Individual stock sentiment beta and stock returns

Using the data in Chinese stock market, we measure the individual stock sentiment beta, which is defined as the sensitivity of individual stock returns to the individual stock sentiment changes. We demonstrate that stocks in the highest individual stock sentiment beta portfolio have significantly higher excess returns, CAPM alpha, Fama-French three-factor alpha and Fama-French five-factor alpha. Besides, we find that the high individual stock sentiment beta stocks are smaller, younger, more volatile stocks with higher price and higher market beta. After controlling for firm characteristic, the returns of High-Low individual stock sentiment beta portfolios are still significantly positive. Moreover, we show the effect of the individual stock sentiment beta on stock returns is positive and significant in different stock markets, in different sample periods, and in bull and bear market. Besides, the results of the Bayes-Stein individual stock sentiment beta are still stable.     

Total Factor Productivity and Energy Intensity: An Empirical Study of China’s Cement Industry

China is the largest cement producer and consumer in the world. The cement industry’s rapid growth has led to a large demand of energy. This study reviews China’s cement industry in terms of energy intensity and examines the effects of technological progress on energy intensity. It also discusses the feasibility of achieving China’s energy reduction targets. We employ the Granger causality test and find that the total factor productivity or technological progress causes the energy intensity of the cement industry. Impulse responses analysis also proves that in the long run the technological change contributes to the decline in energy intensity of cement production.     

浅析新时期我国高校办学定位和战略管理

近一个时期,我国高等学校普遍开始重视办学定位和战略规划,这是好事,但重视不能仅仅停留在口头,更要落实在行动上。那么,不论是口头还是行动之前,都要做好充足的功课。笔者在高校工作多年,关于高校定位和战略规划借此发表自己的拙见,与读者分享,敬请批评指正。     

系统论视角下中国特色领导者素质研究

领导职能从属于管理系统,领导职能的发挥对整个管理系统良性发展有着重要的意义。领导者是否具备应有的素质就成为领导职能发挥的关键,进而影响和制约着整个管理系统。领导者应具备良好的政治素质、知识素质、能力素质和心理素质,不断拓展自身的素质和能力。     

Fear of climate change consequences and predictors of intentions to alter meat consumption

Reducing or altering meat consumption has the potential to significantly lower the impact humans have on climate change. Consumers, however, are unlikely to break their food habits unless they are aware of the problem and motivated by the solutions. Fear appeals are often used to overcome this, however, their effectiveness in the context of meat reduction and climate change is unclear. Given the widespread use of fear appeals in information policy, it is important to understand more. The aim of this study was to explore fear—or more specifically—the danger control process in a climate change—food context in order to understand the factors which motivate consumers to reduce or alter their meat consumption. Using a stratified random sample of 222 respondents in Southern Sweden, we develop a model for predicting intentions to adopt specific and general actions to reduce or alter meat consumption. Our results suggest that the general key to motivating consumers is through increasing their self-efficacy towards adopting meat alternatives and educating them on the importance their actions have in reducing the threat. We also found that appraising the threat to self (or those close) was significant, but surprisingly the effect size was greater when the threat concerned others (e.g. others in impoverished nations, animals).     

Opportunity cost of water allocation to afforestation rather than conservation of natural vegetation in China

Estimation of ecosystem service values is a hot area of research in ecological conservation and economics. However, the costs of these outputs are largely unknown. In this paper, we estimated the opportunity cost of water allocated to afforestation projects through mathematical modeling based on statistical data for all of China to provide support for restoration planning based on a fuller consideration of the true costs. To guide future ecological conservation and environmental policy development, we illustrate a neglected concept (ecosystem service costs) and use this concept to compare the ecological services provided by ecological restoration based on afforestation with those of restoration based on the conservation of natural vegetation using data obtained since 1949 in China. The results showed that afforestation and natural vegetation create annual costs related to use of the available water resources equal to 4800 and 3700 RMB ha⁻¹, respectively, representing a water opportunity cost of 1100 RMB ha⁻¹ for afforestation. This illustrates the rule that “there is no free lunch” for any service, including ecosystem services. Therefore, to support the development of more effective and sustainable environmental restoration policy, it will be necessary to evaluate the associated opportunity costs.     

