中国OFDI技术创新效应的传导机制——基于资本要素市场扭曲视角的分析

本文尝试构建一个中国OFDI(对外直接投资)技术创新效应传导机制理论框架,并对资本要素市场扭曲影响OFDI技术创新效应的作用机制和结果进行拓展分析。研究表明:近年来中国企业OFDI对技术创新具有正向效果,且OFDI企业可以通过从劳动密集型向资本密集型的转型升级、提高管理效率以及生产效率这三个重要途径实现其技术创新能力的跃升;现阶段中国资本要素市场扭曲现象会显著抑制企业OFDI技术创新效应,作用机制是,资本要素市场扭曲作为干扰外部摩擦因子,通过降低企业资本要素密集度和生产效率等渠道抑制企业OFDI技术创新效果。本文进一步提出构建知识产权金融化建议,包含知识产权股权化、知识产权证券化和知识产权流动性机制等内容,以此引导更多金融资源和人力资源参与企业技术创新活动。     

员工创造力激发研究评述：多层次多视角机制与精神性动力

员工创造力是组织创新的先决条件和根本源泉，员工创造力激发成为经典的研究主题，并取得了相当丰富的研究成果，然而，国内却鲜见针对员工创造力激发机制进行全方位、多层面和多视角的梳理与总结。对员工创造力的激发机制研究进行系统回顾和深入分析，首先，从员工创造力激发的理论基础出发，总结员工创造力激发的经典理论；其次，按照个体、团队和组织的逻辑顺序对以往散见在各个组织层次的员工创造力激发机制进行多视角梳理和探讨。随着研究的深入，组织内精神性逐渐成为员工创造力激发的新兴动力，为此，从多个视角归纳基于精神性的员工创造力激发机制；最后，展望未来研究方向，以期推动员工创造力激发机制研究走向深入和完善。     

绿色创新生态系统生成机制研究

推动绿色创新生态系统生成是区域经济高质量发展的重要举措。通过分析绿色创新生态系统内涵和结构，基于超循环理论，探讨绿色创新生态系统生成过程，并利用江联重工集团案例分析，明确绿色创新生态系统形成动力要素。结果表明：绿色创新生态系统具有绿色发展性、生态性、动态演化性、高风险性和复杂性特征；绿色创新主体之间的相互作用关系，催生共生竞合、动态演化的超循环，而超循环体系能够加强绿色创新主体相互作用，推动绿色创新生态系统生成；资源配置与匹配效应、环境规制与市场导向、用户交互与敏捷响应、共生竞合与跨界整合是绿色创新生态系统生成的重要驱动因素。     

When do retail investors pay attention to their trading platforms?

Buying and selling securities through online trading platforms has become increasingly popular among U.S. households in recent years. This study tracks U.S. households' attention to their online trading platforms using daily data for 2004 to August 2017. The analysis covers the 10 most popular online trading platforms among U.S. investors. The findings indicate that market shocks, captured by several proxies, as well as macroeconomic announcements attract investors' attention to trading platforms. We also document that the ostrich effect weakens when considering greater changes in the VIX. Our findings do not support the avoidance of information theory, but do support the theoretical argument that risk-averse agents engage in more information gathering when uncertainty prevails in hopes of reducing their risks.     

Price gap anomaly in the US stock market: The whole story

This paper analyses the price gap anomaly in the US stock market (comprised of the DJI, S&P 500 and NASDAQ) covering the period 1928 to 2018. This paper aims to investigate whether or not price gaps create market inefficiencies. Price gaps occur when the current day’s opening price is different from the previous day’s closing price due orders placed before the opening of the market. Several hypotheses are tested using various statistical tests (Student’s t-test, ANOVA, Mann-Whitney test), regression analysis, and special methods, that is, the modified cumulative returns and the trading simulation approaches. We find strong evidence in favour of abnormal price movements after price gaps. We observe that during a gap day prices tend to change in the direction of the gap. A trading strategy based on this anomaly was efficient in that its results were not random, indicating that this market was not efficient. The momentum effect was found to be temporary and no evidence of seasonality in price gaps was found. Lastly, our results were also contrary to the myth that price gaps tend to get filled.     

