The role of the merchant coalition in pre-modern Japanese economic development: an historical institutional analysis

This paper examines the economic role of the merchant coalition (kabu nakama) in Japan during the 18th and the first-half of the 19th century. During this period, public sector enforcement of contracts was imperfect. Kabu nakama substituted for the public sector, using a multilateral punishment strategy. When the government (Bakufu) prohibited kabu nakama in 1841, the growth rate of the real money supply contracted, efficiency of price arbitrage declined, and the inflation rate increased.     

虚拟组织中人员角色转变研究

随着现代科技的发展,组织面临的内外部环境发生了巨大变化,现代组织逐渐认识到,必须依据外部环境及内部条件适时调整目标与结构,即实施组织变革,以保证组织的效率和活力,虚拟组织正成为许多传统组织变革的趋势之一。通过对虚拟组织文献的简要回顾,本文分析了虚拟组织的4个基本特性,并对稳定型虚拟组织和动态型虚拟组织进行了比较分析,还探讨在传统组织变革成虚拟组织的过程中,组织管理者及员工的角色转变。     

论我国非营利组织监管体制的改革

中国的非营利组织在生成路径、管理体系等方面与国家有着紧密的制度化联结的特性,决定了在我国非营利组织监管体制改革的研究上,不能简单地套用西方的理论工具来加以分析,而应是立足于本土化的思考,同时有选择地借鉴吸收他国的有益经验。据此理解,我国非营利组织监管体制改革的基本思路包括树立有限监管的理念、建立有效的社会监督机制、培育发展行业自律组织和逐步完善法律规范。     

Listing and financial constraints

We confirm, with a twist, that listing to a stock exchange can mitigate financial constraints of firms, using Japanese firm-level data of 20 years, 1995–2014, controlling for the main-bank relationship and majority owner influence. Compared to a similar unlisted firm, a listed firm has a lower marginal product of capital on average and more new borrowings during recessions. Theoretically, we argue that these are the key pieces of evidence that indicate less tight financial constraints for the listed firms than the unlisted firms. However, the listed firms do not borrow more on average over time. They rather maintain a lower leverage so that they can mitigate the borrowing constraints. We also find that the listed firms do not face lower interest rates.     

小洲文化创意产业集聚区空间组织

小洲村作为广东著名的古村落,目前已自发集聚了许多画廊、艺术家工作室和美术培训机构等,其文化创意产业集聚区的雏形已经显现。本文剖析了小洲文化创意产业集聚区的外生空间,即对于广州市的创意产业发展现状和海珠区的创意产业发展特征进行剖析,用以说明小洲村创意产业发展的外部背景和条件;并且从区位条件、经济发展水平、发展历程和空间结构剖析小洲村文化创意产业集聚区的内生空间。     

企业集群的组织性质及其竞争优势

中间组织从资源配置的角度可划分为有结合Ⅰ型和结合Ⅱ型两种基本类型。企业集群是一种同时具有结合Ⅰ型资源配置和结合Ⅱ型资源配置的复合型中间组织。企业集群这种特殊中间组织是其内在竞争优势产生的根本源泉。     

试论我国非政府组织成长困境及其政府规制因素

我国的非政府组织在现阶段的发展面临着组织边界的模糊与被犯,理念及象征系统的缺失与错位,动力支持系统独立性的欠缺以及其发挥功能的领域受限等困境。而在当前我国的社会结构规制之下,国家主导倾向十分明显,政府渗透和控制社会,一般意义上的非政府组织难以成长,且也有其必然的因果关系。公民社会的成长和壮大将从根本上改变国家与社会的二元关系格局,从而为非政府组织的成长开拓广阔的空间。     

我国农民合作经济组织发展的市场环境的培育和完善

本文从农村市场的基础设施、政策和法律环境、金融生态环境、信息环境、科技环境和人力资源环境六个方面分析了我国农民合作经济组织发展的市场环境的现状和存在的问题;同时提出了培育和完善我国农民合作经济组织发展的市场环境的举措。境的     

竞争方式转变与网络组织风险分析

竞争无所不在,它在促进宏观经济发展的同时,也从微观上加剧了人们的恐慌心理。许多人把整个经济发展轨迹称之为一部竞争发展史,但本文却把它看成是一部竞争规避史:从你死我活的点竞争到竞争中合作的线竞争,再到合作中竞争的面竞争,与此相对应,企业组织方式也从单个企业到集群企业,再到网络组织,合作因素逐渐增加,竞争因素逐渐减少,并从显性走向了隐性。隐性化的竞争却为网络组织的平稳运行埋下了安全隐患。     

中小企业融资的开发性金融支持(DFS)模式分析

本文基于开发性金融原理对中小企业融资的开发性金融支持模式(DFS)的机理、经济效用和运作流程进行了系统分析,研究表明该模式能够使中小企业获得潜在外部利润、扩大中小企业融资的可能性边界、减轻融资双方的信息不对称程度,从而缓解中小企业的融资困境.     

The allocation of merchant capital in early Tudor London

This article is a discussion of the allocation of merchants' capital in early Tudor London among household furnishings, business inventories, debts, orphans' estates, landed property, and other forms of income. Previously, historians had to rely on either goods or income summary assessments in the enrolled subsidy returns to estimate wealth. These newly discovered valuations for 1535 provide quantitative evidence for the enormous importance of credit in trade, and show that merchants, as soon as they could, invested much of their wealth in property.     

