Hayek on the essential dispersion of market knowledge

The Review of Austrian Economics - A key insight in Hayek’s thought is the importance of so-called “local knowledge” in economic activity. In The Fatal Conceit, he states that...     

I Feel Your Pain: The Effect of Regulator as a Minority Shareholder on Merger and Acquisition Performance

We examine the effect of a regulator-led advocate for minority shareholders on merger and acquisition (M&A) performance in China. In recent years, the China Securities Regulatory Commission established the China Securities Investor Services Center (CSISC), which began its ownership of 100 shares of public firms in 2016. The CSISC advocates for the interests of minority shareholders proactively. Focusing on abnormal stock returns in M&A announcements, we find that acquirers that have the CSISC as a shareholder (CSISC acquirers) exhibit higher positive abnormal stock returns than non-CSISC acquirers. Cross-sectional analysis suggests that the core results are mainly driven by firms with severe agency problems and weak external/internal monitoring, and those not controlled by the state. In addition, we find that CSISC acquirers have better long-term performance and encounter more M&A failures than non-CSISC acquirers. Our findings indicate that although the CSISC only holds 100 shares of listed companies, it plays an effective role in monitoring and driving firms to make appropriate M&A decisions.     

Environmental proactivity,competitive strategy,and market performance: The mediating role of environmental reputation

This article examines the impact of small and medium-sized enterprises' (SMEs) proactive environmental strategy on market performance through the mediating mechanism of environmental reputation. In addition, we investigate the potential moderating role of competitive strategies on the environmental reputation-market performance nexus. Data were collected from 223 SMEs. Using the hierarchical multiple regression analysis, the results show that a proactive environmental strategy positively enhances environmental reputation. Also, the influence of proactively environmental strategy on market performance is mediated by environmental reputation. In addition, our findings show the relationship between environmental reputation and market performance is greater for firms that adopt the differentiation strategy but not significant for firms adopting the low-cost and integrated strategies. Our study offers several theoretical and practical implications.     

钢铁工业与现代服务业融合发展的案例分析

简要叙述了钢铁工业与现代服务业开展“两业融合”的重要意义,分别以宝钢、河钢为代表的国内钢铁企业和以浦项、蒂森克虏伯为代表的国外钢铁企业为例,对钢铁企业开展两业融合的做法进行了分析,最后针对两业融合发展提出了几点建议。     

习近平治水理念研究

[目的]总结习近平治水理念,为指导水利绿色发展提供指南。[方法]以习近平讲话和出版的论述为基础材料,开展系统的综合分析。[结果]习近平治水理念主要包括:水利为民、系统治水、生态优先、科学先行、节水优先、空间均衡、两手发力、久久为功辩证思维和国家安全。[结论]习近平治水理念是立足于中国国情水情富有创新性的水利理论概括和经验总结,是指导新时代中国水利工作的指南,是水利绿色发展的科学世界观和方法论,可为世界水利发展提供中国智慧。     

乡村旅游开发下农户生计适应变化与影响机理研究*——以延安市乡村旅游为例

［目的］以延安市3个典型乡村旅游地为例，结合可持续生计分析框架和适应性理论，分析农户在乡村旅游扰动下的适应策略与适应模式，定量测度不同适应模式农户的适应结果。厘清农户未来生计策略选择的影响因素及其机制，提出促进农户及乡村旅游地可持续发展的对策。［方法］通过参与性农户评估法及二元回归分析法分析影响农户未来生计策略选择的因素。［结果］（1）旅游开发造成案例地农户自然资本丧失，失地农户由务农或务工为主的单一适应方式向兼业型与非农型转变，分化为4种不同类型的农户，且各类农户在各描述指标方面差异显著。（2）农户的生计资本衡量3个社区旅游开发后的适应结果，生计资本普遍较低且内部各维度差异明显。对比4类农户适应结果可得：复合生计型>务工主导型>旅游服务型>社会保障型。（3）通过二元逻辑回归模型深入解释当下适应结果对农户未来生计策略选择的影响，物质资本、金融资本和社会资本均影响农户选择意愿，其中可借款人数是最关键的影响变量。［结论］农户在旅游开发背景下生计动态适应的影响机制为旅游开发及基于此补偿制度是农户现在生计适应活动的外部起因，按照适应类型以及收入比重，分化为4种模式农户； 现行生计适应策略使农户适应结果迥异，生计资本的储量和结构差异显著，这种差异是农户未来生计选择的直接动因； 3个社区不同类型的旅游开发模式是农户未来生计策略选择分异的推动力量。     

