开发黑龙江省农业休闲旅游市场的对策

从界定农业旅游的内涵入手,分析黑龙江省农业旅游市场的供需状况,将市场细分为单位员工旅游市场、青少年学生修学旅游市场、散客旅游市场及家庭旅游市场。市场定位为森林旅游、观光农园、民俗旅游。提出通过规范农业休闲旅游市场秩序,创立旅游品牌,扩大旅游宣传促销,走产业化道路来开发黑龙江省农业休闲旅游市场。     

不同市场力量下的再制造闭环供应链决策研究

本文建立了由一个制造商和两个竞争零售商组成的再制造闭环供应链博弈模型,研究了制造商领导的Stackelberg博弈、零售商领导的Stackelberg博弈、制造商和零售商Nash均衡博弈等三种市场力量结构,研究和对比了三种市场力量结构下的均衡回收率、批发价、零售价、渠道成员利润、渠道总利润。研究结果表明：零售商的回收率在市场无领导者时最高,在制造商领导的市场中最低。批发价格在制造商领导时最高,最小的是零售商领导情形。零售价在制造商领导时最高,最小是市场无领导者情形。消费者和整个行业均受益于无领导者的市场结构。然而,制造商和零售商均有动机成为领导者。在具市场领导的市场结构下,消费者和整个行业偏好零售商领导的市场结构。     

Market orientation among small Korean exporters

Day's conceptual framework linking market orientation with business performance is adapted for the export market, and is empirically tested using a sample of 341 small Korean exporters. The modified measures of market orientation have reasonably high degree of reliability. The prescribed relationships in the framework are supported by empirical findings. The implications are that in a highly volatile export market; market orientation indeed plays a key role in the success of small Korean exporters.     

The Effects of Market Makers and Stock Analysts in Emerging Markets

We exploit a quasi‐experiment to examine the effects of market makers and stock analysts in three emerging stock markets. We find substantial differences in the effects across markets, and in contrast to existing literature, the effects of market makers are not always positive. Our results suggest that the structure of market makers' agreements and compensation matters for their effects on market quality. Stock analysts, on balance, have marginally positive effects on liquidity and informational efficiency. The benefits of market makers are weaker in the presence of stock analysts, and vice versa, suggesting that market makers and stock analysts are more like substitutes than complements in their effects on market quality.     

论旅游城市的文化市场建设

文化市场是城市旅游者的重要消费领域,它的发展和旅游城市的发展是互为推动的关系。旅游城市的文化市场建设面临着诸多难题,文化市场的具体定位需要全面衡量城市的发展定位、旅游发展定位和文化市场的主流趋向。     

金融市场服务特征的营销学研究

金融市场的服务特征主要包括金融服务的特征、金融服务企业的服务特征、金融服务的顾客特征和金融服务市场的供求关系特征。我国现实金融市场正在由卖方市场向买方市场过渡,一些主要市场结构部分已呈买方市场特征,但金融服务企业界和金融理论界还是卖方思维和卖方经营理念,中国金融市场的营销理念与营销存在着非战略性、战术性、片断性缺陷。中国金融体制和机制的改革必须与金融服务企业营销的竞争能力、盈利能力进行有机整合和配套。     

货币流动性和市场流动性:波动与风险

目前,货币流动性和市场流动性的关系成为股票市场参与者关注的焦点。本文分析了货币流动性与市场流动性的联系,实证研究了货币流动性和市场流动性的波动关系,以及货币流动性对市场流动性风险的影响,发现货币流动性M2、M1和市场非流动性动态负相关,M0与市场非流动性动态不相关;货币流动性M2和M1的正向冲击能一定程度降低市场流动性波动风险,而M0会增加市场流动性波动风险,市场流动性风险自身是影响市场后期流动性风险的最大因素。     

我国银行间债券市场异常交易的特征、成因及治理

我国银行间债券市场异常交易目的不一、形式多变,具有普遍性、隐蔽性、复杂性和争议性四个特征。实践中,由于交易机制不完善、监管失职、内控失察等原因,债券市场异常交易频繁发生,给市场运行乃至宏观调控带来风险隐患。实际上,异常交易频繁发生是市场失灵、信息效率低下的客观反映,其根本原因是市场交易机制存在缺陷。要有效治理异常交易,必须规范投资者行为,优化市场模式,提高市场透明度,健全完善银行间债券市场交易机制。     

