基于PPP模式工程项目融资风险管理的思考

近年来,我国的经济发展较为迅猛,呈现出繁荣的景象。在此基础上,推动项目融资风险管理的出现与成长,而PPP模式较为突出,不同于暗含经济风险的传统型风险管理,能够在一定程度上助力政府财政支出压力的降低。但是需要多加关注的是,PPP模式的工程项目融资本身就具备一定的风险因素。为此,论文着眼于实际情况,充分考虑其基本特点,提出行之有效的防患策略,为我国顺利推进PPP模式工程项目管理工作提供一定的借鉴意义。     

消费升级背景下大数据能力对商业模式创新的影响机理——基于小米和网易严选的案例研究

在消费升级背景下,数据正呈爆炸式增长,给企业带来了机遇与挑战,新的商业模式不断涌现。本文基于动态能力和大数据理论,以小米和网易严选为例,研究了在消费升级背景下大数据能力对商业模式创新的影响机理和路径问题,发现大数据能力通过客户价值、企业资源和能力、盈利模式驱动商业模式创新的三条路径。探讨了资源整合能力、深度分析能力和实时洞察与预测能力三个维度之间的关系,并构建出大数据能力对商业模式创新的影响机理模型,可以拓展大数据能力和现有企业商业模式创新的相关内容。     

乡村振兴战略下要素国际流动的环境效果

乡村振兴战略和环境保护是当前经济工作中的重点。伴随经济全球化和“一带一路”战略的不断深入,生产要素国际流动日趋频繁。乡村振兴是国家重要发展战略,其重要抓手是实现农业现代化。因此,在小农户与现代农业共存的经济背景下,分析要素国际流动的环境效果,并根据现代农业发展的不同特征,对乡村振兴战略实施初始阶段和全面实施阶段分别进行分析后发现:在战略实施初始阶段,劳动流入加剧污染,反之改善环境;在战略全面实施阶段,资本流入改善环境,反之恶化环境。     

高质量发展视角下区域创新能力的提升路径 ——以南京市江宁区为例

我国经济已由高速增长阶段转变为高质量发展阶段,实现高质量发展是新时代我国经济发展的根本要求。高质量发展与创新驱动紧密关联,必须多举措协同提升区域创新能力。区域创新能力是指一个地区将知识转化为新产品、新工艺、新服务的能力,代表了创新要素在一定区域内聚集、整合以及推动区域可持续发展的基本能力。为了有效提升区域创新能力,必须强化区域创新的综合保障、构建区域创新综合生态体系、促进创新创业项目孵化与成果转化、强化区域制造业发展相关的创新活动等。以南京市江宁区为例对此进行了分析,该区积极实施战略科技引领计划,不断强化创新工作,通过促进区域创新平台建设、区域创新的服务支撑体系构建、高端创新资源在区域的聚集、区域制造业创新发展及合理布局等,不断增强区域创新能力,有效支撑了区域高质量发展。     

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.     

Destruction and settlement norms as determinants of conflict: An evolutionary perspective

This paper studies conflict in a simple bargaining framework using an evolutionary game-theoretic approach. Our findings suggest that a player does not always regard the winning probability as an acceptable settlement rule. He accepts a division according to winning probability when the destruction caused to him in conflict is more than a threshold, which in turn depends on cost of conflict to the opponent and the size of the population. Further, our analysis shows that the norms with positive weight to disagreement payoff are effective against conflict, and incentivize peace. Contrary to the findings of extant studies carried out in finite population evolutionary game setting, the settlement possibility set is identical under both ESS and Nash equilibrium in our model with settlement norms.     

The impact of dual network structure on firm performance: the moderating effect of innovation strategy

ABSTRACT

Firm innovation is embedded in a collaboration network among researchers and a knowledge network composed of knowledge elements; the two networks are decoupled. Guided by social network theory, this study puts forward the definition and the classification of firm dual network structure, probes into the influence of dual network structure on firm performance, and explores the alignment between innovation strategy and firm dual network structure. We conduct an empirical study of 183 listed companies in China from 2004 to 2018. It is found that the four types of dual network structure all have positive impacts on firm performance, and the impact of a collaboration network is slightly higher than that of a knowledge network. Besides, innovation strategy plays a positive moderating role in the relationship between dual network structure and firm performance. Our findings provide new ideas for firms to identify and optimise knowledge and collaboration network structures and match them with innovation strategy to improve performance.     

旅游产业与农村可持续生计耦合的空间格局及驱动机制——以张家界为例

通过构建乡村旅游与农村可持续生计系统指标体系,运用变异系数和耦合协调度模型对2005—2018年张家界乡村旅游与农村可持续生计的耦合度和协调度进行测算,分析耦合协调度的空间格局,并运用地理探测器方法对其驱动机制进行分析。研究表明:①2005—2018年耦合协调度保持连续上升的趋势;②乡村旅游发展初期呈现东部高西部低的分布格局,中期呈现东南部滞后于西部的分布格局,但最终张家界整个区县达到优质协调;③耦合协调度空间分异的主要影响因素有人均GDP、旅游收入占GDP比重、农业机械化水平和人均财政收入等,且具有明显的时间异质性特征。     

省级区域规划实施评估方法和机制探究

省级区域规划是国家和地方发展和空间规划体系中的重要组成部分。在我国建立更加有效的区域协调发展新机制的实践中,探究我国省级区域规划实施评估中存在的问题,研究和建立更加有效的省级区域规划实施评估的内容、方法和机制,对于进一步落实好省级政府的责任和义务,更好全面、有效实施好省级区域规划具有重要推动作用。文章提出了我国省级区域规划实施评估存在的问题、评估的方法、评估的内容和指标体系,并提出了具体建立更加有效的省级区域规划实施评估机制的建议和设想。     

The Role of Inflation Target Adjustment in Stabilization Policy

How and under what circumstances can adjusting the inflation target serve as a stabilization-policy tool and contribute to welfare improvement? We answer these questions quantitatively with a standard New Keynesian model that includes cost-push-type shocks. Our proposed inflation target rule calls for the target to be adjusted in a persistent manner and in the opposite direction to the realization of a cost-push shock, which is essentially a makeup strategy. The inflation target rule, combined with a Taylor-type rule, significantly reduces inflation fluctuations originating from cost-push shocks and mitigates the stabilization trade-off, resulting in a similar level of welfare to that associated with the Ramsey optimal policy.