基于耦合共生理论的田园综合体规划模式建构

[目的]随着城乡统筹发展,乡村振兴战略的实施已成为解决"三农"问题的关键。2017年中央一号文件在乡村的大背景下,首次提出了"田园综合体"的概念,旨在通过实现农业与其他产业的共生融合,来带动乡村的发展及振兴、农业的转型升级、农民生活质量的提高。通过构建多产业耦合共生的田园综合体规划模式,以期更好地实现农业转型升级以及乡村的发展振兴。[方法]引入物理学中的耦合理论以及生物学中的共生理论进行研究。[结果]从耦合共生单元、耦合共生环境、耦合共生界面三个方面提出集农旅合一、多产业联合、多方参与为一体的田园综合体模式规划理念框架。[结论]以农旅合一的耦合共生单元为基础,将文化作为农业与旅游耦合共生的介质,有助于实现文化内涵的提升以及农业与旅游的协同发展;以多产业联动的耦合共生环境为推手进行合理布局,使多产业联动发展,有助于实现资源的整合利用、农业产业附加值的增加、村落结构的完善、农村特色及文化的传承;以多方共同参与的耦合共生介质为保障,通过政府、市场和公众这三方的共同参与和合作,有助于解决三农问题,带动农村经济的发展,促进乡村统筹发展及乡村振兴战略的实施。     

Cross-border exchanges and volatility forecasting

We test for the performance of a series of volatility forecasting models (GARCH 1,1; EGARCH 1,1; CGARCH) in the context of several indices from the two oldest cross-border exchanges (Euronext; OMX). Our findings overall indicate that the EGARCH (1,1) model outperforms the other two, both before and after the outbreak of the global financial crisis. Controlling for the presence of feedback traders, the accuracy of the EGARCH (1,1) model is not affected, something further confirmed for both the pre and post crisis periods. Overall, ARCH effects can be found in the Euronext and OMX indices, with our results further indicating the presence of significant positive feedback trading in several of our tests.     

Local opinions on trophy hunting in Kyrgyzstan

As traditional international trophy hunting destinations are becoming less accessible due to hunting restrictions and regulations, new destinations are entering the scene, such as the Republic of Kyrgyzstan, located in Central Asia. Kyrgyzstan has grown to be one of the top destinations for international trophy hunting of argali Ovis ammon and ibex Capra sibirica, both of which are in danger of extinction. Empirically, the article draws on a case study from the largest region in Kyrgyzstan, At-Bashy, and 395 questionnaires with local inhabitants from 5 villages, and 1 interview with an international trophy hunting tour operator. In this article, the impacts of trophy hunting as a tourism practice in a rural context is discussed in terms of its sustainability and through the opinions of the local inhabitants. In sum, the negative impacts of trophy hunting in At-Bashy seem to overrule the positive ones, and in its current form it is not sustainable. The local inhabitants report about a decrease in argali and ibex during the last years; they receive basically no economic benefits from hunting tourism; and not surprisingly, 70% of the population rejects the further development of the industry in its current shape.     

How Fast are Semiconductor Prices Falling?

The Producer Price Index (PPI) for the U.S. suggests that semiconductor prices have barely been falling in recent years, a dramatic contrast to the rapid declines reported from the mid‐1980s to the early 2000s. This slowdown in the rate of decline is puzzling in light of evidence that the performance of microprocessor units (MPUs) has continued to improve at a rapid pace. Over the course of the 2000s, the MPU prices posted by Intel, the dominant producer of MPUs, became much stickier over the chips' life cycle. As a result of this change, we argue that the matched‐model methodology used in the PPI for MPUs likely started to be biased after the early 2000s and that hedonic indexes can provide a more accurate measure of price change since then. MPU prices fell rapidly through 2004 on every price measure we present, with the PPI declining at an even quicker pace than the hedonic indexes. However, from 2004 to 2009, our preferred hedonic index fell faster than the PPI, and from 2009 to 2013 the gap widened further, with our preferred index falling at an average annual rate of 42 percent, while the PPI declined at only a 6 percent rate. Given that MPUs currently represent about half of U.S. shipments of semiconductors, this difference has important implications for gauging the rate of innovation in the semiconductor sector.     

