包西高速铁路引入鄂尔多斯地区方案研究

包西高速铁路作为我国"八纵八横"高速铁路通道中重要的纵向通道之一,建成后呼包鄂城市群和关中平原城市群将实现有效连接。鄂尔多斯市为典型的"一城双核"城市,包西高速铁路的引入将对地区客运布局产生较大影响,根据鄂尔多斯地区城市及铁路现状、城市总体规划及交通规划,结合地区客运量及特点,提出地区内包西高速铁路引入方案及车站设置方案,确定合理的引入及客站布点,研究地区内高速铁路客站布局,结合地区客流特点,确定高速铁路车站分工;合理确定引入地区线、站位方案将有助于完善鄂尔多斯铁路枢纽的客运铁路布局,有助于完善鄂尔多斯地区高速铁路网络,提升呼包鄂城市群的辐射效应,促进城市建设和经济发展。     

On equity market inefficiency during the COVID-19 pandemic

We show that during the weeks following the initiation of the COVID-19 pandemic, the United States equity market was inefficient. This is demonstrated by showing that utility maximizing agents over the time period ranging from mid-February to late March 2020 can generate statistically significant profits by utilizing only historical price and virus related data to forecast future equity ETF returns. We generalize Merton’s optimal portfolio problem using a novel method based upon a likelihood ratio in order to construct a dynamic trading strategy for utility maximizing agents. These strategies are shown to have statistically significant profitability and strong risk and performance statistics during the COVID-19 time-frame.     

Antecedents and consequences of hotel customers’ psychological ownership

This study aims to broaden the current knowledge on the antecedents and consequences of customers’ psychological ownership (CPO) from new perspectives in the hotel context. Specifically, this study investigates how self-image congruity and functional congruity affect CPO through impression in memory based on self-congruity theory and also examines two types of customer engagement—customers’ social influence engagement and knowledge-sharing engagement—as new CPO outcomes. Using survey data collected from 433 Chinese hotel customers, this study finds that self-image congruity positively predicts CPO partially through impression in memory, whereas functional congruity positively influences CPO fully through impression in memory. Moreover, the findings indicate that CPO significantly drives customers’ social influence engagement and knowledge-sharing engagement. This study contributes theoretically to the CPO literature by further developing its linkages with congruity perceptions and customer engagement. Practical implications of the findings can help hotel managers effectively promote CPO and customer engagement.     

Investment dynamics and capital distortion: State and non-state firms in China

This paper studies investment dynamics in Chinese manufacturing firms. The analysis estimates capital adjustment costs and uncovers capital distortion in state and non-state firms. There is strong evidence of quadratic adjustment cost and distortion in capital price for both types of firms. The capital distortion is a major source of capital misallocation in Chinese firms. Completely removing the distortion would increase aggregate total factor productivity (TFP) by 18–29%.     

Remaking Shanghai: New Divisions in an Expanding Metropolis

This study of Shanghai analyzes the city's emerging patterns of residential settlement in 2010. Most previous research on China focused on central city patterns, but by 2010 urban development in major metropolitan areas was taking place predominantly in the suburbs. The analysis re‐examines and extends previous studies of the level of segregation by various key population characteristics, showing that the highest segregation is found in the suburban ring, where original villager residents are now joined by an influx of migrants from other regions and by intracity movers. We probe the sources of the segregation pattern in multivariate analyses at two scales—an innovative analysis at the level of individuals that shows how people's citizenship status, occupation and education affect the type of housing that they are able to live in, and jointly contribute to their location in the metropolitan area. We show that the patterns attributable to the market reform period mostly did not supplant the socialist urban structure, but rather used it as its foundation. Segregation today can be attributed less to current class inequality than to state policies in the distant and recent past that have determined when, where and for whom housing is built.     

