Asset-Liability-Matrix Analysis Derived from the Flow-of-Funds Accounts: The Bank of Japan's Quantitative Monetary Policy Examined

The first purpose of this paper is to present the compilation procedure of the Asset- Liability-Matrix (ALM) from the Flow-of-Funds (FOF) accounts in the balance sheet format that is widely available in IMF member countries. The introduction of ALM into the framework of FOF analysis enables us to utilize the affluent assets of input-output analysis, notably the concept of Leontief inverse. The second purpose of this article is to demonstrate the application of ALM to the examination of the quantitative monetary policy introduced by the Bank of Japan (BOJ) in March 2001. It can be said, as a conclusion, that there was a tactical error in the quantitative monetary policy adopted by BOJ in terms of the combination of money market operations. We believe that the ALM framework of FOF analysis is a powerful and practical device to fulfil this kind of examination.     

货币政策地区效应——基于地区总供给曲线的理论与实证分析

本文着重检验了我国区域经济中的基于产出缺口的地区短期总供给曲线的存在性,进而分析地区短期总供给曲线对货币政策地区效应的影响。文章首先对地区短期总供给曲线存在的可能性进行了理论解释,应用卡尔曼滤波方法估算了我国各地区的产出缺口,然后运用ARMA模型说明预期通货膨胀率形成机制,最后以通货膨胀率与其预期之差、外部需求冲击等作为解释变量对产出缺口进行回归,结果发现,我国东部地区的短期总供给曲线较中西部地区的短期总供给曲线更平坦,因而东部地区货币政策效应要强于中西部地区。     

The Value Relevance of Financial Accounting Information in a Transition Economy: The Case of the Czech Republic

ABSTRACT

The paper investigates the value relevance of accounting information in the Czech Republic in 1994–2001. Value relevance is understood as the ability of financial statement information to capture or summarise information that affects share values and empirically tested as a statistical association between market values and accounting values. The objective of the study is to investigate the validity of the value relevance methodology by finding an accounting setting where the results of value relevance tests might be predicted unambiguously. If the results of these tests confirm the predicted results, the validity of the value relevance methodology might be assumed. A transition economy represented by the Czech Republic provides such an institutional and accounting setting. It might be assumed that value relevance of accounting information is lower in a transitional economy than in a well-developed market economy. It can also be assumed that the value relevance increases over time as a result of the progress in transition. The results of the study confirm these predicted results and give thus supportive evidence of the validity of the value relevance methodology.     

The Citizens' Right to Information and the Duties of a Democratic State in Modern IT Environment in the Light of the UN Fundamental Principles of Official Statistics and the ISI Declaration on Statistical Ethics

Modern information technologies, particularly the technology of very large data bases, Internet and modern mass media, have changed the processes of production, storage and dissemination of information. These technologies have a direct impact on the practical realization of citizens' rights to information. In democratic societies, in modern IT environment, information is produced and disseminated by many social and economic entities. Many producers and disseminators of information do not know or do not obey the criteria which should be met by any information delivered to the public. In this paper the advantages and the threats for the citizens' rights to information generated by the distribution and globalization of information processes in modern IT environment are discussed.
It seems that for the protection of the citizens' rights to information, there is the need for specification and codification of quality criteria and standards for information produced and disseminated with the use of modern IT. Official statistics may and should play an important and active role in defining those criteria and standards. Professional ethics of statisticians and of official statistics seems to be the proper basis for that. Ethical principles of statistics are formulated in two basic documents: The fundamental principles of official statistics adopted by the UN Statistical Commission in 1994 and the ISI Declaration on statistical ethics adopted by the ISI in 1985.     

城市化的历史趋势与我国城镇化新政

城市化的历史必然性不仅在于配第一克拉克定理、库兹涅茨的劳动力和国民收入在产业间分布结构变动理论所揭示的农业的小部门化趋势,还在于“发展极”理论、“增长点”理论、产业集群理论、区位理论和主导产业联系效应理论等所揭示的城市强大的经济功能。现阶段,我国正处于城镇化加速期,中共中央十八届三中全会提出了走中国特色的城镇化道路、以人为核心的城镇化、城镇化与新农村建设协调推进等一系列城镇化新政,这对于我国城镇化的建设具有重大意义。     

物联网经济下的会计信息使用 ——以海尔共赢增值表为例

会计信息是一项重要的公司治理机制。然而,在新经济与新技术的驱动下,传统业态的模式变革对单纯财会信息的治理功能提出了挑战,管理会计信息日益受到社会各界的关注。从物联网经济的特征分析入手,系统阐述物联网技术驱动下企业商业模式变革对会计信息使用的深刻影响,突出了以海尔共赢增值表为代表的管理会计信息载体在物联网经济下企业内部治理实践中的重要作用,并以此为探索或践行物联网业务模式的众多企业提供一定的借鉴与参考。     

创新型省区跨越式发展中科技图书馆全面转型的实践意义——以广西科技图书馆为例

广西壮族自治区党委、政府在扩西壮族自治区“十二五”规划纲要》中提出,要“切实提高自主创新能力,加快科技创新体系建设,大力培养引进创新型人才,营造全民创新环境,建设创新型广西”。近年来,广西科技图书馆发挥传统优势,与时俱进,积极转型。在建设创新型省医跨越式发展中,在构建国际区域经济合作新高地、我国沿海经济发展新一极和西部地区争当贯彻落实科学发展观排头兵等方面作出了新的贡献。     

The Role of Corporate Sustainability in a Low‐Cost Business Model – A Case Study in the Scandinavian Fashion Industry

