The interest group theory of financial development in China: Openness and the role of interest groups

The interest group theory of financial development predicts that the incumbents' opposition to financial development will be weaker when an economy is open to both trade and capital flows. Based on regressions of financial development on trade and financial openness, existing studies only provide indirect tests of the hypothesis and deliver mixed findings. This paper proposes models for direct tests of interest group theory for China. Using Chinese cross-province data, we define and measure interest groups based on the close tie between state-owned enterprises and local government in China. The empirical results show that the opposition from interest groups to financial development cannot be weakened in provinces with high trade or financial openness alone. However, the opposition is indeed weakened in provinces with high levels of both trade and financial openness. These results provide robust support for interest group theory in accounting for cross-province differences and time-series variation in financial development in China.     

如何发挥财务部门在内控中的作用

内部控制是企业为了提高会计信息质量,保证资产的安全、完整,确保有关法律法规和规章制度的贯彻执行等而制定和实施的一系列控制方法、措施和程序。是保证企业的平稳发展的重要手段。而财务管理作为内部管理的核心环节,在内部控制中所起到的作用是举足轻重的。那么财务部门一定要提高人员素质,加强财务制度建设和夯实基础工作,这样才能为企业真正把好资金关口,促进企业良好健康发展。     

金融创新视域下农产品贸易的发展格局与高质量发展对策研究

中国作为农业大国,在农产品贸易方面取得了一定的发展,现已成为世界农业贸易大国。中国农产品贸易极大缓解了国内农产品剩余压力,增加了国内农民的经济收入,促进了中国农村地区的建设和发展。但是在整个发展过程中,仍然存在金融支持力度不够、金融创新不足等问题,这些问题严重制约了中国农产品贸易的发展。从金融创新视域入手,分析了中国农产品贸易的发展格局,研究了当前中国农产品贸易存在的问题,最后提出针对性对策,以期在一定程度上帮助提高中国农产品贸易金融创新力度,促进中国农产品贸易的健康发展。     

Key service innovation drivers in the tourism sector: empirical evidence and managerial implications

This study highlights the importance of market orientation and the use of information and communication technologies (ICT) as determinants of service innovation activity for companies in the tourism sector. In doing so, the study provides a means to classify companies as innovative or not. Using a sample of 100 Spanish firms from different branches of the tourism sector, we confirm and extend prior research. In particular, market orientation??especially a customer orientation??is critical for developing new services that lead to competitive advantages. In addition, ICT have a dual, direct, and indirect influence on service innovation.     

基于金融发展视角下的FDI与经济增长研究综述

众多的决策者与学者相信外商直接投资（FDI）有利于促进东道国的经济增长。但是实证研究结果却表明,FDI的经济增长效应在许多发展中国家却并不明确,主要原因在于FDI效应受到东道国自身环境和条件（即吸收能力）的制约。东道国的金融发展主要通过人力资本效应、技术创新效应、产业关联效应以及市场环境优化效应等机制对FDI与经济增长的关系产生影响。金融发展已经成为东道国FDI效应有效发挥的核心要素。也是未来FDI研究的一个重要的新方向。     

企业财务管理目标的选择及实现对策

本文通过对财务管理目标的分析,提出我国目前企业财务管理目标的选择--企业价值及持续发展能力最大化,并阐述了实现企业财务管理目标的对策.     

Lebanon: From cataclysm to opportunity—Crisis management lessons for MNCs in the tourism sector of the Middle East

Lebanon is a complex country of extraordinary promise; often thrust into crisis, including recent military assaults, terrorist attacks and bombings. The authors share findings from a longitudinal field-study of the evolving political and business climate of Lebanon, emphasizing a particular MNC that is thriving amidst social, ideological and political conflicts. A synthesis of primary and secondary data revealed the InterContinental Phoenicia hotel as a model institution in the face of extreme crisis. Key managerial insights that can be helpful to investors, MNCs and managers in the Middle East and other places subjected to similarly extreme conditions are shared.     

