中国经济运行中的债券融资变迁:金融脱媒视角

改革以来，债券市场在中国金融体系的相对重要性不断上升，成为引致金融脱媒的重要载体。债券市场在中国引发的金融脱媒表现出明显的阶段性。之所以会出现这样一种状态，是因为企业债市场一度受到“隐性担保”等因素约束，政府及作为既得利益者的商业银行均不愿其得到发展。2005年以来，在金融管制日益放松的背景下，中国的商业银行意外地成为推动并参与企业债市场的重要主体，进而演变出一个与债券市场相伴生的银—企“双赢”格局。     

从天文之美到暗夜保护——科学、艺术、环保融合理念下的天文科普实践

科学普及是实现国家创新发展的两翼之一，是提升全民科学文化素质的重要工作。针对新时代中，公众对科普服务的多元化需要，分析论述作为自然科学之一的天文学具有天然的艺术美属性，具备很强的科学与艺术相结合开展科普工作的基础。同时，从天文观测与暗夜的密切关系出发，论述了在“我们应该追求人与自然和谐”的科学环保观的理念下，将暗夜星空保护融入天文科普中的必要性，分享了北京天文馆将天文之美、暗夜保护等内容融入天文知识传播中的科普实践工作案例，得出了开展科学、艺术、环保融合理念下的天文科普工作符合公众和时代需求的结论。     

交通专业群建设现状及人才培养模式研究

交通专业群建设是高校实现内涵式发展的内在要求,也是其实现特色办学、提升核心竞争力的重要途径,是交通运输发展的重中之重。笔者通过对湖北省高校交通专业建设现状进行全面分析,在此基础上,构建系统完备的专业群体系,根据不同层次、不同专业的工作要求提出人才培养方案,实现人才结构优化。     

美国经济结构及其政策效应分析

数理模型证明,在可出口品、可进口品和非贸易品的经济结构中,非贸易品需求效应和资源移动效应的数量变化依赖于相对价格供求弹性的大小。回归分析表明,非贸易品相对价格与非贸易品相对需求和供给之间符合一般的供求规律,且价格上升所引起的供给增加大于价格上升所引致的需求下降,这意味着非贸易品在从国际部门吸收要素。以1955-2011年为样本,研究影响美国经济结构的形成因素时,结果显示经济政策是影响贸易部门的重要成本因素,财政税收政策对行业投资的调节作用大于货币政策。     

中国金融系统风险溢出效应研究——基于溢出指数和波动溢出网络

文章基于溢出指数和波动溢出网络方法，从静态和动态分别度量我国金融系统不同子市场间的风险联动水平及变动趋势。研究结果表明，我国金融系统风险溢出效应整体水平较高，各市场间联动性较强；市场内部滞后效应大于市场之间溢出效应，两两有向溢出效应具有强不对称性；作为我国金融系统的风险中心，货币市场始终处于风险溢出方，但在金融危机时期，其对外风险溢出效应相对减弱，而大宗商品市场、资本市场、房地产市场等其余市场的风险溢出效应相对增强。值得注意的是，当前我国金融系统整体风险溢出水平较高，市场间风险相关性较强，需要进一步加强系统性风险的监测与防范。     

Segmenting and Understanding Publics in a Social Media Information Sharing Network: An Interactional and Dynamic Approach

This study segments social media publics and analyzes their informational behaviors during organizational crises. With a public-centric perspective, our study highlights how social media publics interact with each other (i.e., interdependence) and share different information through crisis stages (i.e., dynamics). Following the situational approach to segmentation, we identify different types of social media publics (i.e., influentials, broadcasters, and followers) based on their informational behaviors and their positions in an information sharing network. Crisis managers are recommended to pay more attention to publics with higher influence, namely key influentials and broadcasters. In addition, we try to understand social media publics’ changing concerns by analyzing whether and how publics share messages of different themes and forms in different stages of a crisis. Crisis managers are recommended to customize crisis communication content to fit publics’ needs, prioritize organizational resources, and maximize positive communication effect. With big data from Chipotle’s E. coli crisis, we analyzed the Twitter activities surrounding this crisis over a 6-month period. Our segmentation receives initial support from the network analysis and content analysis on the Twitter data, which lays the foundation for effective social media crisis management.     

Managerial Private Benefits and Overinvestment

According to agency theory, we hypothesize that underpayment of top management motivates management to overinvest. Using a sample of Chinese-listed companies for the period 2005-10, we assess the effect of managerial compensation on overinvestment and the effect of overinvestment on managerial private benefits, including future compensation and perquisites, as well as on firm performance. We find that underpayment does motivate overinvestment, which increases managerial private benefits but not firm value.     

Bank Competition and Leverage Adjustments

We test whether bank competition affects firms’ leverage adjustment speeds. Using Chinese data where bank concentration varies across both years and provinces, we find that underlevered firms move to their target leverage faster when bank competition is high. Tests surrounding an exogenous shock to bank competition lead to the same conclusion. We also find that small firms and nonstate‐owned firms exhibit faster leverage adjustments when bank competition is high, which is consistent with the conjecture that bank risk taking increases with competition.     

"赛课结合"在中职《服装陈列设计》课程中的实践探讨

为提高中职服装设计专业学生综合素质和就业能力,在《服装陈列设计》课程中提出了一种“赛课结合”的教学模式。理论课堂以项目驱动形式,采用参与式教学法引导学生在课堂中主动参与学习讨论;通过“服装陈列创新工作室”第二课堂,带领学生参加相关学科竞赛,以“课堂+比赛”的方式达到教学相长的目的。