山高皇帝远:地理距离与上市公司股价崩盘风险的经验证据

鉴于信息不对称程度、制度实施成本和心理文化差异，文章提出"监管距离"假说，认为监管者和被监管者之间距离远近可以影响监管效果。实证分析中国沪深上市公司数据，文章从非对称风险视角出发，研讨了上市公司注册地距所在地中国证监会派出机构的地理距离对公司层面的股价崩盘风险的影响。我们发现，监管机构与上市公司总部的地理距离越远，该上市公司股价的崩盘风险越大。进一步分析发现，如果开通高铁或者上市公司所在地社会信任水平足够高，那么监管距离和崩盘风险的正相关关系是不显著的；如果监管负担严重或政府效率低下，那么监管距离和崩盘风险之间正相关关系更为显著。文章认为，地理距离具有监管信息效应、监管威慑效应和监管执行效应，能够影响股价崩盘风险。也就是说，"山高皇帝远"可以改变上市公司行为，提高金融监管效率不应忽视非正式制度的影响。     

Operational risk quantified with spectral risk measures: a refined closed-form approximation

The quantification of operational risk has become an important issue as a result of the new capital charges required by the Basel Capital Accord (Basel II) to cover the potential losses of this type of risk. In this paper, we investigate second-order approximation of operational risk quantified with spectral risk measures (OpSRMs) within the theory of second-order regular variation (2RV) and second-order subexponentiality. The result shows that asymptotically two cases (the fast convergence case and the slow convergence) arise depending on the range of the second-order parameter. We also show that the second-order approximation under 2RV is asymptotically equivalent to the slow convergence case. A number of Monte Carlo simulations for a range of empirically relevant frequency and severity distributions are employed to illustrate the performance of our second-order results. The simulation results indicate that our second-order approximations tend to reduce the estimation errors to a great degree, especially for the fast convergence case, and are able to capture the sub-extremal behavior of OpSRMs better than the first-order approximation. Our asymptotic results have implications for the regulation of financial institutions, and may provide further insights into the measurement and management of operational risk.     

风险层级决策体系下的财务共享中心权责研究

由共享思想衍生的财务共享服务在当前的我国大型企业中已经得到较广泛的运用,当企业的业务线撤销财务权力后,所带来的财务共享中心的权责问题成为了阻碍财务共享服务提升流程处理效率的因素之一。通过对决策事件进行影响度以及风险性的划分并形成决策矩阵,探析在不同组织层级下财务共享中心的具体决策权之所在以及财务共享中心对于企业应急事件信息处理的反应系统,以期为财务共享中心的权责问题决策提供参考。     

Cost savings from trajectory deviations in the European air space

Air transport deregulation has lead to an increase of air traffic, together with a reduction of air fares. Air fare reduction has narrowed operational margins of airlines, bringing financial and employment instability. This has brought airlines to pay increasing attention to flying costs reduction. Two important components of flying costs airlines can try to cut modifying the planned flight are en route charges and operational costs. We rely on Demand Data Repository (DDR2) data to calculate deviations from planned flight trajectories to analyse the extent to what airlines try to cut operational costs making shorter flights than planned if possible, and cut en route charges providing a planned flight with lower en route charges than the planned flight. Our findings show that there is no generalised strategy among airlines to reduce en-route charges asking for deviations of the planned route. On the other hand, airlines are achieving savings of operational costs regularly. Higher savings per nautical mile are obtained in night flights, with longer planned distance and operated by low cost carriers.     

Supply chain integration and operational performance: The contingency effects of production systems

The boundary conditions of supply chain integration (SCI) have been widely studied in order to find out when SCI is applicable and effective. However, prior studies have mainly focused on external contextual factors, such as supply complexity, environmental uncertainty and country-level infrastructure. This study contributes to the SCI literature by examining the contingency effects of internal production systems on the relationship between supplier integration, customer integration and operational performance. Based on organizational information processing theory, we provide evidence to show that the impact of supplier and customer integration on operational performance varies across production systems, such as one-of-a-kind production, batch production and mass production systems. The empirical results also reveal how supplier and customer integration can be matched with different configurations of production systems in order to achieve the desired quality, flexibility, delivery or cost performance.     

