The Interaction Between Suppliers and Fraudulent Customer Firms: Evidence from Trade Credit Financing of Chinese Listed Firms

Journal of Business Ethics - This study investigates the interaction between suppliers and fraudulent customer firms from the perspective of reputation damage and reputation recovery. Specifically,...     

刑事涉财产执行中的案外人权益救济——以案外人权益救济程序的当事人构造为视角

刑事涉财产执行程序因采取移送执行模式而被误认为不存在申请执行人，使得刑事涉财产执行程序及其衍生的案外人权益救济程序过分依赖执行法院的职权主义。在刑事附带民事诉讼裁判、追缴或责令退赔违法所得并返还被害人判项、责令被免予刑事处罚的被告人赔偿被害人损失判项的执行程序中，案外人权益救济程序原则上应以被害人为申请执行人，并参照适用民事强制执行程序中的案外人权益救济制度。其他刑事涉财产执行程序应以检察机关为申请执行人。除非出现被执行人逃避执行或者案外人对执行标的提出排除执行请求等特殊情形，作为申请执行人的检察机关通常无须现实参加执行程序。     

Do Cryptocurrencies Increase the Systemic Risk of the Global Financial Market?

The advance of cryptocurrencies has sparked wide concern over their interplay with the existing global financial market. This paper analyzes the risk spillover relation between cryptocurrencies and major financial assets, and unravels how cryptocurrencies could influence global financial systemic risk. We find that cryptocurrencies function as a separate risk source from traditional assets. Major legislative, financial and technological events in the cryptocurrency market may affect risk spillover dynamics. Although the overall penetration of cryptocurrencies is not yet deep, introducing cryptocurrency can significantly increase the systemic risk to traditional markets during low risk level episodes.     

面源污染视角下江西省耕地利用效率研究

[目的]在面源污染视角下考察耕地利用效率,可以为推动耕地可持续利用提供理论和参考依据。[方法]文章基于2000—2014年我国13个粮食主产省(区)耕地投入产出的面板数据,运用SBM方向性距离函数将耕地面源污染因素纳入到传统的效率分析框架,从省际比较的维度对江西省耕地利用效率进行了测度与分析。[结果]考虑面源污染因素对耕地利用效率测算产生了一定的影响;江西省耕地利用效率值呈现阶段性特征,耕地利用效率排名比较稳定,近年来排名有上升趋势;江西省耕地利用绩效一般,且与最佳实践者存在较大的差距。[结论]忽视面源污染因素的耕地利用效率评估是失真和不符合实际的,宜将面源污染因素纳入到耕地利用效率的测度框架,以此来更科学地量化评估耕地利用绩效;设计和完善相关政策,以有效控制耕地面源污染;加强与先进省(区)的交流与合作,学习其农业可持续耕作技术与管理经验,进一步推动江西省耕地产出与资源、环境协调发展。     

The Effect of Environmental Corporate Social Responsibility on Environmental Performance and Business Competitiveness: The Mediation of Green Information Technology Capital

With the emergence of environmental sustainability and green business management, increasing demands have been made on businesses in the areas of environmental corporate social responsibility (ECSR). Furthermore, the influence of ECSR on green capital investment, environmental performance, and business competitiveness has also been the subject of attention from enterprises. However, in previous studies, the mediating role of green information technology (IT) capital in the relationship between ECSR, environmental performance, and business competitiveness, has not been investigated by researchers. In order to bridge this gap in the ECSR literature, this study aims to examine the influence of ECSR on green IT capital, and the consequent effect of green IT capital on environmental performance and business competitiveness. Data were collected from 358 companies from the top 1000 manufacturers in Taiwan. The results confirmed that ECSR has significant positive effects on green IT human capital, green IT structural capital, and green IT relational capital. Green IT structural capital and green IT relational capital have positive effects on environmental performance and business competitiveness, and environmental performance has a positive effect on business competitiveness. In addition, green IT structural capital and green IT relational capital have partial mediating effects on ECSR, environmental performance, and business competitiveness. The implications and suggestions for future research are discussed.     

