“专精特新”企业培育环境的创建路径研究——以连云港市为例

“专精特新”中小企业发展是解决我国补链、强链、构建自主可控的生态产业链的尖刀兵，是我国建设创新型国家的重要力量和生力军。通过对“专精特新”概念的界定、国家地方政策的分析，提出当前“专精特新”企业培育存在的问题；通过对连云港与上海都市圈、对接扶持城市无锡、青岛都市圈的经济合作成果分析，对连云港市“专精特新”中小企业培育环境的创建及路径进行探索。     

The other trade war: Quantifying the Korea–Japan trade dispute

In mid-2019 a new trade war between Korea and Japan started heating up, while the U.S.–China trade war held the spotlight. This paper documents the recent Korea–Japan trade dispute and quantifies its economic impacts. We consider a set of non-tariff distortions—Japanese export controls combined with Korean boycotts of Japanese goods. We simulate the impact of these actions using a multi-region general equilibrium model calibrated to the GTAP version 10 accounts and observed trade responses in the Korea Customs Service data. We find a welfare loss of 0.144% ($1.0 billion) for Korea and 0.013% ($346 million) for Japan. Sectoral impacts include a 0.25% reduction in chemical production in Japan. In Korea the reduction in imports from Japan is offset by increases in domestic production and imports from other countries.     

Costs of voting and firm performance: Evidence from RegTech adoption in Chinese listed firms

Employing the 2014 mandatory adoption of online shareholder voting in China, we show that the reduction of voting costs through online voting is positively related to participation in shareholder meetings and future firm performance. Our mechanism analysis suggests that the improved firm performance is mainly driven by the enhanced governance role played by informed investors and institutional investors. Further analysis shows that online shareholder voting makes the firms more attractive to mutual fund managers who are far away from the firms. Moreover, we find that the improved firm performance is concentrated in firms with low controlling shareholder ownership, and that online shareholder voting is associated with an increased likelihood of vetoing proposals and lower tunneling.     

On the General Deviation Measure and the Gini coefficient

The General Deviation Measure introduces a progressive definition for financial risk measurement, which presents an alternative to the Coherent Risk Measure. This definition replaces the Translation Invariance and Monotonicity axioms with the Shift Invariance and Nonnegativity axioms, and it includes the Mean Absolute Deviation measure and other variations of the Value-at-Risk measurements. This research shows that Coherent Risk Measure holds an intrinsic contradiction regarding riskless assets, and it proves that the Gini coefficient is also a General Deviation Measure. These contributions improve the efficiency of risk measurement and asset pricing in the financial markets.     

Full population testing: Applying multidimensional audit data sampling (MADS) to general ledger data auditing

Changes to the General Ledger (GL) represent a link between transactional business events from Journal Entries and prepared financial statements. Errors in these very large datasets can result in material misstatements or account misbalance. Unfortunately, a plethora of conditions renders traditional statistical and non-statistical sampling less effective. As a full-population examination procedure, Multidimensional Audit Data Sampling (MADS) mitigates these issues. In conjunction with top practitioners, we utilize a design science approach in applying the full-population MADS methodology to a real dataset of GL account balance changes. Issues such as the effectiveness of internal controls, detection of low-frequency high-risk errors, and earnings management concerns are addressed. This paper demonstrates how vital insights can be gained using MADS. More importantly, this approach also highlights the exact portion of the population that is error-free with respect to the auditors' tests.     

政府补贴和国有参股对参与PPP企业外部融资的影响

政府补贴和国有资本参股是政府参与PPP(政府和社会资本合作)的两种主要方式。本文借助一个资本具有外部性的一般均衡模型来分析这两种方式对企业外部融资的影响机制,并进行经验验证。理论分析发现,国有参股的担保效应增加了项目公司对高杠杆的需求,提升了金融中介发放贷款的意愿,使金融中介接受更低的借款利率。政府补贴不影响项目公司与金融中介之间的借贷合约。项目公司外部融资所受影响会进一步传导至参与PPP的企业。因此,国有参股增加稳态时的企业杠杆率,降低借款利率;政府补贴则不影响杠杆率和利率。实证部分通过整合2014-2018年财政部PPP项目库数据和2010-2018年上市公司财务数据,借助PSM-DID分析发现,国有参股程度显著降低参与PPP项目的上市公司的借贷成本并提升其杠杆率,但政府补贴支出没有明显作用,印证了模型结论。此外,市场化程度更高的地区,国有参股程度对参与企业外部融资的影响程度更小。本文研究对PPP模式下如何减少政府债务风险以及控制债务风险向企业转移具有一定的参考意义。     