极端市态中基金申购赎回行为研究——基于中国开放式股票型基金的分析

自2007年初至2008年末,我国证券市场经历了一轮明显的牛熊市转换。对这一时段的基金申购赎回行为进行研究发现：在极端市态中,开放式股票型基金申购、赎回数量的巨额差异背后,存在着中购、赎回行为影响因素的巨大差异。通过对这些差异的研究,可以为深入了解投资者的心理,预测和指导未来投资者行为提供很好的帮助。研究结果还表明：我国基金的个人投资者正在走向成熟;基金的机构投资者较为理性,其交易行为趋向长期化。     

The compatibility of one‐factor market models in caps and swaptions markets: Evidence from their dynamic hedging performance

This study examines the dynamic hedging performance of the one‐factor LIBOR and swap market models in both caps and swaptions markets, using a procedure similar to the way that these models are used in practice. The effects of different calibration methods on model performance are investigated as well. The LIBOR market models and the swap market models are calibrated to the cross‐sectional Black implied volatilities for caps and swaptions respectively; the test is based on their effectiveness in hedging floors and swaptions that are not used in the calibration. We find that the LIBOR market models outperform the swap market models in hedging floors and perform as well as the swap market models in hedging swaptions. Our results also show that incorporating a humped volatility structure into these models does not significantly improve their hedging performance. © 2008 Wiley Periodicals, Inc. Jrl Fut Mark 28:109–130, 2008     

Market Price of Risk: A Comparison among the United States,United Kingdom,Australia and Japan*

This study examines and compares the market price of risk of the S&P 500, FTSE 100, All Ordinaries, and Nikkei 225 markets from 1984 to 2009 in the framework of Intertemporal Capital Asset Pricing Model (ICAPM). We follow the Vector Autoregressive instrumental variable approach in identifying the risk and hedge components of market returns and argue that in the context of market integration, covariance with a world market portfolio is a better measure of market risk than conditional market variance. Evidence is documented in support of using covariance as a risk measure in explaining market risk premiums in the Australian and Japanese markets. CAY, the consumption wealth ratio from the US market is found to be a robust state variable that helps to explain both conditional variance and covariance processes in the four markets. The market prices of risk, after controlling for the hedging demands, are positive and significant with the United States having the highest price of risk. The results are confirmed using a series of robustness tests that include varying the sampling interval.     

中国债券市场托管结算系统的问题及改进途径分析

托管结算是现代债券市场完整运行的重要环节，也是事关整个市场效率与风险总体控制力的关键。中国债券市场的进一步发展已严重受制于托管结算系统的滞后。当前，证券交易所债券市场与银行间债券市场的托管结算系统处于明显分割之中，成为两市场统一的最大障碍。因交易所债券市场的债券交易制度及相应的托管结算问题导致的金融欺诈行为，已成为当前最主要的金融风险源，这些问题反映了其中的法律界定是粗浅甚至空缺的，因而投资者的权益缺乏有效保护。解决交易所债券市场拖欠的存量问题，改革债券交易制度，加强托管结算系统与法律制度建设，最终统一整个证券市场的后台系统，是发展中国债券市场的当务之急。     

Electronic Call Market for Commodity Transactions: Design of Computer-Mediated Order Matching System

Commodity exchanges provide potential market structures for electronic trading because commodity products have relatively simple and well-standardized product attributes. Most existing electronic trading systems are introduced for financial exchanges, where qualities of traded products (such as stocks and bonds) are homogeneous, thus taking into account only bid and offer prices for computer-mediated order matching. However, a single commodity market, such as the cotton or grain market, is made up of many heterogeneous goods that are similar to each other but have different product qualities and contract terms. In addition to the price, commodity traders have other pertinent preference ranges over product attributes and delivery conditions. We delineate an electronic call market system for commodity trading, which optimizes the realization of traders' utilities over extended product attributes beyond the price. The electronic call market not only maximizes the total surplus of market participants based on bid and ask prices but also satisfies their qualitative preferences over other attributes, which are difficult to include in the quantitative prices. The trading mechanism of the electronic call market integrates an economic auction model with a social choice model to produce a Pareto-improved transaction. Market simulations are conducted to validate the performance of the proposed electronic call market. The order matching system of the electronic call market is implemented using constraint logic programming.     

