亚洲工厂及关联度分析

依据亚洲零部件贸易数据,作者采用了依存比率的方法对亚洲工厂的规模、工厂内部以及同美国之间的相互依存关系进行了研究。研究结果发现,亚洲工厂的规模超过北美洲和欧洲工厂,成为了世界上最大的工厂。亚洲零部件内部贸易额及比重超过了欧盟,这说明亚洲生产的一体化程度更高。从零部件进出口规模角度看,亚洲地区的经济体均高度依赖亚洲工厂的活动,而亚洲工厂对中国的依存度则最高,对日本的依赖程度只排在第三位,这说明中国是亚洲工厂的核心平台。美国在亚洲贸易中的重要性主要体现为中国的最终产品出口对美国市场存在严重依赖,而亚洲主要经济体对中国市场的出口已经超过对美国的出口,亚洲工厂对于美国的依赖程度并不高,远远低于亚洲工厂对中国内地和中国香港的依赖。相反,美国对亚洲工厂的依赖程度则远高于亚洲工厂对美国的依赖。     

基于“碳金融”视角的商业银行中间业务创新研究

商业银行要全面提升综合竞争力,必须改变以传统存贷业务为主的发展模式,积极探索中间业务创新,而碳金融市场蕴含的巨大潜力为商业银行中间业务创新提供了良好契机。文章针对商业银行碳金融中间业务创新发展中面临的诸多阻碍因素,提出了要加快金融体制改革、改善金融生态环境、完善银行业自身建设的解决对策。     

长株潭"3+5"城市群产业目标结构研究

通过对长株潭"3+5"城市群产业结构现状与同等收入水平的国际"标准"产业目标,发现长株潭"3+5"城市群的产业结构现状与国际"标准"产业目标结构差距较大,国际"标准"产业目标结构不宜作为其产业调整的近期目标结构.最后,结合长株潭"3+5"城市群内各市的发展现状,制定了各市产业调整的近期目标结构.     

我国土地产权法律制度述评

制度变迁理论认为:产权制度设计具有在体制内激励个人与集团的功能.中国的经济改革是"在解决现实问题中进行的渐进式经济改革",实践中的"产权"设计需要在法学理论层面对之进行梳理.我国的农村土地集体所有制度的利弊与农民财产的市场化问题一直在争议之中.在房价暴涨,危及居民基本居住条件的情况下,政府以金融、行政手段对房价进行调控,上海市明确"土地使用权限到期后由出让方收回",是否合法合理?在探索农村土地入市的过程中,重庆市户籍改革对农村的宅基地以"地票"制度入市交易,实现权利的变现,这一创新举措是否符合法理?文章立足经济法价值论,对土地产权设计的法理价值及上述政策得失进行述评.     

An experimental examination of target based conservation auctions

Conservation auctions are increasingly employed to increase the provision of Ecological Goods and Services (EG&S) for achieving environmental goals. Most applications of conservation auctions concern the efficient allocation of a fixed conservation budget. However an important and under-explored application of conservation auctions is in meeting environmental targets, either as part of regulatory compliance by industry or by governments in meeting specified policy objectives. This paper examines the ability of a conservation auction to meet an environmental target. We use experimental economics methods benchmarked to a wetlands restoration case study to examine bidder behavior and efficiency in both budget constrained and target constrained auctions when landowners with increasing marginal costs can offer increasing sized bundles of wetland acres. The target constrained auction is characterized by an all or nothing rule, where there is no payout if the target is not met. We find that rent seeking and average cost in the target constrained auction is less than in a budget constrained auction, but that efficiency eroded in repeated rounds suggesting learning effects as participants realize there is no budget cap. Even with learning effects the target based auction out-performs the budget based auction. Adding a reserve price to the target based auction significantly reduced rent seeking but also increased the probability that the target was not met. The results have important implications for auction design in real world settings.     