Trade credit behavior of Korean small and medium sized enterprises during the 1997 financial crisis

This paper investigates the effect of the 1997 Korean financial crisis on the trade credit behavior of Korean small and medium sized enterprises (SMEs) using a unique panel dataset for the period 1994 to 1999. I uncover new evidence supporting the substitution and redistribution hypotheses, which contradicts earlier studies. Specifically, the results show that liquid SMEs provided more trade credit to their client firms during the credit contraction, while financially constrained SMEs received more trade credit from their suppliers. Further, I find evidence that SMEs in financially distressed regions relied more on trade credit than their counterparts in financially healthier regions.     

Economic policy uncertainty and firm’s cash holding in China: The key role of asset reversibility

This paper investigates how asset reversibility affects the sensitivity of firm’s cash holding to economic policy uncertainty in China. Using the 2012 national input-output table for 139 industries, we measure the industry-level asset reversibility and match them with nonfinancial publicly listed firms over 2007−2017. The results show that asset reversibility has a significant and negative effect on the positive uncertainty-cash holding sensitivity, especially for firms with more severe financial constraints. Furthermore, we find that firms with higher asset reversibility invest more in fixed assets, suggesting that real investment is an important mechanism. In addition, baseline results are robust to potential endogeneity and alternative measures of asset reversibility and economic policy uncertainty. Our findings reveal that asset market friction is a critical determinant of firm’s cash holding.     

How were the Federal Reserve Bank locations selected?

The Reserve Board Organization Committee decision to locate 12 Federal Reserve Banks is reviewed. Probability choice models estimate a city’s selection probability for a Federal Reserve Bank location. Results of predicted selections show reserve cities were selected for their spatial economic characteristics, including information contained in bankers’ preferences, infrastructure development, population and recent National Banking System growth, rather than Democratic Party politics. The Reserve Board Organization Committee placed Federal Reserve Banks in preeminent financial and commercial centers, and relied upon bankers’ preferences for the remaining non-obvious selections. Given 12 cities were to be selected, the conclusion drawn is the decision was in the public interest.     

国外农村金融体系构建的经验分析及启示

我国在社会主义新农村建设过程中,必须重视和加大农村金融对新农村建设推动作用。我国农村金融体系极不完善,已严重阻碍了农村经济的发展。本文从理论上分析了完善农村金融体系的必要性,在认真研究美国、法国和日本农村金融体系建设经验的基础上,提出了构建农村金融体系的政策建议。     

老子“无为而治”思想对现代企业管理者的启示

非正式组织是伴随着正式组织的运转而产生形成的。亲属关系组织应该是一种特殊的非正式组织。亲属关系组织又有别于一般的非正式组织。非正式组织、亲属关系组织的存在必然要对正式组织的活动及其效率产生影响。研究认识亲属关系组织的重要意义在于利用非正式组织、亲属关系组     

日本金融改革的性质及其效果分析

日本金融业在战后日本经济发展过程中发挥了举足轻重的作用。无论是战后经济高速发展的奇迹,还是失去的15年的磨难,日本金融体制均扮演了主要角色。分析战后日本历次金融改革,结果表明,第一,美国主导的战后金融改革尽管发生了目标与结果的背离,但是其"吸收"、"改良"与"创建"的制度建设过程体现了改革的主导思想。第二,金融"大爆炸"是对日本战后30年金融体制的本质变革,然而,安全第一惯性思维下的错失良机,决定了这场改革依然无法摆脱高成本和不彻底的命运。第三,"金融再生"改革强化监管与治理的重拳出击对根治银行坏账的决定性效果值得肯定。但是,政府注资不能与市场优胜劣汰制度建设相结合的局限性,使得改革最终未能实现挽救经济困局的使命。     

The impact of financial development on the effectiveness of inflation targeting in developing economies

An ever-increasing number of developing economies with varied levels of financial development have adopted Inflation Targeting (IT) frameworks to guide monetary policy. Using a panel dataset of 54 developing economies over the period 1980 to 2015 (30 of which have IT frameworks), we re-visit the rather controversial issue of whether adoption of an IT framework leads to superior outcomes in terms of reducing inflation and its variability. After controlling for potential endogeneity and self-selection concerns of policy adoption, our main empirical finding is that IT frameworks appear to reduce inflation rates in developing economies regardless of the level of financial development, while it reduces variability of inflation rates only when we control for levels of financial market development. We further find that the effectiveness of IT framework on inflation is highly dependent on financial inclusion and bank characteristics, while the effect on inflation variability is more associated with components of capital market development.     

日本金融ADR制度:发展与评价

为了保护金融消费者的利益,日本建立了中立、公正、有效、便利的金融ADR制度。该制度以解决金融消费者与金融机构间的具体金融纠纷为中心,提高了金融消费者对整个金融市场的信赖程度,增强了资本市场的活力。作为拓展金融纠纷解决方式的一种尝试,日本金融ADR制度将为我国相关领域的研究与立法提供有益参考。     

上市公司财务困境预警模型--一个基于沪市A股上市公司的实证研究

本文以我国沪市上市公司为研究对象,遴选了2004年度首次亏损的23家上市公司作为财务困境公司样本,同时选取了23家与之有大致相同规模的盈余公司作为正常公司样本。对相关公司的相关财务指标进行调整后,进行Logistic回归,从而建立两个财务困境预警模型,并对之进行实证检验。研究结果表明:采用调整财务数据后建立的财务困境预警模型对未来事件的预测率比采用原始数据建立的财务困境预警模型的预测率要好。