芪柏塌渍治疗小儿静脉炎的疗效及对TLR-4/核因子-κB信号通路的影响

目的观察芪柏塌渍对静脉炎的疗效,同时探讨其对TLR-4/核因子-κB信号通路上标志蛋白表达的影响。方法选取2018年1月至2019年6月大连市中心医院收治的40例静脉炎患儿作为研究对象,按随机数字表法分为常规组和试验组,各20例,另取20例健康儿童为对照组。对照组患儿取50%硫酸镁溶液浸湿的无菌纱布敷于发生静脉炎处,面积以超过静脉炎范围1~2 cm为宜,并用保鲜膜包裹于纱布外,每2小时换药1次,3 d为一个治疗周期。试验组用无菌棉签蘸取适量芪柏塌渍膏涂于发生静脉炎处,面积以大于静脉炎范围1~2 cm为宜,厚度0.2~0.5 cm,予以无菌纱布覆盖,最后用胶布固定,每4~6小时换药1次,3 d为一个治疗周期。于治疗前及治疗2个周期时,采用蛋白免疫印迹法检测外周血中TLR-4和核因子-κB水平变化,酶联免疫吸附试验(ELISA)检测患儿血清肿瘤坏死因子-α(TNF-α)、白细胞介素-11(IL-11)、白细胞介素-4(IL-4)、白细胞介素-33(IL-33)蛋白表达。结果治疗后两组患儿数字评分法(NRS)评分、红肿面积有所改善,且试验组改善程度优于常规组,差异有统计学意义(P<0.05);静脉炎患儿血清TLR-4、核因子-κB、TNF-α、IL-11、IL-4、IL-33水平明显高于健康对照组(P<0.05);治疗后,常规组和试验组患儿TLR-4、核因子-κB、TNF-α、IL-11、IL-4、IL-33水平明显下降(P<0.05),且试验组上述指标明显低于常规组(P<0.05)。结论静脉炎患儿存在TLR-4/核因子-κB信号通路表达紊乱,芪柏塌渍可明显调节TLR-4/核因子-κB信号通路上标志性蛋白的表达,该效应可能是芪柏塌渍从机体炎症方面改善静脉炎患儿的作用机制之一。     

Performance and learning in an ambiguous environment: A study of cryptocurrency traders

We investigate the performance and learning ability of traders in an environment governed by ambiguity, such as the cryptocurrency market. Using a profit decomposition methodology, we find significant cross-sectional and temporal heterogeneity in performance. Traders do not learn to progressively increase the magnitude of returns; however, they are able to improve on their ability to realise profits as a mechanism of adaptation to survive through ambiguity. This adaptation increases as traders progress through their career. Moreover, we find evidence in support of the gambler’s fallacy. We argue that learning in ambiguous environments has limitations, allowing traders primarily to survive.     

卖空限制与收益可预测性——A股融资融券制度的证据

基于A股市场融资和融券余额的巨大差距,本文拓展了Hong et al.(2016)的理论模型,在融券端和融资端分别找到了影响股票收益率的变量:融券比率(融券余额/流通市值)和融资回补天数(融资比率/日均换手率)。进一步,本文利用组合价差法和Fama-MacBeth横截面回归法,实证检验了A股市场中融券比率与融资回补天数解释和预测股票收益率的能力。实证结果表明,在存在融券限制条件下,融券比率相比融券回补天数(融券比率/日均换手率)能更好地代表套利者对股票价格高估程度的看法,根据融券比率构建的等权重多空组合能带来月均1.58%的显著收益;而由于融资约束相对较少,融资回补天数相比融资比率(融资余额/流通市值)能更好地代表套利者对股票价格低估程度的看法,根据融资回补天数构建的等权重多空组合能带来月均1.28%的显著收益。实证结果与本文存在融券数量限制下的理论模型相符,且该收益率不能被多因子模型和常规股票特征所解释。     

虚拟组织持续创新:内涵、本质与机理

互联网技术革命及消费者需求的不断更新推动了虚拟组织的诞生与发展,作为新型的价值创造系统,虚拟组织以核心能力为结点,能够集成整合价值链上的优势资源,紧抓市场机遇,持续为客户创造价值。首先,厘清了虚拟组织持续创新的内涵与本质。在此基础上,分别论述了虚拟组织持续创新的4大构件即创新动力、创新过程、学习能力与界面管理,及其之间的交互作用,提出了虚拟组织持续创新的运行机理,旨在深化对虚拟组织持续创新的研究和认识。     

环境不确定下企业孵化网络治理机制对治理绩效影响研究

从企业孵化网络本身以及环境视角分析了企业孵化网络治理绩效的影响因素,通过企业孵化网络治理机制对治理绩效关系的实证分析,验证了环境不确定下企业孵化网络的契约治理机制、管理治理机制对治理绩效的影响。结果表明:企业孵化网络治理机制中的契约治理机制、关系治理机制对治理绩效具有正向调节作用;环境不确定性会扩大或缩小治理机制对治理绩效的作用强度。企业孵化网络在高市场不确定性环境下,采用关系治理机制的绩效较好;在高技术不确定性环境下,采用契约治理机制的绩效较好。