Is China’s Manufacturing Industry Efficient? Evidence from an Energy-Rebound Effect Perspective

Majority of the increase in global energy consumption is from China; hence, studying energy issues, especially in China’s manufacturing industry (CMI), is worthwhile and of much interest in the academic field. Based on the translog cost function, we develop a research framework to study the rebound effect of CMI. Considering the effect of asymmetric energy price, we augment the energy-cost function with asymmetric influence constraint of energy price. Again, we add time series data of CMI’s capital, labor, energy, and mid-input to the model to calculate the direct rebound effect of CMI. We find that the rebound effect of CMI is 44.2%, and CMI still has large energy-conservation potentials. Based on the results of this study, some policy recommendations are provided.     

Automatic extraction of 1D barcodes from video scans for drone-assisted inventory management in warehousing applications

The widespread use of barcodes has significantly contributed to accurate, efficient and economic inventory management in warehouses and distribution centres. However, its efficiency has always been limited by the primary method of reading barcodes with a handheld laser scanner. Compared with this reading by line-of-sight at close proximity, vision-based barcode reading algorithms can further improve efficiency, particularly if accompanied by automated data collection platforms such as drones. This paper introduces algorithms that are able to automatically extract barcodes from video data, and verifies their feasibility and promise for inventory management in warehousing applications. Three key techniques corresponding to different recognition levels are proposed: For a known barcode region, a Harris corner detector and Hough transform-based algorithm is applied to quickly estimate the angle by which the frame area needs to rotate to orient the bars vertically for information extraction. Then, the idea of exploiting connectivity and geometry property of barcode areas is proposed to directly recognise multiple barcode regions in a single video frame to eliminate reading difficulties resulting from interactive influence of multiple juxtaposed barcodes, and to save computation time by only processing frame areas of interest for valid barcodes. In addition, a histogram difference-based fast extraction strategy is designed to further improve efficiency by reducing duplicate information processing. Finally, the performance of each technique is evaluated by analysing video data from a large logistics warehouse, demonstrating satisfactory performance in inventory management applications.     

股票价格波动的信息渠道影响研究——基于媒体报道和分析师预测的视角

文章手工收集、整理了2006-2015年中国A股上市公司的媒体报道倾向数据，实证研究了媒体报道正向倾向与分析师乐观预测偏差对上市公司负收益偏态系数的影响。研究表明，虽然媒体报道正向倾向、分析师乐观预测均分别对上市公司股价负收益偏态系数产生显著的负向影响，但是两者的交互项对股价负收益偏态系数的影响则是显著为正，即当媒体报道正面倾向与分析师乐观预测两者共同作用时，将会触发"信息过度关注偏差"机制，从而降低了上市公司股票收益。文章研究还发现，媒体报道、分析师预测和"信息过度关注偏差"机制的作用强度，在市场化程度高地区要明显大于市场化程度低地区，可能的原因是市场化程度高地区的企业更加容易被媒体报道和分析师关注，进而产生更强的关注效应。     

复杂担保经济后果与作用路径研究

本文以2008-2019年A股上市公司为样本,研究了参与复杂担保对上市公司产生的经济后果,并探讨了引发这些经济后果的路径机制和影响因素.研究发现:首先,参与复杂担保会对上市公司个体的公司价值和盈利能力产生显著的负向影响,且复杂担保内担保链条越多或上市公司在复杂担保内居中程度越高时,负向影响越大.因股东资金占用导致的投资不足在复杂担保影响公司价值和盈利能力的过程中发挥了部分中介效应.其次,复杂担保极易产生负向效应的多向和无序传播,形成风险传染,具体表现为系统内公司之间价值和盈利变动的连带反应,且较差的信息质量以及关联担保行为都会进一步加剧风险传染,产生这种现象的原因是风险冲击后复杂担保内其他上市公司风险承担水平降低、融资约束程度增加.本文从新的视角深化了担保后果及其作用路径的相关研究,对于深入理解复杂担保行为本质,以及如何警惕担保异象、防范担保风险具有重要意义.     

