购物成本与商圈

商圈是由顾客选择商店的行为形成的,影响顾客择店的主要因素是购物成本,它从根本上决定着商店商圈的大小。购物成本指顾客为获得某种效用必须付出的商品价格之外的代价。顾客能够接受的购物成本与收入水平无关,而与其购买的商品效用有关,即:总购物成本与商品效用呈正相关,平均     

内幕交易与证券价格的有效性

本文基于中国证券市场的实际情况，修正了Michael和Kathleen（1992）等提出的非竞争模型，探讨内幕交易对证券价格有效性的影响，研究信息和被内幕交易排挤的市场专家数目之间的关系。研究结果表明内幕交易降低了证券价格的有效性，监管的关键在于促使信息在市场参与者之间的均匀分布。     

Bilateral S-curve between Japan and her trading partners

The cross-correlation function between terms of trade and trade balance has been found to resemble a pattern that is labeled the S-curve. This pattern has received weak support in some developed and less developed countries when aggregate trade data are used. Empirical regularities based on aggregate trade data may be biased since aggregation can potentially suppress some of patterns observed in trade at the bilateral levels. We try to overcome this problem by employing bilateral trade data for Japan and find strong support for the S-curve between Japan and many of her trading partners.     

区块链在技术交易领域应用场景探讨

近年来我国逐渐搭建起相对完善的促进科技成果转移转化体系,不断加大科技成果转移转化工作力度。技术交易作为科技成果转化和技术转移工作的最终归属,加强运用新技术提升其质量和水平,对健全我国科技成果转移转化体系建设、促进经济增长具有重要意义。区块链作为颠覆性创新技术,正在催生新一轮的技术变革和产业变革。合理地应用区块链于技术交易领域,有助于促进信息交融、降低交易成本和提升技术交易效率。     

Capital gains tax and individual trading: The case of Japan

Japan implemented a capital gains tax reform and reduced its flat rate in 2003. This study attempts to explain how this has contributed to the recent surge of individual trading, using three different methods of analysis. First, we perform a time-series analysis with the aggregate, market-level data. Second, we use firm-level, by-stock data to conduct a similar time-series analysis, as well as a panel data analysis. Third, we examine the price-change sensitivity of winners’ volume before and after the reform. The results clearly indicate that the tax cut has helped expand individual trading, as the average tax rate negatively correlates significantly with individual trading.     

Aggregate trading behaviour of technical models and the yen/dollar exchange rate 1976–2007

The study analyzes the interaction between the trading behaviour of 1024 moving average and momentum models and the fluctuations of the yen/dollar exchange rate. I show first that these models would have exploited exchange rate trends quite profitably between 1976 and 2007. I then show that the aggregate transactions and positions of technical models exert an excess demand pressure on currency markets since they are mostly on the same side of the market. When technical models produce trading signals almost all of them are either buying or selling, when they maintain open positions they are either long or short. A strong interaction prevails between exchange rate movements and the transactions triggered by technical models. An initial rise of the exchange rate due to news, e.g., is systematically lengthened through a sequence of technical buy signals.     

电子商务对我国中小贸易公司的影响与对策分析

电子商务规模和范围的飞速扩大所带来的巨大利润，正成为传统企业、特别是中小贸易公司追逐的热点，我国中小贸易公司电子商务已进入飞速发展的阶段，但电子商务的整体水平尚处于初级阶段，一定程度上也制约了我国中小贸易公司的发展壮大。因此分析电子商务对中小贸易公司的影响，找出合理的解决对策，对于中小贸易公司的壮大及推广我国电子商务的应用具有积极的促进作用。     

Fractal structures and naive trading systems: Evidence from the spot US dollar/Japanese yen

This study investigates whether daily logarithmic returns on the spot US dollar/Japanese yen (USD/Yen) for the period 3 March 1987 to 8 September 1993 displayed an underlying fractal structure. The analysis employed a rescaled range (R/S) technique, and revealed USD/Yen persistence which favoured continued depreciation of the USD. The results suggest the presence of time or memory effects in the currency. These effects were arbitrageable by speculators who by holding long Yen positions were able to earn positive returns.     

地区主义与东盟的制度变迁相关性分析

地区主义的发展推动着东盟自身的制度构建，东盟制度变迁的动力来源于地区经济合作和内部政治、经济整合的压力。东盟扩大、经济一体化、冲突的管理与解决、地区架构之形成，都反映了地区主义与制度变迁的深刻相关性。这种相关性必将影响到亚太地区的整合与国际关系。     

Short-run and long-run effects of exchange rate change on trade balance: Evidence from China and its trading partners

As one of largest exporting countries in the world, China has experienced a large amount of trade surpluses for the past decade. However, a growing criticism has been focused on the manipulation of Chinese Yuan (RMB) exchange rate by the Chinese government. While China implemented the exchange rate reform policy in July 2005, the question, whether its currency is undervalued remains as a debatable issue. Different from previous studies by focusing on individual trading partners, this paper tests the short-run J-Curve hypothesis and long-run trade balance effect of real exchange rate between China and its eighteen major trading partners using a panel dataset over the 2005–2009 period. We adopt the methodologies of panel cointegration test, fully modified OLS for heterogeneous cointegrated panel (panel FMOLS) and panel error correction model (panel ECM) to investigate the above examination. Our empirical results lend support to the inverted J-curve hypothesis between China and its trading partners. However, we find that a real appreciation of RMB has a decreasing long-run effect on China's trade balance in only three of the eighteen trading partners, while it has an increasing long-run effect in five of the eighteen trading partners. These mixed findings, therefore, lead to the empirical evidence that the real appreciation of RMB has no overall long-run impact on China's trade balance.     

