汇率风险对A—H股价格差异影响实证研究

A—H股价格差异由来已久,已有研究显示汇率因素对A—H股价差的影响毋庸置疑,却鲜有文献从定量化角度分析其对此价差的影响。以2005—1至2009—12为最新的数据研究区间,以2005年之前完成“A＋H”股交叉上市的30家上市公司为样本。用基于t分布的GARCH（1,1）一VaR模型测度出汇率风险值。与需求弹性差异、流动性差异、风险报酬差异、信息不对称及投资者心理差异等因素一起设定相关指标体系。将上述所得指标引入面板回归模型进行估计。研究发现：流动性差异、需求价格弹性差异、风险报酬差异、汇率风险因素以及信息不对称因素对价差有显著影响。投资者心理差异假说在中国股票市场并不适合。     

A股和H股双重上市公司的股价差异研究

我国证券市场成立时间较晚,加之实施严格的资本管制和市场分割,导致我国外资股出现了折价这一独有的现象。近年来,A股和H股双重上市已成为大型国企实现境内外同步融资的首选。在此背景下,对两市场股价差异进行研究,分析其价差影响因素具有重要的现实意义。     

A股和H股双重上市公司的股价差异研究

我国证券市场成立时间较晚,加之实施严格的资本管制和市场分割,导致我国外资股出现了折价这一独有的现象。近年来,A股和H股双重上市已成为大型国企实现境内外同步融资的首选。在此背景下,对两市场股价差异进行研究,分析其价差影响因素具有重要的现实意义。     

A、H股估值差异比较

引言过去的十几年间,不少中国股市选择在多个证券交易所交叉上市募集资金。除了在上海证券交易所和深圳交易所,香港联合交易所也是主要的选择之一。按照经典的金融学理论,因为同一家公司的A股与H股有着相同的未来收益和同等的股东权利,并且这家公司的A股和H股有着一样的风险性质,因此在资本市场充分融合的条件下,     

双重上市公司的A、H股价差影响因素分析

本文结合国内外学者的分析和内地香港两地证券市场的实际情况,对A、H股价格差异的影响因素从理论上进行归纳和解释,全面分析影响A、H股价差的因素.这对于深刻认识两个分割市场,正确树立投资者的投资理念.推动更多的国内企业进行境内外双重上市都有重要的参考意义.     

房地产价格影响因素及其地区差异分析

文章从房地产消费品与投资品的两重属性入手,将影响房地产价格的因素分为需求方因素、供给方因素,采用2013年全国31个省(自治州)的截面数据,对影响房地产价格的因素进行OLS定量分析,发现供给和需求是影响房价最主要的因素。随后引入虚拟变量,考察东、中、西部地区房价是否存在差异,结果发现中、西部房价并无明显差异,而东部与中、西部间房价差异明显。     

A股接轨H股——价格不一定打折

从血缘上说，A股市场和H股市场几乎有天然的渊源，地域上相近，亦有不少股票横跨A股和H股，以至于香港股市常常被作为A股市场的参照物被提起。关于A股市场的缺陷，香港市场的经验，这些话题在A股下跌到相对底部的时候被反复提起。针对这些问题，作为香港联交所上市委员会委员、香港大福证券董事总经理的黄绍开先生可能更有发言权，在香港证券市场驰骋超过20年，同时又经常赴内地，而且多次给证监会官员授课，对A股市场也是了然于胸。自然，在接受记采访的时候，话题就从A股和H股会否价格接轨开始了。     

汇率风险对A-H股价格差异影响实证研究

A-H股价格差异由来已久,已有研究显示汇率因素对A-H股价差的影响毋庸置疑,却鲜有文献从定量化角度分析其对此价差的影响。以2005-1至2009-12为最新的数据研究区间,以2005年之前完成"A+H"股交叉上市的30家上市公司为样本。用基于t分布的GARCH(1,1)-VaR模型测度出汇率风险值。与需求弹性差异、流动性差异、风险报酬差异、信息不对称及投资者心理差异等因素一起设定相关指标体系。将上述所得指标引入面板回归模型进行估计。研究发现:流动性差异、需求价格弹性差异、风险报酬差异、汇率风险因素以及信息不对称因素对价差有显著影响。投资者心理差异假说在中国股票市场并不适合。     

A+H双重上市公司股票价格差异与汇率变动研究

随着我国资本市场的不断发展,内地股票市场和香港股票市场的联系更加紧密,越来越多的公司选择在两地同时上市,双重上市公司股票价格存在的巨大差异,成为众所关注的焦点问题。本文运用面板数据,对两地股票价格差异的变动与汇率变动之间的关系进行研究,并对汇率制度改革前后两地股票市场的表现进行了分析。研究结果表明,双重上市公司股票价格差异的短期变动与汇率短期变动之间存在负向关系。在汇率制度改革之后,汇率的短期变动对双重上市公司股票价格差异变动的影响程度减弱。     

碳关税相关研究综述

在国际理论界,对碳关税的关注由来已久,已经形成了丰富的成果本文从碳关税提出背景、合法性、可行性以及有效性等方面,对国内外相关研究进行了系统梳理,并给出了相应评述.文章指出,相对发达国家而言,我国对碳关税的研究较为薄弱,但我国作为"世界工厂"和国际贸易中"隐含碳"大国,将是受碳关税影响最为深远的国家,因此加强碳关税研究,具有重要的现实意义.     

