文化价值观与浙商财富积累

文章利用211份浙商调查和访谈问卷,从公平、信任、社会责任和财富观等方面检验了企业家文化价值取向与企业家财富积累之间的关系。文章发现,较多承担社会责任的企业家,获得周围人信任度高、对合作伙伴信任的企业家以及具有公平感和利他主义精神的企业家,其企业更容易发展壮大,宗教信仰和财富观对浙商财富积累未发现影响。     

Aristotle’s Natural Wealth: The Role of Limitation in Thwarting Misordered Concupiscence

I argue that Aristotle’s approach to the proper type of acquisition, use-value, want, and accumulation/storage of wealth is oriented less to excluding commercial activity, such as that of Aristotle's Athens, than to forestalling misordered concupiscence – the taking of an inherently limited good for the unlimited, or highest, good. That is, his moral aversion to taking a means for an end lies behind his rendering of the sort of wealth that is natural. By stressing the limited nature of natural wealth, Aristotle distinguishes such wealth qua limited from an artificial unlimited desire for profit in order to drive home his point that wealth ought not be taken as an objective good (i.e., good in itself).     

财富的主体本质及其实现问题——从马克思的财富观看全球金融危机

马克思指出,财富的主体本质就是劳动,财富的主体本质实现就在于再生产人并实现为劳动。而人的＂对象化了的劳动＂——即物质财富成为主体（人）消费的对象,是人重新获得活动（劳动）的机体能力的基本前提。也就是说,财富只有作为人的消费的对象才成其为自身,财富的消费就是其本质的实现。而以资本积累为基础的扩大再生产,使财富不断远离自己的本质。财富的自我否定又直接导致货币贬值,进而出现危机。资本主义金融创新虽然借金融手段解决产品的过剩危机,让经济危机得以暂时缓解,但是同时积累了更多的资本结余问题,其突出表现就是把＂产品过剩＂直接表现为＂资本过剩＂。而当代金融危机的＂过度消费＂,是建立在＂借贷消费＂基础上的,究其实质是非主体本质实现的财富生产。因此,危机是不能避免的,当前全球金融危机不过是资本主义生产中＂资本过剩危机＂的一个佐证而已,只有坚持马克思主义的分析才能看到危机的实质。     

Schooling,numeracy, and wealth accumulation: A study involving an agrarian population

Accumulating wealth is one of the main concerns for consumers. Higher education is widely associated with higher wealth, but the underlying reasons for this association remain unclear. Using data from a field study conducted with 218 adults in agrarian communities in Peru's Andean highlands, we explored the extent to which education, non-numeric fluid intelligence, crystallized intelligence, and numeracy skills were related to wealth. Wealth was measured using data on asset ownership (e.g., owning a fridge) and housing characteristics (e.g., toilet facilities). Structural equation modeling revealed that the level of schooling was associated with greater numeracy as well as greater non-numeric fluid and crystallized intelligence; only greater numeracy was associated with greater wealth. Our findings are consistent with the idea that education is linked with financial outcomes, at least in part, through the enhancement of cognitive skills, particularly numeracy that then leads to greater wealth accumulation.     

中国民营企业家创业为何步履维艰——一些理论家和作家贬损民营企业家的文化根源探析

长期以来，中国人对个人财富似乎有一种先天的“过敏反应”，往往认为“为富不仁”，甚至视“财富为万恶之源”。遗憾的是，我们的一些知识精英、理论家和作家也如此是观。这种几千年农耕社会遗留的小农经济观念显然与现代市场经济观念是格格不入的。中国市场经济的发展，有赖于培植全民的财富积累和资本增殖的理念，有赖于创造适合民营企业家创业和大显身手的环境和土壤。     

国民财富视角下我国区域经济发展均衡性初探

区域经济协调与发展成果共享，是经济高质量发展的题中要义。众多文献对我国区域经济发展均衡性进行了实证检验，但对区域差异敛散特征及其变化速度的认识存在分歧。据人均GDP流量指标检验收敛性的传统方法，难以揭示资本积累与跨区流动的长期影响，需要由国民财富存量视角给出重要扩展与补充。研究发现:落后省区人均财富增速更快(存在β收敛)，但无力遏止省际绝对差异持续拉大(不存在σ收敛)；物质资本投资因高度市场化可迅速调整，人力资本流动对收益率差异有充分反映，推动Y/K与Y/H实现区域均衡(兼具β与σ收敛)。为提升我国区域经济发展均衡性，应注重对国民财富各类资本的“投资组合管理”，加快建成统一开放的要素市场以改善配置效率。     

