“外生公共品”内生供给与小农社会转型

传统微观经济学认为公共品的边际福利效应总是正的,很多实证结论证实了这一点。但是,在转型过程中,落后农业区出现了公共品内生供给增加,对福利的增加影响不显著,甚至有副作用。本文提出一种理论解释模型,认为落后农业区存在不完全可调整的消费约束线,使经济无法实现新的均衡,引致了负面的福利效应。我们用落后农业区的样本检验,得出公共品的转移支付可以提高福利,而当地自筹财政收入对福利影响总是不显著的。所以我们认为加大对落后农业区的转移支付对小农社会转型是必要的。     

RFID技术在物品安全追溯管理中的应用

近年来各行各业的安全事故频频发生,让人们越来越感到安全追溯管理系统的必要性和紧迫性。文中通过几个典型行业的管理方案介绍了安全追溯系统,并指出了存在的不足。     

加快铁路“白货”物流试点经营的研究

分析了呼和浩特铁路局加快发展铁路白货物流的必要性、基本原则和市场定位,以及白货试点物流的运作方式,并依据呼铁局实际情况,提出了加快发展铁路白货物流的具体要求与实施策略。     

Why Exempt Doctors from the Market?

The medical profession in the United Kingdom is almost completely protected from the dissatisfaction of patients. Chris Charles, a solicitor, calls for the abolition of restrictive practices in the NHS and the re-establishment of consumer sovereignty.     

Order Imbalance,Liquidity, and Market Efficiency: Evidence from the Chinese Stock Market

We used data from the Chinese stock market to quantify the amount of time for the market to converge to efficiency. Order imbalance may predict returns when there is no designated market maker. In spite of availability of the direction of trade information in the Chinese stock market, it takes longer for information regarding order imbalance to be incorporated into stock prices in China than in the USA. With information on past returns and order imbalance, it takes between 15 and 30 min to converge to efficiency in the Chinese stock market. The process of converging to efficiency depends highly on liquidity. Copyright © 2011 John Wiley & Sons, Ltd.     

The Impact of the Big 8 Mergers on Market Power: Evidence from the Hong Kong Market

This study examines the impact of the Big 8 mergers on market power in an audit market where the merging firms have little presence. Audit fee changes for each merger participating firm are identified and fee changes for several post‐merger years are examined. The pre‐merger differential market power between the merging and non‐merging long‐established Big 8 firms (Price Waterhouse and KPMG Peat Marwick) in Hong Kong provides a unique opportunity to examine whether the mergers could help the merging firms to increase their market power. The results are consistent with the hypotheses that the audit fees of the merging firms were significantly lower than that of the non‐merging, long‐established Big 8 firms before the mergers, but the audit fees of the merged firms increased significantly to a level comparable with that of the latter group after the mergers. In addition, the market share of the merged firms increased significantly after the mergers. However, no association is found between market concentration and market power. Overall, the results show that the Big 8 mergers have helped the merged firms increase their market power and market share in the Hong Kong audit market where they had little presence.     

市场不完全因素与公司财务决策

本文认为,在完全资本市场假定下,公司面临理想化的环境,财务决策相对简单,其直接结果包括股利政策无关、应全部以负债融资、投资政策考虑未来现金净流量现值。这些结果之所以与财务实务有较大误差,很大程度上是由于所基于的完全市场体系与现实市场环境不符。在加入交易成本、代理成本、信息成本等市场不完全因素后,公司财务决策明显复杂化,且财务决策在不同市场间、不同公司间不再具有普适性。     

On the Competitive Land Market: Evidence from Hong Kong

This paper examines both theory and empirical evidence on the relationship between market concentration and profitability in Hong Kong's land market. Such a relationship has been the subject of substantial debate among academics and practitioners. The study highlights several distinctive characteristics of property development in Hong Kong, and particularly various competitive strategies. In Hong Kong, land can be acquired through public auction, redevelopment and lease modifications. Thus, those developers without a sufficient land bank tend to be very aggressive in land auction. However, in the land auction market, competition is keen and the land acquired expensive. This study found that the leading property developers do not take the largest share in the land auction market. We argue that the developers tend to locate themselves in a suitable market position or strategic domain, within which they sustain competitiveness by increasing their market share. We also found that the property developers undertaking a relatively high proportion of large-scale projects tend to have a higher proportion of profits from such projects.     

