Does bond market development enhance the banking sector’s efficiency in resource allocation? Industry-level evidence from Korea

Korea’s financial system used to be bank-based, with banks playing the leading role in financing corporations. As highlighted by Park et al. (2019), however, bond markets have developed rapidly in Korea and other Asian countries. The corporate bond market competes with banks as a source of finance for large borrowers. As such, bond markets may affect banking sector operation, a process known as disintermediation. In this paper, we examine whether bond market development improves the efficiency of resource allocation in Korean bank lending. We propose two channels through which bond market development affects the efficiency of bank lending. Since the two channels have opposing effects on the efficiency of banking, the issue must be settled by empirical analysis. We find that bank loans are much less efficient than bond financing in allocating resources across industries. Furthermore, banks are particularly inefficient in resource allocation in industries that rely more on bond financing. This suggests that competition from bond financing does not improve allocative efficiency of bank loans.     

价格支持政策对我国不同粮食作物播种面积变化的影响差异

［目的］文章评估了价格支持政策对不同粮食作物播种面积变化的平均效应与动态效应，并测度多种价格支持政策的交叉政策弹性。［方法］基于1998—2016年实施粮食价格支持政策省份面板数据，设立对照组，利用倾向得分匹配—双重差分方法（PSM DID）评估价格支持政策平均效应与动态效应，并构建粮食作物供给反应（Nerlove）模型测度价格支持政策的交叉政策弹性。［结果］（1）价格支持政策对水稻、小麦、玉米播种面积增加具有不同程度的推动作用，按大小依次为玉米>水稻>小麦，对大豆播种面积变化影响不显著； （2）价格支持政策持续时间越长，对水稻、玉米播种面积增加的推动作用越大，对小麦播种面积增加的推动作用较为稳定； （3）小麦、玉米播种面积变化主要来自自身价格支持政策，水稻播种面积变化除了受到自身价格支持政策影响外，还受到其他作物政策影响，大豆播种面积变化对玉米临储政策反应敏感，对自身价格支持政策反应不敏感。［结论］在制定粮食政策时既要区分政策及其持续性对不同粮食播种面积变化的影响差异，又要注意在同一地区实施多种粮食政策时，可能对不同作物产生交叉影响。     

COVID-19-induced layoff,survivors’ COVID-19-related stress and performance in hospitality industry: The moderating role of social support

The COVID-19 pandemic has hit the hospitality industry hard globally, resulting in millions of employees being laid off. Drawing upon the conservation of resources theory, this study aims to empirically examine how and when COVID-19-induced layoff influences employees’ in-role and extra-role performance in the hospitality industry. We tested this model by using field data collected from 302 employees and their supervisors in China across two waves. Results revealed that COVID-19-induced layoff increases survivors’ COVID-19-related stress, which in turn leads to decreased in-role and extra-role performance. The strength of these indirect effects is mitigated by perceived family support against COVID-19. Unexpectedly, perceived organizational support against COVID-19 intensifies these indirect effects. The theoretical and practical implications of this study are further discussed.     

我国省级区域金融发展对经常项目的影响研究——基于货物贸易视角的分析

本文选取我国大陆31个省(市、自治区)2007年-2018年的面板数据,综合运用系统GMM和差分GMM估计方法,实证检验了沿海与内陆、沿边与非沿边、享受优惠政策高与低、金融控制强与弱等4类不同省区金融发展对经常项目余额的影响。研究结果表明:使用全部样本估计时,金融发展显著负向影响经常项目余额,这一结论经稳健性检验后依然成立。使用不同区域的子样本估计时,金融发展对沿海省区、非沿边省区、享受优惠政策高以及金融控制弱省区的经常项目余额的抑制作用较大,而在其他省区作用较小。因此,各地区应充分利用金融手段来调整进出口余额,以保证经常项目的持续平衡。     

Determining factors and impacts of the intention to adopt mobile banking app in Cameroon: Case of SARA by afriland First Bank

This study aims to know what are the factors determining the adoption of M-Banking app among customers in Cameroon. In other words, what are the factors that influence users in their decisions to adopt and use a system or technology such as the MBanking app, and indirectly, what is the impact of this use on both the customers and financial inclusion? The research model developed relying on a combination of Technology Acceptance Model (TAM ), Unified Theory of Acceptance and Use of Technology ( UTAUT2 ), Information System Success Model ( ISSM ), and Protection Motivation Theory ( PMT ) and other constructs; it was then tested with a sample of 223 users of the “ SARA” M-Banking app of the financial institution called “ Afriland First Bank” . Findings revealed that: (1) utilitarian expectation, hedonic motivation, and status gain, habit, and perceived privacy concern have a significant influence on the intention to adopt M-Banking apps; and (2) the exploitative/explorative use of this technology has an impact on user’s loyalty and satisfaction but also contributes strongly to fostering financial inclusion in Cameroon. Also, the Multi-group analysis was performed on the sample using 2 gender-based groups (males, n=121; females, n=102).     

