中国经济转型中的资本市场机遇——基于“四维理论”的分析

考察美国、日本等国历史经验,结合对中国资本市场的研究和实践,本文提出用四维理论——即宏观大背景决定方向,产业小背景精确定位股票,技术分析决定交易时机,心理博弈决定投资成败为纬度的四维理论来分析资本市场。从宏观、产业、技术及心理角度综合分析,当前资本市场估值处于合理区域,未来存在较大潜力。     

一个金融上的社会运动的观点:社会责任投资重要

此文所讨论的是社会运动如何影响经济体系.运用一种政治--文化的方式去对待市场,这意味着折衷行为可以利用一个可预见的新制度去帮助改变现有的金融制度.此文的观点立足于支持社会运动重整经济制度出发.     

Adverse Selection,Investor Experience and Security Choice in Venture Capital Finance: Evidence from Germany

This article analyses 336 German venture capital transactions from 1990 to 2005 and seeks to determine why selected financial securities differ across deals. We find that a broad array of financial instruments is used, covering straight equity, mezzanine and debt‐like securities. Based on the chosen financial securities’ upside potential and downside protection characteristics, we provide an explanation for the differing use of these securities. Our results show that investors’ deal experience, adverse selection risks and economic prospects in the public equity market influence the selection of financial securities.     

Subordinated Debt,Market Discipline,and Bank Risk

This paper demonstrates that subordinated debt (subdebt thereafter) regulation can be an effective mechanism for disciplining banks. By reducing the chance that managers of distressed banks can take value‐destroying actions to benefit themselves, subdebt regulation may encourage banks to lower asset risk. Moreover, subdebt regulation and bank capital requirements can be complements for alleviating the banks’ moral hazard problems. To make subdebt regulation effective, regulators may need impose ceilings on the interest rates of subdebt, prohibit collusion between banks and subdebt investors, and require subdebt to convert into the issuing bank's equity when the government provides assistance to the bank.     

基于人力资本投资的酒店业劳动力迁移研究——珠海、澳门酒店业实证分析

劳动力成本上涨成为中国劳动密集型企业普遍关注的问题,它也是推动第三产业转型的重要原因.酒店作为典型的劳动密集型企业,员工流动问题一直备受关注,但是从人力资本角度的研究很少.本文运用人力资本投资理论对珠海向澳门的劳动力迁移现象进行了实证分析,发现基础工资差距是导致酒店业劳动者个体迁移的主要原因,而两地员工福利水平的差距及地理临近性进一步增加了酒店业个体劳动者迁移的愿望.文章最后建议,珠海酒店企业可以采取增加员工收入、完善员工福利保障及创新盈利模式的措施来解决员工高流动性的问题.     

当代大学生社会公德教育探究

当代大学生是肩负推动社会发展使命的重要群体，是国家和民族的未来和希望，加强大学生社会公德教育具有重要的社会现实意义。着重分析了当代大学生社会公德观念及行为存在的不良现状和产生的原因，并就此提出了几点相应的改善方案。     

It's not what you know but who you know that's important: the influence of social networks on communities

Since its conception in 1945, the UK National Health Service (NHS) has been the focus of extensive political rhetoric regarding the involvement of patients and the public in the provision of health‐care services both locally and nationally. However, achieving substantial user involvement within local communities has proven to be a complex task. The exploratory research presented in this paper investigates the influence of social networks within local communities and its relevance for user involvement. Four main findings emerged: interviewees have strong informal social networks; there is a strong sense of generalized reciprocity; diversity is limited within the social groupings; and there exists a lack of trust in governmental institutions. With regards to health issues, there is an overriding feeling that ‘things like that should be left to the people who know’. If user involvement is to be achieved at the level envisioned by the UK government, achieving a greater relevance for users is essential.     

Dialect,transaction cost and intra-national trade: evidence from China

Growing evidence emphasizes the important role of network effects on bilateral trade. This paper proposes a new factor – dialect difference, which decreases social network across regions, may increase transaction costs and thus shape interregional trade pattern. Taking China as an example, we use a gravity model considering network effects and provincial data from 1997 to 2009 to examine the effect of dialect difference on intra-national trade. We find that dialect difference has a significantly negative effect on interprovincial trade. Moreover, this paper explores the time dimension of the effect of dialect difference. We find that the negative effects of dialect difference on trade have been diminishing over time. Migration and the promotion of Mandarin have increased interregional cultural connections and thus mitigated the negative effects of dialect difference.     

Economic Causes and Cures of Social Instability in China

China＇s leaders have often expressed concerns about social instability, viewed as a threat both to the political order and to continued rapid growth. Slower growth might, in turn, further undermine social stability. Using survey data, the present paper examines the economic determinants of social instability. Four main determinants are identified.＇past and expected growth of income, income inequality, economic insecurity and misgovernance. The paper then considers possible policies to reduce social instability, examining each of the determinants in turn.     

The impact of participative leadership on job performance and organizational citizenship behavior: distinguishing between the mediating effects of affective and cognitive trust

This study examines the mediating effects of cognitive trust and affective trust on the relationship between supervisors' participative leadership behavior and subordinate work outcomes, using data obtained from 247 dyads in a manufacturing organization located in mainland China. Structural equation modeling revealed that while affective trust fully mediated the relationships between participative leadership of supervisor and subordinate job performance and organizational citizenship behavior, cognitive trust had non-significant effects. These findings underscore the importance of interpersonal interactions between the supervisor and subordinate for engendering subordinate work outcomes. They also lend support to the exchange (relationship)-based explanation as to how trust enhances the response of subordinates to the participative leadership behavior of their immediate supervisor, given that affective trust involves a process of social exchange between both parties over an extended period of time.