庚子赔款的债务化偿付及其影响

庚子赔款是中国近代史上最大一笔赔款,也是以长期债务形式体现的赔款。本文对庚子赔款的债务化偿付安排、利率水平、支付流程及经济影响等进行比较分析。发现:(1)庚子赔款本金4.5亿两,是清政府 1903 年财政收入的 4.33倍,但通过债务化偿付,每年支付赔款占财政收入比重逐步下降;(2)按购买力折算,庚子赔款本金约占1900年中国GDP的2.1%;(3)与当时主要国家长期债务利率相比,庚子赔款4%的利率属于中等水平;(4)将庚子赔款与德国“一战”赔款进行比较,发现赔款本金和占经济总量比重,中国低于德国,但中国每年支付赔款的财政压力高于德国;(5)庚子赔款偿付对近代中国的财税金融产生深刻影响,外籍海关税务司借机成为独立于中国政府的“第二财政”,外商银行藉此强化其“隐性中央银行” 地位,赔款还催生了货币流通的“新周期” 和“新危机”。总体上,赔款的债务化偿付安排不仅受政治外交形势主导,也与金融机构特别是银行跨国经营存在密切联系。赔款的经济影响不仅取决于偿付总量,也取决于经济治理能力和财税金融制度。国家财税金融制度落后,则受到冲击较大。     

What has New Zealand gained from The FTA with China?: Two counterfactual analyses†

We investigate the effects of the 2008 New Zealand (NZ)–China free trade agreement (FTA) on exports from NZ to China, and real GDP per capita in NZ using the synthetic control method to estimate the counterfactuals. NZ exports to China were more than 200% higher in 2014 than what they would have had the FTA never been signed. NZ's food and live animals exports to China were more than 180% higher in 2014 than the counterfactual. Our counterfactuals indicate a small but negative effect of the FTA on NZ's real GDP per capita between 2009 and 2012.     

1960—2015年呼伦贝尔草原气温和降水格局变化特征

［目的］利用1960—2015年呼伦贝尔草原区逐日气象数据，分析了该地区这56年来气温和降水的分布与变化规律。［方法］文章采用Mann Kendall非参数趋势检验和Sen′s斜率估计分析了温度、降水变化的趋势和变化速度。［结果］(1）呼伦贝尔草原区过去56年中气温呈现出极显著波动增加的趋势，其中第二季度增温的趋势最明显，年均温增加中值005℃。海拉尔区增温速度为草原区最快，年增加中值004℃。(2）呼伦贝尔草原区这56年中降水呈现出不显著的波动下降趋势，年降水减少中值041mm。其中第三季度降水量显著减少，年降水减少中值092mm，第一、四季度降水量显著增加，年降水增加中值007～023mm。第二季度变化较小。满洲里市降水量极显著下降，下降速度为草原区最高，年降水减少中值125mm。(3）1～5mm降水次数和总降水贡献呈显著增加趋势，年增加中值0102%， 5～30mm降水次数和降水贡献呈现减少趋势，单次降水30mm以上频率很低。(4）历时1～2d的降水是研究区最主要的连续降水类型，独立单日降水呈现不显著增加趋势， 2～3d连续降水呈现不显著减少趋势，连续4d和4d以上降水事件较为罕见。［结论］呼伦贝尔草原区过去56年整体看呈现出暖干化的趋势，年内尺度看降水呈现均匀化趋势，第三季度减少，第一、四季度增加。降水格局表现为分散化趋势，极端降水事件减少，小雨增加； 连续降水减少，单日独立降水增加。     

The influencing factors of satisfaction and lending intention in online lending investment: an empirical study based on the Chinese market

This paper develops a platform‐based influencing factors model which considers value perception, risk prevention measure, non‐default experience, trust and incentive gap, to better examine the impact of platforms on investors’ satisfaction and lending intention based on the Chinese market. The results reveal that the first four factors positively influence the satisfaction of the investors, while the incentive gap has a negative impact, and there is a positive association between investors’ satisfaction and lending intention. Some specific features of China’s online lending market are identified, which provides valuable insights for online lending platforms and the government.