because of the COVID-19 pandemic. A sample of 1,927 publicly listed banks from 110 countries is used for the period of the first major wave of COVID-19, that is, January to May 2020. Our findings indicate that stock returns of banks with higher capitalization and deposits, more diversification, lower non-performing loans, and larger size are more resilient to the pandemic. While banks’ environment and governance scores do not have a significant impact, higher social and corporate social responsibility strategy scores intensify the negative stock price reaction to COVID-19. We further observe that the pandemic-induced reduction in bank stock prices is mitigated as the strictness of government policy responses increases, mainly through economic responses such as income support, debt and contract relief, and fiscal measures from governments.