CEO organizational identification and firm cash holdings

As the decision-makers and implementers of a firm’s financial strategy, executives play a critical role in cash holding activities, and their psychological characteristics have a major impact on cash holdings. This paper investigates the association between CEO organizational identification and firm cash holdings. The empirical results show that CEO organizational identification is negatively associated with firm cash holdings, and the negative association is more pronounced when the level of financial development is higher and economic uncertainty is lower. Further analysis reveals that the higher a CEO’s organizational identification, the higher the firm’s R&D investment and capital expenditure, and high CEO organizational identification can increase the value of firm cash holdings. Overall, our findings supplement the literature on organizational identification and cash holdings, and on the effect of executives’ psychological characteristics on corporate financial decision-making.     

河北省财政运行风险及防范对策研究

近年来,面对经济社会各领域公共风险,河北财政通过减收、增支、加债等方式,有效防控了公共风险的暴发,全省财政经济运行整体平稳,但也导致财政自身风险的累积,体现在财政收入持续增长后劲不足、财政支出保障难度逐步增加、地方政府债务风险存有隐患、其他领域风险趋向财政转移等.防控地方财政经济运行风险,需要充分发挥财政职能,加强财源建设,推动财政收入持续增长;调整支出方向,确保地方财政平稳运行;完善管理机制,防范地方政府债务风险;深化体制改革,消除财政风险转移隐患.     

福建省发展地方优势特色农产品保险的实践和思考

发展现代农业,就必须解决农业生产面临的自然灾害和市场价格波动风险,就需要大力发展农业保险分散风险.当前,一些地方优势特色农产品保险发展还不够充分,不能有效分散地方优势特色农产品自然灾害和市场价格波动风险,成为制约地方优势农产品持续发展的一个因素.在供给侧,农业保险经营主体能力有待提高,保障的总体水平仍然偏低,保险产品种类少,产品设计重物不重人.在需求侧也存在一些地方政府重视不够,投入不足,农民投保意愿不强等短板.为此,建议供需两侧同步发力,共同推动地方优势特色农产品保险高质量发展,更好分散地方优势特色农业生产经营风险.供给侧注重保险产品创新、保险机构服务能力提升,需求侧增加财政投入、调动农民参保缴费积极性.     

长三角区域创新资源空间集聚特征和共享机制研究

本研究首先分析了长三角区域27个城市的科技创新资源集聚情况。其次,以R&D经费/GDP、R&D人员数、发明专利授权数为变量,利用区位熵指数测算了长三角地区27个城市的科技创新集聚程度。在此基础上,对长三角区域科技创新资源的共享现状、共享问题进行了分析。研究发现,长三角区域科技创新资源主要集聚在上海、南京、杭州、合肥四个省会城市,以省会城市为中心带动了周边城市科技创新资源的集聚,呈现一定的空间相关性,但在由量向质以及区域协同集聚上仍需进一步努力。长三角科技创新资源共享初具规模效应,科技创新成本有所降低,但共享边界还有待进一步拓宽,完善创新资源共享激励与考核机制、以市场为主导,以法制为保障,加强共享理念宣传,多种渠道推进长三角区域创新资源共享。     

中国农村绿色化发展效率收敛了吗--基于1997-2017年的实证分析

本文基于中国1997—2017年31个省份的面板数据,借助DPSIR-SBM框架,测算并分析中国农村绿色化发展效率的地区差异及其收敛性。研究表明,中国农村绿色化发展效率总体呈波动上升趋势,同时存在一定的省际差异;经济发达地区农村绿色化发展效率高于经济欠发达地区,沿海地区农村绿色化发展效率高于内陆地区;全国及东、中、西部地区农村绿色化发展效率呈现σ收敛,说明农村绿色化发展效率好转,但不存在绝对β收敛和条件β收敛;基期农村绿色化发展效率对绿色化发展效率的增长率具有正向影响,财政自给率促进了全国整体和西部地区绿色化发展效率的增长,但抑制了东部地区绿色化发展效率的提升,农村人均GDP、机械化程度和农业产业结构没有促进农村绿色化发展效率的增长。因此,本文从分类实施农村绿色化发展政策、优化现有农业机制体制以及规范微观主体绿色化生产行为等方面提出对策建议。     

Environmental and economic development issues in the Polish motorway programme: some findings on local authority attitudes

This paper assesses the relative value attached by Polish local authorities to the development of motorways, as opposed to other national roads. It presents the findings of a survey, (the first of its kind) designed to record attitudes to these plans (which have changed with each successive government). The results are analysed in light of the on-going debate about environmental/economic development issues, polarised also along party lines. Previous analysis of media debate is re-visited. The degree of collaboration between gminas and the Ministry of Transport is explored, but found to be limited. The priorities of most local authorities are local economic development, and the quantity and quality of non-motorway roads are seen at least as important as the construction of new motorways.     

金融市场的复杂性与金融风险调控：基于金融混沌理论

以金融混沌理论为代表的非线性金融理论是金融研究与金融实务领域的一个前沿工具.已有的研究表明金融市场是一个复杂的动力系统,具有显著的混沌效应.本文依据混沌控制的一般原理,提出了金融市场风险调控的原理与方法.这一研究结果将为探索金融市场与风险管理理论提供新的方向.     

债权人财务分析体系的构建

不同财务分析主体所处环境、所站立场不同,他们的分析目的、分析焦点也应该不同。目前使用的固定指标体系已不能满足不同主体预测、决策的需要。如何解决这个问题?答案是应从不同主体的分析目标出发,确定其各自的分析体系,只有这样才能提高财务分析的效率、效益。本文将从一个侧面,即债权人的角度,谈谈财务分析体系的构建。     

社保基金投资股市对经济增长的影响

本文在一系列假定条件下分析了中央社保基金投资资本市场对经济增长和包括储蓄、收入分配、消费、价格等在内的宏观经济条件的影响.本文认为,总的来说中央社保基金投资包括股市在内的资本市场对经济增长的影响具有很大的不确定性,其影响主要取决于其他诸多相关因素,并在很大程度上取决于心理预期和政策工具的选择.换言之,在其他条件不变的情况下其影响是很有限的,或者说主要呈中性.     

Financial Supervision: Integrated or Specialized?The case of Latin America and the Caribbean

This paper discusses the relative merits of the two approaches of financial regulation and supervision for the case of Latin America and the Caribbean (LAC). In doing so, it reviews the main arguments advanced in the specialized literature in pro and against of each approach. All the theoretical arguments are contrasted with available country experiences from around the world and discussed with a focus on the Latin American and Caribbean countries. A methodology to analyze the efficacy and the efficiency of each approach in meeting the main objectives of financial regulation is also provided. The paper concludes that in the present circumstances, the net benefits of adopting an integrated approach probably exceed the net benefits stemming from the adoption of a specialized approach for most of the countries in the region.