工业4.0驱动:基于制造企业智能化的股权结构实证研究

从投资者结构角度研究企业层面工业智能化的驱动力,用委托代理理论分析股权结构对企业智能化投资的影响。以中国制造业上市公司为研究样本,实证检验股权结构对企业智能化投资的关系。研究结果表明,从股权集中角度看,一定的股权制衡很有必要,一股独大不利于企业智能化投资;从企业性质看,公有企业更愿意进行智能化投资,个人私有的第一大股东不太愿意进行智能化投资;从激励角度看,高管薪酬与智能化投资之间的关系不明确,说明目前的薪酬激励制度不够合理;从地区文化角度看,越是发达的地区企业越容易接受智能化投资。     

配送中心分拣作业系统的策略研究

配送中心是以组织配送性销售或供应,执行实物配送为主要职能的流通型结点,是物流产业中不可缺少的一种经济组织形式。在配送中心作业中,分拣配货就成为配送中心的核心作业,其作业效率会直接影响配送中心的运作效率,也会影响配送中心的服务水平。配送中心的分拣作业的分拣策略包括分区策略、订单处理策略和货物分类策略,不同的策略组合其作业的复杂程度也不同,适合于不同配送中心的分拣作业系统。     

从行政权的分层主体看科学政绩观的树立

人民是国家的主人,是行政权应然归属主体。行政权由行政机关来行使,故行政机关为行政权的实然承担主体。而权力的具体行使是由公务员来实施的,公务员便是行政权的具体实施主体。在科学发展观指导下,通过对三个层次权力主体的分析来看树立科学政绩观的必需,要求政府工作人员要以一切为民的理念为宗旨,以社会的发展变化为决策源泉,充分发挥民众的意见,从而形成正确的权力观、地位观、利益观。     

现金股利政策的影响因素研究——基于上市公司数据的实证分析

选取沪市和深市2008年上市公司半年报的财务数据,通过因子分析,对我国现金股利政策的影响因素进行实证研究。研究发现,上市公司现金股利发放主要受到股本规模、资本结构、股权结构、成长性、流动性、盈利能力、股东权益和市场前景的影响。在这一实证分析结果基础上提出的政策建议,可供证券市场监管部门进行参考。     

人身保险融合化及其警示

传统的人身保险包括人寿保险、健康保险和意外伤害保险,这种划分是以所承保的抽象性或概括性风险的不同为标准的,但实践中许多保险产品均突破了这种划分标准,出现不同人身保险之间保险内容或特点相互融合的趋势,本文对人身保险融合化的具体表现进行了详细列举,并对融合化现象的本质和产生原因进行了分析,最后,阐述了融合化现象对保险机构和监管部门的警示。     

中国货币供给内生性的实证检验

目前我国正在向从紧的货币政策转变,以舒缓严峻的流动性过剩压力,但货币政策的有效性很大程度上取决于货币供给的内生性程度。货币供给有基本货币投放和货币乘数放大两个阶段,本文从基础货币的角度对我国的货币供给的内生性进行探讨,利用1997年9月到2007年8月的广义货币M2、外汇储备、央行对存款货币银行债权月末余额数据,使用单位根检验、Johansen协整、G ranger因果检验、脉冲响应函数方法进行实证分析。结论说明:就基础货币投放而言,我国货币政策有很强的外生性,与事实相符,并从侧面支持了中央的紧缩性政策越来越向控制信贷、投资等货币乘数因素倾斜的做法。     

基于动态能力的产业集群竞争优势培育

通过动态能力的理论框架阐述整合、学习和重构可以成为培育产业集群竞争优势的方式,明确产业集群的战略定位及发展路径依赖可以成为培育产业集群竞争优势的基础。     

Estimating the value of political connections in China: Evidence from sudden deaths of politically connected independent directors

This paper estimates the value of political connections by examining stock price reactions to sudden deaths of retired government officials who were acting as independent directors of private firms in China from 2003 to 2012. Employing an event study, we find that, if a private firm loses political connections because of the sudden death of an independent director who was previously a government official, its stock price drops 3.61% on average within ten trading days. After the loss of political connections, we find that it is possible but infeasible for a private firm to reestablish political connections with the government in a short period of time. Moreover, the sudden death of a retired government official leads to a reduction in the economic benefits (e.g., bank loans, tax preference, and government subsidies) obtained by a private firm, which provides a reasonable explanation for the negative stock price reaction after losing political connections.     

Gender difference in the impact of retirement on cognitive abilities: Evidence from urban China

This paper examines the impact of retirement on cognitive functioning by gender in urban China and investigates the underlying mechanisms. Based on data from the China Health and Retirement Longitudinal Study, the paper uses the mandatory retirement ages and different policy enforcement between the public and private sectors as instruments for retirement status. The analysis finds substantial gender heterogeneity in the effect of retirement on cognition, with a positive and significant effect for males, but a negative and less significant effect for females. The beneficial effects on cognition are stronger for male blue-collar workers, who are likely to pursue a more active lifestyle at retirement. Further investigation shows that the results are partly driven by differential behavioral changes at retirement, and the gender difference in retirement ages may also play a potential role.     

Coordinating China's economic growth strategy via its government-controlled association for private firms

Scholars in economics and political science argue that one major function of government is to overcome coordination failure in economic development, especially during times of rapid environmental changes. But, how and through what means does the state coordinate firms to follow the changing directions of its economic objectives? This paper focuses on the case of a government-controlled business association, namely the All-China Federation of Industry and Commerce (ACFIC), and shows that the ACFIC may be serving, at least partially, as a means of avoiding the kind of coordination failures that are often associated with policy reform programs in authoritarian regimes like China when the government deems it necessary to radically and suddenly change its policy objectives. It does so by comparing the activities of firms that are members of ACFIC with non-members before and after the world financial crisis of 2008–09 which induced a significant change in government objectives. Before that crisis when priority in government objectives was “outward” (to stave off balance of payments crises that had befallen many other developing countries), ACFIC member firms were able to engage in exports and foreign investment to a greater extent than non-member firms, and even than those whose owners are members of the Congresses or Chinese Communist Party. After viewing the crises in international markets, and government objectives had turned more “inward”, ACFIC members were more likely to focus on domestic sales and investments.