最低收购价政策改革背景下小麦期货市场价格发现功能再检验

通过构建最低收购价政策影响下小麦期现货市场的价格传导机制的理论框架,并选取2015年我国小麦最低收购价政策改革前后两个时期各4年的周度数据,使用ADF单位根检验、Johansen协整检验、Granger因果关系检验和方差分解对最低收购价政策改革背景下小麦期货市场的价格发现功能进行实证研究。研究结果表明:无论是强麦还是普麦,最低收购价政策改革对于小麦期货价格与现货价格均衡关系的形成均具有促进作用;在最低收购价政策改革之前,强麦期货市场不具有价格发现功能,之后这种功能才得以形成,同时普麦期货市场的价格发现功能变得更为显著;小麦期货市场的影响力强于现货市场,在价格发现功能中占据主导作用。     

股指期货对股票市场的影响分析

中国股票市场发展至今已有近18年的历史,多年来,由于缺乏有效的风险对冲工具,市场一直处于一条腿走路的尴尬局面.而股指期货的推出必将对股票市场产生重大影响,本文将就此做简要的分析.     

The relationship between arbitrage in futures and spot markets and Bitcoin price movements: Evidence from the Bitcoin markets

We examine how investors arbitrage the Bitcoin spot and futures markets. Using intraday data of the Chicago Board Options Exchange, we reconstruct the actual arbitrage condition that investors confront. We find that there are few arbitrage profit opportunities in “normal” markets, but large arbitrage profit opportunities arise during Bitcoin market “crashes.”     

Evaluating the optimal occupancy rate,operational efficiency,and profitability efficiency of Taiwan's international tourist hotels

This study uses the data envelopment analysis model to measure the optimal occupancy rate, operational, and profitability efficiency of Taiwan's international tourist hotels in a single implementation. The efficiencies calculated show that a high performance in operational efficiency does not necessarily ensure high profitability. Through optimal occupancy rate analysis, this study shows that increasing sales is not the best way to improve performance. For some hotels, it is actually better to decrease the occupancy rate in order to improve operational and profitability efficiencies. Additionally, evidence is presented that shows that inconsistent occupancy rate targets can be remedied through an empirical model.     

The effect of futures trading on the distribution of spot index returns: Implications for CVaR in the Spanish market

There is extensive empirical research on the potential destabilizing effects of futures trading activity on spot market volatility. Rather than just focusing on spot volatility, the authors deal with the contemporaneous relationship between futures trading volume and the overall probability distribution of spot market returns. Empirical evidence using intraday data from the Spanish stock index futures market over the period 2000–2002 is provided. Their findings reveal that the density function of spot return conditional to spot volume depends on unexpected futures trading volume.     

Growth and evolution of technical efficiency among entrant versus incumbent firms: the Spanish retail sector

This study investigates two objectives using a cohort approach: first, the firms' growth and, second, the technical efficiency of entrant and incumbent firms with a non-parametric approach, keeping in mind changes in the Spanish retail environment. The results obtained suggest, on the one hand, that evidence suggested by Gibrat's Law has not been fully proven. In this sense, smaller firms within their cohort membership grow faster than larger ones. On the other hand, our results indicate significant differences in the efficiency by sector. In this sense, entrant and incumbent firms shift the frontier in non-specialized and specialized sectors, respectively.     

我国钢材期货对现货价格波动的影响

我国钢材期货和现货价格波动存在正相关性,即使价格短期出现分歧,但从长期来看也会趋向于一致;钢材期货表现出了一定的价格发现功能;上一期现货价格的波动会引起当期期货价格和现货价格的同方向变动,且影响远大于同期期货价格波动和前一期期货价格和现货价格波动的影响;钢材期货的上市不仅不是钢材现货市场价格大幅波动的原因,而且在一定程度上对现货价格的大幅波动起到了抑制作用.钢材期货的推出,无论是对涉钢企业规避价格风险,还是对钢材市场平稳发展及稳定钢材价格,都具有一定的积极意义.     

Evidence on the dynamic relationship between international trade and the stock market

This study uses vector autoregressive analysis to examine the dynamic interactions of monthly real stock returns, return volatility, exchange rates, export growth and import growth for Hong Kong, Korea, Singapore, and Taiwan for the period 1975–91. We find that exports and imports have significant interactions. The results also indicate that stock returns in Hong Kong and Singapore Granger-cause trade flows. Return volatility is found to react strongly to trade news in all four countries, a result supporting the efficient-market hypothesis.     

基于DEA模型的家电产业上市公司经营绩效评价

采用建立评价家电产业19家上市公司企业经营效率的数据包络DEA模型,来测算出各公司的总体效率、技术效率、规模效率及规模效益状况,从而对非DEA有效的公司提出使其达到有效的可行措施,还要分析经营效率与资源配置效率之间的关系,从中得出若干家电产业发展的建议,供决策部门参考。     

Technical Efficiency of the Ghanaian Banking Industry and the Effects of the Entry of Foreign Banks

The effects of the entry of foreign banks and changes in bank concentration on the technical efficiency of domestic banks in Ghana over the period 2000–2008 is analyzed. Technical efficiency scores were obtained by the Data Envelopment Analysis. Then, the Tobit regression was used to analyze the impact of hypothesized explanatory variables on bank efficiency. Foreign bank share of total industry assets was used to proxy the impact of foreign banks. The findings suggest that efficiency of domestic banks has been positively affected by the entry of foreign banks and reduction in concentration. Thus, the central bank's policy of liberalizing the banking sector appears to be well placed.     

