Ownership structure and firm performance: Evidence from the Chinese corporate reform

We employ a new classification of ownership identity to analyze the impact of ownership structure on enterprise performance in China. Using both fixed effects model and Generalized Methods of Moments (GMM), this study finds that marketized state-owned enterprises outperform firms controlled by the government, indicating that partial privatization of state-owned Chinese firms improves corporate governance. Non-controlling large shareholders of marketized state-owned enterprises and private enterprises are found to play active roles in corporate governance. Lastly, there is evidence that ownership concentration of a controlling shareholder decreases the incentives to expropriate minority shareholders.     

中国与东盟贸易与中国经济增长的实证分析

中国与东盟经济发展水平相似,在一定程度和领域内存在激烈的竞争。但是双边贸易还存在很大的互补性。这种互补性对于推动我国经济的发展将会起到积极的作用。本文基于以上观点,采用计量经济学方法,针对中国与东盟贸易额对我国GDP的推动作用作了实证性分析。中国与东盟贸易额和我国GDP之间存在协整关系,并且建立了误差修正模型。认为中国与东盟贸易额对我国GDP增长有一定的推动作用。     

Interdependence of ASEAN-5 Stock Markets from the US and Japan

Abstract

During the 12 years since 1992 when people started to use the dollar as a currency in Cambodia, the share of the dollar has reached more than 70% of the total currency. This dollarization phenomenon has resulted in large seigniorage losses for the Cambodian government. The costs are estimated up to US$682 million at the end of 2004 with an additional US$61 million lost annually. Furthermore, there are many other kinds of costs caused by the side effects of seigniorage loss. Without siegiorage, some monetary, fiscal and foreign trade policies are no longer available. Worsening the distortion of income distribution is another side effect. These are major costs of dollarization over the direct seigniorage loss. The benefits of dollarization include stabilizing price levels and lowering the risk of national default during a foreign currency crisis. It is not difficult to conclude that the costs of dollarization outweigh the benefits.

There are two de-dollarization methods. One is a policy that prohibits people from using the dollar as a currency by law. The other is the policy that widens the difference of the costs and the benefits of using dollars, also by law. Either method is applicable but it seems reasonable that the method of prohibition by direct law would be more effective and efficient than the other method, since 84% of the total population exclusively uses the riel in Cambodia.

It is totally dependent on the decision of the Cambodian government whether or not a de-dollarization policy is adopted. The results of the decision, for good or ill, will rest finally with the people of Cambodia.     

要素价格扭曲、内需增长与企业出口竞争力提升

企业出口不仅取决于国际市场的供求关系,而且受到国内市场环境的影响。要素价格扭曲导致的资源错配会对出口企业产生不利影响,进而有损其出口竞争力。然而,现有文献较少研究要素价格扭曲对企业出口竞争力的影响及其传导机制,尤其缺乏相关经验分析。本文通过构建一个包含“扭曲税”的理论框架分析要素价格扭曲与企业出口竞争力的关系,认为：要素价格扭曲会阻碍企业间的资源再配置,削弱更替竞争的效率提升效应,使得大量低效率企业不能进行市场出清,同时还会抑制企业的技术创新行为,进而不利于企业通过效率提升和技术进步来提升出口竞争力。同时,国内需求增长产生的本地市场效应、需求引致创新效应、经济集聚效应等不仅能促进企业出口竞争力提升,还会弱化要素价格扭曲对企业出口竞争力的负面影响。采用中国1999—2007年工业企业以及2007—2020年上市公司数据的分析发现：企业的要素价格扭曲（包括资本价格扭曲和劳动价格扭曲）程度与其出口竞争力显著负相关,同时,要素价格扭曲程度与企业的市场退出和技术创新概率也显著负相关,表明要素价格扭曲会显著抑制企业出口竞争力的提升,其中存在阻碍低效率企业市场退出和抑制企业技术创新的传导路径;内需增长对企业出口竞争力具有正向影响,且能显著弱化要素价格扭曲对企业出口竞争力提升的抑制作用;要素价格扭曲对企业出口竞争力的负向影响存在企业异质性和地区异质性,表现为资本价格扭曲对融资约束较低的外资企业和国有企业影响更为显著（相比私营企业）,而劳动价格扭曲对劳动报酬占比较低的私营企业和外资企业影响更为显著（相比国有企业）,要素价格扭曲对市场化程度较低地区的企业影响更为显著;此外,劳动价格扭曲对企业出口竞争力的负向影响比资本价格扭曲更大。相比于以往文献,本文拓展和深化了要素价格扭曲的经济效应以及企业出口竞争力的影响因素研究,并从内需增长的角度为深入认识要素价格扭曲与企业出口竞争力的关系提供了新思路,也为要素价格扭曲的企业出口竞争力抑制效应及其微观机制提供了经验证据。根据本文的研究结论,各地应持续深化各领域的市场化改革,加快构建全国统一大市场,实施扩大内需战略,切实缓解各类微观经济主体（尤其是私营企业）的融资约束,并持续提高劳动报酬在初次分配中的占比。     

