The Benefit of Frequent Corporate Philanthropy

Applying behavioural economic theory, we argue that the frequency of philanthropic activity is important in determining corporate philanthropy's economic outcome. Using Chinese data from 2003 to 2016, we find that firms with more frequent philanthropic activities obtain more government subsidies than firms that only engage in one-off charitable donations. Firms with better corporate governance, such as higher management ownership and more independent directors, are more likely to adopt a strategy of frequent donation. Furthermore, firms are more likely to be frequent donors when management or local government officers have a long tenure. Our findings provide insight into the giving process and suggest that firms can maximize the benefit of corporate philanthropy if they strategically consider the donation frequency and donation amount simultaneously.     

一种动态加权的LDPC译码方法

为了加快低密度奇偶校验（LDPC）码的译码速度，有效改善LDPC码的译码性能，针对校验节点更新过程中的对数似然比（LLR）值的大小，设计了一种LDPC码的动态加权译码方法。以IEEE 802.16e标准的奇偶校验矩阵为例，根据LLR值的变化规律，利用增长因子和抑制因子对和积译码算法和最小和译码算法进行动态加权。仿真结果显示，基于动态加权的译码方法相对于传统译码方法误码率都有明显改进，译码复杂度也有所降低。     

提升城管执法公信力路径探究

城管执法公信力主要是指城管部门在对城市实施管理与执法过程中赢得或得到社会公众认可和信任的程度。然而,当前我国城管正处于深化改革转型期,城管执法公信力时常遭受公众质疑,甚至陷入了"塔西佗陷阱"。立足城管执法公信力的现状进行研究,从顶层设计、执法理念等层面对其弱化成因进行了透析,结合当前城管执法体制改革,提出了加强顶层设计、转变执法理念、建设职业伦理、完善协同治理和强化舆情管控等对策建议。     

Does economic policy uncertainty raise corporate precautionary cash holdings? Evidence from China

Using China as the research setting, this paper investigates the relationship between economic policy uncertainty and corporate precautionary cash holdings. Empirical results show a U-shaped relation between economic policy uncertainty and corporate precautionary cash holdings. Empirical analysis, in terms of ownership structure, firm size, corporate competitiveness and geographical location, further shows that (i) the effects for economic policy uncertainty in both state-owned and non-state-owned enterprises are significant, but the effect is stronger for state-owned enterprises; (ii) such significant effect is also found more strongly in small and medium-sized enterprises and highly competitive enterprises; and (iii) the effects for eastern, central and western China are all statistically significant, but the effect is strongest for eastern China.     

信息分享对原始设备制造商与其合同制造商竞争的影响

研究了原始设备制造商的预测信息分享对一个原始设备制造商和一个与其同时有合作和竞争的合同制造商组成的供应链系统的影响,建立制造商间信息分享的模型,该模型包括一个原始设备制造商和一个合同制造商。研究发现,原始设备制造商关于市场潜在需求预测信息的分享对其预期利润是不利的,同时需求信息预测的精度对原始设备制造商信息分享的决策也有影响,原始设备制造商没有动机与其供应链成员进行信息分享,但信息分享使得供应链整体利润增加。最后,建立一个信息分享补偿机制分享供应链利润的增加量,以期通过信息分享补偿机制促使原始设备制造商有动机进行信息分享,从而实现其与合同制造商的“双赢”。     

Bayesian selection of technology assumptions for the transformation from supply-use to input–output tables

ABSTRACT

In the construction of input–output models from supply-use tables, technology assumptions disambiguate how an industry uses inputs in the production recipe of multiple outputs. This paper uses Bayes' theorem to select technology assumptions, taking into account empirical observations. The paper presents a formulation to explore hybrids between product and industry technology assumptions in product-by-product tables. We then present Markov chain Monte-Carlo techniques to implement the Bayesian method for selecting technology assumptions. We apply the method in a case study using Eurostat supply-use tables of 2004 and 2005, exhibiting a volume of secondary products of less than 13%, and 59 products and industries per country. The results show that the choice of technology is not important, given that there is no strong evidence in favour of any of them.     

软件开发过程中的风险管理

每个软件在其研发过程中都隐含着许多不确定因素,这为软件的成功开发带来了风险。软件的交付时间也与项目的风险管理有着直接的关系。论文对软件开发项目风险管理的概念、主要的风险类别、风险管理的策略进行了论述。     

Blockchain,bank credit and SME financing

Quality & Quantity - Blockchain is an emerging decentralized architecture and distributed computing paradigm and has recently attracted intensive attention from all sectors of society. This...     

产业升级、金融分权与民营企业融资约束

本文在产业升级的框架下,分析了国有企业对民营企业存在的信贷挤入与挤出效应.产业升级过慢或过快都将使得信贷挤出效应占主导,金融分权(Ⅰ、Ⅱ)是产业升级影响民企融资约束的重要金融渠道,基于2007-2016年中小板上市公司数据和省级宏观数据,主要通过现金-现金流敏感性模型进行了实证检验.结果表明:(1)相对于产业升级速度适中地区,过慢和过快地区的民营中小企业融资约束更为严重;(2)国企产业升级通过决定金融分权影响民企融资约束,金融分权Ⅱ本身能缓解民企融资约束,但国企产业升级过快会降低金融分权Ⅱ,同时金融分权Ⅰ会刺激地方政府过度投资反而会加剧民企融资约束;(3)金融分权对民企融资约束的影响受到财政分权的显著调节作用,地方财政越宽松,金融分权的作用越显著;(4)对产业升级过慢地区,在金融措施配合下,充分发掘国企产业升级先导性作用是缓解民企融资约束的有效途径.     

制造业上市公司财务舞弊特征分析 ——基于2010-2019年舞弊样本

本文选取2010年至2019年上市公司制造业因财务舞弊受证监会行政处罚的70家公司为样本,对在此期间上市公司的财务舞弊特征和手段进行了分析.研究发现,2010-2019年期间制造业上市公司财务舞弊存在着特定行业多发、处罚力度低、外部审计有效性欠缺、财务表外舞弊偏好等特点,在舞弊的类型和手段上有多样性和并发性、隐蔽性的特征.这说明随着上市公司舞弊形式的多样化和反监管技术的提高,监管部门监管难度进一步加大,财务舞弊问题未得到有效的遏制,出现新的舞弊问题值得探究.