目标价格改革试点对棉花市场的影响分析

[目的]通过分析棉花目标价格改革试点工作实施前后3年内(2011~2016年)棉花生产和需求变化情况,研究新疆目标价格改革对棉花市场的影响。[方法]运用3年滑动平均法,比较分析了棉花目标价格改革试点工作前后我国棉花产业的市场变化。[结果]自2014年棉花目标价格改革试点工作全面启动以来,生产方面:全国棉花种植结构日趋合理,新疆棉花种植优势明显,棉花市场价格形成机制初步建立,棉农利益得到了保护;市场需求影响方面:棉花价格逐步回归市场,国内外棉价差显著缩小,棉纺织企业经营状况趋于好转,棉花产业正在转型升级,但棉花市场整体需求不旺。[结论]试点工作取得了阶段性成效,但同时在信息化进程、棉花产业发展模式、生产力提升等方面暴露出一些问题亟待解决;下一步应进一步完善相关政策体系、加快棉花产业升级、加强科技创新,并推进信息化建设。     

When the target may know better: Effects of experience and information asymmetries on value from mergers and acquisitions

Research summary : Extending research on the effect of experience on acquisition outcomes, we examine how the differential in previous M&A experience between the target and the acquirer affects the value they, respectively, obtain when the acquirer takes over the target. Drawing on literature about organizational learning, negotiation, and information economics, we theorize that the party with greater experience will be able to obtain more value. Furthermore, we theorize that the effect of differential M&A experience on value obtained is contingent on the level of information asymmetry the acquirer faces with respect to the target, specifically as a function of the target's product‐market scope and whether the deal is friendly. We test and find support for these predictions in a sample of 1,241 M&As over a 30‐year period. Managerial summary : Corporate strategy is about a firm's scope and development decisions and outcomes, but corporate strategizing is incomplete unless managers anticipate the moves of other economic actors. We demonstrate the importance of these points when it comes to learning to make acquisitions. Using an innovative research design and theory that enables comparison between acquirer and target gains, we show that whatever their firm's acquisition history and capabilities, acquisitive managers should mind the negotiation and other pitfalls that arise when target firms possess ample acquisition experience of their own. We also demonstrate that the effect of experience advantage, whereby the more experienced party benefits, depends on the target firm's scope and whether the deal is friendly—two dimensions that acquirers can and should take into account. Copyright © 2016 John Wiley & Sons, Ltd.     

译前编辑与译后编辑分别使用机器翻译的对比——以英国诺里奇市城堡博物馆的荷兰画作简介的翻译为例

以英国诺里奇市城堡博物馆网站的荷兰画作简介为例,使用当下网民最常用的网络在线翻译工具之一＂Google翻译＂来对博物馆的精品画作馆藏介绍进行翻译。主要通过译前编辑使用＂Google翻译＂与译后编辑使用＂Google翻译＂,对两种不同的翻译方式所产生的译文效果、翻译过程中所产生的问题,以及完成翻译所需要耗费的时长进行对比与分析,寻找尽可能高效及优质的方法翻译源语文本;同时,发现并提出在线翻译工具需要改进的方面。     

从接受美学理论看目的语文本与源语文本的关系

接受美学理论认为,文本只有在读者积极参与下才能成为文学作品.翻译过程中,源语文本在译者积极动态的介入下,将未定性和开放性的文本形成并不完全对等的目的语文本,两者之间同中有异,互补互足.     

Corporate Venture Capital and Its Contribution to Intermediate Goods Firms in South Korea*

Set by government, corporate, financial and individual sources, venture capitalists in Korea have adapted themselves to the new and uncertain venture capital market through stand‐alone and syndicated investments. The present study raises questions about whether various financial sources contributed differentially to their portfolio firms during the market boom of 2000. Results show that no single capital source showed better performance, and only corporate venture capitalists contributed to intermediate goods firms. The latter finding might reflect the unique ability of corporate venture capitalists to use vertical value‐chain linkages for their investments.