Does corporate diversification create value in emerging markets? New evidence from Chile

Using a sample of 85 Chilean firms listed in the Santiago Stock Exchange from 2005 to 2013, we analyze the impact of corporate diversification on firm value. We consider voting rights of the main shareholder and institutional investors’ influence on firm value. We report firm‐value destruction for diversified firms. Regarding ownership concentration, we report a negative relation between the largest shareholder ownership and firm value. Separation between voting rights and cash flows rights of this shareholder is negatively related to firm value. While Pension Fund Administrators (AFP) mitigate firm value destruction in diversified firms, other institutional investors do not play an active role in controlling value destruction. Finally, if the largest owner is a family, we report firm‐value creation in diversified firms. Copyright © 2016 ASAC. Published by John Wiley & Sons, Ltd.     

共享单车预付押金的法律性质及其法律规制

共享单车预付押金收取模式的异变和返还期限的错配与分离，颠覆了“一物一押”的传统押金结构，异变为“一人一押、一物多押”“一辆单车、多份押金”的新型结构，并使共享单车预付押金朝金融化衍变而呈现出类金融色彩。在免押模式尚不足以全面施行的条件下，应采取特殊的规制方法，通过规范押金收取协议，对预付押金进行账户隔离和妥善保管，增强押金收取、存管和退还的信息透明度，合理利用押金孳息建立行业风险基金以及统一监管机构，有效保护共享经济预付押金的财产安全。     

京津冀生态涵养区生态与产业协调发展影响因素分析

[目的]京津冀协同发展国家重大战略将冀北地区的发展确定为承担生态保障与水源涵养功能,文章基于长期以来该区域生态脆弱、经济落后的特征,研究了该生态涵养区生态与产业协调发展的影响因素,目的是为该区域生态建设与产业经济协调发展提供参考。[方法]设置了影响生态建设与产业经济协调发展的规模因素、经济因素、社会因素与政策因素四大类37个影响因素,借助于统计数据,在对数据进行标准化处理的基础上,应用计量经济模型,通过因子分析法将各个因素进行分类归纳为5个公因子,利用SPSS软件回归模拟结果显示各个因素对生态建设与产业经济协调发展的影响作用。[结果]将四大类通过因子分析法的主成分分析,应用计量经济模型模拟,拟合优度较高,影响因素通过分组具有较强的解释力,结果能够很好地反映这些影响因素对生态建设与产业经济协调发展的影响方向与影响程度。[结论]依据定性分析假设与计量模拟分析结果,针对存在的问题与发展机遇,提出对策建议:继续加强生态建设项目的推进、适度扩大产业经营规模、加大生态建设与产业发展投资力度、实施资源节约型生产创新模式以及健全和完善生态与经济协调发展制度。     

贵州有色金属产业集聚度与竞争力的实证研究

促进有色金属产业集聚是提升贵州省有色金属产业竞争力的主要途径之一，因而准确测度和把握有色金属产业集聚与贵州有色金属产业竞争力的关系是非常必要的。文章把贵州省放在西部九省中进行对比分析，选取区位熵反映有色金属产业集聚度，选择企业数量区位熵反映矿产资源产业区域集聚度，选取产业产值区位熵反映有色金属产业经济集聚度，而有色金属产业竞争力则选取产值利润率借以反映。具体实证数据均来源于西部9个省份的2013统计年鉴与2013年的中国有色金属工业年鉴。通过实证研究认为贵州省有色金属产业存在诸如区域集聚、经济集聚不足，产值利润率低下，产业集聚效应难以充分发挥等问题。最后提出提升贵州省有色金属产业竞争力的相关政策建议。     

