Management structure and the performance of funds of mutual funds

A rapidly growing mutual fund category is funds of funds (FOFs) which invest in other mutual funds instead of individual securities. This study reports on FOFs' characteristics and performance relative to traditional equity mutual funds and finds that FOFs compare favorably. FOFs with identified managers outperform their unidentified counterparts, and FOFs that invest in-family outperform both traditional equity funds and those FOFs investing out-of-family. Finally, replicating FOFs' holdings can be prohibitively expensive since they commonly hold funds with high minimum initial investments, closed funds and/or funds that are restricted to a particular investor type.     

地区腐败与企业融资成本——基于股权融资与负债融资的实证分析

本文基于企业外部环境的视角探究地方官员腐败对企业融资成本的影响,通过搜集2003~2013我国各省市腐败案件立案数据进行检验后发现:地区腐败程度越高,所在地区的企业负债融资成本越高,意味着我国地方官员腐败提升了企业的负债融资负担;相较于国有企业,地区腐败对民营企业负债融资成本的影响作用更显著,意味着民营企业融资受地方官员腐败的制约更大;地区腐败与股权融资成本不相关,说明我国地方官员腐败对企业股权融资成本的影响不明显。本文的研究拓展了地区腐败对企业微观层面的影响证据,同时也为企业权衡地区环境与融资决策提供有意义的参考。     

需求回应与地方政府性债务约束机制:经验启示与分析

文章在总结美国市政债券管理经验的基础上,研究并分析了分权、分税制框架下地方政府性债务约束治理机制.从代际成本分摊上看,地方政府性债务资金偿还来源于未来增加的居民税收负担,在公共项目融资过程中建立需求导向的约束机制是必要的.经验分析进一步表明,在中国债务投资的公共项目中,垄断性公共项目需求匹配程度低,福利性公共项目需求匹配程度较高,基本性公共项目投融资决策缺乏对需求因素的考虑.对于垄断性公共项目和基本性公共项目而言,要尤其重视控制债务资金偿还风险.研究认为,建立公共项目融资的需求约束机制,并由此保持公共项目投资成本和税收负担之间的平衡,是防止地方政府性债务无序扩张的关键.     

Classroom Response Systems and Student Performance Improvement: Local Versus International Students

The clicker is one of the most popular mobile classroom response systems. A number of studies reported that clickers could effectively encourage students to participate in class. However, most of them are not talking about Chinese students and their finding seldom reported the difference in perception between Chinese and international students on using the mobile classroom response system in learning. They seldom examine the issue of cultural differences on the application of these learning management systems. The study can fill in the gap to collect their perception on using clickers in Hong Kong. The result shows that both Chinese and international students are keen on using clickers in class. The clicker is found to be able to advance learning efficacy and raise student participation in class.     

地方政府债务融资的风险控制——基于土地财政视角的分析

地方政府的债务融资对发展中国家的城市化进程具有非常重大的意义,但是在债务融资的过程中必须控制地方政府的债务风险。我国地方政府高度依赖土地出让收入偿债使得土地财政的风险与地方债务的风险交织在一起,增加了地方政府债务风险控制的难度。本文对地方政府债务融资的运行情况和地方政府依靠土地经营城市的发展模式进行了分析,发现以土地为杠杆借债融资的模式可能由于国内外经济形势的变化暴露出显性风险,而在完善地方政府债务融资的法律和监管机制的同时需要启动相应的财政和税收体制改革,使地方政府的融资行为走上更加理性和规范的道路。     

转型期地方政府投融资平台债务风险分析与评价

虽然地方政府投融资平台已剥离了政府融资功能,但已有的债务风险仍不能忽视.基于地方政府投融资平台市场化转型过程中,债务风险“双羊群”“特斯拉”及“顺周期”效应的揭示,阐释投融资平台债务风险集聚、传导与共振特性,进而从债务规模、经营管理和债务结构三个维度构建其风险评价指标体系.实证分析部分,综合运用CRITIC、灰色关联和TOPSIS分析法,首先,基于时间维度对江苏省3个代表性投融资平台近5年的债务风险进行纵向测算.其次,结合对我国东、中、西及东北地区12个投融资平台的实际调研数据,从区域层面对其债务风险的整体情况进行横向比较研究.最后,从防范风险集聚、规避风险传导和抵御风险共振三个层面,总结我国地方政府投融资平台市场化转型发展的政策组合,并归纳通过发行市政债缓解地方政府债务压力的对策思路.     

