权证对投资者投资偏好影响的实证研究

金融衍生产品的出现提高了证券市场信息传递的速度，知情交易者通过对衍生品的投资提高传递的效率。本文通过对我国权证市场和相应标的股票市场交易高频数据的研究，探讨知情交易者在权证市场出现后是否改变了投资的对象。实证结果表明，尽管有部分知情交易者投资了认购权证，但是并没有证据表明知情交易者偏好认沽权证。造成这一结果的原因可能是权证制度自身的缺陷。     

反倾销应诉中市场经济地位认定问题对我国会计的影响

一、问题的提出(一)我国已成为国际反倾销的最大受害国随着我国加入WTO,所遭受的反倾销指控愈演愈烈,我国已经成为国际反倾销的最大受害国。自1979年欧盟对中国出口的糖精钠实施反倾销以来,国外对我国发起的反倾销调查已有500余起,平均每年20多起。且近几年呈增长趋势,每年都在40起以上,多时可达50多起。不仅美欧一些发达国家频繁对我国实施反倾销调查,就连一些发展中国家如印度、秘鲁、阿根廷、巴西、墨西哥、智利等也对我国发起反倾销诉讼,涉案商品多达4000余种,基本上涵盖了出口产品的各个领域。几千家对外贸易企业深受其害,经济损失高…     

How Banks' Value-at-Risk Disclosures Predict their Total and Priced Risk: Effects of Bank Technical Sophistication and Learning over Time

Using a sample of eight large commercial banks from 1994 to 2000, Jorion (2002) finds that banks' VaR disclosures for their trading portfolios predict trading income variability. We extend Jorion's findings using a larger sample of 17 banks from 1997 to 2002 reporting trading VaRs under FRR No. 48 (1997). We find that banks' trading VaRs have predictive power for trading income variability that increases with bank technical sophistication and over time. We find that banks' trading VaRs have predictive power for a bank-wide measure of total risk, return variability, and for two bank-wide measures of priced risk, beta and realized returns.     

关于非经常性损益的理论依据及其现实应用的思考

中国证监会在2001年4月25日发布的《公开发行证券的公司信息披露规范问答第1号-非经常性损益》(证监会计字[2001]7号,以下简称7号文),对“非经常性损益”指标进行了第一次界定。由于该文件未对“非经常性损益”概念的内涵、外延给出清晰的界定,上市公司对此理解不一,具体执行时往往采用不同的判断标准,导致公司对所披露“扣除非经常性损益的净利润”等财务指标的计算可能不准确。有鉴于此,证监会在2004年1月15日发布了《关于公开发行证券的公司信息披露规范问答》第1号(2004年修订)(证监会计字[2004]4号,以下简称4号文)。本文针对“非经常性损益”的理论基础及其现实意义作一分析,并就上述文件的某些不足之处及该指标的使用方面提出一些看法。     

Environment–strategy co‐evolution and co‐alignment: a staged model of Chinese SOEs under transition

Economic reform in China has attracted growing attention from around the world owing to its significance for theory and practice. What has been largely missing in the literature is the temporal dimension, i.e., the changes over time in key variables such as organizational environment, firm strategic adaptations, and the performance implications. In this study, we investigate environment and strategic adaptations 12 years after Tan and Litschert examined these issues in 1990. Following a staged model, the study found that (1) organizational environment and firm strategic adaptations have co‐evolved over time, (2) a new configuration has emerged and is related to improved performance, and (3) such a relationship is moderated by the stage during transition in which firms were founded. Specifically, firms founded since 1990 are more proactive and innovative than firms that had existed in the previous stage. Copyright © 2004 John Wiley & Sons, Ltd.     

The Roles of Innovators and Labor in a Schumpeterian Factor Endowments Based Model of Intra‐industry Trade

This paper builds a model of Schumpeterian innovation and trade that emphasizes endowments of innovators and labor as a key factor in determining the pattern of trade. The model suggests a strong complementarity between intra‐industry and inter‐industry trade. The pattern of inter‐industry vs intra‐industry trade is analyzed using the Grubel–Lloyd index. The theoretical model predicts that the prominence of intra‐industry trade is a nonlinear function of the ratio of the proportion of world knowledge domestically generated to the domestic share of the world labor supply. Strong empirical evidence for this key result is presented and implications are discussed.     

信息化对制造业升级的影响机制研究

信息化对制造业升级的影响日益深远，但其影响机制也更加复杂。通过微观、宏观双视角定性论述，借助GMM模型对中国283个城市2004-2014年的面板数据进行定量测度，探讨了信息化对制造业升级的影响机制。结果显示：信息化与制造业升级存在倒U型关系，当信息化程度未跨过风险拐点时，其对制造业升级会产生促进作用；信息化程度跨过风险拐点后，信息化对制造业升级的促进作用呈下降趋势。研究表明信息化并不总是促进制造业升级，信息化是机遇也是挑战，各地区需要因地制宜，结合自身工业化水平来发展信息化。     

Transformation and Rebirth of Chinese Brands: A Case From the Hotel Industry

ABSTRACT

Chinese domestic brands have developed rapidly in recent years, and yet few of them have entered global competition as product or service brands brands with exceptions such as Huawei. In addition, the evolution of Chinese brands has hardly been understood or introduced properly by international business educators. In this article, we identify the development patterns of Chinese domestic brands by using a local hotel brand as an example. Particularly, we examine and discuss how a Chinese brand can be established with specific positioning, brand image, and product offering, as well as how the brand can grow by vertical and horizontal extensions based on balancing market opportunities and the brand’s own capabilities. Moreover, we expect this research to facilitate the understanding of Chinese brands among international business education.     

政治关系“力量”与民营企业价值研究:腐败的调节效应

从社会网络理论的强弱关系视角对2012-2014年福布斯中国富豪榜的企业家及其企业进行了政治关系的度量,检验了腐败是否会调节政治关系"力量"对企业价值的影响。研究发现,企业家本身所具有的政治关系对企业价值具有明显的正向影响作用,关系的"力量"越强,对企业价值的正向影响就越大;与此同时,腐败的出现会强化政治关系"力量"对民营企业价值的影响。通过分组验证发现,这种"力量"在腐败程度较高环境下更易对企业价值产生正向影响,但在腐败程度较低的环境中,政治关系对民营企业价值的影响很多时候并不显著。