国企集团整体上市与国企监管的挑战和对策研究

国企集团的整体上市是深化国企改革的重大举措,也给国企监管带来了巨大的机遇和挑战。针对国企集团整体上市所带来的国企监管的新变化、新任务,应从全面把握变化、客观分析原因入手,采取各种有效的应对措施,加强和完善对国有企业的监督和管理。     

收益率差异视角下股票流动性与资本结构关系的再检验

本文在股票收益率差异视角下，选择2000年1月到2015年12月期间中国沪、深市场307家上市公司数据，采用单方程估计法和联立方程组系统估计法研究我国上市公司股票流动性与资本结构的相互影响；并分别从股权分置改革、股权再融资、牛熊市行情三个方面对二者关系的变化与差异进行深入分析。结果表明：股票流动性与资本结构之间存在显著的负向关系，并且随着股票收益率水平的提高，负向影响越来越明显；股权分置改革后、满足再融资资格的上市公司以及牛市行情下两者的相互影响更显著。     

国际资金循环测度的统计方法及应用

研究目标：本文研究如何测量国际资金循环（Global Flow of Funds，GFF），试图整合国际金融相关数据源，创建GFF统计矩阵。研究方法：讨论了GFF的基本概念，确定了国际资金循环的统计范围。按照2008SNA所提倡的From Whom to Whom 的统计基准，建立了GFF的统计框架，据此框架整合了国际金融组织之间的数据系统关系和现有的国际金融统计数据源。研究发现：利用相关统计创建了GFF矩阵模型表，试编了一个包含中国在内的由11个国家所构成的“国家×国家”的GFF统计矩阵表。研究创新：创建了GFF矩阵表，展开了以中国为主要观测对象的国际跨境资本比较分析。研究价值：建立了观测GFF统计，开辟了新的分析视野，客观揭示了中国在GFF中的状况及现存的主要问题。     

Good governance,innovation, economic growth and the stock market turnover rate

This study is primarily aimed at testing the theory of good governance in the group of eight developing Islamic countries. Using a panel data regression model, we examined the data to determine the relationship between political economy and economic development of eight countries, for the period 2005 to 2014. The results show a significant positive correlation between the rule of law, corruption control with economic growth and stock market turnover rate proxy. The examination through an artificial neural network resulted in a higher determination coefficient and less average standard error. This, in turn, reveals that the fitting power and efficiency of this method is higher than the panel data regression model. Furthermore, the findings of this study suggest that the application of good governance theory calls for more inquiry.     

Trade credit and the joint effects of supplier and customer financial characteristics

We examine how access to bank credit affects trade credit in the supplier–customer relationships of U.S. public firms. For identification, we use exogenous liquidity shocks to supplier firms in the form of staggered changes to interstate bank branching laws. Using a variety of tests, we show that supplier firms with greater access to banking liquidity offer more trade credit to their customers. We also show that when bank branching restrictions are relaxed in the supplier’s state, the supplier–customer relationship is more likely to survive.     

Does IFRS Adoption Increase the Accuracy of Chinese Analysts’ Forecasts?

This article investigates the impact of International Financial Reporting Standards (IFRS) adoption on the accuracy of Chinese analysts’ earnings forecasts. We find that after IFRS adoption, the accuracy of Chinese analysts’ forecasts decreases rather than increasing as they do in developed countries documented by the extant literature. Further investigation finds that this decrease is associated with a fair value measurement of financial assets held for trading. Our finding provides empirical evidence supporting the argument that the effectiveness of IFRS adoption could be negative in a developing country depending on its setting and fair value measurement brought about by IFRS could contribute to the negative effect in this setting.     

Mad women: gendered divisions in the Swedish advertising industry, 1930–2012

This article constitutes a first attempt to systematically map the presence of women in the greatly changing Swedish advertising industry since 1930. The overarching aim of the study is to analyse how the gendered divisions of labour and business changed in relation to both business structure and the overall labour market in Sweden. While we conclude that women constituted around 40–50% of the workforce over time, we see an increase in the shares of women in higher positions and in women who were self-employed and managers. This upturn, however, stabilised during the 1990s. We argue that the changes in gendered divisions of labour and business coincided with a fast-changing business structure. First, the old cartel broke down in the mid-1960s. Then, the number of firms increased quickly during the 1970s and 1980s, and the market share for the largest firms declined. This, in turn, meant new business opportunities for women at the same time as their overall labour market participation increased. The article stresses the importance of both acknowledging women’s presence in the industry development as well as the structures constituting gender divisions.     

现阶段农地流转中的关键问题与微观制度创新——四川省安岳县农村土地流转实践考察

现阶段我国宏观层面的农村土地“三权分置”制度和流转机制仍处于加紧构建和完善过程中，急需微观层面的创新实践提供经验支持和政策借鉴。四川省安岳县农村土地流转具有土地利用特色鲜明、推行时间长、流转规模大、流转效果较好等特征，但也存在流转行为不规范、农户利益难以保障、土地利用效率不高等关键问题。近年来，安岳通过建立“信用保证金”制度、“照市过价”制度和“土地再流转”制度，达到了规范土地流转行为、土地流转定价市场化和提高土地资源利用效率的目的，有效解决了当地农村土地流转中存在的突出问题。当前，在农村土地流转实践中，应加强对承包业主的信用评价与监管，积极推动土地流转定价市场化，充分提高土地资源利用效率。     

房地产产业链泡沫相依结构演化及其危机传染效应

本文采用R-Vine Copula方法对我国2000-2015年期间房地产产业链上各行业泡沫之间的相依结构进行建模分析，并在此基础上分析2007年次贷危机和2009年欧债危机对房地产产业链泡沫相依结构的冲击影响。研究结果表明：在整个研究期间，房地产产业链上各行业均存在多次周期性泡沫，比较严重的泡沫均集中在2006-2007年，且其间出现房地产业泡沫的峰值；房地产业泡沫是各行业泡沫相依结构的枢纽中心，起到了“蓄水池”的作用，并与有色金属业、建筑装饰业、银行业和机械设备业之间存在较高的相依性；次贷危机和欧债危机的发生不仅仅增强了房地产与相关行业之间的相依性，存在明显的危机传染效应，也改变了整个产业链的相依结构。     

传统型美术专业在应用型本科院校中的生存与发展

传统型美术专业是否真的具有培养应用型人才的能力，是值得思考的问题。大众化教育是我国高等教育的新局面，但应用型本科院校中的传统美术专业却逐渐变为冷门。课程改革的迟缓、生源数量的减少、校地合作的局限性等问题，一直困扰着传统型美术专业。如何能够向应用型教育模式转变，是扭转此番尴尬局面的关键。