Policy analysis with Melitz-type gravity model: Evidence from Kyrgyzstan

Several governments worldwide aim at fostering agricultural productivity growth by providing investment support. However, the policy’s effect on trade for middle- and low-income countries has not been analyzed so far. This paper analyzes the impact of agricultural policies (credit subsidies and tariffs) on agricultural trade flows by modifying a Melitz-type structural gravity model for a small and open economy. According to the theory, trade flows are expected to increase with credit subsidies and decrease with partners’ applied tariff rates. We analyze bilateral agricultural trade flows between Kyrgyzstan and its 69 trading partners from 2007 to 2018 to test our theoretical findings. Applying the Poisson pseudo maximum likelihood estimator, we find that credit subsidies effectively increase international trade flows while applied tariffs imposed on agricultural products reduce Kyrgyzstan’s export substantially. These results can be applied to similar economies with publicly available data where small budgetary efforts drive trade expansion.     

人工智能驱动的组织与人力资源管理变革:实践洞察与研究方向

人工智能技术的快速发展,已成为当前组织管理实践与研究中不容忽视的背景。在人工智能驱动的组织与人力资源管理变革中,存在着更为复杂且不确定的影响模式。遗憾的是,在人工智能越来越多地应用于人力资源管理实践时,相应的学术研究却越发滞后。有鉴于此,《中国人力资源开发》2021年初策划了研究专刊并向学界同仁发布了征稿通知,最终于2022年第1期推出这一专刊。本专刊旨在多视角地呈现人工智能与人力资源管理相结合的研究成果。本文除了介绍本期专刊的时代背景和文章概述,还提出了一个人工智能驱动的组织与人力资源管理研究议题的整体框架,从产业、组织、个体、算法、伦理与法律五个层面呈现了当前的一些研究议题。本文指出未来开展人工智能驱动的人力资源管理研究需要聚焦在人工智能与人力资源管理结合后产生的"真问题"上,做到:(1)"发现真问题",开展根植于应用场景的人工智能与人力资源管理交叉研究;(2)"研究真问题",突破组织与人力资源管理的常用理论框架,从多学科理论视角提炼科学问题;(3)"真研究问题",使用跨学科研究方法开展系统性的研究;(4")真解决问题",探究智能驱动的人力资源管理模式的转变,进而形成适用于中国情境的智慧人力资源管理策略以及理论创新。     

An analytical solution for the robust investment-reinsurance strategy with general utilities

In financial markets, different investors have different attitudes or preferences on the investment policies and reinsurance problems. For investors with different investment utilities, how to provide an optimal investment strategy is not only a very hard problem, but also an urgent problem to be solved. In this paper, we derive an analytical solution for the optimal allocation problem of investment-reinsurance with general-form utility function. The general utility function allows for varying relative risk aversion coefficient, which is an important feature in finance theory. However, obtaining analytical solutions for general utility function has been difficult or impossible. The solution presented in this paper is constructed through the homotopy analysis method (HAM) and written in the form of a Taylor series expansion. The fully nonlinear Hamilton–Jacobi–Bellman (HJB) equation is decomposed into an infinite series of linear PDEs, which can be solved analytically. In the end, three examples are presented to illustrate the convergence and accuracy of the method, it also demonstrates that different risk reference investors have different investment-reinsurance strategies.     

Colours and price offers: How different price communications can affect sales and customers’ perceptions

It has been studied that colours are important pieces of information in everyday life and that they ‘boost memory, engage participation, attract attention, convey messages, and create feeling’. Despite the awareness of the importance of colours also for marketers, academic research is not abundant and there is a lack of studies that link colours to the management of the marketing mix. The present work tries to understand how colours may affect price perceptions and how the effectiveness of different price mechanisms may vary using different colours in the FMCG market.A 2x2 (red vs yellow special display/discount vs LPG price deal) experiment has been conducted in a real store environment thanks to the collaboration of a leading italian chain.The results obtained from a three-way analysis (instore observations, instore questionnaires and sales data) can add valuable pieces of information regarding the effectinevess of colours in improving the performance of instore marketing strategies.