啤酒游戏在高职《供应链管理》教学中的应用

在经济全球化背景下，供应链结构越来越复杂，供应链管理在缺乏有效管理的情况下，会产生牛鞭效应，啤酒游戏可以让学生深刻体会这种需求变异放大效应。啤酒游戏的优化，结合了高职学生的学情特点，提出“1＋2＋4”模式，简化了角色数目，设置批发商与零售商的专用游戏卡片，设计了各角色专用表格，让整个游戏更易于操作。啤酒游戏的优化与应用对高职供应链管理教学意义重大，是教学模式的一种全新的突破，更适合高职学生对实践课程的要求。     

INTEREST RATE PASS‐THROUGH: A META‐ANALYSIS OF THE LITERATURE

The interest rate pass‐through describes how changes in a reference rate (the monetary policy, money market or T‐bill rate) transmit to bank lending rates. We review the empirical literature on the interest rate pass‐through and systematize it by means of meta‐analysis and meta‐regressions. Using the pass‐through to corporate lending rates as the baseline, we find systematically lower estimated pass‐through coefficients in studies that focus on the pass‐through to consumer lending rates and rates on long‐term loans. Also studies estimating the pass‐through by averaging all lending rates into one category report a lower pass‐through. Importantly, the interest rate pass‐through is significantly influenced by the country's macro‐financial environment. In economies with deepening stock markets, the estimated pass‐through strengthens significantly. Interestingly, after the global financial crisis, the pass‐through weakened across the board, including because of growing trade openness and supply chain financing, rising volatility and stock market turnovers, as well as declining central bank independence. Inflation targeting frameworks, if in place, helped diminish this pass‐through weakening.     

The propagation of liquidity imbalances in manufacturing supply chains: evidence from a spatial auto-regressive approach

The number of distressed firms increased sharply during the last recessionary phase. The scope of the paper is to analyze determinants of distress by focusing the attention on trade-credit chains as the key source of contagion effects in 2009–2013. Financial and liquidity imbalances propagate along the supply chain: firms respond to late payments from customers by defaulting on payments to suppliers. The novelty of our approach consists of applying spatial econometric techniques to assess spillover effects of trade debt. We employ a representative sample of around 12,000 Italian manufacturing firms that combines balance sheet items with information collected in the Credit Register of the Italian central bank. Our proxy for supply-chain interconnections is a matrix of firm-to firm transactions which mirrors the networked structure of the industrial system. Estimates show that trade debt has been affected by spillover effects during the great crisis of 2009–2013. Moreover, trade debt and financial indebtedness exerted an impact of almost identical magnitude on firms' distress likelihoods. This evidence sheds light on the importance to move away from a static view of the trade-credit phenomenon, and to integrate solvency models with detailed information on firm-to-firm transactions which is increasingly available through big data collection.     

Usage of formal financial services in India: Demand barriers or supply constraints?

Estimating the role of both demand-side and supply-side factors in financial inclusion and its distribution is important for policy making. However, existing literature has primarily focused on supply-side factors. In this context, this paper estimates relative importance of removing demand-side barriers and eliminating supply constraints to enhance financial inclusion in India. It also measures the extent of concentration of usage of formal financial services among richer households. Results suggest that, while availability of banking services has a significant positive effect on usage of formal financial services, its contribution in inducing households to use formal financial services is very small compared to the contribution of factors, such as education, income, employment status, gender and social norms, that influence the demand for formal financial services. It highlights the importance of placing greater emphasis on addressing demand-side barriers, rather than on improving physical availability of banking services, to promote financial inclusion in India.     

乡村振兴进程中的拉萨市公共服务供给方式创新研究

公共服务供给方式的创新是乡村振兴的深刻主题及客观要求。在此背景下,本文探讨了乡村振兴进程中拉萨市公共服务供给方式的创新,分析了拉萨市当前主要是由政府供给,政府与企业、社会组织合作供给,自主供给和社会组织自愿供给的三种主要公共服务供给方式,发现了乡村振兴进程中拉萨市公共服务供给方式在供给导向、供给主体、信息化建设以及政府购买服务等方面存在的挑战并着重探讨了公共服务供给方式的创新机制,完善拉萨市公共服务供给方式,可从以现实需求为导向,增强公共服务供给有效性、以协同推进为抓手,促进不同供给主体的多元性、以信息化建设为支撑,加强政府购买服务监督三个方面为着力点。     

货币的本质与未来

数字货币和金融科技的快速发展,引发了关于货币的本质和未来发展趋势的激烈讨论。本文在梳理货币演变历程的基础上,提出货币的本质是由形式与功能组合形成的一般信用,并且通过货币体系实现信用的制度化。在此基础上,针对数字货币是否会改变货币本质的问题,本文从货币形式、主权信用、中心化、金融稳定、普惠金融和货币管理等六方面进行分析,提出数字货币并未脱离货币发展的一般规律,其在本质上依然需要依托稳固的信用制度作为基础,但是其在信用实现方式的创新也对货币发行、支付结算、金融稳定带来了全新的挑战。货币和金融管理部门应当在掌握数字货币技术创新的前提下,完善货币制度和金融管理体系,建立激励相容的机制,积极引导数字货币推动的良性货币竞争。     

Does supply network location affect corporate investment efficiency?

Using social network analysis, we compute a firm's network position characteristics and then examine their effects on firm investment efficiency. The results show that both supply network centrality and structural holes have no significant impact on corporate overinvestment but can ease corporate underinvestment by alleviating financial constraints. The specific paths are as follows: a firm that has a high level of centrality or rich structural holes in the supply network is more likely to obtain commercial credit and bank loans; however, supply network position has no significant impact on equity financing.     

Determinants of the bid-to-cover ratio in Eurozone sovereign debt auctions

Building on a unique dataset of Eurozone sovereign debt auctions, this paper analyzes the determinants of their bid-to-cover ratios, which is the most common measure of the outcome of an auction. We find that the secondary market yield on the same maturity instrument, past domestic and foreign bid-to-cover ratios and occasionally the number of primary dealers tend to exert a positive effect on the current bid-to-cover ratio, while the opposite is the case for the supply and the volatility of the yield. The results thus suggest that past information helps to predict the demand in auctions.     

Supply chain environmental R&D cooperation and product performance: Exploring the network dynamics of positional embeddedness

Companies increasingly need to work with their partners to address sustainability issues, but benefits from environmental R&D cooperation can be limited by the complexity of its management. This paper examines how the interplay between dyadic and network relationships can contribute to increase the success of environmental R&D cooperation. Using secondary data, we examine whether the positional embeddedness in the supply network structure of partners engaged in environmental R&D cooperation amplifies the effects of cooperation on product performance. Non-monotonic effects of environmental R&D cooperation and embeddedness are also tested. The results indicate that the positional embeddedness of partners triggered by multiple sourcing strategy amplifies the effects of environmental R&D cooperation on product environmental performance. The interaction effects become however insignificant in the presence of increasing complexity and excessive environmental R&D cooperation.