把引力接到新的空间

卡缪搬家了。马奎斯搬家了。 卡尔维诺搬家了。莫内搬家了。 林布阑搬家了。毕加索搬家了。 瑞典KOSTA BODA彩色玻璃搬家了。 英国WEDGWOOD骨瓷搬家了。 法国HEDIARD咖啡搬家了。 诚品敦南店搬家了。 写下以上文字的许舜英搬家了。     

新的关注点

<正>这是一个最好的时代,这是一个最坏的时代。《艺术财经》创刊至今已经6年了,几乎陪伴了中国艺术市场最跌宕起伏的时期:艺术品火了,画廊多了,艺术家富裕了,艺术院校扩招了,艺术产业化了,艺术品金融化了,艺术品能作为赚钱的工具了,拍卖行善于营销了但与此同时,艺术市场的泡沫出现了,艺术变成了热钱追捧的对象,艺术家不再考虑学术了,策展人明码标价了,艺术跟金融危机挂钩了,艺术与权力并行了     

全球化：从开始到结束

因为没有对石油价格对冲,失去了利润;因为没有利润,失去了红利;因为没有了红利,失去了投资者;因为没有了投资者,失去了融资;因为没有了融资,失去了航空公司;因为没有了航空公司,失去了旅游业;因为没有了旅游业,失去了经济——所有这一切都是由于没有对石油价格进行对冲。这就是全球经济的相互链接性。     

高铁促进河南区域经济创新发展的探究——基于郑州城市变化

高铁的运营缩短了城市间时空距离,扩大了城市辐射半径,加快了人员流动,促进了知识溢出,带动了产业集聚,调整了产业结构,显著提升了城市的创新发展能力。     

如何继续治理整顿商品流通的秩序

<正> 党的十一届三中全会以来,我国实行改革、开放的方针,已经取得了很大的成绩,国民经济注入了强大的活力,促进了经济和社会的发展。在商业方面,也进行了不少改革,取得了很大成绩。主要是:调整了社会商业结构,实行多种经济成份并存发展;改革了商品购销体制,实行计划调节和市场调节相结合;改革了商品纵向分配办法,建立了横向联合的新的商业组织形式;改革了企业经营机制,实行政企职责分开,增强了企业活力和竞争能力,等等。从而促进了工农业生产和科学技术的发展,扩大了流通,繁荣了经济,活跃了市场,改善了人民生活。商业企业的经济效益也有了明显的提高。     

用合适的“钉子”赢得商业“战争”

一只马蹄钉断了,失去了马蹄鞋;马蹄鞋没了,倒下了战马;战马倒下了,摔伤了将军;将军没了,输掉了战争;战争输了,最后亡了国家,这一切的一切,都是因为一只小小的马蹄钉。     

沪上消费出现十大跨越巨变

今天你消费了吗？会到哪里去消费？会用什么方式消费？享受到了消费过程中的愉悦了吗？体会到了快乐消费的理由了吗？体验到了上海国际购物天堂元素了吗？     

声音数字

1上幼儿园后,把天真弄丢了;上小学后,把童年弄丢了;上初中后,把快乐弄丢了;上高中后,把思想弄丢了;上大学后,把追求弄丢了;毕业后,把专业弄丢了;工作后,把锋芒弄丢了;恋爱后,把理智弄丢了;按揭后,把下半生弄丢了。——我们丢了什么     

痛快≠快乐

朋友发财了，买了宝马，置了豪宅，娶了漂亮的老婆，受到了别人的尊重。     

从安然丑闻看证券市场的监管

“证监会干什么去了？会计师协会干什么去了？公司的审计委员会干什么去了？会计干什么去了？律师干什么去了？股行干什么去了？分析师干什么去了？机构投资者干什么去了？人们的投资常识呢？”面对“安然丑闻”，美国能源和贸易委员会民主党人士John Dingell发出了上述一连串严厉质问。     

Motivations and Obstacles for Small Business Entrepreneurship in Russia: Fifteen Years in Transition

A longitudinal survey of small business entrepreneurs was conducted in Russia in two stages: in 1994 and in 2008. This study examined entrepreneurial climate and developments in Russia's small businesses with a focus on motivations and obstacles in starting up and operating businesses. It also aimed at analyzing entrepreneurs’ needs for training, consulting, and other types of assistance in a comparative context. Russia's climate for small and medium enterprises (SME) and entrepreneurship has improved, although it is still a work in progress. The 2008 survey indicated younger age, greater share of female entrepreneurs, and remaining small size of the firms. Though the level of SME entrepreneurial activities in Russia is still lower than in major developed economies, the gap is diminishing. Thise study found no significant differences between 1994 and 2008 in terms of entrepreneurial motivations and obstacles; several shifts and trends in motivations and obstacles were identified in their relative importance in SME dynamics.     