Pension Freedom Day in the United Kingdom: Early evaluation of consumer response

Understanding decumulation decisions in retirement is an important component of public policy that influences pension regulations in aging societies. This research examined a recent, substantial change to pension regulation in the United Kingdom: the newly established flexibility to obtain a lump‐sum payout from personal or occupational pension savings. Conducting an online survey of individual’s eligible to take advantage of the Pension Freedom regulation, we find that almost half of study participants plan to obtain a lump‐sum payout, on average £33,741, intending it for an average of three different investments or purchases. The decision to obtain a lump‐sum withdrawal was related to better knowledge of the new regulation. It was also more likely among older respondents and those not worried about a decline in standard of living during retirement. Dispositional measures did not affect the lump‐sum decision. Close to one‐third of study participants still planned to invest retirement savings into an annuity, especially those who retire at a later age, have concerns about care costs and worry about decline in standard of living in retirement. Comments about the changes to pension regulation were slightly more positive than negative. From our analysis of the effect of the Pension Freedom regulation on savings decumulation decisions, we conclude that the new Pension Freedom regulations do meet consumer demands, and demonstrate that pension knowledge and retirement expectations, in particular, influence consumer evaluations. We further conclude that annuity investments continue to play a role for older adults in the United Kingdom, especially for those concerned about meeting financial needs during retirement.     

A Stochastic Model of Wealth Accumulation with Class Division

This paper is aimed at contributing to the literature on income and wealth inequality by proposing a simple stochastic model in which wealth accumulation depends on the ‘social relation’ between two classes: capitalists or workers. As a result, the society may evolve towards an unequal outcome with few rich and many poor individuals. We study the dynamic properties of the model by means of computer simulations. A maximum likelihood estimation procedure is applied to analyse the Pareto or power law tail of wealth distribution. We also provide a scenario analysis to explore the system's behaviour under alternative parameter settings.     

论商标法对公共利益的促进

商标具有公共产品和私人产品的双重属性。商标法是一个激励竞争、鼓励执法、制裁违法、建立市场经济秩序的法律。它通过对商标权人"专用权性使用权"的保护和对公众"参照性使用权"的保护纠正了市场失灵,保护了消费者权益,提高了市场效率,促进了有序竞争,并增加了人类精神财富的积累。     

PRIMITIVE ACCUMULATION,GROWTH AND THE GENESIS OF SOCIAL CLASSES

The aim of this paper is to show that inequalities of wealth can be necessary conditions to explain the apparition and rise of a capitalistic system. We try to highlight Marx's insights on primitive accumulation. Our dynamic framework is consistent with Roemer's idea of endogenous class stratification. We extend this calculation by incorporating some features of the Pasinetti–Samuelson–Modigliani model, and provide an example of possible microfoundations.     

RISK-AVERSION BEHAVIOR IN CONSUMPTION/INVESTMENT PROBLEMS1

In this paper, we study the risk-aversion behavior of an agent in the dynamic framework of consumption/investment decision making that allows the possibility of bankruptcy. Agent's consumption utility is assumed to be represented by a strictly increasing, strictly concave, continuously differentiable function in the general case and by a HARA-type function in the special case treated in the paper. Coefficients of absolute and relative risk aversion are defined to be the well-known curvature measures associated with the derived utility of wealth obtained as the value function of the agent's optimization problem. Through an analysis of these coefficients, we show how the change in agent's risk aversion as his wealth changes depends on his consumption utility and the other problem parameters, including the payment at bankruptcy. Moreover, in the HARA case, we can conclude that the agent's relative risk aversion is nondecreasing with wealth, while his absolute risk aversion is decreasing with wealth only if he is sufficiently wealthy. At lower wealth levels, however, the agent's absolute risk aversion may increase with wealth in some cases.     

A Life-Course Approach to Measuring Household Wealth

This paper illustrates how to measure per-period wealth and compares per-period wealth to more traditional measures, such as current net worth (current assets minus current liabilities). Per-period wealth differs from net worth in two major ways. First, per-period wealth adds future entitlements that are contingent upon survival, such as the present value of defined benefit pension and Social Security entitlements. Second, the wealth measure used here is measured as a flow instead of a stock. It is the amount of income that the present value of assets, liabilities, and contingent claims would earn each year in order to draw this present value down to exactly zero at the end of an individual's life. Three alternative strategies for calculating per-period wealth are illustrated in detail. Using the 1992 Survey of Consumer Finances, the U.S. distribution of per-period wealth is estimated using all three models and is contrasted against the distribution of conventional net worth. Furthermore, the sensitivity of the estimates with respect to the parameters of the model is discussed. The results suggest that the distribution of per-period wealth is less evenly distributed than the distribution of net worth.     

