企业社会责任报告评价体系的初步研究

目前国外对企业社会责任报告的评价模式有两个理论基础:利益相关者理论和可持续发展理论。前者着眼于企业的不同利益相关者对信息的需求,从外部对企业的社会责任报告进行评价;后者则着眼于企业战略,从企业可持续发展的角度评价企业社会责任报告,是从内部进行评价的模式。与此对应的具有代表性的两个国际标准是AA1000与G3。对比分析发现,这两种模式和两个标准各自都存在着优缺点。结合我国的实际状况,我们构建了企业社会责任报告的3R评价体系。该体系的建立将有助于我国企业社会责任报告准则的建立,并为企业社会责任信息质量的实证研究提供可行的框架。     

以德报怨策略与企业机会主义行为:基于高新技术企业的研究

基于自我执行协议理论及交易属性,集中探讨企业采取以德报怨策略应对合作者剥削行为的驱动因素以及企业以德报怨策略如何影响合作者机会主义行为。通过对173个中国高新技术企业买方数据问卷调查,采用PLS对假设进行检验。结果显示,交易属性中的交易可观察性是以德报怨策略的前因变量,并且受交易复杂性的影响。同时,以德报怨策略能够减少交易双方的机会主义行为。     

Political Connections and Government Subsidies: Evidence from Financially Distressed Firms in China

Previous studies report mixed evidence regarding the effect of political connections on firm value. We seek new evidence in China, an important emerging market with a hallmark of a relationship-based economy. Using financially distressed firms (special treatment or ST firms) as a unique sample, we identify a direct channel through which political connections enhance firm value by showing that politically connected firms receive more government subsidies. Moreover, such effect becomes stronger for state-owned enterprises (SOEs), for firms with a better chance of survival, and after the government implemented a new policy to more strictly enforce the delisting in 2012.     

Information Entropy-Based Housing Spatiotemporal Dependence

The Journal of Real Estate Finance and Economics - In the existing housing literature, there has been no academic consensus on how to combine the spatial dependence and the temporal dependence...     

Operational risk quantified with spectral risk measures: a refined closed-form approximation

The quantification of operational risk has become an important issue as a result of the new capital charges required by the Basel Capital Accord (Basel II) to cover the potential losses of this type of risk. In this paper, we investigate second-order approximation of operational risk quantified with spectral risk measures (OpSRMs) within the theory of second-order regular variation (2RV) and second-order subexponentiality. The result shows that asymptotically two cases (the fast convergence case and the slow convergence) arise depending on the range of the second-order parameter. We also show that the second-order approximation under 2RV is asymptotically equivalent to the slow convergence case. A number of Monte Carlo simulations for a range of empirically relevant frequency and severity distributions are employed to illustrate the performance of our second-order results. The simulation results indicate that our second-order approximations tend to reduce the estimation errors to a great degree, especially for the fast convergence case, and are able to capture the sub-extremal behavior of OpSRMs better than the first-order approximation. Our asymptotic results have implications for the regulation of financial institutions, and may provide further insights into the measurement and management of operational risk.     

中国对外直接投资有助于沿线国家绿色技术创新吗——基于“一带一路”沿线国家数据的检验

“一带一路”沿线国家的绿色转型给中国承担新使命、促进国内国际双循环和绿色发展创造了新机遇。基于中国对外直接投资（OFDI）特征，研究其对“一带一路”沿线国家绿色技术创新的影响及作用机制。研究发现，中国OFDI主要通过绿色技术溢出机制、增长机制影响“一带一路”沿线国家绿色技术创新；该绿色技术创新效应随着互联互通合作水平提升而显著增强，且对沿线国家绿色技术创新的改善效果主要体现在高收入组国家。     

Of stars and galaxies – Co-authorship network and research

We examine the association between network centrality and research using the accounting research community setting. We establish co-authorship network using papers published in the five top accounting journals from 1980 to 2016. We find that the co-authorship network in accounting is a “small world” with some most connected authors playing a key role in connecting others. We use machine learning to label published papers with multiple topics and find patterns in topics over time. More importantly, we find that co-authorship network centrality is positively associated with future research productivity and topic innovation and that the impact of centrality on productivity is higher with more senior authors. Further, centrality of an author’s co-authors also has an incrementally positive impact. We conclude that network centrality positively influences research output.     

基于共同冲击和异质风险叠加传导的风险传染研究——来自中国上市银行网络的传染模拟

本文将银行系统遭遇外部共同冲击作为研究起点,建立了一个共同冲击和异质风险交互传导与放大的简化模型,冲击的传导包括“原始冲击”、“增量冲击”和“违约冲击”三个风险传染阶段。基于2018年我国15家上市银行的股票收益率和年报数据、2006年至2018年的银行评级数据,本文构建了贝叶斯分层图模型和银行间拆借矩阵,并利用蒙特卡洛模拟测度不同触发银行所引发的系统性风险损失、单个银行的系统性风险杠杆能力(文中定义为“传染乘数”指标)以及政府监管介入的效果。模拟结果显示:共同冲击损失远大于异质风险损失;规模和网络关联性是决定传染乘数的重要因素,且当规模因素不突出时,网络关联性对传染乘数的决定作用相对更强,极容易出现小规模、高关联性银行具有较高的传染乘数;当银行风险资产损失率在10%至25%之间时,造成系统性风险损失的杠杆能力普遍增强;政府监管介入能较好地降低系统性风险。本研究的相关结论为系统性风险的监管设计提供经验证据和参考。     

中国参与全球价值链的特征与启示

研究目标：揭示2000年以来中国参与全球价值链（GVC）的程度、位置、竞争力特征，以及与主要经济体在GVC中的双边联系特征。研究方法：采用新近发展的生产分解模型，从前向联系和后向联系两个视角全面分析。研究发现：中国在GVC中的国际竞争力主要体现在制造业部门，已经具备“制造强国”的基本特征，接近GVC的中上游位置。大多数国家都对中国市场形成了高度的依赖性，同时中国成长为全球中间品的最大供应国，在GVC中扮演着关键的“枢纽”角色。研究创新：在一个统一的核算框架下，本文从多重视角首次对中国参与GVC的特征做出系统性的论述。研究价值：本文对于决策部门评价中国参与GVC的成效，研判国际经济关系，制定对外经济政策具有重要参考价值。     

产业结构变动与我国宏观经济波动

采用结构变动值K和Moore指数作为我国三次产业结构变动的测量指标,并以总产出增长率和HP滤波后的波动成分作为衡量经济波动的指标,文章对我国产业结构变动与宏观经济波动之间的关系进行了格兰杰因果关系检验。结果显示：产业结构变动不是我国经济波动的格兰杰原因,而经济波动是产业结构变动的格兰杰原因;这说明产业结构变动不是我国经济波动的主要冲击来源,而我国的产业结构变动却受到了经济发展的影响。