New perspectives on not-for-profit financial institutions: Organisational form,performance and governance

This introductory essay discusses the context for the special issue, introduces the contributions, considers a number of key themes which link the articles and suggests areas for future research; in particular it makes a case for the link of organisational diversity and the stability of the financial system.     

经济开放与收入差距:基于STR模型的分析

基于1978—2009年的时间序列数据,在总结相关传导机制的基础上,运用平滑转换回归模型就经济开放对收入差距的影响效应进行研究。结果表明:中国经济开放与收入差距之间的关系是非线性的,两者之间存在明显的体制转换动态特征。在1985年以前,经济开放对收入差距的效应为负;在1985年以后,经济开放对收入差距的效应为正。主要原因在于,经济地理效应和技术偏移效应逐渐替代了要素禀赋效应。     

衢州乡村旅游可持续发展问题与对策研究

乡村旅游作为生态富民的新途径,在衢州显示了良好的发展前景。但在大力发展乡村旅游的同时,也出现了不少的问题与不足。在分析衢州发展乡村旅游的有利条件、现状及存在的问题的基础上,剖析成因,提出了一定的建议和对策,以促进衢州乡村旅游的合理开发与可持续发展。     

Modeling and forecasting tourism demand: the case of flows from Mainland China to Taiwan

The study of tourism demand is attracting more and more attention. Hence, it is important to understand the variables that affect tourism demand and to forecast the demand. Many studies have been conducted to analyze the demands in various countries. Recently, China has been expected to become one of the largest originators of outbound tourists in the world. Hence, it is interesting to explore what the variables are that affect the Mainland Chinese arrivals to Taiwan and to forecast its corresponding tourism demand. This study applies neural networks to select proper models, and then to forecast the demand.     

Global capital flows and development: A Survey

Abstract

From a development perspective, capital flows can both provide significant benefits and entail significant costs. Consequently, the development impacts of capital flows do not readily lend themselves to simple generalizations. This survey considers the development benefits and costs of four kinds of capital flows: foreign direct investment, equity portfolio investment, bond finance, and commercial bank lending. The survey suggests that the development impacts of these flows are conditional on both their specific characteristics and the larger policy environments in which they take place. It claims short-term superiority for foreign direct investment and equity portfolio investment over bond finance and commercial bank lending, and offers a set of policy recommendations to make capital flows more development-friendly.     

Equity-based entry modes of emerging country multinationals: Lessons from Turkey

Based on a sample of 522 foreign affiliates of Turkish multinational enterprises (MNEs) with varying levels of Turkish equity ownership, this study provides an empirical analysis of the determinants of equity-based entry mode strategies in host country markets. A number of hypotheses are developed to examine the impact of institutional, transaction specific and firm level variables on Turkish MNEs’ choice of equity ownership mode in their foreign affiliates. The results reveal that institutional variables are important in explaining the equity composition of foreign affiliates of Turkish MNEs. Particularly important in determining equity ownership mode were found to be political constraints, linguistic distance, knowledge infrastructure and the extent of parent diversity. Results concerning the influences of the size of the affiliate are contrary to expectations and contradict the findings of previous research. No support was found for the impact of cultural distance on the equity ownership mode of Turkish MNEs in their foreign affiliates. Apart from political constraints, equity ownership choice and its underlying determinants do not vary between emerging and developed host country markets.     

