The Strategy of foreign-invested manufacturing enterprises in China: Export-orientated and market-orientated FDI revisited

This paper examines export-orientated and market-orientated foreign direct investment (FDI) in China's manufacturing industry. Based on Fung's () survey estimation of China's market-orientated FDI in 1992 and China's Third National Industrial Census in 1995, we quantify the proportion of market-orientated FDI in China 1992–2002. By combining and verifying various data sources, our estimation shows that market-orientated FDI accounts for the majority of China's total inward FDI in manufacturing industry and has grown faster than export-orientated FDI over the period 1992–2002. Our industry level analysis suggests that Overseas Chinese investors are more export-orientated than Western investors. The study suggests that many inward investors follow a dual market strategy. The coexistence of export-orientated and Chinese domestic market-orientated FDI is a reflection of the flexibility of MNEs to adjust and adapt ownership attributes to the local market context. The study offers insights into the evolutionary development path taken by foreign-invested manufacturing enterprises in China.     

Better cross hedges with composite hedging? Hedging equity portfolios using financial and commodity futures

Unless a direct hedge is available, cross hedging must be used. In such circumstances portfolio theory implies that a composite hedge (the use of two or more hedging instruments to hedge a single spot position) will be beneficial. The study and use of composite hedging has been neglected; possibly because it requires the estimation of two or more hedge ratios. This paper demonstrates a statistically significant increase in out-of-sample effectiveness from the composite hedging of the Amex Oil Index using S&P500 and New York Mercantile Exchange crude oil futures. This conclusion is robust to the technique used to estimate the hedge ratios, and to allowance for transactions costs, dividends and the maturity of the futures contracts.     

城市商业银行行业金融开发的案例分析——以石雕石材行业为例

行业金融是商业银行从行业价值链分析入手,针对行业的资金流动特性,从金融产品设计、风险防控及营销策略方面,提出符合客户需求的金融服务商业模式,为行业客户提供专业化的金融服务解决方案。行业金融模式有助于化解中小企业金融服务过程中存在的交易成本高、信息不对称、风险成本高的难题。城商行开展行业金融是可持续的中小企业金融服务模式的有益探索,同时,也是城商行融入区域主流经济、发展配称性竞争优势的重要战略。通过具体案例分析与演绎,文章进一步阐述行业金融模式的实际操作。     

试论公共关系目标——公众合作

一直被多数人视为公共关系目标的塑造组织形象,应当属于公共关系管理的固有手段。形象是一种重要资源,但形象认知所具有的主观性使其不一定能为组织实现利益目标;在现实中,形象的有形性经常被宰割,为形象而形象也容易造成实践上的偏差;此外,塑造形象目标说在国际公共关系学界未得到认同,在国内学界也还存在着异见。公众合作的目标观能把工具理性与价值理性统一起来,赋予公共关系目标定位合理性。厘清塑造组织形象与促成公众合作的手段与目标关系,对明晰公共关系的学科边界和建立公共关系效果评估的客观标准也有重要意义。     

论《机器人技术》公选课教学改革

为了适应现今社会对大学生要求不断变化,大学的培养模式也在不断改变。由单一型人才培养模式转变为复合型人才培养模式,在高等学校开设《机器人技术》公选课是势在必行的。根据理论和实践的教学经验,文章探讨了一种适应于公选课的《机器人技术》教学改革方案,具有一定的指导作用。     

The predictability of aggregate Japanese stock returns: Implications of dividend yield

This paper explores the implications of a dividend yield model for predicting aggregate Japanese stock returns using long time-series data from 1949 to 2009. In addition to one-period return tests, we conduct statistical tests based on dividend growth forecasts and long-horizon return forecasts implied by one-year regressions to provide significant evidence for the predictability of aggregate Japanese stock returns. Our findings therefore strengthen the international evidence for the role of dividend yield in predicting returns. However, we find that direct long-horizon regressions are not a powerful way of testing the null hypothesis of no return predictability. Moreover, we find that current cash flow is a more important driving force than future cash flow in the stock market fluctuations, although the dominant force is attributed to expected future returns.     

A two-stage technology foresight model with system dynamics simulation and its application in the Chinese ICT industry

Technology foresight is a process that identifies the critical technologies a country or industry needs to develop in order to shape a desired future. In this paper, a two-stage technology foresight approach is proposed. During the first stage, critical technologies are identified and evaluated by nationwide experts through Delphi surveys. In the second stage, a system dynamics simulation model is used to estimate how critical parameter values are likely to impact the attainment of foresight goals. A detailed illustration of this two-stage process is provided by a technology foresight case study in the Chinese information and communication technologies (ICT) industry. Because it was identified by the first-stage Delphi method as a critical technology, the diffusion of 4th generation wireless telecommunication technology (4G) was simulated, and experimentation was conducted. Suggestions are provided regarding how the Chinese information industry would need to expand the IP network infrastructure in order to support technology foresight goals under different scenarios.     

浅谈城市污水管道管段设计

城市污水管道作为城市给排水工程很重要的一部分,对城市卫生有十分重大的意义,在现代建筑的各种规约性条件下如何科学、合理的设计城市污水管段,十分重要,本文详细介绍了城市管段设计的基本方法,据此给出了优化方案并进行了科学的分析。     

以人为本理念在妇产科护理管理的应用效果分析

目的分析以人为本的护理理念在妇产科护理管理中的具体应用效果。方法随机选取了2012年1月至12月在我院接受治疗的妇产科患者202例作为研究对象，随机分为两组，其中对照组患者采取常规护理方法，而实验组患者则采取的是以人为本的护理措施，采取科学的评价方法，对两组患者的护理效果进行比较分析。结果实验组患者在经过护理干预后，患者疾病的不确定感下降，患者自身的满意度提升，与对照组患者比较差异具有显著的统计学意义，P＜0.05。结论采取以人为本的护理理念在妇产科的护理中有比较好的应用价值，能够收到比较好的护理效果，所以值得在临床上进行应用推广。     

Treatment patterns,complications, and direct medical costs associated with ankylosing spondylitis in Chinese urban patients: a retrospective claims dataset analysis

Aim: To describe treatment pattern, complications, and direct medical costs associated with ankylosing spondylitis (AS) in Chinese urban patients.

Methods: The 2013 China Health Insurance Research Association (CHIRA) urban insurance claims database was used to identify patients with AS. The identified patients were stratified by AS treatments for the comparisons of well established AS-related complications and direct medical costs. Conventional regression analyses adjusted the collected patient baseline characteristics to confirm the impact of treatments on complications and direct medical costs.

Results: Of the identified 1299 patients with AS, 18.0% received non-steroidal anti-inflammatory drugs (NSAID), 11.2% received immunosuppressant, 48.2% received NSAID plus immunosuppressant, 4.6% received biologic agents, and 17.9% received medications without indication for AS. Biologic group was associated with the lowest proportion of AS-related complications (8.3%) that was confirmed by multiple logistic regression analysis (odds ratio = 0.200, p?=?.017). The biologic group was also associated with highest direct medical costs (median: RMB?=?14,539) that were confirmed by the multiple generalized linear model (coefficient = 1.644, p?Conclusions: Biologics were not commonly used for AS in Chinese patients likely due to their high cost. Future studies are needed to confirm the potential long-term clinical benefits associated biologic treatment for AS.