Taking Away the Voting Powers from Controlling Shareholders: Evidence from the Chinese Securities Market

The main agency problem in the Chinese economy comes from a conflict between strong controlling shareholders and weak minority shareholders. In such economy, seasonal equity offerings (SEOs) are used as a means to exploit minority shareholders. This paper examines the effects of a regulation (the classified voting system [CVS]) that attempts to protect the interests of minority shareholders by excluding controlling shareholders from the voting process of SEOs. This results show that the rejection rate significantly increases after the CVS comes into effect. SEOs proposals are more likely to be rejected when perceived private benefits are high and security benefits are low, and when minority shareholders have higher bargaining power. Further, investors receive significantly higher post‐SEO stock returns for SEOs approved under the CVS than for those approved before the CVS.     

社保基金持股信息的市场反应——基于中国资本市场数据

在阐释社保基金及其投资情况和相关理论的基础上,采用超额收益法和多元回归分析法,分析我国资本市场对2009年四个季度和2010前两个季度公布的社保基金持股信息的反应。研究结果显示,资本市场对社保基金持股信息具有强烈的市场反应,被社保基金持股的上市公司股价超额收益非常明显。造成这种现象的原因除了社保基金管理者对股市精准把握外,我国资本市场的效率不足、信息不对称及社会保险基金会计信息披露的缺陷也是重要原因。因此,我国应加强公司治理,提高资本市场效率,规范社保基金会计信息披露。     

Empirical evidence on the effects of delisting from the National Market System

This study analyzes empirical evidence related to changes in market value and liquidity characteristics of stocks, which are delisted from the National Market System (NMS) due to an elevation of NMS listing standards. Our results are thus relatively independent of the financial conditions of the firms prior to delisting. We document significant increase in bid-ask spreads and decrease in trading volume after delisting. A significant negative stock price reaction around the delisting announcement period is also observed. Both sets of findings suggest that delisting from NMS increases a firm’s cost of capital by adversely affecting the liquidity of its stock. (JEL: G14)     

从旧货价值挖掘二手市场发展潜力的探究

二手市场作为社会主义市场经济的一部分,一直不为消费者和政府管理者所关注,在任其发展的过程中,商铺数量、商品种类、从业人员等等日益增多,其中的问题也逐渐浮现,亟待解决,一个集约化、流程化管理、规范化的二手市场,不仅方便居民的生活,而且对于地区城市的发展举足轻重。     

制造商应对再制造商进入的定价策略研究

研究了消费者对新产品和再制造产品不同偏好的差异,制造商应对再制造商进入的定价策略.首先分析独立再制造商不存在时制造商的最优决策,在此基础上,构建制造商主导的Stackelberg博弈模型,分析再制造商存在时制造商的动态定价策略;最后通过模型分析和数值仿真分析了再制造商进入市场的条件以及再制造商存在产生的影响.研究表明:...     

中国农村正规与非正规市场的融资差异

本文基于2009年农村微观调查数据,分析农户资金需求及其借款状况,考察其在正规与非正规市场的融资差异。农户资金需求和信贷约束相当普遍。在农村信贷市场,非正规借款占绝对优势,且绝对多数是无息借贷。农村正规与非正规金融市场相互独立运行;前者对后者几乎没有产生“共栖”性有益影响和“竞争”性抑制影响。与非正规融资和市场需求密切相关不同,农信社贷款脱离需求,行政化配置明显。解决农户信贷约束并非仅放开利率那样简单,在拓展农村正规金融的同时,更应引导非正规市场发展创新,鼓励支持农户发展资金互助组织,通过有效措施形成正规市场的促进作用,并强化农信社的市场取向功能。     

Stock Options and Firm Performance: New Evidence from the French Market

This study investigates the effect of stock option‐based compensation on the short‐term and long‐term performance of French companies. To the best of our knowledge, we provide the first empirical evidence describing the market reaction following initiations and renewals of Employee Stock Option (ESO) plans in France. We find that the French market reacts positively to initiations of ESO plans but does not consider their renewal as relevant information. Our results on the long‐term effect of ESO plans suggest that neither the size nor the value of the grants affect the firm's accounting and market performance. Similarly, corporate performance prior to the grant has no explanatory power of the size or value of the grant. This implies that, over our sample period, the relationship between option‐based compensation and corporate performance in France was inexistent, regardless of the direction considered.     