私家车从事网约车运营保险争议分析及应对

私家车辆从事网约车载客行为而引起了大量纠纷,结合法院判决和其中事实判断涉及诸多争议。私家车“变脸”网约车进行载客不一定都使得危险显著增加,有些只是兼职网约车司机,风险程度不符合危险显著增加的三个特性,重要性、持续性和未曾估价性。网约车载客与交通事故发生不是必然的因果关系,只是路线不确定和行驶频率增加造成事故风险增加,让保险公司承担全部责任显然违反合同和不符合法律规定,但保险公司直接拒赔商业险也有违对价平衡原则,显失公允。而采用比例原则较为合理,对于网约车这一新兴事物,相关的法律应该既是规制法也是促进法。横向考察域外有较为成熟的网约车保险,UBI车险可以考虑引入,将“人”的因素引入车险定价,具体而言,将考虑事故发生时被保险车辆的状态,以确定保险公司是否承担赔偿责任。     

产业链演化下我国上市电影企业投资对经营的影响研究

数字技术的发展,人们文化消费的转型,引致了我国电影产业链的演化,也促进了我国电影产业的快速发展.通过收集国内外上市的我国电影企业相关公开财务数据,从企业经营的微观视角,采用统计分析方法,我们发现:电影制作环节及与之相协同的衍生产品环节,有着不错的发展机会,而市场化程度最高的放映环节发展机会逐渐减弱,电影发行还可能存在垄断.电影企业投资与经营分析表明:具有内容优势的电影企业基于产业一体化投资战略,能够带来良好的资产协同效应,获得高额的资本回报;而电影放映环节的单一投资,其收入增长和价值创造能力显然要低很多.     

2种不同来源的黑牛肝菌SOD酶活稳定性研究

本研究分别对野生种PH-16与栽培种PH-20黑牛肝菌进行SOD酶活稳定性研究,通过SOD酶对H2O2及乙醇-氯仿的化学敏感性差异,确定SOD酶类型,以没食子酸自氧化法测定酶活,通过温度、pH以及4℃保藏时间梯度对其SOD酶稳定性进行了探究.结果表明,硫酸铵-丙酮复合沉降法,SOD酶活性最高,PH-20菌丝体蛋白含量是PH-16的1.32倍,而PH-16 SOD比活力最高可达PH-20的1.42倍.两种黑牛肝菌SOD酶活性均对H2O2浓度变化敏感,对乙醇-氯仿浓度变化保持活性稳定,确定SOD酶类型为Cu,Zn-SOD酶.PH-16 SOD酶最高酶活条件为pH=5.5,温度25℃,活性平均衰退速率16.2 U·mL-1·d-1.PH-20 SOD酶最高酶活条件为pH=6.5,温度30℃,活性平均衰退速率8.5 U·mL-1·d-1.     

中国金融市场风险与宏观经济景气之间的关联动态研究

为了揭示中国金融体系与宏观经济运行的系列结构性变化及其关联动态,文章分别基于货币流动性宽松程度、剩余收益模型以及银行资产负债表,对中国货币市场、股票市场与银行体系的风险进行了测度和评估;并在分析上述三个金融子市场风险变动规律及其传递机制的基础上,运用时变参数向量自回归模型实证检验了各金融市场风险与宏观经济景气之间的关联动态。研究发现:在金融危机爆发前后,不同金融市场风险之间的传递关系发生了重要转变,并且与宏观经济景气变动之间的交互影响也存在显著的阶段性差异,呈现出"良性循环"与"恶性螺旋"的非对称性切换。这些研究为中国新时期积极转变宏观经济调控政策决策机制、创新宏观经济调控与金融监管模式,实现宏观经济与金融体系的双重稳定提供了有益的经验依据与政策启示。     

Innovation and Price Informativeness

We study whether the innovation decisions of a firm are improved as a result of information reflected in the firm's stock price. We show that firms with more informative stock prices, as measured by price nonsynchronicity, have better innovation outcomes, as measured by the number of patents and patent citations. Our results are not driven by managerial private information and are robust to various alternative specifications. We also find that price informativeness is more important to innovation when managers are less experienced or face greater uncertainty about the optimal innovation strategy, and that these effects are primarily observed in small‐ and mid‐sized firms where additional information may be of greater value. Our results are consistent with the notion that capital markets can have real effects on the economy.     

China's Free Trade Ports: Effective Action Against the Threat of De‐globalization

With sluggish external demand and increasing trade protectionism by the USA and the European Union, China is facing severe challenges in implementing its deeper, ongoing reforms. To respond actively to such challenges, the Communist Party of China's 19th National Congress proposed to “promote a new pattern of all‐round opening up.” In particular, the establishment of free trade ports is considered an important means to realize deeper integration with the world economy. This paper discusses the background, the motivation, the possible challenges as well as a feasible path for the successful implementation of free trade ports in China. Based on the international experience, the construction of free trade ports in China requires freer trade in goods, high mobility of talent and free capital flow.