External shocks and efficiency changes in the US airline industry

The US airline industry has experienced severe turbulence during the recent decade. The September 11 terrorist attack (9/11) was the greatest shock at the beginning of the 2000s. Recently, the dramatic increase in fuel costs emerged as another shock to the industry. To understand the effects of these two major events, this study investigated the cross-sectional efficiency of the US airline industry and its changes using the data envelopment analysis technique. The primary findings suggest that 9/11 affected the network carriers (NCs) more severely than the low-cost carriers (LCCs), while fuel costs more seriously influenced the LCCs than the NCs.     

我国商业银行效率研究述评

作为金融中介机构的商业银行在经济运行中占有独特的地位,商业银行效率的研究不仅影响银行自身的盈利能力,对于金融体系的功能发挥也具有重要意义。本文以商业银行效率的结构基础、测度方法、实证检验、影响因素,以及外资银行进入对我国商业银行效率的影响为线索,总结评析国内外学者对我国商业银行效率的已有研究成果,并提出我国商业银行效率研究中存在的不足和未来有待于深入研究的问题。     

过度教育的收入效应实证研究

本文采用城调队数据估算过度教育的收入效应。研究结果显示,相同学历的群体,处于过度教育的个体要比适度教育者的收入低4.8%,表明过度教育将会导致个人收入受到损失。我国过度教育现象的出现并非因为教育投资过剩,而是教育投资结构不合理所致。同时认为调整教育支出结构、大力推进产业结构升级增加对高学历人才的吸纳等是缓解过度教育的有效措施。     

A data envelopment analysis on assessing the competitiveness of Korean hotels

With the ever-rising cost of doing business and increased competition, many hotels have experienced financial difficulties resultant from a gradual decline in profit and market share. Since the financial health of the hotel affects its investment capability in constantly improving customer services, the service performance and the subsequent competitiveness of the hotel often reflect its financial efficiency. As such, there is a growing need to assess the financial efficiency of the hotel in comparison with its competitors. To meet such a need, this paper proposes a data envelopment analysis (DEA) that develops a meaningful set of benchmarks that will dictate best practices and form a successful hotel business model. Using the examples of 31 luxury and budget hotels in Korea, this paper illustrates the usefulness of DEA for the continuous improvement of hotel business practices.     

环境经济政策对贸易影响的理论分析

环境经济政策之所以会对贸易产生影响,其直接原因是环境经济政策的实施使企业为了保护环境而增加了成本,而这些环境保护成本会全部或部分地进入产品的最终定价中.价格的升高,使产品的国际竞争力出现了一定程度上的降低,从而影响到产品的贸易量.从更深层次来分析,环境经济政策之所以会对贸易产生影响,是因为一国环境经济政策的实施会影响到一国的比较优势及专业化生产,进而影响到与贸易有关的贸易模式、贸易条件等领域,最终这种影响会反映在贸易量的变化上.     

Impact of stitch density on seam strength,seam elongation,and seam efficiency

The study investigated seam efficiency, seam strength and seam elongation of three stitch densities for a premium muslin. The tensile and seam strength were tested on INSTRON. Seam efficiency was calculated in percentages and t‐test and Analysis of Variance (anova ) were used to test the hypotheses. Findings provided scientific basis for conventional practices in the field. Possibilities for future extension of the work are discussed.     

Reliability evaluation of healthcare services by assessing the technical efficiency

Classical reliability analysis techniques of manufacturing and defence industries are not a perfect fit for the assessment of the reliability of services. This is partly due to the lack of proper and valid reliability testing procedures in service systems and complications faced in identifying critical service parameters. Since most prominent performance indicators of a system can be associated with the maximum overall reliability it achieves, then factors that degrade the reliability can be identified with respect to its superior peers. This study utilizes the data envelopment analysis for the evaluation of reliability in service systems with a focus on healthcare. This approach comparably evaluates the performance of a service provider over a period of time by means of failure rates and identifies the factors affecting unreliable time phases. Application of the proposed method is illustrated with a private Turkish hospital along with an example of failure mode and effect analysis for inpatient treatment.     

基于超效率CCR-DEA模型的我国物流上市公司效率评价

超效率CCR-DEA模型解决了传统DEA评价无法对有效率单元(效率值1)再排序的弊端,可以对技术效率达到有效前沿面的物流企业进行进一步评价。运用超效率CCR-DEA模型对我国24家物流上市公司的效率进行评价,研究表明:我国物流上市公司技术效率高的企业约占50%,与港口类物流上市公司相比,运输类物流上市公司的技术效率、纯技术效率、规模效率值更高;对于技术无效的公司,其技术效率低下的主要原因在于纯技术效率的低下;在技术有效的公司中,中海海盛的超效率值在2006年、2007年都居于首位,其余公司两年的超效率排名多呈现一定变化;物流上市公司效率受区域经济因素影响,经济发达地区物流上市公司超效率更高。     

近年煤焦油市场回顾与后市展望

本文通过对近年煤焦油行业现状及近年价格波动情况进行了深层次分析,指出影响煤焦油价格涨跌的几大重要因素,并提出了一些有利于煤焦油产业有序健康发展的可行性建议.     

调控上网电价对稳定市场价格的政策效果实证研究

基于VAR模型和中介效应模型等定量分析手段,研究了我国上网电价波动对市场价格波动的影响效应,探索调控上网电价对稳定市场价格是否具有积极的政策效果。结果表明,上网电价的调整在滞后一期会对CPI和PPI产生负向冲击,从而抑制市场价格上涨,而随着滞后期不断增加,影响作用趋于减弱;同时,在上网电价波动影响市场价格波动的过程中,存在CPI和PPI之间相互中介效应,即存在上网电价→PPI→CPI、上网电价→CPI→PPI的影响途径。总体来看,我国调控上网电价,在一定程度上起到了稳定国内市场价格的积极作用。