Ownership, institutions, and capital structure: Evidence from China

We employ a unique data set to explore the role of ownership structure and institutional development in debt financing of non-publicly traded Chinese firms. We show that state ownership is positively associated with leverage and firms’ access to long-term debt, while foreign ownership is negatively associated with all measures of leverage. Surprisingly, firms in better developed regions are associated with reduced access to long-term debt, suggesting the availability of alternative financing channels and the tightening of the lending standards under the on-going banking reform. The combination of ownership structures and institutions explains up to 6% of the total variation in firms’ leverage decisions, while firm characteristics alone explain no more than 8% of the variation. Further, we show that non-state-owned firms tend to have lower total and short-term debt than their state-owned counterparts in less developed regions. Finally, we show that state-owned firms’ easy access to long-term debt is positively associated with long-term investment and negatively associated with firm performance.     

集群环境下物流特性初探

集群环境下的物流集群化是一个较为普遍的现象。分析了产业集群与物流的交互作用以及在集群环境下物流的特性。     

打造邮政代收货款的核心竞争力

目前国内代收货款业务正处于急速发展阶段,文章分析了邮政代收货款业务的不足,指出回款速度是代收货款业务的先决条件,探讨了邮政从流程上解决回款速度缓慢问题以及引入物流金融满足客户资金需求的途径。     

衡水市农户土地资源转出意愿的影响因素与行政干预

[目的]通过了解河北省衡水市农户土地转出的意愿状况,分析影响农户土地资源转出意愿的关键因素,并制定正确的战略决策,为构建农地适度规模化经营奠定理论基础,促进衡水市农民的现代化发展。[方法]文章结合调研情况,对样本区农户土地使用权流转行为进行了统计描述和分析研究,并运用Logistic模型对农户土地使用权转出意愿的影响因素进行了分析,找到了影响衡水市土地流转的关键性因素。[结果]研究表明,户主年龄、从事职业和文化程度、农户家庭非农收入以及农户家庭兼业人数等与农户土地转出意愿呈显著正相关关系,显著性数值分别为0. 018、0. 000、0. 010、0. 000、0. 028,而农户家庭农用机械数量则与农户土地转出意愿呈显著负相关关系,显著性数值为0. 033。此外农户社会保障程度和农户对政府土地流转的相关政策了解程度等因素也影响着农户土地流转的意愿。[结论]影响农户土地转出意愿的显著性因素包括家庭非农收入、户主年龄和职业;另外,户主的年龄、职业、文化程度、非农收入、家庭兼业人数和农用机械数量均是影响农户土地转出意愿的重要内容。     

Determinants of de novo new entrant survival in the liberalized intra-European scheduled passenger airline industry

This paper analyzes semi-parametrically the survival odds of de novo entrants in the liberalized intra-European scheduled passenger airline industry with respect to three sets of determinants: strategic positioning, inaugural market entry and network economics. Among these determinants, a ‘low-cost’ strategic position does not confer survival benefits to new entrants. Entering markets with different levels of prior concentrations – which economists traditionally relate to different pricing powers – does not significantly affect the survival odds of new entrants. Entering mid-sized markets adversely affects entrant survival, while entering large, small or new markets at inception does not noticeably impact entrant survival. Network economics that corresponds to low operating costs (aircraft size) is a consistent contributor to entrant survival. In addition, new entrants based in France or Ireland are less likely to survive than others, reflecting the strong negative impact of intermodal competition and a strong, entrenched entrant.     

创新能力、空间依赖与长三角城市群增长核心演化

城市群经济系统发展过程中,核心城市的增长极化与扩散作用是推动城市群协同发展的关键机制。创新能力、要素集聚与扩散形成的区际空间外部性使得城市群增长核心不断演化,并形成系统协同发展的内在动力。长三角城市群核心城市的极化效应呈现出下降趋势,对其主要影响因素的实证分析结果表明：创新分工过程中创新要素集聚与创新溢出、空间依赖都对城市极化效应具有显著影响。因此,政策导向应从强化城市间创新分工、充分利用创新过程的空间外部性、推进城市群协同发展的制度创新等方面着手。     

汇率预测的神经网络方法及其比较

浮动汇率兴起以来,大量的参数方法和非参数方法被用于汇率预测,神经网络是其中的一种.神经网络方法在汇率预测中的应用有三种不同的方法:同质神经网络模型、异质神经网络模型和神经网络组合模型.本文讨论了三种神经网络预测模型的特点以及局限性,并通过时这三种方法的比较得出结论:神经网络组合模型充分考虑了汇率的线性特征和非线性特征,比同质神经网络和异质神经网络预测模型更系统、更全面,能更好地进行汇率预测.     

Property Prices and Exposure to Multiple Noise Sources: Hedonic Regression with Road and Railway Noise

This study examines the effect of road and railway noise on property prices. It uses the hedonic regression technique on a Swedish data set that contains information about both road and railway noise for each property, and finds that road noise has a larger negative impact on the property prices than railway noise. This is in line with the evidence from the acoustical literature which has shown that individuals are more disturbed by road than railway noise, but contradicts recent results from a hedonic study on data of the United Kingdom.     

发展中国家跨国公司的系统集成网络创新模式

系统集成网络创新模式是发展中国家跨国公司技术创新的新模式,发展中国家跨国公司应在考虑企业实际情况的基础上,建立“创造性学习组织”,利用国家创新体系提供的创新资源,克服障碍,努力实现技术创新模式的转变。     

供应链的交易成本分析及供产双方的博弈

本文通过传统供应链中供应商和制造商的讨价还价模型分析,论证了交易双方的交易成本不同,造成供应商和制造商之间的相互依赖关系不同,从而双方的机会主义行为倾向也不同.制造商可以通过与高质量的供应商建立长期的诚信的战略合作伙伴关系,以减少为讨价还价消耗的交易成本,同时也减少了双方机会主义行为所造成的损害.