新形势下事业单位财务管理存在的问题和对策

在改革开放30年之后，中国社会主义市场经济改革进入了深水区，国际格局呈现了一超多强的格局，中国在各方面都面临着新的挑战。建设廉政性政府是出于国内政治环境的需要，也是应对国外挑战的需要。加强事业单位财务管理是建设廉政性政府的迫切需要，如果不采取相应措施事业单位就可能会滋生腐败，严重降低在职人员的工作积极性以及工作效率。     

我国农村产业融合发展的效率评价

[目的]为了进一步提升农村产业融合发展效率,提升农业质量效益和竞争力、增强农村发展活力、促进农民持续增收,[方法]文章根据我国农村产业融合发展的投入产出指标数据,利用DEA方法对我国31个省(自治区、直辖市)农村产业融合效率进行了科学的分析与测算,[结果]研究表明,我国农村产业融发展的总体效率偏低。从综合效率看,仅有天津等7个省(自治区、直辖市)的综合效率值高于0. 5;从纯技术效率看,仅有江苏等8个省(自治区、直辖市)的纯技术效率高于0. 5;从规模效率看,西藏、甘肃、青海3个省(自治区)的规模效率低于0. 5。提升农村产业融合发展效率仍有较大的空间。[结论]应从进一步加大对农村产业融合发展的资金投入力度、着力优化农村产业融合发展的资金投入结构、建立农村产业融合发展效率考评制度等方面提升农村产业融合发展效率,促进农村产业融合快速发展。     

The impact of direct environmental,social, and governance reporting: Empirical evidence in European-listed companies in the agri-food sector

Companies are continuously pressured for the dissemination of environmental, social, and governance (ESG) information, because of the constant debate on the issue of corporate sustainability, considered a critical and very important topic for society; despite this pressure, ESG's disclosure practices vary considerably from company to company, both in quantity and quality. The study aims to address the issue and verify the effectiveness of ESG reporting through the influence that the ESG disclosure has on profitability and value of listed European agri-food companies. The results obtained, studying a sample of 57 European-listed companies (EU28) in the agri-food sector observed in the period 2010–2018, show that the ESG disclosure practices of the companies impact corporate profitability; specifically, evidence is provided for the existence of a positive relationship between profitability and disclosure practices of strictly environmental and social information and a negative effect between company market value and disclosure practices relating to governance. These results suggest that greater transparency and accountability help to improve business profitability.     

Machine learning for financial transaction classification across companies using character-level word embeddings of text fields

An important initial step in accounting is mapping financial transfers to the corresponding accounts. We devised machine-learning-based systems that automate this process. They use word embeddings with character-level features to process transaction texts. When considering 473 companies independently, our approach achieved an average top-1 accuracy of 80.50%, outperforming baselines that exclude the transaction texts or rely on a lexical bag-of-words text representation. We extended the approach to generalizes across companies and even across different corporate sectors. After standardization of the account structures and careful feature engineering, a single classifier trained on 44 companies from 28 sectors achieved a test accuracy of more than 80%. When trained on 43 companies and tested on the remaining one, the system achieved an average performance of 64.62%. This rate increased to nearly 70% when considering only the largest sector.     

Excess corporate payouts and financial distress risk

Firms that follow excessive payout policies (over-payers) are higher on the financial distress spectrum and have lower survival rates than under-payers. In addition, over-payers endure lower future sales and asset growth than under-payers and experience negative abnormal returns in the bond and stock markets. Exogenous import tariff reductions and commodity price jumps reduce the likelihood of overpayment. We interpret this as evidence consistent with financial flexibility considerations, rather than risk-shifting, explaining the decision to overpay. We also find that CEO overconfidence and catering incentives affect overpayment.     

金融素养、家庭财富与家庭创业决策

本文利用2015年中国家庭金融调查(CHFS)数据,分析了金融素养、家庭财富与家庭创业决策三者之间的关系。整体上,金融素养的提高显著增加了家庭参与创业的可能性,但家庭参与创业面临着"财富约束效应";而金融素养对家庭财富具有替代作用,提高金融素养有效缓解了家庭的"财富约束效应",促进家庭参与创业。同时,研究发现家庭财富对家庭创业决策的影响并不存在明显的城乡差异,但金融素养更能缓解农村家庭创业所面临的"财富约束效应"。另外,提高金融素养能有效缓解家庭的信贷约束,增加其风险偏好,间接地促进创业。