BOT在香港隧道项目中的应用:经验与教训

BOT(即建造-营运-移交)在香港公共服务领域的应用有悠久的历史.文章对BOT在香港隧道项目的具体应用进行分析,指出这些项目存在的问题,以期对内地交通运输事业的发展提供经验借鉴.     

科技型企业负债融资实证研究

科技型企业早已成为我国经济发展中的主要增长点.与一般企业相比,科技型企业由于其自身的高成长性,高风险性,高收益等独特的特征,使其在进行融资时更偏好股权融资,没有有效利用负债融资,发挥负债的治理作用;而有些企业由于负债过多,导致最终破产.因此,调整好负债融资使其有利于科技型企业的发展,已经成为各方关注的问题.通过对我国249家上市科技型企业的资产负债率,长期负债率和流动负债率与公司业绩之间的关系进行研究,得出三个负债率的最优区间,为我国科技型上市公司调整负债融资提供一个依据,进一步促进科技型企业的发展.     

中国内地和中国香港的贸易自由化效应研究——基于全球贸易分析模型GTAP的分析

基于全球贸易分析模型GTAP模型和CEPA免税清单"原产地"标准,分析了中国内地和中国香港实施"港产品零关税"和"全面贸易自由化"产生的经济、贸易和产业效应,以及海峡两岸ECFA早期收获和全面实施的影响。研究发现:由于中国内地关税大幅度减免,"港产品零关税"使中国香港进出口增加幅度大于中国内地,中国内地服务业和符合原产地标准的中国香港制造业生产出口增加。如果两地进一步实现"全面贸易自由化",则进出口值、经济增长和福利水平将大幅度提高,并促进两地产业结构调整和升级,但中国内地进口增加幅度大于出口导致贸易余额减少。此外,ECFA早期收获使中国台湾贸易余额增加,而ECFA全面实施将使中国香港作为海峡两岸经贸中转港的地位受到影响。     

我国地方政府债务的扩张机制研究——基于委托代理理论框架下的分析

我国地方政府债务扩张,一方面是由于上下级政府财权与事权划分不利于下级地方政府;另一方面是由于各级地方政府本身有扩张财政支出的冲动。但是背后的关键原因在于:在地方政府与上级政府及本地公众的双重委托代理关系中,作为最终委托人的地方公众没有得到选择代理人和代理合约的权利,正是这种对标准委托代理关系的偏离导致了作为代理人的地方政府按其自身利益最大化行事的条件下不能实现公众利益最大化,进而导致地方债务的扩张。     

企业生命周期、债务融资与企业绩效——来自我国制造业上市公司的经验证据

基于企业生命周期视角,利用我国制造业上市公司2007年至2012年的数据,分别研究债务总体水平、债务期限结构和债务来源结构在企业生命周期的不同阶段对企业绩效的影响。研究结果表明:债务总体水平、短期借款与长期负债对企业绩效的影响在整个生命周期都呈现负相关关系,但影响程度在不同的阶段存在差异。在企业整个生命周期内,短期借款对企业绩效的负效应都强于长期负债。另外在企业生命周期的各个阶段,银行借款均对企业绩效产生负效应,商业信用仅在衰退期对企业绩效产生了正效应,在其他两个阶段均为负效应。     

我国开放式基金投资者流动性交易行为与基金业绩关系的实证研究

本文考察开放式基金由于投资者的申购和赎回而产生的流动性交易行为及其与基金业绩的关系,得出如下结论:(1)我国开放式基金投资者对单个基金认同程度很不一致,导致了对不同基金的申购和赎回差异悬殊;(2)投资者热衷于炒作小盘基金,使得其流动性交易远比大盘基金活跃,小盘基金更容易被少数大额持有人操纵而从中牟利;(3)我国开放式基金的业绩与其申购率成正向关系,但与赎回率没有明显的负向关系;(4)国外学者的早期研究发现,投资者倾向于购买业绩好的基金,但却不一定赎回业绩差的基金,这种业绩—流量的不对称性现象在我国基金市场同样存在。     

