农产品直播效果影响因素分析

随着互联网技术、网络技术等与农产品深度融合,新一轮农产品销售模式孕育兴起.农产品直播销售为各行业带来巨大的商机,农产品直播已经成了农民的"新农具",各大直播平台都开展了各种直播活动.在前人研究的基础上,结合直播实践,通过因子分析法分析农产品直播效果的影响因素,以期改善农产品直播效果,促进农产品销售.     

The influence of management team continuation on inefficient investment after family firms inheritance

The purpose of this study is to explore how the executive team continuation affects the successor's investment decisions. To this end, we use data of Chinese A‐share listed heritage family enterprises. The findings reveal that executive team continuation has a negative impact on inefficient investment. At the same time, the successor's control rights have a moderating effect on the relationship between the executive team continuation and the successor's investment decisions. In addition, further research shows that the heterogeneity of senior executives' tenure, the number of independent directors, and the distribution of senior executives' professional backgrounds are conducive to explaining the internal mechanism of the continuation of the management team.     

机构交叉持股对企业价值的影响

基于2007-2018年中国A股上市公司数据,本文考察了机构交叉持股对企业价值的影响及其作用机制。研究发现,机构交叉持股显著提高了企业价值,在考虑内生性问题和替换主要变量后结论依然较为稳健。交叉持股机构投资者能够成为更加积极的监督者,主动参与公司治理,缓解代理问题,同时促进同行业企业间产品市场协作,改善企业的产品市场表现,进而提升企业价值。此外,相比其他类型的投资者,长期、独立以及稳定型的交叉持股机构投资者对企业价值的促进作用更显著,进一步印证了监督治理渠道的作用。机构交叉持股推动产品市场协作,主要是通过提高企业创新能力和营业利润率。本文结论证实了机构交叉持股的正向协同效应,对完善中国资本市场制度体系和促进企业可持续发展具有重要意义。     

Excess perks in SOEs: evidence from China

In investigating the relationship between economic directors (EDs) and excess perks in state-owned enterprises (SOEs) in China, we find a U-shaped relationship between the share of EDs on boards and excess perks, especially in SOEs controlled by local governments and with greater managerial power—as well as in regions with poor legal systems. The share of EDs on boards may have three benefits with respect to reducing the use of excess perks in SOEs: (1) replacing excess perks with monetary wages more aligned with the value of managers; (2) reducing the increase in excessive perks caused by the availability of free cash flow; and (3) reducing the use of excess employees to drive excess perks.     

Are nontariff measures and tariffs substitutes? Some panel data evidence

Using new estimates of ad valorem equivalent of nontariff measures (NTMs) over time, this paper examines NTMs and tariffs’ relationship for a sample of 70 economies for 4,949 products at the 6‐digit harmonized system level over the period 2003–2015. A panel data methodology models the lagged adjustment of NTMs to tariffs, consistent with a causal relationship. Trade policy substitution is found when the models are estimated in both levels and changes; with this holding for both OECD and non‐OECD countries, but not for the agriculture sector in OECD countries. Overall, there is a fairly complete substitution between policy instruments in absolute terms.     

地方政府环境支出行为的空间策略互动研究*——传导机制与再检验

本文从理论和实证两个维度检验了地方政府环境支出行为的空间策略互动的传导机制。结果表明，环境支出存在明显的空间策略互动与时间滞后效应。其表现为相邻省级地区之间环保财政支出行为的互相模仿和路径依赖。外商直接投资和财政分权并不是导致地区间环境支出“逐底竞争”的直接原因。在构建多维度政绩考核体系来引导政府财政支出竞争的同时，建立地区间环境支出的协调机制和对外开放等途径，有利于实现均衡和绿色发展。     

Different forms of corporate philanthropy,different effects: A multilevel analysis

This study investigates how different types of corporate philanthropy impact employees' life satisfaction. Grounded in signaling theory, we explore and clarify the nuances among three types of corporate philanthropy values: the absolute value of corporate philanthropy, the value of a firm's corporate philanthropy relative to its past level, and the value of corporate philanthropy relative to the firm size. Results of multilevel analyses on a large scale sample with 218 firms and 2,261 employees at two time points reveal that: the absolute value of corporate philanthropy positively influences employees' life satisfaction; the value of a firm's corporate philanthropy relative to its past philanthropy negatively impacts employees’ life satisfaction; and the value of corporate philanthropy relative to the firm size positively affects employees' life satisfaction. The results indicate that the influences of corporate philanthropy on employees' life satisfaction vary depending on the evaluation benchmarks. Firms may benefit by taking their size and past philanthropy into consideration when making corporate philanthropy investment decisions.     

客户特征对商业银行信用卡业务盈利水平的影响

以中国商业银行的92837个信用卡客户为研究样本,根据客户的自然特征,运用两步聚类法对之进行分类,甄别出高盈利客户的特征。利用客户样本过去一年的交易记录测算各类客户对应的信用卡业务的盈利水平。以能给银行信用卡业务带来高盈利的客户为例,对其特征(包括自然特征和消费行为特征)与银行信用卡业务盈利水平的关系进行回归分析。研究结果显示:信用卡客户的自然特征和消费行为特征与商业银行信用卡业务的盈利水平具有一定相关性。提出:商业银行应运用数据挖掘技术精准识别高盈利客群、科学预估客户的盈利水平、合理配置营销资源以实现客户终身价值最大化。     

基于因子及聚类分析的甘肃省14市州区域软实力综合评价

区域软实力是促进区域协调发展的有效助力，软实力建设是推动西部地区高质量发展的必要前提。本文立足于甘肃省，在研究国内文献的基础上，从区域文化、公共管理、人力素质、区域形象、宜居环境五个方面构建了区域软实力的评价指标体系，采用了因子分析和聚类分析等方法，从软实力指数、类型及排名等方面入手，对甘肃省各地区的软实力进行了综合评估。结果显示，甘肃省各地区的软实力情况可分为五类，区域间软实力发展不够均衡，差异性较大。为此，各地区可根据评估结果，正视自身软实力现状与发展差距，借鉴榜样地区的经验与做法，合理调配资源，切实提升软实力。     

名义负利率传导机理与传导效果:文献综述

在全球经济复苏乏力、新冠疫情持续冲击的背景下,名义负利率政策再度成为热议话题.本文在简要梳理主要国家的政策实践后,系统介绍了名义负利率政策的传导机理和传导效果,并讨论了其主要争议与未来展望.总的来说,名义负利率政策与传统利率政策的传导机理大致相同,仅在政策调控模式和操作工具等方面略显差异.名义负利率政策在调节汇率方面表现出色,在传导效率和对金融机构的影响方面存在争议,短期内在提振通胀方面略见成效,长期内可能存在着扭曲经济结构等多方面的非线性影响.名义负利率的政策实践具有很强的借鉴意义,其长期效果及退出等问题有待进一步研究.未来可结合数字货币的应用,对负利率的下限问题作进一步分析.