我国资本市场多层次结构模式探析

我国资本市场经过多年的发展,已经初步具备一板、二板和三板市场的多层次格局,但与资本市场要求的"纵向分层、横向多体"的设计目标相距甚远。通过分析单层次、单主体的资本市场结构不完善、垄断严重、缺乏竞争、上市品种分割及运行模式僵化等多重弊端,当务之急是构建以两个主板市场,三个二板市场,七个三板市场和多个四板市场为中心的多层次、多主体竞争经营的资本市场,以充分发挥市场的决定性作用。     

我国工业化、城市化对能源消费强度的动态效应与区域差异——基于动态面板数据模型的系统广义矩(SYS-GMM)分析方法

基于2002-2012年中国的省际面板数据,将能源消费强度分为低、中和高三个层次,运用动态面板数据模型的系统广义矩(SYS-GMM)分析方法,对工业化、城市化对中国能源消费强度的动态效应与区域差异进行了实证分析。研究结果表明,工业化、城市化水平提高均会导致地区间能源消费强度的增加,但城市化对低能源消费强度区域的影响并不显著,而对高能源消费强度区域的影响却十分明显。此外,上一期的能源消费强度、地区经济发展水平、能源价格和技术创新等均对中国能源消费强度产生不同的影响,而且中国存在技术创新的反弹性效应且能源价格对技术创新有诱致性作用。     

基于主成分分析和BP神经网络算法的股权众筹风险评价研究

近年来,随着股权众筹的迅速发展,其在实际运作中风险评估和防范问题引起了人们的关注.基于此,本文首先利用主成分分析的方法构建了股权众筹风险评估指标体系,其次,利用BP神经网络以众投邦平台股权众筹项目为例进行了实证研究.结果显示:众筹风险评估指标体系由审核估值风险、发起人能力风险、项目本身风险、法律风险、经营风险、监管风险及流动性风险等七个指标构成;BP神经网络的方法在股权众筹风险评估方面是可行且有效的.研究结论可为我国股权众筹风险评估和防控及金融风险防控具有重要的理论及现实意义.     

银行防范风险要杜绝金融虚假

本文结合当前实际,介绍了我国银行存在的一些虚假行为,分析了其原因及危害,并进一步从建立健全内控制度、强化监管、完善与贯彻规章、提高职工素质等多方面阐述了如何下大力气杜绝这一行为,以提高银行自身整体实力.     

绍兴市土地利用时空变化研究

[目的]探讨经济发达地区土地利用变化时空规律,为城市发展提供合理土地利用政策,同时优化土地利用结构以支持经济可持续发展。[方法]通过遥感影像获取长时间序列的土地利用数据,探讨近30多年来绍兴市的土地利用变化,进一步利用土地利用动态变化模型,对绍兴市土地利用变化过程、趋势、变化轨迹进行了深入分析。[结果](1)绍兴市土地利用在1980~2000年相对稳定,在2000年后变化强度逐年增强,2005~2015年土地利用转化量增多和类型多样。绍兴市东北部平原和县区核心区域是经济发达地区土地利用变化的活跃区域,主要是其他类型土地向建设用地转移;(2)1980~2015年绍兴市土地利用变化轨迹主要受到人口增长和GDP增长的影响。[结论]城市化的发展和人口的迅速增长,使城市人口和土地面积迅速增加,造成城市边缘的农业用地转化成了建设用地。经济的发展、科技的进步及政府政策的制定,改变了人们的生活和工作方式,进而影响土地利用类型。     

The Effect of Cross‐Border Mergers and Acquisitions on Earnings Quality: Evidence from China

Despite the fruitful research on the motives and outcomes of cross‐border mergers and acquisitions (M&As) of Chinese multinational corporations (MNCs), there has been scant research on the impact of cross‐border M&As on corporate governance. In this article, we fill the research gap by exploring whether cross‐border M&As may lead to an improvement in corporate governance of Chinese acquirers. In particular, we examine the impact of cross‐border M&As on earnings quality of Chinese MNCs. We find that the acquisition of a target firm from a developed country leads to a significant improvement on the acquirer's earnings quality. In comparison, the acquisition of a target from an emerging market does not have such an impact. Our results are robust to various corporate governance measures, alternative econometric methods, and controls of relevant firm characteristics and macroeconomic variables. Finally, we show that the effect of cross‐border M&As on earnings quality is more pronounced in non‐state‐owned enterprises (non‐SOEs) that have conducted large M&A deals. Our article offers new insight to the international business literature on latecomer perspective and liability of foreignness. © 2016 Wiley Periodicals, Inc.     

如何做好中外合资企业的党建工作

随着经济社会的发展,很多外资企业都看准中国市场,大力兴办合资企业,这给党建工作带来了新的课题。加强中外合资企业的党建工作,必须狠抓党组织建设,创新党组织工作方法,创新党员教育管理理念,提高党建工作的显效性。     

欧美中小银行的发展及对中国城市商业银行改革的启示

本文通过对欧美中小银行,特别是美国社区银行(属中小银行)在银行体系中的作用、绩效、特色和发展趋势的分析,总结了欧美中小银行的发展经验与教训,并结合当前中国城市商业银行的改革现状,探讨了中国城市商业银行应从欧美社区银行发展中得到的主要启示。     

Strategic Flexibility in New High‐Technology Ventures

Strategic flexibility is a vital capability for new ventures to update their strategies in a timely manner. However, the role of external knowledge sources in new ventures’ endeavours to develop strategic flexibility are unclear. Drawing on the knowledge‐based and relational views, we explore the effect of two sources of external knowledge: new product development (NPD) alliances, representing tightly coupled sources, and loosely coupled sources such as industry associations. Our field study of 148 high‐tech ventures found that the extent to which firms utilize knowledge from NPD alliances has a curvilinear relationship with strategic flexibility, whereas the extent to which firms utilize loosely coupled sources has a positive linear relationship with strategic flexibility. We also found that in new ventures, decentralization of decision‐making and institutional support enhance knowledge integration, positively moderating these relationships.     

Impacts of urban renewal on the place identity of local residents – a case study of Sunwenxilu traditional commercial street in Zhongshan City,Guangdong Province,China

ABSTRACT

This paper studies the impacts of urban renewal on local residents’ place identity by examining the changes in local residents’ place identity in Sunwenxilu, a traditional commercial street in downtown Zhongshan City, Guangdong Province, China, which carried out urban renewal relatively early in modern China. Applying Breakwell’s [(2015). Risk: Social psychological perspectives. In J. D. Wright (Ed.), International encyclopedia of the social & behavioral sciences (2nd Ed.). New York, NY: Elsevier] identity process model and using the renewal process as a starting point, data concerning local residents’ place identity in Sunwenxilu were collected through in-depth interviews, observations, and literature analysis. The results reveal that local residents had established a strong place identity on Sunwenxilu before it changed to be a community of “incompetents” in the 1990s. In the late 1990s, Sunwenxilu was transformed into a cultural tourism pedestrian street. Right after the transformation, local residents regained their self-esteem with the improvement of the physical environment and intensification of cultural symbols, and re-established their place continuity by maintaining their collective memories. However, a failure to improve the local residents’ self-efficiency of place during the “superficial” renewal had resulted in vulnerability of the local residents’ place identity in terms of self-esteem, continuity and distinctiveness, thus causing another crisis of place identity. Obviously, the construction of place identity results from the interaction of all elements, so too much emphasis on only one element may trigger a new identity crisis.