This multi‐level case study illustrates how corporate sustainability contributes to the low‐cost business model of a Scandinavian fashion company. Contrary to parts of the extant literature, we do not find that corporate sustainability directly adds measurable value (e.g. a better brand image); neither does it exert coercive control over critical supplier relationships. However, corporate sustainability minimizes the downside risk of the business model. It does so by (1) creating implicit contracts that reach beyond traditional ‘shareholder value’, (2) transferring risk to suppliers and (3) improving leadership by motivating management and employees, and by directing their attention to critical issues. For companies, we offer the insight that corporate sustainability is a necessary complement to shareholder value, even if the relationship is not obvious at first sight. We also suggest that concerted actions of companies or a positive connotation of certification create effective control over suppliers. As to public policy, we conclude that regulators could introduce mandatory disclosure of suppliers to facilitate controls through stakeholders, or alternatively an industry‐wide comply‐or‐explain code of conduct. We also address how regulators can take direct actions against countries with unsustainable labor policies. Last, we suggest future research topics, e.g. expanding the notion of a business model by interpreting ‘adding value’ as prevention of losses. Copyright © 2013 John Wiley & Sons, Ltd and ERP Environment.     

苏南地区被撤并乡镇驻地再利用研究——以南京市六合区为例

自20世纪90年代起苏南地区在全国率先启动了以乡镇合并、村庄撤并为主要内容的村镇区划整合工作,有力地推动了该地区乡村的集聚发展,但是也逐步带来一些新的问题,特别是已撤并乡镇驻地缺乏科学合理的再利用,在一定程度上制约了乡镇合并的集约效果。在回顾比较苏南地区村镇区划整合的效果基础上,从新型城市化下城乡统筹和建设新型乡村社区的要求出发,分析被撤并乡镇驻地后续发展建设存在的问题,从均等化与集约化相结合的要求出发,提出该地区被撤并乡镇合理再利用的基本方向。以南京市六合区为例,对被撤并乡镇驻地合理再利用的模式进行了探讨。     

文化创意产业对旧城空间生产的作用机制研究——以北京市南锣鼓巷旧城再生为例

基于空间生产理论梳理了文化创意产业对旧城空间再生的作用机制,认为文化创意产业之所以能有效驱动旧城再生,是因为在资本生产新商业空间的同时,旧城文化可以融入新的文化创意并资本化、商品化,进而能够提升新空间收益的附加值,加大反馈力度,从而更好地协调新空间权利的分配。并以北京东城区南锣鼓巷为例分析了资本和文化在旧城空间生产过程中对商户和消费者、原住民、政府这三者空间权利的影响,认为南锣鼓巷的旧城再生模式具有文化创意产业驱动旧城更新的样本意义,较好地处理了新空间的权利分配,但也开始面临文化创意乏力、资本结构分化、各方权力边界再平衡等问题,需要进一步的跟踪研究以更好地完善文化创意产业对旧城空间生产的作用机制。     

职住平衡角度下的城乡空间结构统筹研究——以南京市江宁区为例

从当前我国职住关系变化的角度入手,首先探讨了职住平衡与城乡空间结构在因果联系、有效区域和结构构成三个方面的关系.然后,结合南京市江宁区的职住实际情况,认为其存在通勤人口数量巨大、职住服用地比例失调、城市内部功能关联度较低等问题,并进一步分析了这些问题与现有空间结构之间的联系.并针对这些问题,运用城乡统筹、职住平衡的理念,从宏现、中观和微观三个层面入手对江宁区的空间结构提出轴向多中心、综合城市、城乡职住单元、综合社区、快速公共交通发展几个方面的建议,以期从"质"的层面实现江宁区职、住间的平衡.     

VE/VM的理论发展:困惑、机遇和挑战(Ⅱ)——国外VE/VM的理论和应用研究进展

在国外,VE/VM理论研究进展的一个主要方面就是将现有的VE/VM与当今新出现的一些创新管理理念和方法结合起来,这些理论和方法包括:环境成本生命周期分析方法(Life Cycle Environmental Cost Analysis,LCECA)、信息支持思维方法(Information Support Process-based Thinking,ISP/T)、6 Sigma管理方法、组织和团队理论、创造性问题解决策略(Creative Problem Solving Strategies,CPSS)、发明性问题解决(Theory of Inventive Problem Solving,TRIZ)方法、复杂生产系统(Complex product systems,CoPS)、战略管理、系统方法论(SM)、等。通过这种结合,开阔了VE/VM原有的思维模式和视野。同时在提升VE/VM的应用绩效上比较明显。     

The impact of oil prices and the financial market on cost efficiency in the insurance and Takaful sectors: Evidence from a stochastic frontier analysis

The Gulf Cooperation Council’s (GCC) insurance industry, including conventional insurance and Takaful, has witnessed remarkable growth during the last decade. However, the economies of this region rely on oil as the primary stream of revenue and lack development in financial markets. This could affect the insurance industry. For this reason, this paper examines the impact of oil prices and the financial market on the cost efficiency of the insurance and Takaful sectors in GCC countries using a stochastic frontier cost function with data from 2009–2016. The results show that the relationship between oil prices and efficiency changes from positive to negative when the prices increase, whereas the relationship between the financial market and efficiency is negative. No clear evidence of the impact of oil prices on efficiency arises from the differences between conventional insurance and Takaful. However, there are differences regarding the financial market, with a negative impact on conventional insurance and a positive one on the Takaful business. The results of this study have implications for regulators and management. The Takaful industry is rapidly growing compared to conventional insurance in the GCC and, therefore, the financial market may have added benefits for the GCC region. However, caution is required in relation to the impact of the financial market on conventional insurance. Furthermore, management may require the development of strategies to deal with the nature of GCC economies to avoid shocks to oil prices.