Exploring the mismatch between credit ratings and loss-given-default: A credit risk approach

It is commonly observed that high grade loans with better ratings are often associated with low recoveries if they default (i.e. with relatively high loss-given-default (LGD)). To address the mismatch problem, this paper proposes a credit risk approach by minimizing LGD for higher rated loans as a risk-rating matching standard in the sense that the decreasing LGD from creditors’ perspective is associated with higher credit rating for the borrower. This standard forces customers’ credit rating of each grade to be optimally determined in correspondence to its LGD, which means the LGD of high grade loans tends to be low. The approach is then tested using three credit datasets from China, i.e. credit data from 2044 farmers, 2157 small private businesses and 3111 SMEs. The empirical results show that the proposed approach indeed guides the way to solve the mismatch phenomenon between credit ratings and LGDs in the existing credit rating literature. By optimally determining credit ratings, the findings derived from this paper help provide a valuable reference for bankers, and bond investors to manage their credit risk.     

责任型领导对员工绿色行为的影响:道德反思的中介作用及同理心的调节作用

基于社会学习与情感事件理论视角,探讨了责任型领导对员工绿色行为的影响机制。通过对山东省、上海市多家企业317名人员的问卷调查,实证分析结果显示责任型领导显著正向影响员工绿色行为,道德反思在责任型领导与员工绿色行为之间起部分中介作用;同理心负向调节道德反思与员工绿色行为之间的关系,同理心越弱,道德反思对员工绿色行为的影响越显著;同理心还调节责任型领导通过道德反思影响员工绿色行为这一中介机制,同理心越弱,中介效应越显著。研究结果为责任型领导激发员工绿色行为提供了新的视角,对于增加组织的环保行为具有重要的现实意义。     

国有企业双重目标与投资效率改进——基于独立董事网络和国企混改视角

立足国有企业具有社会和经济双重目标的理论逻辑,本文选取2007~2016年A股国有上市公司作为研究样本,分析了独立董事网络和国有股比例对投资效率的影响以及调节效应。研究发现:独立董事网络降低了国有上市公司的投资效率,较高比例的国有持股抑制了投资效率,但当国企更加关注经济目标时,则有助于改善投资效率;进一步研究发现,相比于特定功能类企业,独立董事网络在商业竞争类企业中发挥投资效率的改善作用更加显著。因此,独立董事应因地制宜在国企中发挥治理作用;政府应分类推进国企混合所有制改革;竞争性国企应引入较大比例的优质民营资本,优化投资决策、提高投资效率。     

高校新农村研究院：科技支撑乡村振兴的有效载体

[目的]较之前开展的新农村建设,乡村振兴战略是一种更高层次的发展手段和目标。文章旨在对高校新农村研究院推动乡村振兴的实践经验和困难问题进行梳理,分析背后的成因与制约因素,以期为以高校新农村研究院为抓手、从科技引领和支撑的角度推动乡村振兴战略的落地实施提供有针对性的建议。[方法]该文从协同创新理论出发,基于对沈阳农业大学新农村发展研究院的实地调研,采用文献梳理、归纳总结和定性分析等方法对高校新农村研究院为乡村振兴战略提供科技支撑的机理、模式、作用和困难问题进行了梳理。[结果]高校新农村发展研究院通过整合政府、高校、企业等多方资源,从技术协同、人才协同与理念协同3方面为乡村振兴提供了有效支撑。但目前各级政府对高校新农村研究院的作用地位还缺乏充分认识,存在财政支持不到位、技术推广激励与考评机制不完善等问题。[结论]整合各方科技创新资源,构建起各类主体跨界协同、不同技术集成应用、创新资源全链配置、关联产业融合发展的新型农业科技协同创新体系;进一步强化高校新农村发展研究院在农业科技服务中的主体地位,增强财政对新农村发展研究院的持续投入,改革高校农技推广人员职称评定与考核激励机制。     

The Impact of Public Expenditure and International Trade on Agricultural Productivity in China

The “industry nurturing agriculture” reforms and World Trade Organization accession led to dramatic growth in public expenditure and international trade in China’s agricultural sector. This article aims to estimate the effects of public expenditure and trade on agricultural productivity in China for 2004–2015. A semi-parametric production function with shape constraints is introduced to derive more accurate productivity before the productivity determinants are analyzed with an emphasis on public expenditure and trade. The empirical result shows that public expenditure and exports can effectively improve agricultural productivity, while imports have no significant effects. Policy implications are discussed in the context of supply-side reforms.