企业债务融资的治理效应研究综述

对国内外关于债务融资治理效应问题的理论和经验研究债务融资的治理机制;债务融资治理效应的经验;中国上市公司债务融资实现治理效应的约束条件进行综述,并对现有文献存在的问题和不足之处进行简评,以此为研究债务融资对公司治理的效应提供思路。     

A Cross-Cultural Comparison of Corporate Social Responsibility Orientation: Hong Kong vs. United States Students

This study examined the orientation toward corporate social responsibility (CSR) of 165 U.S. and 157 HongKong business students. Although respondents from both countries viewed CSR as a construct in much the same way, many differences were found in the types of responsibilities considered most important. Specifically, Hong Kong students gave economic responsibilities more weight and non economic responsibilities less weight than did U.S. students.     

The Influence of Store Image on Store Loyalty in Hong Kong's Quick Service Restaurant Industry

ABSTRACT

Studies considering links between store image and store loyalty, especially in an Asian context, are sparse. This article explores the relationship between store image and store loyalty in the Hong Kong fast-food industry. A survey of 200 users of fast-food restaurants revealed that functional attributes of store image are more accurate than psychological attributes when predicting the degree of store loyalty. Functional attributes of particular importance are waiting time for a seat, store environment and store location. However, some psychological attributes have an influence on store loyalty. Furthermore, the findings show that the more favorable the store image, the more likely consumers are to consume in a particular restaurant.     

上海、香港、新加坡吸引跨国公司地区总部的综合环境比较——兼论上海营造总部经济环境的对策

跨国公司地区总部对东道国城市综合环境的一般需求因素包括:市场因素、人力资本因素、金融税务因素、基础设施因素和政策因素等。上海吸引跨国公司地区总部最大的环境优势在于贴近市场;而香港和新加坡最大的环境优势在于低税率的简单税制和高度的贸易便利化。因此,上海营造总部经济环境的策略是:扬长避短,进一步强化市场优势,与香港、新加坡形成差异化竞争。     

企业资本结构和供应商融资:基于违约风险的考察

以2003—2009年间的1757个公司年度为样本,考察企业资本结构对供应商融资(应付账款和预付账款)的影响。研究发现:企业的资本结构(财务杠杆)对应付账款比例具有显著的负向效应;企业的资本结构(财务杠杆)对预付账款比例具有显著的正向效应;投资者保护程度较强的企业(国有控股企业和大规模企业)能够获得更多的供应商融资。     

Cultural identities of Chinese business: networks of the shark-fin business in Hong Kong

From a global standard, shark-fin consumption certainly violates international norms on bio-diversity and endangers the existence of the shark species. Furthermore, the commercial shark-fin industry generates additional adverse environmental impacts. Nevertheless, shark-fin consumption has served an important role in the cultural aspect of Chinese ‘foodway’. More importantly, the business relations and networks behind this industry have never been comprehensively studied. In so doing, this paper employs first hand interviews with the traders and processors, as well as official statistics from the government of Hong Kong, to come up with one of the most comprehensive and in-depth pieces of research on the business relations and the cultural aspects of shark-fin business in Hong Kong. In addition, we will explore the theoretical as well as the cultural dimensions of shark-fin business in trying to question the meaning of Chinese business networks. One of the key findings of this piece of research is that the collective activities of shark-fin consumption, business relations and networks are embedded along the historically, socially and culturally constructed Chinese identity. The implication is that such orchestration between culture and business can have far-reaching consequences to other Chinese businesses.     

Airline catering service operation,schedule nervousness and collective efficacy on performance: Hong Kong evidence

Carriers the world over depend on airline catering service providers to manage the catering and logistics of these complex operations. The logistics of onboard catering service material between suppliers, warehouses and the caterers differ significantly from the classical material flow in other industries between the suppliers, manufacturers and customers. The airline catering business can tolerate minimal flexibility relating to scheduling issues. Continuous changes in the schedule can undermine the confidence in the system and result in disruptions in the production or delivery systems. This study aims to study how the various determinants are correlated with schedule instability of the airline catering operations. The findings show the significant correlation between internal operation and relationship with customer, which affect the work efficacy at the collective level.