机构投资者是股票市场影响实体经济的助推器吗？——基于投资者情绪对公司资本投资的视角

"资本市场并非有效",股票市场上投资者情绪对公司的实体投资行为具有重大影响。被监管层寄予厚望的机构投资者从中扮演了什么角色?上述重大影响的助推器抑或制衡器,深层的作用机理又是什么?运用行为公司金融理论,研究发现,公司资本投资决策倾向于遵循机构投资者的"专家意见",机构投资者是投资者情绪影响公司资本投资的"助推器","管理者信心"是上述助推功能得以发挥的重要渠道。上述研究发现有助于从微观企业的视角,有效识别机构投资者在股票市场影响实体经济中的角色,为监管层在"后金融危机时代"制定和执行有关机构投资者的政策提供依据;也有益于公司管理层科学理解机构投资者传递的信息,合理规避决策过程中的"专家陷阱"。     

高校统战服务于全面深化改革的思考

党的十八大以来,党中央针对统战工作提出了一系列新思想新观点新要求,中共十八届三中全会确定了全面深化改革总目标,全党全社会要把思想和行动统一到全会精神和中央的重大决策部署上来,自觉把全部力量凝聚到全面深化改革上来。高校统战必须明确新形势新任务,积极领会党中央关于统战的新论断,发挥自身独特优势,勇于担当与创新,努力成为全面深化改革的实践者、探索者、参与者。     

The impact of corporate social responsibility on investment recommendations: Analysts' perceptions and shifting institutional logics

We explore the impact of corporate social responsibility (CSR) ratings on sell‐side analysts' assessments of firms' future financial performance. We suggest that when analysts perceive CSR as an agency cost they produce pessimistic recommendations for firms with high CSR ratings. Moreover, we theorize that, over time, the emergence of a stakeholder focus shifts the analysts' perceptions of CSR. Using a large sample of publicly traded U.S. firms over 15 years, we confirm that, in the early 1990s, analysts issue more pessimistic recommendations for firms with high CSR ratings. However, analysts progressively assess these firms more optimistically over time. Furthermore, we find that analysts of highest status are the first to shift the relation between CSR ratings and investment recommendation optimism. Copyright © 2014 John Wiley & Sons, Ltd.     

制度、人力资本与乡村劳动力迁移

本文构建制度框架下政府与乡村迁移者博弈模型说明政府政策选择机制形成与迁移者决策过程。在不同经济发展阶段,经济发展目标决定迁移者迁移策略,城市发展能否从迁移中获得利益决定政府对迁移的管制程度,农业发展能否为迁移提供支持决定迁移者的迁移决策。迁移者的人力资本水平是影响政府策略与迁移者策略选择的关键因素。改善乡村劳动力人力资本积累条件有助于加速迁移进程,减少城市劳动力市场对迁移者的歧视,提高城市化质量。     

The Political Economy of Mobility Partnerships – Structural Power in the EU's External Migration Policy

The research on European Union (EU) external relations and the EU's own official discourse frequently portray the EU as a soft power that provides its neighbourhood with good governance principles. The European Mobility Partnerships (EU MPs) can be considered the most recent manifestation of this rhetoric. Studies on EU MPs reflect a narrow understanding of power. This paper aims to contribute to a more comprehensive understanding of the power dimension inherent in the EU's external relations. It develops a neogramscian theoretical framework to challenge the rhetoric of the EU as a soft power and normative hegemon. Drawing on semi-structured expert interviews and textual analysis of documents, it seeks to reveal whether and in what ways socio-economic power dynamics shape the EU MPs. This article argues that while, at the beginning, the design of the EU MPs as a policy tool has been very much influenced by neoliberal ideas such as the market-oriented liberalisation of mobility and the flexibilisation of labour, implementation is marked by the neo-mercantilist approach of restricting immigration and maximising the efficiency of readmission. Applying a critical political economy concept of power is helpful in understanding how market forces influence EU external migration policy, transcending a narrow understanding of power.     

关于我国金融风险问题研究述评

金融危机对于任何国家来说都是可怕的灾难,它肇始于美国地产业的次贷危机,且转变成经济危机,对全球经济形成严重冲击,给多国带来了大量的失业和政治动荡的危机。金融在现代经济建设的过程中对引导资源配置、调节经济运行、维护国家经济安全发挥着重要的作用,因此,国家对金融制度的改革和发展尤其重视和关注。     

西北地区进城农民工配偶相携迁移发展机制研究—基于22省60市的问卷调查

家庭迁移已经成为中国20世纪90年代以来农村劳动力乡城流动中的一个重要特征。运用课题组城镇打工农民就业变化与市民化问卷调查数据,分析了西北地区携眷迁移发展状况,从整体携眷迁移和夫妻不同先行者携眷迁移两个维度建立三个回归模型,将人力资本和社会资本放在统一的分析框架中,探讨西北地区进城农民工携眷迁移发展机制,首次对城市农民工配偶相携迁移机制进行了实证分析,拓展了以往农民工家庭迁移的研究视野。研究表明:西北地区未婚和已婚农民工携眷迁移水平远远低于个体迁移,且女性携眷迁移水平较男性携眷发展更低,与西北外地区携眷发展还有差距。人力资本、社会资本及城市门槛对夫妻不同先行者携眷迁移的影响作用及路径有显著差异,西北地区夫携迁移发展机制主要来自城市打工生活时间、现城镇住房状况、业缘朋友数量等级、迁移距离的作用,而妻携迁移发展的主要渠道和作用较夫携迁移多元化。应努力创建农民工相应迁移机制发挥效应的环境和平台,以增强其家庭成员迁移的人力资本、社会资本及跨越城市迁移门槛的能力,并形成携眷迁移与女性职业提升协同发展的互动机制。     

Impact of International Remittances on Schooling in the Philippines: Does the Relationship to the Household Head Matter?

We study the impact of international remittances on schooling in the Philippines, taking into account the school‐age individual's relationship to the household head. This consideration is important because employment opportunities abroad may be taken at the expense of the quality of child rearing. Our estimation results indicate that there are, indeed, significant negative guardian effects on school attendance and education expenditures when children with overseas parents are looked after by a relative other than a parent or grandparent. However, these negative effects tend to be outweighed by the positive impact of remittance flows from overseas.     

山西省科技报告制度建设探讨

科技报告是国家重要的战略性资源,科技报告制度建设对国家科技创新体系具有重要意义。通过借鉴美国及国家科技报告制度建设的经验,初步构建了适合山西省科技报告制度现状的山西省科技报告制度体系框架,为推动山西省科技报告制度建设提供具体参考。