郑州女裤市场衍生型产业集群发展及启示

郑州女裤产业集群是市场衍生型产业集群的典型代表。其发展具有低成本低风险进入机制、自主创新发展机制和承接产业转移自我壮大机制。对河南乃至中部地区的启示是:依托市场和商贸优势,大力发展市场衍生型产业集群;注重发展"隐性"产业转移,形成具有持久发展能力的产业集群。     

The Risk-Relevance of Accounting Data: Evidence from the Spanish Stock Market

This paper analyses the relevance of accounting fundamentals to inform about equity risk as measured by the cost of equity capital. Assuming the latter is a summary measure of how investors make decisions regarding the allocation of resources, the strength of the association between the cost of capital and the accounting‐based measures of risk indicates how important these measures are for market participants when making economic decisions. To infer the cost of equity capital, we use the O'Hanlon and Steele's method, which is based on the residual income valuation model. Moreover, we use the insights from this model to provide a theoretical underpinning for the choice of the accounting variables related to risk. The sample refers to the non‐financial firms listed in the Madrid Stock Exchange along the period 1987–2002. Our results support our initial expectations regarding the association between the cost of equity capital and the accounting‐based risk variables, thereby supporting the usefulness of fundamental analysis to determine the risk inherent in share's future payoffs. In particular, we highlight the role of investing risk, which has been ignored in previous research. Our results are also robust to measures of risk other than the cost of capital such as the variability in total returns and the firm's systematic risk (β).     

Market undervaluation of risky convertible offerings: Evidence from the airline industry

We assess market valuation of airline convertible preferred stocks using a contingent claims valuation model that was extensively tested by Ramanlal et al. (Rev Quant Financ Account 10:303–319, 1998). Our sample consists of 4,096 daily price observations of 11 convertible preferred stocks issued by the U.S. airlines in 1980–1991. For each convertible we estimate daily model prices for 2 years after issuance and compare them with market prices by calculating pricing errors. While the entire sample’s mean pricing error is found to be negative 3.8%, the panel data analysis and the mean pricing errors of the sub-samples indicate that the undervaluation is much more severe in the first 6 months of trading. The results suggest that airlines leave about 10% on the table when they raise capital by issuing convertible securities.     

整合资源迎接国际市场竞争的挑战--访日东电子发展(深圳)有限公司物流系统部经理王晨光

刚刚过去的2005年。日东科技（控股）有限公司发生了重大变化。最引人注目的是，日东对旗下各子公司的业务进行了资源重组一一原日东自动化设备（上海）有限公司的物流设备业务全部转移到日东电子发展（深圳）有限公司。重组的目的不言而喻。对两个子公司内有关物流自动化方面的资源进行有效整合。从而大大提高日东在物流自动化行业的竞争能力。     

股市周期、投资者情绪与盈余管理——来自中国A股市场的证据

将中国大陆1394家上市公司2004年至2007年期间5576份年报,分为熊市悲观样本组与牛市乐观样本组,用Givoly&Hayn(2000)的应计项目模型和Ball&Shiva-kumar(2005)的应计项/现金流模型进行实证检验。研究发现:熊市悲观样本组的应计利润以及非经营性应计利润较低,会计盈余下降周期与熊市悲观周期吻合;牛市乐观样本组的应计利润以及非经营性应计利润较高,会计盈余上升周期与牛市乐观周期一致。上市公司经营者(代理人)操纵应计项目以及刻意安排应计项目在牛市与熊市之间回转,使得熊市悲观周期会计盈余被低估而牛市乐观周期会计盈余被高估,以迎合投资者(委托人)牛市过度乐观而熊市过度悲观的情绪和盈余预期。