The roles of stakeholder support and procedure-oriented management on asset recovery

As the management of returned products is fast becoming a business trend caused by pressure for compliance, asset recovery is increasingly viewed as a fertile area for firms to reduce cost and improve quality. Environmental management is a viable approach for Chinese manufacturers to respond to the escalating international quest for conserving the environment, to tackle the problem of rising raw material costs, and to improve product quality by analyzing returned products. To reach the goals of cost reduction and product quality improvement, manufacturers need to understand how asset recovery can be leveraged through procedure-based practices and stakeholder support to enhance performance. Product type, characterized by different levels of demand uncertainty and time-to-market, may affect the outcomes of asset recovery adoption and should also be taken into account. Drawing on the environmental management and business logistics literature, we provide empirical insights on asset recovery adoption using survey data collected from export-oriented Chinese manufacturers. We find that asset recovery and stakeholder support are complementary in strengthening manufacturers' financial performance regardless of product type. In addition, the performance impact of asset recovery can be substantial when manufacturers' environmental management practices are less procedural, allowing flexibility in the logistics management of product flows.     

担保债务凭证(CDO)定价研究——基于正态与学生氏copula法的比较

利用蒙特卡罗模拟技术,研究担保债务凭证(CDO)的定价问题,对于不同的相关系数,使用正态Copula以及学生氏Copula计算各级分类证券的公平价差,并对正态Copula以及学生氏Copula产生的结果进行比较分析。研究表明,在担保债务凭证(CDO)的定价中,学生氏Copula的性能更好。     

水生生物自然保护区建设管理亟待加强——水生生物自然保护区专题调研报告

经过十余年的努力,云南、四川在水生生物自然保护区建设工作方面做了大量卓有成效的工作,建立了相关管理制度,对恢复水生野生动物种群起到了积极作用。但也面临经济发展与生态保护,履行职责与手段薄弱的"两大矛盾";保护区数量偏少、物种得不到有效保护,和保护管理水平亟待提高的"两大问题"。今后应加大对水生生物自然保护区的财政投入,提高自然保护区管理能力和水平,建立健全水生野生动物保护体系,抓紧修订水生野生动物保护和自然保护区的规章制度,积极争取各部门和全社会支持,加快水生生物自然保护区建设工作,在国家生态文明建设和渔业可持续发展中发挥更重要的作用。     

新疆棉农残膜回收行为影响因素及实证研究*——基于棉农的调研数据

［目的］为响应农业农村部“农业绿色发展五大行动”，加强农业面源污染防治，缓解新疆棉田残膜危害，基于新疆棉农的问卷调查研究棉农的残膜回收行为。［方法］采用描述性统计和Logistic回归模型分析影响新疆棉农残膜回收行为的因素。［结果］（1）新疆农用地膜回收率低，地膜污染形势严峻。（2）棉农对残膜危害认知缺乏，对残膜回收的间接价值认识不足，影响新疆残膜回收效率。（3）残膜回收的成本收益是影响棉农残膜回收行为的关键因素，其他如棉农年龄、种棉年限、对残膜危害的认知等自身特征，以及农户劳动力数量、政府对残膜污染的关注程度等因素对棉农的残膜回收行为有重要影响。［结论］网络及电视广播等现代媒体对棉农的残膜危害认知水平有较大影响，棉农更愿意采用成本更节约的焚烧、堆地的残膜处理方式。因此提出引导棉农残膜回收、提高棉田残膜回收效率的对策建议。     

Banding together in a festival context: Examining effects of a joint-stakeholder external service recovery

Despite substantial growth in revenue and attendance numbers on a global and country level over the past decades, failure is still a fairly common phenomenon in the events/festival industry. Drawing on two scenario studies and data collected in the United States, this research investigated the impact on festival-goers’ evaluations and behavior of joint-stakeholder external service recoveries, in contrast to the prevalent focus on examining service recoveries by a single stakeholder that caused the failure. Findings revealed that festival-goers had different perceptions of and behavioral intentions towards the various stakeholders depending on their perception of fault for the failure. Yet, rather than a predicted joint effect with failure severity, we found a significant interaction effect of the locus of causality with service recovery measures, either via an internal or external recovery. Implications of study findings and directions for future research are discussed.     

Cost‐reflective pricing: empirical insights into irrigators’ preferences for water tariffs

Using prices to improve the efficiency with which water resources are allocated is now widely accepted in principle if somewhat difficult to achieve in practice. Whilst there are some technical difficulties associated with full‐cost recovery in irrigation, the lack of political will to tackle reform remains a significant impediment. This article reports the results of an empirical investigation into farmers’ preferences for changes to water prices and tariff structures. We conclude that some of the preferences of farmers are conducive to price reform. We also find evidence that public subsidy of infrastructure in irrigation is not always aligned with the preferences of farmers.     

股票抵押贷款预期回收率比较分析

股票抵押贷款是一种风险较大的产品.股票价值和收益的高波动性造成抵押品价值的回收率不稳定,进而影响贷款预期回收率,使得银行经营风险加大.为了有效估算股票抵押贷款回收率,本文运用预期回收率模型,借助中国色诺芬股票数据库和美国CRSP股票数据库信息,比较分析不同市场情况下预期回收率的区别.分析发现中国市场由于近几年股票波动率加强,整体预期回收率较低,而美国则相反;预期回收率与抵押率、违约概率都成负相关关系,而且预期回收率对于抵押率的变化非常敏感;60%贷款抵押率的设定在美国市场是可行的,而中国市场合理抵押率是54%左右.     

衰退企业业绩反转理论模型：演化过程及一个扩展

自上世纪七十年代以来,学界对企业业绩衰退后的反转提出了若干理论模型,通过对这些反转理论模型进行梳理,明确几个主要模型如Robbins和Pearce的模型、Arogyaswamy等的模型、Lohrke等的模型、Trahms等模型之间的联系和区别,揭示它们的演化过程,从而提出一个再扩展的模型,以期为企业反转工作提供一个基本的思考逻辑和行动的方向性指导.     

非对称信息下再制造产品质量控制决策研究

本文研究了风险中性的单再制造商与单销售商构建的二级闭环供应链模型,基于博弈论和委托代理理论。在不同回收水平下,再制造商都存在单边道德风险,销售商根据影响再制造商质量预防水平的因素来引导再制造商的决策,并制定激励契约来降低再制造商的道德风险,以达到闭环供应链协调的目的。研究表明：回收水平和质量检测水平均影响再制造商的质量预防水平,回收水平同质量预防水平呈正相关,质量检测水平同质量预防水平呈负相关;在不同回收水平下,通过销售商质量检测控制后,闭环供应链收益增加,同时求得最优控制水平和最优契约金额。在最后,通过算例分析验证了契约的有效性。