The market quality of commodity futures markets

To study the market quality of commodity futures markets, we construct a commodity futures market quality index from the perspective of liquidity, efficiency, and volatility. Based on the market quality index, the Chinese commodity futures market operates steadily. The metal futures market is more efficient and stable than the market for agricultural futures. The Chinese commodity futures market is less liquid and more volatile than the U.S. market. We examine the determinants of market quality and find that macroeconomic variables and futures market contracts are significantly related to the market quality of Chinese commodity futures.     

论社会保险基金进入货币市场的可行性

货币市场应成为社会保险基金进行流动性管理的主要场所。货币市场利率的变化对社保基金产生的短期效应和长期效应是有区别的。货币市场和社保基金的互动对一国金融市场和社会保障事业的发展都有积极的促进作用。我国应加快货币市场上的短期金融工具的创新 ,为社会保险基金进入货币市场创造条件。     

Bringing a perspective of transformative learning to globalized consumption

This article examines the development of market‐driven values and the creation of consumer‐driven lifestyles. It critically examines the effect of market globalization and its creation of negative quality of life indicators. Several resistance movements are given as examples as to how market values are challenged. The movement away from market desires involves a deep change in perspective which is identified as transformative learning.     

Does organizational creativity always drive market performance?

This study develops and tests arguments that the relationship between organizational creativity and market performance is channeled through new product development (NPD) capability, and that the indirect effect of creativity on performance, via NPD capability, is conditional upon levels of environment dynamism and market responsiveness. The proposed relationships are tested on a sample of 221 small‐ and medium‐sized enterprises (SMEs) in a major sub‐Saharan African market. Findings from the study indicate that process and product NPD capabilities partially mediate the effect of novelty and usefulness elements of organizational creativity on market performance. The study further finds that while environment dynamism weakens the indirect effects of novelty and usefulness of organizational creativity, via process and product NPD capabilities, on market performance, the effects are strengthened under conditions of greater responsiveness to target market needs. A theoretical contribution from this study is the finding that how organizational creativity dimensions drive market performance is more complex than previously thought: it depends on whether or not organizational creativity components are first used to develop an organization's process and product innovation capabilities, and whether target market environment conditions are dynamic and an organization has ability to respond to target market demands.     

Market entry in japan—Some problems and solutions 1

Japan is recognised as a major competitor in world markets but is less well‐known as an attractive market in its own right. This paper proposes that with the right strategies it is possible to successfully penetrate the difficult Japanese market. Problems and opportunities presented by the market are discussed, and some of the findings of a survey of Japanese and German managers in Japan and German‐based managers are reviewed. The paper covers the survey findings on market characteristics, barriers to entry, information requirements, factors contributing to success and methods of market entry. German and UK sources of information and advice on the Japanese market are given for those interested in pursuing the matter further.     

国内外市场需求、空间技术溢出与新型城市化

在系统梳理市场需求对新型城市化的作用机制基础上,本文采用面板FGLS法探讨我国地级及以上城市的国内外市场需求和空间技术溢出对新型城市化的影响。分析结果显示,国内市场显著加强了新型城市化进程中东部地区的技术溢出效应,阻碍了中西部地区的区际研发技术溢出效应的有效发挥;国外市场对东部地区的区际研发技术溢出效应和西部地区的区际沟通技术溢出效应具有明显促进作用,抑制了东部地区的区际沟通技术溢出效应;国内外市场的作用在东中部地区表现为互补关系,而在西部地区则为替代关系。     

关于培育套期保值市场的思考

1999年是我国商品期货市场整顿与规范的一年。在这种条件下 ,培育套期保值市场是当前我国期货市场发展战略的首要选择。套期保值在期货市场发展中起着支柱的作用 ,当前我国套期保值市场不发达 ,其原因是多方面的。应采取措施培育期货保值市场 ,发展期货市场