WTO《原产地规则协议》对贸易的影响

多边贸易体制中的"原产国标记"与乌拉圭回合《原产地规则协议》对用于海关贸易统计的一般原产地规则做出了原则性规定,但对优惠原产地方面却没有制订出为世界各国所接受的多边规定,致使优惠原产地规则被滥用,对世界贸易产生不均衡性影响。我国原产地规则领域存在的问题突出表现为立法滞后、法规不周详不健全;出口货物原产地授予标准过宽,致使原产地规则不具备宏观调控和投资结构政策导向功能;进口商品原产地认定标准过宽,危害我国幼稚产业的健康发展等方面,导致我国加工贸易减少,对我国吸引外商投资的环境改善将产生不利影响。     

Does East Meet West in Business Ethics: An Introduction to the Special Issue

This article introduces and summarizes selected papers from the first World Business Ethics Forum held in Hong Kong and Macau in November 2006, co-hosted by the Hong Kong Baptist University and by the University of Macau. Business Ethics in the East remain distinct from those in the West, but the distinctions are becoming less pronounced and the ethical traffic flows both ways. Gabriel D, Donleavy is Professor and Dean of the Faculty of Business Administration at the University of Macau teaching Business Ethics, Business Negotiation and Advanced Management. His work has been published in Critical Perspectives in Accounting, Corporate Governance, the Journal of Business Ethics, Advances in Applied Business Strategy, the Journal of Higher Education Policy and Management, Long Range Planning and the Asian Review of Accounting which he co-founded. Kit-Chun Joanna LAM is Professor in Department of Economics of the Hong Kong Baptist University. She is also Guest Professor in the Centre for Business Ethics of the Shanghai Academy of Social Sciences, China. She received her Ph.D. degree in economics from Harvard University. Her work has appeared in the Journal of Business Ethics, Journal of Labor Economics, Canadian Journal of Economics, Economica, Journal of Comparative Economics, and Labour Economics. Simon S.M. Ho is Dean and Professor at the School of Business and Director for Corporate Governance and Financial Policy, Hong Kong Baptist University. He founded the Asia-Pacific Corporate Governance Conference and the world’s first master programme in corporate governance & directorship in 2004. He published over 40 academic refereed articles in leading journals such as Journal of Accounting, Accounting & Finance, Journal of Accounting & Public Policy, and Journal of Corporate Finance.     

日本服务业与制造业FDI状况及其影响因素的实证比较

对外直接投资转向服务业是世界对外直接投资发展的新趋势。目前服务业对外直接投资在规模和增长速度上均超过了制造业。虽然我国目前接受的外商直接投资以制造业为主,但是世界市场对外直接投资的趋势和规律依然值得关注。本文以服务业、制造业对外直接投资的主要代表国家—日本为研究对象,分析了其服务业与制造业对外直接投资在投资规模、区位和产业分布上的异同点。比较其影响因素从而探索服务业在国际投资中独特的规律,并为我国吸引日本直接投资提供建议。     

How the Fall of the Iron Curtain Has Affected Consumers' Perceptions of Urban and Rural Quality of Life in Romania

Summary

Marketing and quality of life (QOL) literature is reviewed to conceptualize a model of the impact of marketing activity on QOL. This model outlines how the four elements of the marketing mix affect the life domain of shopping, dealing with the acquisition, possession, use, and consumption of goods. In turn, four strategic considerations/indicators connecting this life domain with QOL are identified: the four A's linking marketing with QOL -i.e., appearance of goods in the market, and awareness, availability, and affordability of goods for consumers. A large-scale field study in urban and rural Romania, a country undergoing rapid marketization, was conducted to test hypotheses and to validate secondary data findings relating availability and affordability of goods with QOL for urban and rural consumers. The findings support the predictions that availability and affordability are positively related to QOL. Secondary data findings concerning changes in the availability and affordability of goods and services, and hypotheses concerning changes in the QOL in Romania between the years 1989 and 1993/1994 were also validated and supported. The findings indicate that availability has improved during this period, whereas afford-ability has decreased. Overall, as hypothesized, these changes have resulted in the deterioration of QOL in Romania in today's marketizing economy, as compared to the planned economy, before the revolution. Finally, urban versus rural differences in the impact of marketization in terms of changes in the availability and affordability and in QOL are also studied.     