A gene-dependent climatoeconomic model of generalized trust

Given the benefits of generalized trust, its determinants receive growing attention in international/cross-cultural management/psychology. This research proposed a gene-dependent climatoeconomic model, integrating multiple types of determinants parsimoniously. Across 53 societies, generalized trust is a multiplicative function not only of climatic demands and wealth (climatoeconomic contextualization), but also of climatic demands, wealth, and the 5-HTTLPR S-allele prevalence (gene-dependent climatoeconomic contextualization), mediated by uncertainty avoidance. The climatoeconomic contextualization is present only in societies possessing a low level of the 5-HTTLPR S-allele prevalence. These findings shed light on trust and international management research as well as interventions and policy making for societal effectiveness.     

经济虚拟化——动力、机制及其影响

资本的逐利本性和市场经济条件下财富积累方式的改变是经济虚拟化的两个基本推动力量。美元的国际本位货币地位以及美国债务经济的国际循环促成了全球范围内的流动性膨胀以及经济的快速虚拟化。经济虚拟化深刻地改变了当今世界的经济运行模式，形成了新的国际分工体系，逆转了传统经济危机发生的机理。在经济虚拟化的奈件下，我们应合理把握虚拟经济与实体经济的比例，积极推进人民币的国际化，审慎地实施宏观经济政策，处理好政府与市场的关系。     

学习邓小平致富理论 --纪念邓小平同志百年诞辰

邓小平致富理论是当代中国的国富论.它正确地回答了中国为什么致富和怎样致富的问题.它同以往的各种致富理论相比,既有共性,又有特色.这个理论认为,生产劳动和科学技术是财富的基本源泉;共同富裕是社会主义的本质;先富帮后富,逐步走向共同富裕,是中国富强之路.     

股权分置改革财富再分配效应

股权分置改革是流通股东与非流通股东利益重新分配的过程.本文具体讨论股权分置改革的财富创造效应,以及财富在不同主体间的再分配效应.46家试点上市公司的实证结果表明:从总体上看,股权分置改革过程能够创造财富,非流通股东的收益明显高于流通股东的收益,且流通股的超常收益与第一大股东的持股比例负相关,说明在股权分置改革过程中非流通股东,尤其是绝对优势的大股东处于有利地位.     

Objective and subjective factors shaping saving behaviours – the case of Polish households

The paper aims at connecting of the concept of financial behaviour with that of the family life cycle. The evolution of the consumption structure, which results from the sequence of life phases, requires chronological consideration of financial activities, in a manner concerning the accumulation of wealth, as proposed by hierarchical model of financial actions contained in the theory of psychological economics. These theoretical relations were verified empirically through a survey of Polish households conducted at the end of 2012. The results of the empirical research confirm the important role of subjective determinants of the accumulation of reserves. Competent in current times, the philosophy of individualism and consumerism promotes the attitude of ‘living for the moment’ and forces the attitudes of restraint and caution away from individual awareness on the social scale. Individual perceptions of one's income and material conditions are the basic factor shaping the conditions of saving and creating financial reserves. This study also largely confirmed that the concept of the hierarchical model of financial actions contained in the theory of psychological economics is reflected in the actions of Polish households.     

文化因素与外语翻译教学

为了培养出合格的译者,外语教学必须注重文化信息的学习和积累。建立更有效的学习模式,要加强文化知识的渗透力度,文化知识要与语言学习融合,培养学生的主动学习能力,提高教师素养以及跨文化交际能力。     

OPTIMAL TIMING FOR AN INDIVISIBLE ASSET SALE

In this paper, we investigate the pricing via utility indifference of the right to sell a non‐traded asset. Consider an agent with power utility who owns a single unit of an indivisible, non‐traded asset, and who wishes to choose the optimum time to sell this asset. Suppose that this right to sell forms just part of the wealth of the agent, and that other wealth may be invested in a complete frictionless market. We formulate the problem as a mixed stochastic control/optimal stopping problem, which we then solve. We determine the optimal behavior of the agent, including the optimal criteria for the timing of the sale. It turns out that the optimal strategy is to sell the non‐traded asset the first time that its value exceeds a certain proportion of the agent's trading wealth. Further, it is possible to characterize this proportion as the solution to a transcendental equation.     

The costs of lead bank–distressed borrower relationships: evidence from commercial lending in Taiwan

This is the first study to investigate the impact of the adjudication of a borrower's reorganisation filing on the shareholder wealth of the lead bank. The results reveal that the market is acutely sensitive to adverse information and the reorganisation adjudication of a borrower's plan has a detrimental effect on the reputation and wealth of the lead bank. Further, while both are positively associated with wealth effects, the RATE of the loan-level variable is more highly related than the LEVERAGE of the borrower-level variable to wealth loss. Additionally, large lenders experience less wealth loss. The higher the bank debt of a firm, the higher the adverse abnormal returns to the lead bank. Higher collateral and rates on loans are used to compensate for the greater risk of the loan portfolio. Likewise, the market may view lead banks with high loan loss reserves as banks that are not particularly adept at identifying creditworthy borrowers.