经济政策不确定性会影响股票流动性吗？——基于中国上市公司的经验证据

以2007-2017年中国A股上市公司为研究对象,考察经济政策不确定性对股票流动性的影响。实证结果表明,经济政策不确定性的提高会导致股票流动性下降,分析师跟踪会对经济政策不确定性和股票流动性产生影响,能有效抑制经济政策不确定性所带来的股票流动性的下降。进一步研究发现,相较于机构投资者持股比例高的企业,机构投资者持股比例低的企业分析师跟踪对经济政策不确定性与股票流动性的正向调节作用更显著。研究一方面丰富了经济政策不确定性和股票流动性的研究文献;另一方面为如何提高股票流动性也提供了一定的理论依据和经验证据。     

谈基金投资者教育

目前我国基金投资者数量快速增加,但由于缺乏必要的投资知识和正确的投资理念,不理性和不经济的投资现象比较突出,给投资者带来许多损失,且危及到基金业的健康发展。因此,建立健全基金投资者教育体系,提高投资者素质,就成为业界普遍关心的问题。本文致力于从基金投资者群体特点对国内基金的盲目投资现象进行分析,并为完善基金投资者教育的主要内容和健全多层次基金投资者教育体系提供了切实可行的对策建议。     

East-West Joint Ventures in the Soviet Union:

Last two decades of the East European experience prove the enclave model of East-West joint ventures not viable. The promising integrative model presupposes much better structural conditions in the economy. Until at least 1995, structural determinants of the Soviet-based joint ventures will largely reduce them to enclaves; therefore the joint venture expansion in the USSR will be constrained.     

机构投资者实地调研与投资-股价敏感性——基于管理层学习效应视角

文章利用2013-2018年深圳证券交易所上市公司的数据,实证检验了机构投资者实地调研对投资-股价敏感性的影响。研究发现,机构投资者实地调研提高了公司投资-股价敏感性,在股价信息含量越高时,机构投资者实地调研对公司投资-股价敏感性的影响越显著,表明投资者实地调研通过信息反馈效应中的\"挤入渠道\"增强了管理层向市场的学习行为,机构投资者实地调研对投资-股价敏感性的影响在管理层持股的上市公司中更为显著。研究结果表明,机构投资者实地调研可以帮助上市公司管理层获取更多决策有用信息,提升资源配置效率,对于完善机构投资者调研制度、提升我国资本市场信息效率具有一定的实践价值。     

经济政策不确定性、金融稳定与波动的动态关联——基于中国2007—2019年数据的分析

基于宏观经济演化视角,本文构建经济政策不确定性、金融稳定与波动的分析框架,运用TVP-SV-VAR模型解析相互之间的联动效应及非对称性。结果表明:在2012年之前,经济政策不确定性在中期和长期内会加剧经济波动,金融稳定的变化也助推了经济波动;2012年之后,经济政策不确定性在短期和中期内加剧了经济波动,且金融稳定和经济波动呈现交互影响的联动特征;在2015年之前,经济政策不确定性加剧或趋缓态势在短期内降低了金融稳定性;在2015年之后,经济政策不确定性加剧在中期和长期内降低了金融稳定性,而经济政策不确定性趋缓的态势有利于维护金融稳定。金融稳定性的降低在短期和中期内会加剧经济波动,金融稳定性增强在短期和中期内有助于平抑经济波动。     

我国财政支农效益评析及政策优化

农业是一个特殊的产业,在投入大量财政支农资金的同时,要认真分析支农资金效益不高的原因,优化财政支农政策,使有限的支农资金产生实效,让农民真正得到实惠,为农村早日实现小康服务。     

Dealing With Uncertainties When Governing CSR Policies

As corporate social responsibility involves a voluntary business endeavour to address social and environmental issues beyond legal compliance, governments cannot fall back on hierarchical command-and-control policies to support it. As such, it is complementary with the increasing popularity of public policies known as New Governance policies, where the government is engaged in a horizontal inter-organizational network of societal actors and where public policy is both formed and executed by the interacting and voluntary efforts from a multitude of stakeholders. However, such policies are known to generate substantive uncertainty about the content of CSR and its related issues, strategic uncertainty regarding the behavior of the actors involved and institutional uncertainty related to the interaction process involved in the institutional change. We explore New Governance policy instruments to address these uncertainties in the context CSR and discuss the experiences with these methods in the European Union. Jan Lepoutre is a Ph.D. candidate in Applied Economics at Ghent University, Belgium. In his dissertation, he focuses on the competences associated with small business social responsibility and networks as governmental means to build competences among small businesses. Nikolay A. Dentchev is an independent research fellow at Ghent University, Belgium, and a project coordinator at the corporate venturing department of Fortis Group (Fortis Venturing). He holds a Ph.D. in business economics from Ghent University. His current research is related to entrepreneurship, instrumental stakeholder theory, and management challenges of corporate social responsibility. Aimé Heene is a professor at the Faculty of Economics and Business Administration at Ghent University, Belgium. He teaches strategic management for private and public organizations and currently focuses his research on (competencebased) management in public and social profit organizations.     

控制权、现金流权与公司业绩——来自中国民营上市公司的经验研究

本文选取了2004年底在深市和沪市上市交易的238家民营公司作为样本,通过层层追溯控制链辨认了我国民营上市公司的最终控制股东,考察了最终控制股东拥有的控制权与现金流权及其偏离的程度,并进行了实证分析。结果发现在我国民营上市公司中,最终控制股东控制权的集中程度较高,并且其现金流权与控制权存在着偏离。最终控制股东的现金流权与公司业绩显著正相关,控制权与现金流权的偏离程度与公司业绩显著负相关     

经济政策不确定性对我国股市波动的影响——基于2007-2019年上证指数的实证分析

股票市场的波动受到宏观经济政策的影响.本文研究2007年1月—2019年10月的月度数据,其结论如下:(1)主效应的经济政策不确定性越高,我国股市波动率越低;(2)在惯性因素上我国股市波动率会显著受到滞后波动率的影响;(3)在结构性断点上我国股市波动率在2008年金融危机和2010年融资融券交易处存在结构性断点;(4)...     