要素品牌战略及理论研究评述

实业界已经越来越认知到要素品牌的重要性,但理论界对要素品牌的研究却严重滞后。本文在对要素品牌的内涵与要素品牌战略研究现状回顾的基础上,指出了要素品牌理论研究中有待解决的核心问题,并由此提出了基于B2B2C价值链的要素品牌资产研究的新视角,同时也对要素品牌资产模型的建构做出了展望。     

Up- and down- alliances: A systematic literature review

This paper develops a systematic literature review about up- and down- alliances: vertical alliances (VAs) characterized by long term continuity between firms operating in adjacent stages of a value chain. Vertical alliances are a must for firms operating in a complex and unstable world, because they guarantee the advantages deriving from the vertical coordination of the value chain as well as the flexibility of cooperation.In spite of the copious literature on alliances, few contributions focus specifically on VAs, so a clear overview of the phenomenon is missing. Furthermore, the different terminology and definitions found in the literature are confusing. Our systematic literature review identifies the theoretical approaches which are most used to study the development, potential and dynamics of VAs. The review highlights the main theories and the most explored topics, and identifies the gaps still existing in the literature. From the review, we developed a taxonomy to determine which research stream would be most congruent to a specific research topic.     

A systematic review of women's entrepreneurship and internationalization literature

There has been an increased interest in women's entrepreneurship research due to the changing sociocultural conditions in the global marketplace. Despite this trend, there is still a lack of understanding about the role women entrepreneurs play in the internationalization process of firms. The aim of this article is to systematically review the literature on women's entrepreneurship and internationalization by examining the trends in the research. A bibliometric analysis is conducted on articles in the Web of Science databases to understand which researchers are publishing the most and how they are related to other researchers in the field. In addition, a content analysis of the articles from the bibliometric analysis is conducted that reveals three main clusters from the research: (a) epistemological position and gender, (b) cultural and social reasons for the creation of businesses, and (c) motivations, business characteristics, and performance. From the bibliometric and content analysis, implications for policy makers and future research directions for women's entrepreneurship and internationalization patterns are stated.     

股价崩盘风险国内外研究综述

股价崩盘风险作为一种极端的市场现象,已经引起实务界和学术界的关注。本文首先梳理了股价崩盘风险的形成机理和衡量方式,分析了国内外关于股价崩盘风险的影响因素及经济后果的文献,并将影响因素分为三个大类:公司内部相关者、公司外部相关者以及宗教、制度、市场、政治因素。尽管目前已有很多文献研究了股价崩盘风险的影响因素,但是关于企业集团的研究以及股价崩盘风险经济后果的研究还相对较少。     

Ethical decision making: A review of the empirical literature

The authors review the empirical literature in order to assess which variables are postulated as influencing ethical beliefs and decision making. The variables are divided into those unique to the individual decision maker and those considered situational in nature. Variables related to an individual decision maker examined in this review are nationality, religion, sex, age, education, employment, and personality. Situation specific variables examined in this review are referent groups, rewards and sanctions, codes of conduct, type of ethical conflict, organization effects, industry, and business competitiveness. The review identifies the variables that have been empirically tested in an effort to uncover what is known and what we need to know about the variables that are hypothesized as determinants of ethical decision behavior.Robert C. Ford is a professor of management at the University of Alabama at Birmingham. He has authored or coauthored two texts and a number of published articles in a variety of journals including theAcademy of Management Journal, Journal of Management, Journal of Applied Psychology, California Management Review, andBusiness Horizons. He is the incoming President of the Southern Management Association and has served the Academy of Management as Chairs of the Management History Division, the Management Education and Development Division, and Placement Director.Woodrow D. Richardson is an assistant professor at the University of Alabama at Birmingham. He has published inHealth Care Management Review, Simulation & Gaming, andSmall Business Controlling. He teaches courses in Business & Society and Business Policy, and he was the recipient of the University Excellence in Teaching Award in 1989.     

企业网络与技术创新的研究综述

当今经济全球化、信息网络化使企业所处的环境发生了多样变化,逐步形成了企业网络.而现代企业都以技术创新为竞争的制高点,那么企业网络对于技术创新有何影响,如何在竞争激烈的环境中利用企业网络提升自身的技术创新能力,就成为当前急需解决的问题之一,本文对此相关研究进行梳理.     

Product life cycle research: A literature review

The purposes of this paper are threefold: to review the scope of product life cycle (PLC) research; to pinpoint areas requiring further investigation; and to provide guidelines for future researchers. Because of the paucity of empirical evidence, only tentative conclusions are advanced. For example, the most common PLC pattern is the classical, bell-shaped curve, but it is not the sole shape. The application of various forecasting techniques across the PLC have met with merely moderate success. Very little research has been conducted either on how different characteristics of the firm influence the PLC or on the actual use of various PLC-strategy theories by business planners. Finally, investigators have focused almost exclusively on validating the existence of the PLC concept among nondurable consumer goods. Industrial items, as well as major product changes, have been nearly ignored. The main conclusion is that additional research-more diversified and extensive in nature-is needed on many PLC topics.     

Developing e-service quality scales: A literature review

This study reviews the literature on e-service quality (e-SQ), with an emphasis on the methodological issues involved in developing measurement scales and issues related to the dimensionality of the e-SQ construct. We selected numerous studies on e-SQ from well-known databases and subjected them to a thorough content analysis. The review shows that dimensions of e-service quality tend to be contingent on the service industry. Despite the common dimensions often used in evaluating e-SQ, regardless of the type of service on the internet (‘reliability/fulfilment’, ‘responsiveness’, ‘web design’, ‘ease of use/usability’, ‘privacy/security’, and ‘information quality/benefit’), other dimensions are specific to e-service contexts. The study also identifies several conceptual and methodological limitations associated with developing e-SQ measurement such as the lack of a rigorous validation process, the problematic sample size and composition, the focus on functional aspects, and the use of a data-driven approach. This is the first study to undertake an extensive literature review of research on the development of e-SQ scales. The findings should be valuable to academics and practitioners alike.