Do leveraged warrants prompt individuals to speculate on stock price reversals?

Using proprietary data on bank-issued knock-out warrants written on a stock index, we find that individual investors’ aggregate warrant portfolio speculates against the short-term trend of the index. We argue that contrarian trading is driven by the interaction of product design and investors’ preference for large leveraged positions. Investors tend to open larger positions whenever warrants offer higher leverage. As a result, investors open an aggregate long position when calls offer higher leverage than puts. Since knock-out leverages move systematically with the underlying, aggregate warrant positions become contrarian even if investors do not intend to speculate on reversals.     

金融资源配置、技术进步与经济高质量发展

随着我国发展阶段及内外部条件的变化,科技创新已成为新时代引领我国经济高质量发展的核心驱动力。本文以金融驱动技术进步的视角,构建内生增长DSGE模型,分析金融资源配置、技术进步和经济增长之间的关系。研究佐证了我国技术创新的逆周期性,并发现金融资源在企业生产性投资与创新投资之间的分配,可以通过改变生产要素投入规模和技术进步率两种途径影响经济增长,且这两种影响之间存在“跷跷板”关系,但后者更具主导性。在此基础上,诠释了金融、技术与经济的动态传导机制:经济扩张期,企业生产规模扩张,金融资源对生产性投资的支持增加,对创新的投入相对减少,技术进步率放缓;经济收缩期,企业缩减生产规模,金融资源对生产性投资的支持减少,对创新的投入相对增加,技术进步率提升。本研究的政策启示为,面对当前发展新矛盾、新挑战,应把握发展新格局、新机遇,进一步深化金融改革,优化金融资源配置机制,鼓励创新投资,充分发挥股权市场对企业研发创新的支持作用,并辅以稳健适度的宏观调控政策,为企业创新提供良性的宏观环境,激活企业创新需求,促进技术进步,推动经济高质量发展。     

能源企业技术创新能力对财务绩效的影响——基于企业规模的门槛效应研究

能源消费和供给的重要性使得政府给予能源企业技术创新更多关注和支持，能源企业经营存在较大风险使得能源企业技术创新能力对财务绩效的影响呈现一定特殊性。以我国能源企业2013-2018年技术创新投入与产出能力指标为样本数据，采用因子分析法和动态面板门槛效应模型，在评价能源企业技术创新能力的基础上，分别研究能源企业技术创新投入和产出能力对财务绩效的影响及企业规模门槛效应。研究结果表明，能源企业的技术创新投入和综合能力对财务绩效的影响存在显著的门槛效应，而产出能力的表现并不显著。研究结果可为国家和能源企业的技术政策制定和创新投入决策提供参考。     

一种基于Radon变换的微表情识别算法

微表情是人们处在一些与平时生活环境不同的高强度环境下试图控制和掩饰的情感表现，也是一种不曾意识到的瞬时脸部表情,持续时间短，强度弱。为了提高其准确率，提出了基于Radon变换的微表情识别算法。首先，对数据库中的视频序列进行灰度归一化、尺寸归一化和二维主成分分析法（Two-dimensional Principal Component Analysis，2DPCA）降维预处理，使用光流法对降维后图像提取运动特征；然后使用Radon变换算法对光流图像进行处理，得到对应微表情的特征值和特征图像；最后使用支持向量机进行微表情分类识别。实验结果表明，使用Radon变换后得到的微表情特征图像得到了较好的识别效果，在微表情数据集CASME和CASMEⅡ上识别率分别为81.48%和82.17%，通过与选取的其他方法对比说明了该方法具有更好的识别性能。     

结合新型模糊支持向量机和证据理论的多传感器水质数据融合

在多传感器水质数据融合领域，证据理论是有效的数据融合方法之一，但基本概率分配一般不易确定，从而使数据融合能力难以有效发挥。支持向量机是统计学习理论之上的高级分类算法，具有普适性和全局优化等特点，但输出的基本概率分配有待进一步提高。提出了一种基于证据理论和新型模糊支持向量机相结合的数据融合方法，通过建立基于分类超平面距离的模糊隶属度，训练模糊支持向量机提高传统支持向量机的基本概率分配，并结合证据理论进行海河水质数据融合。通过证据理论分别结合支持向量机和模糊综合评价法与上述方法进行对比实验，经精度、平均绝对百分误差、均方根误差等指标验证，精度提高10.5%，表明所提方法是一种可靠的多传感器的水质融合方法，较其他方法具有更高的融合精度。