Supplier selection and partnerships: Effects upon restaurant operational and strategic benefits and performance

This study focused on identifying strategic criteria involved in selecting suppliers of restaurant products/services specific to casual dining, full service independent restaurants to obtain operational and strategic benefits for those managers operating in this highly competitive marketplace. A total of 765 responses were obtained from managers at independently owned restaurants throughout the U.S. Results revealed that ‘product’ and ‘financial/technical’ criteria had significant and positive effects upon operational benefits, while ‘product’ and ‘service’ had positive effects upon strategic benefits. When the sample was segmented into low and high supplier partnership groups, the positive effects of ‘financial/technical’ and ‘cost/price’ were significantly greater for the ‘high’ partnership group pertaining to operational benefits. ‘Product’ and ‘service’ and their effects upon strategic benefits were greatest for the high partnership group. Based on our findings, implications, limitations, and recommendations for future studies have been provided.     

中国金融市场风险与宏观经济景气之间的关联动态研究

为了揭示中国金融体系与宏观经济运行的系列结构性变化及其关联动态,文章分别基于货币流动性宽松程度、剩余收益模型以及银行资产负债表,对中国货币市场、股票市场与银行体系的风险进行了测度和评估;并在分析上述三个金融子市场风险变动规律及其传递机制的基础上,运用时变参数向量自回归模型实证检验了各金融市场风险与宏观经济景气之间的关联动态。研究发现:在金融危机爆发前后,不同金融市场风险之间的传递关系发生了重要转变,并且与宏观经济景气变动之间的交互影响也存在显著的阶段性差异,呈现出"良性循环"与"恶性螺旋"的非对称性切换。这些研究为中国新时期积极转变宏观经济调控政策决策机制、创新宏观经济调控与金融监管模式,实现宏观经济与金融体系的双重稳定提供了有益的经验依据与政策启示。     

农村金融机构经营效率测算及影响因素的空间计量分析——兼论农村金融机构改革

农村金融改革的目标之一在于提升农村金融机构的经营效率,但相关研究较少考虑不良贷款约束,对农村金融机构经营效率及其影响因素的空间计量也很少涉及。基于此,本文以较具代表性的沿海地区G省为例,运用非径向EBM-Undesirable模型从多个视角测算分析了农村金融机构的经营效率,并基于空间相关性检验和空间计量模型,对经营效率进行了空间效应分析与影响因素估计。结果显示:农村金融机构经营效率总体水平较高,但起伏较大;农商行效率高于农信社,但2015年后差距有所缩小;经营效率具有空间相关性,经济水平、产业结构、行业竞争、资产规模和盈利能力是驱动因素,隐形风险是阻碍因素。鉴此,本文提出了加快推进农商行治理能力建设和产品服务创新、将经营效率作为农信社改制的重要参考指标、监管部门和省联社给予针对性经营指导、深化邻近协同经营等政策建议。     

Theoretical,empirical, and operational models in hotel location research

This paper aims to review past literature on hotel location models and evaluate the state of the art, as well as set out future directions. This study divides hotel location models into three major categories: theoretical models, empirical models, and operational models. Four theoretical hotel location models are reviewed and discussed, including the tourist-historic city model, the mono-centric model, the agglomeration model, and the multi-dimensional model. Based on previous literature, six empirical models and three operational models of hotel location are elaborated. Furthermore, some challenges related to hotel location studies are discussed, and future research directions are provided. In particular, we advocate the development of more sophisticated hotel location models and the use of Geographic Information System (GIS) in hotel location analysis.     

Operational performance of U.S. public rail transit and implications for public policy

In today's tough economic environment, governments at all levels face significant budget shortfalls and public rail transit systems must compete with other public services for government subsidies. It is critical that public rail transit systems be concerned with their operational performance and efficient use of resources. In this paper, we develop a methodology that measures a rail transit system's performance relative to that of other rail transit systems, compares its performance to an appropriate efficient benchmark system, and identifies the sources of its inefficiency. We analyze the relationship between public subsidies and operational performance of public rail systems and show an inverse relationship between subsidization and efficiency.