Mobile Money and Financial Inclusion in Sub-Saharan Africa: the Moderating Role of Social Networks

ABSTRACT

The purpose of this article is to test the moderating effect of social networks in the relationship between mobile money usage and financial inclusion in rural Uganda. The results revealed that there is a significant and positive moderating effect of social networks in the relationship between mobile money usage and financial inclusion in rural Uganda. Besides, mobile money usage and social networks have direct and significant effects on financial inclusion in rural Uganda. Thus, the findings suggest that existence of social networks of strong and weak ties among mobile money users promote financial inclusion in rural Uganda. Previous studies have concentrated only on investigating the impact of mobile money in promoting financial inclusion in developing economies, especially in Sub-Saharan Africa. However, this particular study introduces the moderating effect of social networks in the relationship between mobile money usage and financial inclusion in rural Uganda, which seems to be sparse and lacking in literature.     

Organisational form and industry emergence: Nonprofit and mutual firms in the development of the US personal finance industry

Economic theories of commercial nonprofits and mutuals usually emphasise the advantages of such organisational forms in reducing agency and monitoring costs in markets that suffer from information asymmetries in exchanges between firms and their customers. This article examines the ability of such transaction cost theories to account for historical variations in the ownership and governance of firms in the US personal finance industry between the early nineteenth century and the Great Depression. It focuses, in particular, on mutual savings banks and their role in the development of the intermediated market for savings accounts. While I find some evidence in support of transaction cost theories of organisational form, I also find that entrepreneurial and socio-political factors played crucial roles in the choice of ownership and governance structures; mutual savings banks predominated in the early years of the industry because the form offered entrepreneurial advantages over investor-owned corporations and because in some states they benefitted from regulatory and political advantages that joint-stock companies lacked. Their relative decline by the early twentieth century was the result of increasing competition in the market for savings deposits, the loosening of regulatory barriers to entry, and changes in public policy that reduced the transaction, innovation and regulatory advantages that the mutual savings bank form had once held. The article draws out the theoretical implications for our understanding of the historical role of nonprofit and mutual firms.     

Internationalization of Japanese Multinational Corporations in Central and Eastern Europe

Abstract

The paper focuses on the internationalization activities of Japanese MNCs in Central and Eastern Europe (CEE) analyzing data on national level considering Japan's modes of market entry in the CEE region and some of the countries in it. Major trends and the development of Japanese internationalization in CEE are presented. Individual mini case studies contribute to the analysis using the experience of several major Japanese MNCs that have invested in the region. The goal of the paper is to uncover the specifics of the internationalization process of Japanese corporations in the CEE region. Main characteristics of the penetration of Japanese MNCs in CEE are unveiled and discussed in the concluding part of the paper. The management implications and conclusions from the study are discussed further in the final part of the paper.     

外国直接投资、加工贸易利益分配:U形价值链模型

文章指出,价值链各环节利益与市场结构和竞争力有关,一个国家在特定行业竞争力越大,就越能占据具有垄断优势的战略环节,提供价值链上越多的价值增加量。文章将企业价值链活动分为上游、中游、下游三个环节,并假定委托方为发达国家的跨国公司,代理人为发展中国家的加工企业,装配加工企业的产品通过加工贸易方式全部出口,加工贸易委托方决策服从收益最大化或成本最小化原则,从而建立了加工贸易U形价值链模型。分析表明,加工贸易利益的分配轨迹呈U形曲线,且会随着代理方数量的增加变得越来越陡峭,使代理方净贸易条件趋于恶化;跨国公司运用转移价格手段使U形曲线变得更加陡峭,代理方利益受损。这正是我国在国际分工中处于U形曲线底端的原因,我国贸易条件的变化与外国直接投资流入以及加工贸易发展有较大关系,单纯依靠数量扩张来改善收入贸易条件的空间越来越小,我国应把利用外资的主要目标放在外资的技术含量和产业结构调整上,应对成本动机的外国直接投资予以高度关注并给以必要的政策引导。     

Capital buffer and credit‐risk adjustments in Islamic and conventional banks

The main purpose of this article is to empirically investigate the interactions between changes in capital buffer and changes in credit risk, using panel data of Islamic and conventional banks located in the Middle East and North Africa (MENA) region over the period 1999–2016. A negative two‐way relationship between the changes in capital buffer and the changes in credit risk is found for the two types of banks, that is, banks tend to decrease their capital buffers in response to an increase in risk exposure and limit their risky activities in response to an increase in their capital buffers. Dividing our period of study into three subperiods to assess the effect of the last financial crisis 2007–08 on the adjustment process, we point out the negative bidirectional relationship between the changes in capital buffer and the changes in credit risk of the two types of banks is present for the three subperiods except the case of conventional banks during the precrisis period. Moreover, we provide evidence that Islamic banks adjust their capital buffer in response to the changes in credit risk regardless of the existence or not of a deposit insurance scheme. In contrast, the negative two‐way relationship between the changes in capital buffer and the changes in credit risk in conventional banks is found only in countries without deposit insurance schemes.