政府导向型创业投资基金绩效评价研究

国务院办公厅《关于创业投资引导基金规范设立与运作的指导意见》,规范了引导基金的运作。区别于商业创业投资基金绩效评价,本文提出了基于引导基金政策效应的绩效评价价值取向,建立了以引导基金政策效应为核心的政府导向型创业投资基金绩效评价指标体系,为引导基金绩效评价开拓了一个崭新的视角;通过对引导基金绩效评价的理论分析,奠定了政府导向型创业投资基金绩效评价的理论基础。     

Advertising and Children

Abstract

This article reviews the debate regarding the issue of growing obesity in society in terms of issues and possible policy options. The issue is most focused on children though having obvious ramifications for adults in many economies around the world. Policy solutions such as advertising bans or taxes that have been proposed in several countries seem to be based on insufficient evidence—i.e., there is no empirical evidence to substantiate the claimed causal effect between marketing communication practices directed at children and nutrition. These solutions, if enacted in policy, could be both inequitable and ineffective. While the study is couched and framed from a New Zealand context, nonetheless it serves to illuminate issues and policies of wider relevance.     

全球经济政策不确定性的演变趋势：基于EMD-ARIMA模型的预测分析

作为经济政策变动的风向标,全球经济政策不确定性（Global Economic Policy Uncertainty,GEPU）指数的动态走势对于经济政策的制定和调整具有重要的参考价值。然而GEPU指数动态路径的影响因素复杂多变,其数据生成过程难以在一个时间序列模型中得到准确的体现。基于“先分解后集成”的建模思路,首先采用经验模态分解（Empirical mode decomposition,EMD）方法将全球经济政策不确定性指数分解为若干相互独立、频率不同的可读信号,其次运用非平稳时间序列ARIMA模型对可读信号分别进行建模预测,最后集成各类可读信号的预测结果。在此基础上,进一步应用VAR模型考察了全球贸易、新冠疫情等因素对GEPU指数的动态影响。研究发现：(1)通过对训练组和测试组数据的预测值与真实值的对比,发现EMD-ARIMA模型对训练组和测试组数据的拟合精度均优于ARIMA模型;(2)与ARIMA模型相比,EMD-ARIMA 模型能够解决由原始数据不确定性、非线性以及不稳定性所导致预测偏差问题,得到精度较高的预测结果;(3)全球贸易、新冠肺炎疫情等因素对全球经济政策不确定性均产生了显著的影响,EMD-ARIMA模型的样本外预测结果显示,GEPU指数在2021年7月之前呈增加趋势,2021年7月至12月逐渐趋于稳定。     

Determination of Export Channel Strategies–The Experience of New Zealand Firms

ABSTRACT

There are many issues which need to be considered when businesses decide to internationalise their operations. One of the issues is the choice of export channels. The choice of export channels has a decisive impact on a firm's international marketing program. Export channel decisions are well researched in many countries However little attention has been made to investigate the choice of export channels by New Zealand international marketers This study examines the factors influencing the choice of export channels of 115 New Zealand firms conducting business with Taiwan. The results suggest that marketer's choice of export channels is influenced by the host market's business system, market size of the industry in the host market, and the degree of produce differentiation. The host market's business system is revealed for the first time to be a factor influencing the choice of export channels.     

Internet Banking–An Empirical Investigation of a Trust and Loyalty Model for New Zealand Banks

ABSTRACT

The development of Internet Banking (I-Banking) requires a new recognition of customers' values for building long-term organization-customer relationships in the E-era. A Structural Equation Model was developed and tested in this paper to identify the determinants that influence customers' trust in, and loyalty to, I-Banking in New Zealand. The results indicated that shared value was the most critical factor impacting customers' trust in I-Banking, compared with two other important factors: communication and opportunistic behaviour control. With regards to improving loyalty among I-Bank customers, findings suggest that I-Banking needs to take satisfaction, trust, brand reputation and switching cost seriously. In particular, satisfaction needs to be regarded seriously, as it is the most important factor influencing customers' loyalty. Based on these findings, the paper culminates in recommendations to improve I-Banking services for customers.     

中国和新西兰货物贸易:动态和展望

2008年4月7日《中华人民共和国政府和新西兰政府自由贸易协定》正式签订。本文在概述中新两国贸易规模和产品结构的基础上,对双边的市场紧密程度和贸易互补性进行研究。结果表明:中新互为重要的贸易伙伴,新西兰是中国农产品重要的进口来源地,中国是新西兰工业品进口的重要市场,但双边紧密程度有所弱化。中国与新西兰之间存在持久的产业间贸易互补性,这种互补性在不同行业和国别上存在差异。     

Relationship Marketing and its Synergy with Web-based Technologies

This paper examines the distinctives of relationship marketing, provides a simple taxonomy of the world wide web, and proposes that there is a high level of synergy between the inherent functionality and interactivity provided by the world wide web and the implementation of a relationship marketing perspective. This proposition is tested using data from a national survey of New Zealand organizations known to maintain and operate a web site, and the relationship is found to be significant. It is concluded that the inherent nature of emerging Internet technologies is supportive of the higher levels of customer interaction implicit in relationship marketing.