On the role of the utility function in the estimation of preference parameters

Modern economic theory summarizes the main characteristics of individual preferences through a definite set of parameters: risk aversion, prudence, and the elasticity of intertemporal substitution. Despite their importance, the results of the literature devoted to the parameters’ estimation are controversial. This paper highlights the neglected role that may have been played by the constraints that the quantitative definition of the parameters and the utility functions employed impose on the estimation. A number of simulation exercises are presented, which show that the same saving behaviour can be associated with quite different values of the parameters depending on the utility function adopted.     

重庆市乡村旅游资源空间特征及其与乡村振兴关系研究

[目的]探究重庆市乡村旅游资源的结构类型和空间特征,分析乡村旅游资源数量与乡村振兴之间的关系,对重庆市乡村旅游产业发展和促进乡村振兴具有指导意义。[方法]文章利用GIS技术定量分析重庆市乡村旅游资源的空间分布特征,通过空间分布模型探究乡村旅游资源空间分布的聚集程度,利用地理联系率探析人口规模和经济发展水平与乡村旅游资源分布的配合度。采用回归模型从整体上对重庆市乡村旅游资源数量与乡村振兴的关系进行分析,利用Pearson相关系数对不同经济发展区域关系进行研究,试图得到乡村旅游资源数量与乡村振兴的辩证关系。[结果]重庆市乡村旅游资源具有4种类型,农事体验类所占的比重最大,达到43.46%,乡村文化类所占比重最低为2.30%。乡村旅游空间布局特征结果表明重庆市4种乡村旅游类型在空间上的分布存在较大的区域差异,都呈现集中分布, 4种类型的景点与人口和经济的配合度较高。回归分析结果表明,乡村旅游资源数量与休闲农业和乡村旅游接待人次、农村卫生厕所普及率、村综合性文化服务中心覆盖率、县级以上文明村和乡镇占比和农村居民人均纯收入之间存在均衡关系。Pearson相关性分析结果表明除休闲农业和乡村旅游接待人次外,乡村旅游资源数量仅与农村居民人均纯收入之间存在低度相关性,不同经济区相关系数差异较大。[结论]综合以上研究结果,乡村旅游资源的空间分布特征既受当地经济发展的影响,同时又促进当地经济的发展,表明重庆市乡村旅游资源对乡村振兴具有一定的促进作用。建议在今后的发展中应拓展乡村旅游类型,提高乡村文化类景点的数量和比重,促进重庆市乡村旅游产业的均衡发展,实现不同经济区乡村经济的协调发展。     

普惠型社会福利的中国理解

普惠型社会福利来自于对社会福利模式的最初划分。在社会福利由"补缺型"到"普惠型"转变的过程中,在学界和各级政府层面,无论是顶层设计还是政策实践,我们都在探索有中国特色的普惠型社会福利模式。普惠型社会福利从提出、引入到本土化经历了一个漫长的时期,在我国经济高速发展但人均经济发展水平还很低的情况下,构建怎样的社会福利发展模式并有效地付诸实践成为我国社会福利发展的突出问题。在建立覆盖城乡和全民共享的社会福利体系的背景下,适度普惠型社会福利模式在中国应运而生。     

建筑工程成本控制措施分析

随着我国城镇化发展步伐的加快,建筑业企业之间的竞争越来越大,企业之间的盈利空间越来越小,对此建筑企业如何通过有效的管理措施降低建筑工程的成本支出成为建筑企业发展与扩大的重要措施。本文通过对建筑工程成本控制的特点分析,探讨如何提高我国建筑工程成本控制的措施,实现建筑工程的效益最大化。