The CRM process in retail and service sector firms in Japan: Loyalty development and financial return

Research on customer relationship management (CRM) in general has focused on the effects of customer satisfaction with CRM, customer retention and profit management, and the effects of CRM technique on performance. Conceptually, however, a sequence of effects of CRM is expected, from CRM implementation to financial performance, but this sequence has not been explored. Whilst several definitions of CRM have been proposed, this article defines CRM as relationship-development programmes based on IT. CRM is regarded as the integration of relationship technology (i.e. data consolidating and data mining) with loyalty schemes. Survey research was conducted in Japan in the retail and service industries to test three hypotheses: (1) a firm's relationship orientation has a positive effect on CRM implementation (data warehousing, data mining, using customer data for decision making); (2) CRM implementation has a positive effect on return on equity; and (3) CRM implementation has an indirect effect on return on equity, mediated by customisation. Using a structural equation model the first hypothesis was supported, but the third hypothesis was only partially supported. In these analyses a direct effect of CRM implementation on return on equity (ROE) was supported; however, a negative impact of customisation on ROE was found.     

金融市场发展对中国FDI技术溢出效应的影响及其门槛效应检验

金融发展水平对提高技术吸收能力至关重要,并对FDI技术溢出效应的实现产生重要影响。利用中国1983—2007年的时间序列数据,从金融发展水平与FDI技术溢出效应间的线性和非线性关联假设出发,研究金融发展水平对FDI技术溢出效应的影响。研究结果发现:FDI确实对中国的技术进步有明显的积极作用,并存在显著的技术溢出效应,而FDI技术溢出存在显著的金融发展"门槛效应"。     

低碳时代商业银行碳金融业务面临的挑战及发展策略

近些年世界经济在经历工业化信息化之后,正逐步走向低碳化。目前发展低碳经济是世界各国寻求持续发展的重要战略选择,从而促使碳金融业务成为国际金融领域内又一新的竞争热点。商业银行作为枢纽和纽带应积极参与和支持。本文从商业银行发展碳金融业务的现状及面临的挑战分析,提出相应的发展策略。     

Time and frequency domain causality Testing: The causal linkage between FDI and economic risk for the case of Turkey

This study aims to explore the causal relationship between economic risk and foreign direct investment (FDI) inflows for the case of Turkey. With the aim of establishing robust findings for the research in mind, both traditional and modern causality techniques are utilized; time domain Granger (1969, “Investigating Causal Relations by Econometric Models and Cross-Spectral Methods.” Econometrica 37: 424–438.), Toda and Yamamoto (1995, “Statistical Inference in Vector Autoregressions with Possibly Integrated Processes.” Journal of Econometrics 66 (1–2): 225–250.), Fourier Toda-Yamamoto and frequency domain Breitung and Candelon (2006, “Testing for short- and long-run causality: A frequency-domain approach.” Journal of Econometrics 132 (2): 363–378.) spectral causality test. Our empirical findings reveal that; economic risk changes in Turkey significantly lead to changes in FDI inflows. However, there is no evidence of causality running from FDI to economic risk. The findings imply that economic risk is an essential determinant of FDI inflows in Turkey. Our findings are compatible with historical macroeconomic developments in Turkey and imply important policy implications. The results of this study can be generalized for other emerging economies that have similar macroeconomic environments, in order to create useful policy implications regarding FDI inflow.     

Intellectual property rights,FDI, and technological development

This paper presents two simultaneous trade-offs faced by a developing country in protecting intellectual property rights (IPRs), namely (1) between attracting foreign direct investment and deterring international technology spillovers, and (2) between encouraging domestic innovation and suppressing technology diffusion. The optimal level of IPR protection depends on the technological capability of the host country. In less developed countries, IPRs should be just strong enough to induce FDI since international technology spillovers are the dominant source of technological development. A stronger level of IPR protection is instead recommended for more advanced emerging economies as a tool to exploit the potential of their domestic innovators. The results cast doubt on the adequacy of globally harmonized IPR standards that do not consider the level of development.     

完善金融市场的自由秩序观

秩序和自由是人类的两个基本需求,二者是对立统一的。制度是形成自由秩序的机制。金融市场的完善就是金融自由和金融秩序的博弈发展过程,是形成金融自由秩序的过程。我国在完善金融市场过程中,面临先发挥自由还是先考虑秩序的两难问题。应该是二者同时发展,但是在不同的时期,根据矛盾主要方面的改变应有所调整。