东盟与东亚经济合作

20世纪90年代以来，东亚出现新地区主义发展趋势，其基本思想是在加强南北合作的基础上，在本地区建立一个开放的、多层次、有大国参与的多边自由贸易区，同时加强双边合作。在此背景下，东盟不断调整其区域经济一体化战略，重视开放的、发展的地区主义，并在推动东亚区域合作进程中发挥了重要作用。     

The impact of natural disaster risk on the return of agricultural futures

This paper constructs a natural disaster risk index based on natural disaster keywords from news media that can reflect weather, crop diseases, epidemics, and other threats to agricultural prices in China. We then examine the response of agricultural futures returns to the change in natural disaster risk. We find that natural disaster risk has a significant positive impact on soybean, wheat, corn, and sugar futures returns during normal and bullish market conditions. We further investigate the moderating effect of policy intervention and show that the marginal effect of natural disaster risk on soybean futures returns (but not other agricultural futures) is influenced by policy intervention. These results indicate that the adjustment of natural disaster risk assessment will benefit portfolio management.     

两种外贸驱动模式比较：宁波与深圳

改革开放以来,我国出现了两种比较典型的贸易模式,即“内源式”驱动模式和“外源式”驱动模式。选择具有“内源式”驱动特征的宁波与具有“外源式”驱动特征的深圳,分别就驱动模式形成的背景、开拓国际市场的方式、进出口商品结构、贸易地理结构和现阶段两种发展模式的问题等多方面进行比较研究,分析两种模式的利弊,探究其发展规律。     

中、美世界自然遗产旅游资源管理的差异及其启示

有效管理是当前我国世界自然遗产资源管理所面临的最为重要的问题之一。美国是世界自然遗产资源管理最为成功的国家。本文动态地比较分析了中、美世界自然遗产资源管理演进的历史过程,揭示了中、美两国在世界自然遗产资源管理体制与管理方式存在的差异,并在此基础上,总结了美国在世界自然遗产资源管理留给我们的诸多有益启示,旨在提高我国在世界自然遗产资源管理水平,促进中国的世界自然遗产资源可持续发展。     

美国对外贸易政策的转变与区域经济一体化新浪潮的兴起

美国作为全球唯一超级大国,其对外贸易政策对国际贸易的发展和贸易格局的调整起着举足轻重的作用。上世纪90年代美国政府改变对外政策倾向,为追求结构性权力而支持区域经济一体化的发展,这直接引致了与大国相关的区域贸易安排数量的增加,并通过多米诺骨牌效应间接加强了区域经济一体化的深化,使得区域经济一体化新浪潮方兴未艾。     

碳交易市场发展及其制度体系的构建

碳交易是以碳定价为基础、旨在减少碳排放的市场激励机制。《京都议定书》签署后,碳交易市场制度体系的构建成为发达国家实现碳减排的重要措施。十多年来,国际上以《京都议定书》为基础的全球碳交易市场、以欧盟EU ETS为代表的国家级碳交易市场以及中国碳交易试点城市等区域减排交易市场的发展,为我国碳交易市场制度体系的构建提供了大量可借鉴的经验。我国碳交易市场制度体系的建构,从各地区的试点,到全国碳交易市场的建构,已经历整整十年,在碳减排和区域环境目标的实现方面发挥了显著作用。在未来碳交易市场发展和制度体系建设中,应重点规避碳交易市场制度体系中配额超发分配的风险,加速完善碳排放权交易相关立法,发展多层次碳交易市场,不断创新碳金融工具。     

车八岭国家级自然保护区生态旅游形象设计与塑造

自然保护区开展生态旅游的成功,不仅有赖于资源的适度开发、产品的合理配置以及强有力的营销手段,还必须辅以成功的形象策划。根据车八岭自然保护区的生态旅游发展现状和资源特色,从理念形象、视觉形象、听觉形象、行为识别、形象传递等方面就车八岭生态旅游形象设计与塑造方面进行探讨。     

Preferential Trade Agreements and the Margins of Imports

This paper considers the importance of Preferential Trade Agreements (PTAs) in enhancing trade for a large sample of countries within the period 1962?C2000. The paper builds upon the existing literature by examining whether any significant effects of PTAs occur through a change in the variety of imports (i.e. the extensive margin) or through a change in the volume of existing products (the intensive margin). Our results indicate that imports respond positively to the formation of a PTA between countries, and that much of this increase in imports occurs along the extensive margin.     

供应链合作潜力评价中的知识应用

供应链选择是合作关系建立的基础,一定程度上决定了供应链合作的成败和效率,科学的供应链合作伙伴选择方法有利于企业准确锁定合适的合作对象。文章将案例推理技术应用于供应链合作伙伴的选择过程中,提出了基于案例推理的供应链合作伙伴的应用框架和选择模式,并就供应链合作伙伴案例知识表示、案例检索、案例修正等关键技术进行了系统研究,重点是融合传统算法和模糊集计算方法提高检索的适应性和准确性。