Chinese tourists' views of nature and natural landscape interpretation: a generational perspective

This study investigates Chinese tourists’ views of nature, interest in animal experiences and their preferred natural landscape interpretation content from a generational perspective. Eight hundred and eight self-administered questionnaires were collected at Wulingyuan, a UNESCO World Natural Heritage Site, in China. It suggests that overall Chinese traditional cultural values and beliefs, notably the thinking of tian ren he yi (oneness of nature with humans), still have considerable impacts on Chinese tourists. They were found to have a strong sense of connection with nature and a preference for cultural interpretations of natural landscapes. Meanwhile, Chinese might be reaching a point of convergence in terms of attitude towards nature and animals with their Western counterparts, as reflected by their weak anthropocentric view, and strong ethical and aesthetic appreciation of animals, regardless of generation cohorts. Yet, the study shows significant generational gaps: older generations have a stronger connection with nature, are more concerned about environmental issues and show more support for the Western approach towards nature protection; the younger generations hold weaker anthropocentrism, and are more interested in animals, yet are less likely to learn about nature through tourism interpretation.     

Size and information revelation in securities trading

We examine differences in information content between order submission sizes and trade sizes by U.S. equity traders. Increasing (decreasing) order submission (trade) size is reflective of information. The result suggests that better-informed traders want to trade in a large size, but that they engage in stealth trading practices or break larger orders into smaller sizes in order to conceal information. While prior studies tend to narrowly focus on trade executions at the market-centre level, our findings indicate that order submission size varies significantly from trade size and that both sizes are informative about future prices, albeit in an inverse manner.     

企业突破性技术持续采用意愿的驱动机制研究

整合组织动机和期望确认理论，从购买动机视角探讨企业突破性技术持续采用意愿的驱动机制。将购买动机分为效率动机、规范趋同动机和模仿趋同动机，阐述购买动机对突破性技术持续采用意愿影响的微观机理。以198家购买过云计算技术的企业为研究样本，实证检验购买动机与突破性技术持续采用意愿间的关系，并检验满意和认知锁定的中介效应。结果表明：购买动机正向影响突破性技术持续采用意愿，满意和认知锁定在购买动机与突破性技术持续采用意愿之间起中介作用，各购买动机的中介作用路径呈现差异化。其中，效率动机的作用路径被满意和认知锁定部分中介，模仿趋同动机的作用路径被满意部分中介，规范趋同动机的作用路径被认知锁定部分中介。研究结论打开了企业突破性技术持续采用意愿的“黑箱”，对于企业深入理解突破性技术持续采用意愿的驱动机制，促进突破性技术在持续采用过程中发挥真正价值具有重要借鉴意义。     

金融支持国防知识产权成果转化问题及策略研究

国防知识产权成果转化应用是国防科技创新体系建设落地见效的关键环节，引入现代金融体系能够有效促进国防知识产权成果转化。目前我国国防知识产权转化工作在组织管理体制、工作运行体系、法规政策制度和信息化建设等方面初显成效，但仍面临整体转化形势不容乐观、金融支持体系尚未成熟等问题，根本原因在于国防知识产权与发明人割裂导致一般金融产品难以通过审核，使融资渠道狭窄；其保密性进一步加大了与金融机构间的信息不对称，使得金融资源配置效率低下；国防知识产权专用性较强，相应抬高了融资成本。为有效解决上述问题，提出3条改进措施，以实现对国防知识产权转化的金融支持，即①从顶层设计上优化解密脱密流程，明确发明人与知识产权的权属关系，细化财税优惠等支持措施；②加强政府财政税收政策支持，引导创新利用多元社会资本进入支持转化领域；③建立各主体参与的金融服务协调保障机制、监测评估体系，启动国防知识产权转化的金融支持试点工作，构建符合国情的国防知识产权转化金融支持体系。