The optimal level of corporate social responsibility based on the duopoly model

This paper constructs a duopoly model considering corporate social responsibility (CSR) and market's sensitivity to CSR (e) and analyzes the equilibrium results, the condition of CSR implementation and the optimal CSR level (β^* ) of Model CC (two enterprises implement CSR) and Model CN (only one enterprise implements CSR). The results show that β^* is affected by competitors and e. e, marginal cost (c) and cost difference affect the equilibrium results and the comparative results. Reducing c and improving e can promote social welfare. Consumer surplus under Model CC is highest. CSR has a negative effect on social welfare under certain conditions.     

经济政策不确定性如何影响企业出口决策？——基于出口频率的视角

出口频率作为出口决策的重要一环,是企业出口扩张的新边际,也是出口变化的“晴雨表”。本文在随机存货模型的基础上,考察了经济政策不确定性对企业出口频率的影响及其传导渠道,并采用2000-2006年工业企业数据库与海关数据库的匹配数据进行实证检验,结果发现:目的国经济政策不确定性增加会显著降低企业出口频率,且这一影响存在部分惯性效应;经济政策不确定性通过贸易成本、存货成本和市场需求波动共同影响企业出口频率的中介效应十分显著,其中贸易成本是最重要的传导渠道,占比达到19%以上;如果进一步考虑目的国、产品和企业异质性,会发现出口目的国经济发展水平较高、出口产品为中间品和消费品的企业,其出口频率受经济政策不确定性的影响较小。因此,政府和企业应高度关注出口频率的变化趋势,合理应对经济政策不确定性对出口决策的外部冲击。     

Complex Network of Aviation E-Services in the Belt and Road Initiative: A Heuristic Study of Small Data based on Block Modeling

ABSTRACT

The aviation e-service system is an important part of support for business communication in regions covered by Belt and Road initiative. In exploring the role of airline companies in this system, we examine the structure of the network, which consists of airlines interconnections based on small data of individual attributes of aviation companies in aviation e-services, and study these interconnections across different groups using block modeling. The heuristic solution of airline companies in development of international communication and cooperation is further discussed. Among our policy implications for global managers, we suggest the enhancement of cross-regional cooperation among airlines.     

产业组织中B2B电子商务发展影响因素框架构建与实证分析——技术创新视角的审视

企业技术创新的动机和影响是产业经济学的重要内容,而以互联网为基础的企业间电子商务的发展又是20世纪90年代以来产业组织中一项重大的技术创新。本文以技术创新为核心,构建了以创新特征、企业背景以及组织结构三方面10个子变量以及28个观测变量为基础的分析框架,并实证考察分析了影响企业间电子商务发展的因素。最后有针对性地进行了总结并提出需要进一步研究的问题。     

中国对新兴经济体国家出口持续时间及影响因素研究

出口持续时间研究对保障出口贸易的平稳发展具有重要意义。本文基于UN Comtrade数据库1998—2010年产品层面的微观数据,客观估计了我国对新兴经济体国家的出口持续时间。结果发现,我国产品出口持续时间普遍较短,均值不到4年,且贸易关系失败的概率具有明显的负时间依存性。我们进一步利用离散时间生存模型考察出口持续时间的影响因素,结果表明,引力变量对出口持续时间的影响与其对双边贸易流量的影响一致,同时,国家风险、贸易固定成本、汇率的波动、签订人民币互换协议、贸易竞争性和互补性、初始贸易额以及产品多元化均会对出口持续时间产生显著影响。在此基础上,本文提出应积极推进21世纪海上丝绸之路的建设、逐步扩大与新兴经济体国家人民币互换协议的签订、深度挖掘贸易双方互补的潜力,并在维持和深化现有贸易关系的前提下有效实施多元化战略。     

Monetary policy implications of short-term capital flows in Turkey

The advent of global financial crisis in 2008, unleashed volatile short term capital flows to the emerging markets. This has forced many central banks in the developing world to adopt innovative policy measures to address concerns related to financial instability caused by the volatile nature of capital flows. In 2010 Turkish Central Bank included financial stability in addition to price stability as one of primary goals of its monetary policy. Several macro-prudential measures had been taken and ‘corridor system’ of setting the short-term policy rates had been introduced. In this paper, we have estimated an extended Taylor rule, using error correction model, to examine the impact of global financial factors in impacting the setting up of the policy rate in the pre and post 2010 periods in Turkey. It has been found that in the post-2010 period, global financial factors and monetary policy stance of the core economy, USA, have become major factor(s) in shaping up the monetary policy. Particularly our results of variance decomposition show that global financial indicators such as, VIX and EMBI have taken prominence in the setting of the short-term policy rate. This has not only made the domestic monetary more dependent on external factors but has also made pro-cyclical in nature.     

Volatility of volatility is (also) rough

Using high-frequency data for major volatility indexes, we compute the volatility of volatility and show that its logarithm follows a fractional Brownian motion with Hurst parameter smaller than 1/2 thereby extending to the volatility asset class the recent findings obtained for the equity index markets. The results confirm that the volatility of volatility is a rough process and it possesses the long memory property. We also show that the correlation between the volatility and the volatility of volatility is positive, consistent with observations in the volatility option market. Lastly, a robustness check using volatility futures confirms the findings.     

儒家始祖形象的三种形态及其意义

传统儒家从未停止对事物根源与本质的探索。所谓"物有本末,事有终始","始"之字义常常兼具逻辑上的原初性与价值上的根本性。始祖作为生民存续之始和人道的开端,其形象隐含着重要的理论意义,更关联着儒家思想与制度的核心。本文分别从感生之祖、始封之祖、生民之祖三种形态出发,追溯始祖形象的特点,并试图通过这一讨论来理解儒家家国建构的不同模式及其基础。     

建筑工程监理与施工技术创新的关系研究

建筑工程监理与施工技术这二者的关系并不是相互割裂,相互独立的,本文将对二者关系进行探究。