中外流通企业规模比较:中国30强VS全球30强

基于"中国流通企业30强"与"全球流通企业30强"在2002-2005年间的历史数据,根据名义汇率折算在这二者之间进行总体上的规模比较,结果显示:中国流通企业与外国流通企业在营业额和店铺数量上都存在非常大的差距,但这种差距正在逐步缩小.另一方面,如果考虑价格因素,从购买力平价的意义上考察企业的"实际规模",中外流通企业规模差距可能没有初看起来那么大.本文以沃尔玛为例,基于该公司1970-2007年间的财务数据揭示其成功的两大关键要素:(1)忠于主业、专业化经营;(2)稳定步伐、可持续发展.沃尔玛的成功经验不仅对中国流通企业实施规模赶超战略起着借鉴作用,也对部分企业在实施这种战略的过程中所表现出的浮躁有着重要启示.     

全球价值链视角下的银行卡产业升级

我国银行卡业处于产业的初级阶段,存在诸多问题,对产业升级和结构调整具有不利影响.依据全球价值链及产业升级的理论,嵌入全球价值链可为升级换代创造有利环境,保证银行卡业升级的顺利进行.我国银行卡业处于GVC低端,应利用好GVC带来的升级机会,加快自主创新,创建民族银行卡品牌,打造竞争优势,规避升级中的风险.     

Bid-ask bounce and speads in the foreign exchange futures market

This paper examines the intraday bid-ask bounce in Deutschemark and Japanese yen futures prices. The intraday Markovian bid-ask bounce process, which leads to a desirable equilibrium condition of reaching a bid or an ask transaction type with equal chances, is identified. A second-order Markov chain transition matrix model is used to derive a generalized estimator of bid-ask spreads in the foreign exchange futures market. It incorporates the conditional probabilities of a subsequent transaction being the same type as the current transaction's () and that of the next transaction being the same as the current type but different from the previous type (). The specification is {-Cov(P _t ,P _t+1 )/[(1–)(–)]}^1/2. The empirical results show that the average implied bid-ask spread is about $10, which is less than one tick's value of $12.50. It is also found that spreads are higher at the beginning and end of the trading day than the rest of the day, reflecting the uncertainty due to information flows and overnight inventory carrying costs, respectively.     

Sand in the wheels or spanner in the works? The Tobin tax and global finance

This paper presents a radical critique of the Tobin tax—atax on currency transactions—by undercutting certain assumptionsabout the size and character of the world's foreign exchangemarkets which furnish the tax with its basic rationale. Whileit is acknowledged that only a fraction of the massive volumesof FX transactions relate directly to trade in goods and servicesor to cross border investments, it is denied that all the residualtransactions are motivated purely by exchange rate considerations(speculative or hedging activities). Rather, the argument isthat a significant proportion of FX trades have money marketcharacteristics and that these trades, together with domesticmoney market transactions, play an important role in the dayto day operation of the global financial system. This perspectiveis used to show that the imposition of a Tobin tax would causeextensive material damage to the system, with consequences thatmay run counter to the expectations of supporters of the tax.     

基于供应链管理的港口物流发展模式设计——以江苏沿海港口为例

本文在对港口供应链发展模式进行分析的基础上,对江苏沿海港口物流发展的动力机制进行探讨,最后从港口物流供应链合作伙伴的选择、信息网络、组织结构几个方面对该区港口物流的发展模式进行设计,从而得出江苏沿海基于"集成化动态联盟"的港口供应链模式。     

金融危机后中国加工贸易产业转型升级问题研究——基于全球价值链视角

本文利用全球价值链升级理论,在系统界定加工贸易转型升级内涵的基础上,依据相关统计资料和问卷调查结果,对中国加工贸易的现状和金融危机后升级的挑战进行了分析,结果表明,中国加工贸易已经形成了比较好的升级态势,但总体来说还处于"微笑贫苦陷阱",加上金融危机的冲击以及本土加工企业自主研发和技术吸收能力较低等,使我国加工贸易面临着进一步升级的严峻挑战。为此,本文提出了进一步升级的相关建议。     

The Study of Global Business Ethics of Taiwanese Enterprises in East Asia: Identifying Taiwanese Enterprises in Mainland China, Vietnam and Indonesia as Targets

The study explores the traits and influences on global business ethics practiced by Taiwanese enterprises in East Asia in order to provide those enterprises with a ready guide to contemporaneous standards of ethical management overseas and, in particular, in East Asia. The study randomly sampled 1496 Taiwanese enterprises in Mainland China, Vietnam and Indonesia. One questionnaire per enterprise was answered by Taiwanese owners or senior administrators. Some 375 valid responses, or 25% of the sample, were returned. Taiwanese enterprises in East Asia were found to be ethically inclined in respect of their local environments and generic human rights, though one-third of participants identified themselves as "ethically lax". The study identified various influences on global business ethics viz. personnel localization, employment partnership, marketing ethics and the competitiveness of Taiwanese enterprises.     

The Effect of Option Trading on the Structure of Equity Bid/Ask Spreads

This paper investigates empirically the direct effect of option trading on the structure of costs that comprise the underlying equity bid-ask spread. Our results show that the spread declines over a 30-day period following initiation of option trading, but the decline vanishes when price, volume, and volatility effects are considered. Changes in the composition of the spread reflect primarily a reduction in adverse information costs. Additionally, consistent with previous research, we find significant transaction-type clustering in our intraday data.     

A corporate bond innovation of the 90s: The clawback provision in high-yield debt

This paper examines a recent financial innovation in corporate bond contracts, referred to as the clawback provision. A clawback provision in debt contracts gives the issuer an option to redeem a specified fraction of the bond issue within a specified period at a predetermined price and with funds that must come from a subsequent equity offering. We argue that issuers use clawback provisions to mitigate the wealth losses that would otherwise occur when new equity is offered. Consistent with the hypotheses, the evidence shows that bond offerings are more likely to include a clawback provision if their issuers are private, have more intangible assets, have fewer liquid assets, and are unregulated. We also estimate the price of clawback provisions and find that yield spreads on bonds with clawback provisions are a median of 86 basis points higher relative to what they otherwise would be.     

全球价值链下特色产业集群升级机理探析

特色产业集群是在特定技术、资源和市场条件下发展起来的经济组织,由于自身产业结构和功能的局限性,其发展表现出更大的锁定性和衰退风险,在全球经济一体化和价值片段化背景下,嵌入全球价值链是它更为重要的升级途径。本文通过提出问题,梳理文献,影响升级因素分析的基础上,构建了特色产业集群全球价值链下的升级机理框架。