金融投机、实需与国际大宗商品价格——信息摩擦视角下的大宗商品价格影响机制研究

本文实证考察了2005-2015年金融投机和实需对国际大宗商品现货价格的影响及其作用机理。首先对具有信息噪音属性的金融投机进行了明确识别。其次,从多个维度出发区分市场信息摩擦状态,定量分析不同信息摩擦环境中金融投机和实需的影响差异。研究发现:大宗商品价格在长期中由实需因素主导,短期中由金融投机主导;短期中,相对于低信息摩擦环境,在市场波动性较高、金融压力上升以及投资者情绪高涨的高信息摩擦环境中,以金融投机为主的信息噪音对大宗商品价格的影响更强。进一步分析证实,相比于低信息摩擦环境,高信息摩擦环境中金融交易者的市场份额反而降低。据此,本文提出稳定大宗商品市场的关键在于提高市场透明度,减少信息摩擦,从市场质量出发降低信息噪音的影响。     

Government Engagement,Environmental Policy,and Environmental Performance: Evidence from the Most Polluting Chinese Listed Firms

This study empirically examines the implementation of environmental policies and how government engagement impacts on a firm's environmental performance based on a sample of Chinese listed firms in the eight most polluting industries over a 10‐year period. The findings of the study demonstrate that government engagement, measured as ownership structure, is positively correlated with environmental performance, measured by environmental capital expenditure, for state‐owned firms, but no significant relation is found for non‐state‐owned firms. In addition, non‐state‐owned firms are more likely to perform better in terms of environmental investment after the 2006 enactment of a new policy explicitly linking environmental issues with political incentives to regional governments. This study also reports that corporate environmental performance impairs firm value for state‐owned firms but has no impact on firm value for non‐state‐owned firms, suggesting that investors negatively respond to environmental investments made by state‐owned firms as a result of government engagement/political pressure. Copyright © 2013 John Wiley & Sons, Ltd and ERP Environment.     

基于堆垛机S型曲线运动模型的matlab仿真分析

利用matlab仿真软件对堆垛机的三种S型曲线模型进行分析。在仿真的过程中，引进了跃度的概念，利用做功的基本公式推导出电机的输出瞬时功率。最后通过比较三种控制方法，认为变跃度的方式不仅可以解决曲线平滑的问题，还可以降低选型电机的功率大小。     

Do environmental regulations hamper small enterprises' market entry? Evidence from China

Due to the serious increase of environmental pollution in China, environmental regulations have become significantly stringent. Such regulations are playing an increasingly important role in the development of small enterprises (SEs) in China, especially in SEs' market entry. However, existing studies pay little attention to this issue. This paper investigates for the first time the effect of environmental regulations on SEs' market entry and the mechanism of environmental regulation effects in China. We consider two sets of panel data for the periods 2003–2010 and 2012–2015 in China. We also use the fixed effect model and the instrumental variable method to explore the role of environmental regulations in SEs' market entry. The results show that, overall, environmental regulations play a significantly positive and robust role in SEs' market entry. However, the mechanisms associated with the effect of environmental regulations on different innovative types of SEs differ. Environmental regulations promote the market entry of SEs with product innovation, but this impact is not significant for SEs with research and development (R&D) activities and R&D institutions. Our findings indicate that China's SEs prefer product innovation, which is a lower level innovative type, over R&D innovation, as a means to avoid the negative impact of stringent environmental regulations.     

Investing against the wind: contagion during the recent financial crisis

This article examines the effect of Warren Buffett’s investment in Goldman Sachs on 24 September 2008, during the subprime mortgage crisis. Although this event is arguably perceived to be the biggest expression of confidence in the financial market during the crisis, by conducting event studies, we do not find the major counterparties of Goldman Sachs displayed positive abnormal returns. Moreover, the abnormal return is not significantly related to the counterparty connection. We have similar findings on these financial institutions’ default probabilities using credit default swap.     

The effect of heterogeneous beliefs on mergers and acquisitions

This article investigates the effect of heterogeneous beliefs on firms’ mergers and acquisitions (M&A) decisions. Using data of China’s financial market, which is featured with great heterogeneity of belief, we find that heterogeneous beliefs are positively associated with the occurrence of M&A transactions, and firms with greater heterogeneous beliefs are more likely to pay the transactions with stock. Moreover, we show that government intervention, measured by state ownership, weakens the effect of heterogeneous beliefs on firms’ M&A decisions.     

浅谈公路改建设计

结合作者以往工作经验,对公路升级改建设计时应注意的问题做简单探讨。     

我国第三方物流企业顾客满意度评价体系的实证分析

首先分析了影响第三方物流企业物流服务质量水平的相关因素,接着从物流服务可得性、可靠性、响应快捷性、服务人员专业性以及一体化完整性等五个方面构建了第三方物流企业顾客满意度评价体系,最后基于案例中给出的相关调查样本数据,对该体系进行了实证检验,实证检验结果显示,该评价体系具有良好的内部一致性和较好的结构效度,说明了第三方物流企业可以借助该评价体系对其经营管理决策进行调整和优化。     

Fractional integration and cointegration in merger and acquisitions in the US petroleum industry

This article employs methodologies based on fractional integration and cointegration to analyse the time-series properties of merger and acquisitions (M&A) activity and crude oil prices in the US from 1980 to 2012. Our results indicate that an increase in the crude oil price produces a significant increase in the M&A data between 2 and 3 months after the initial shock.     

融资融券对我国股市波动性的影响

本文采集股价指数月收益率和融资融券交易额每月日平均变化率的数据,针对融资融券对我国股市波动性的影响,进行实证检验,并对结果做进一步的解释。