选矿厂无纸化办公应用探索

本文介绍了金钼集团选矿厂的无纸化办公系统的建立与应用过程;通过对存在的问题不断研究探索,解决改进,最终建立了适合于选矿厂自身实际的无纸化办公系统。     

Processing Anti-smoking Ads among College Students: The Role of Emotional Response and Level of Smoking

ABSTRACT

The protection motivation model has contributed usefully to researchers’ understanding of fear appeals in advertising. However, the empirical evidence reported to date in the literature has been mixed. An overview of literature reveals that the effect of emotional response and personal difference has not been explored as often as fear in health care marketing. The present study focused on this emotion in a context of antismoking advertisements. Based on the protection motivation theory, a modified structural model was proposed including emotional response and personal difference. Model was tested using college students in United States and Korea.     

Are You Still with Us? A Study of the Post-Adoption Determinants of Sustained Use of Mobile-Banking Services

This research develops and empirically tests a theoretical model that explains sustained use of mobile banking services. While an extensive array of research has examined various theoretical antecedents of the intention to adopt and use new technologies, only a handful of studies have examined the extent of current usage of a system. Moreover, despite the huge market potential of and recent technological advancements seen in the mobile-commerce market, little is known about the factors that can influence sustained use of integrated mobile financial services after adoption. The present research examines the extent of mobile banking service usage of 370 Korean mobile-baking users in the post-adoption stage. The results of the study indicate that perceived usability, channel preference, and perceived value are three major determinants of sustained mobile banking use. The model further extends and explains that good menu design is a dominant factor in perceived usability of m-banking services, while low monetary costs (i.e., charges and fees) and provision of various banking functions can improve m-banking users' perception of the value of m-banking services. Along with the suggested model, the presented case of factors promoting successful m-banking services will help many mobile industries around the world envisage a successful and stable mobile–financial services market and accelerate their development. Implications of the findings and future research directions are also discussed.     

Visitors' Motivation for Attending the South Beach Wine and Food Festival,Miami Beach,Florida

The objective of this study was to identify the major factors that motivated visitors to attend the South Beach Wine and Food Festival in Miami Beach, Florida, and determine whether these factors varied among the visitors from the United States, Canada, South America, Europe, and Asia. A survey of 475 visitors to South Florida was conducted in February 2006. Forty‐four motivational items were factor analyzed. The seven factors that motivated first‐time visitors to the festival were the desire to taste new wine and food, enjoy the event, enhance social status, escape from routine life, meet new people, spend time with family, and get to know the celebrity chefs and wine experts. A significant difference in motivation among the five national groups of visitors was found in the area of family influence. Implications of the study results are discussed.     

Fashion involvement and experiential value: Gen Y retail apparel patronage

Despite Generation Y (Gen Y) consumers' significant role as a decision maker in the market, it is increasingly challenging for retailers to understand these consumers’ behavior and psychology. To enhance an in-depth understanding of Gen Y consumers, this study examined the effect of fashion involvement (FI) and perceived experiential value (EV) on Gen Y consumers’ retail apparel patronage behavior. Based on a survey method, data were collected from USA and Taiwan Gen Y samples. The structural equation modelling technique was used to analyze 413 useable surveys. Results indicate EV directly influences retail patronage, while FI indirectly affects retail patronage through EV. Analysis further reveals two dimensions of FI; cognitive involvement and affective involvement. Cognitive involvement has a moderate direct, negative effect on escapism value, and weak, negative effect on utilitarian value, while affective involvement has a moderate direct, positive effect on aesthetic value and weak, positive effect on escapism value. This study theoretically contributes to understanding how consumer involvement affects perceived experiential shopping value. Findings also provide strategic ideas for apparel retailers in creating shopping environments that resonate with Gen Y customers, which ultimately leads these customers to be loyal to their brands and stores.