数字经济下生鲜供应链创新机理与路径

立足于生鲜供应链发展实际，文章总结归纳了数字经济时代生鲜供应链的变革需求和创新机理与路径。研究表明，数字经济时代生鲜供应链创新就是以用户为中心、数字化赋能生鲜供应链实现跨职能协同的创新，目的是破解传统生鲜供应链供需信息延迟的痼疾，提升供应链效率，构建数字化、智能化、高效化和生态化系统。具体而言,顾客感知价值、数据资产价值和经营主体利润是其价值来源渠道；数字化技术是生鲜供应链创新的支撑工具；数字化技术对传统生鲜供应链赋能、数字化技术及思维与现代生鲜供应链的深层融合是生鲜供应链创新的关键路径。文章的研究结论在丰富数字经济与生鲜供应链创新融合研究理论的同时，可以指导生鲜供应链创新实践。     

Financial development and economic growth in a microfounded small open economy model

The global financial crisis since 2008 revived the debate on whether or not and to what extent financial development contributes to economic growth. This paper reviews different theoretical schools of thought and empirical findings on this nexus, building on which we aim to develop a unified, microfounded model in a small open economy setting to accommodate various theoretical possibilities and empirical observations. The model is then calibrated to match some well-documented stylized facts. Numerical simulations show that, in the long run, the welfare-maximizing level of financial develop is lower than the growth-maximizing level. In the short run, the price channel (through world interest rate) dominates the quantity-channel (through financial productivity), suggesting a vital role of international cooperation in tackling systemic risk of the global financial system.     

The political economy of Zimbabwean Urban informality since 2000 – A contemporary governance dilemma

ABSTRACT

The article explores the urban informality dilemma in Harare through the lens of a political economy theory. It examines the typologies of urban informality, the influence of political economy on urban informalities, and informs decision-making to address the urban informality dilemma. A qualitative approach was used where secondary data were collected through document analysis and primary data from interviews with 20 purposively selected key informants. Surveys and in-depth interviews were conducted with 585 individuals engaged in informal activities. It emerged that urban informality in Harare takes on different forms and aside from the economic crisis, politics played a role in the emergence and proliferation of urban informality. The article provides insight into, and raises awareness with regard to key areas of concern on how power influences decision-making relating to urban informality. Therefore, the article provides a basis for policy formulation and institutional reforms for effective measures to curb urban informality.     

Innovation and the circular economy: A systematic literature review

The circular economy emerged as an alternative model to the linear system, which now appears to be reaching its physical limitations. To transition to a circular economy, companies must not only be aware of but also engage in more sustainable practices. For such a transition, companies must rethink and innovate their business models and the ways they propose value to their clients while simultaneously considering environmental and social facets. This systematic literature review sought to map out from the company perspective the key topics interrelated with innovation and the circular economy, describing the internal and external factors to consider in such transition processes. Key lines of research were identified, and suggestions for future research and for facilitating movement toward a circular economy are provided. This work contributes to deepening the literature by identifying the priority areas concerning the circular economy and encouraging future research that meets international standards of excellence.     

What prevents consumers that are aware of Airbnb from using the platform? A mixed methods approach

The hospitality sector is now characterised by the co-existence of traditional providers and sharing economy enterprises. It is important to better understand what prevents the use of peer-to-peer accommodation rentals in the tourism marketplace. Adopting a mixed-methods approach, this study first examines travellers’ Airbnb use constraints, and then profiles 252 Airbnb non-users based on their constraints and characteristics. The findings suggest that travellers do not use Airbnb because of distrust in the providers, in the platform and in other users, as well as perceived risk and unfamiliarity. Loss of service quality, lack of local experience, legal and regulatory issues, and disinterest also prevented consumers to book Airbnb accommodations. A cluster analysis divided non-users into three segments: Traditional travellers, Sharing economy misbelievers and Airbnb prospective users. Significant differences based on age confirmed that young travellers are more confident in using peer-to-peer accommodation platforms and more interested in the philosophy.     

中国集体林产权制度改革回顾与展望

采用历史产权制度研究方法,利用详实的历史数据与信息,系统地分析改革开放以来中国集体林产权制度改革每个重要时期的改革内容与进程以及集体林地林木流转制度演化历程,发现改革开放四十年中国集体林所有权和家庭经营的基因没有变,变的是集体林地承包经营权的实现形式;指出集体林产权制度变迁道路中的困惑;提出未来集体林产权制度的选择路径。