试论加入WTO后中国消费市场的功能转换及发展前瞻

当今世界，经济全球化已成为世界经济发展的客观潮流，为了经济繁荣和经济竞争，绝大多数国家的国内商业，产品和投资者早已瞄准外国的市场和消费者，随着经济全球化趋势的不断增强，中国加入WTO已势在必行，因而在经济全球化进程中探讨国外和国内消费市场的磨合与互动关系，实现中国消费市场的功能转换，促进中国消费市场健康持续发展，具有重大的理论和现实意义。     

民营中小科技企业技术源生成机理研究

技术源是企业技术创新的核心问题之一,技术来源路径和作用过程,构成了企业技术源生成机理。民营中小科技企业的创建模式、经营方式和市场竞争环境,使其技术源的生成仍以实用主义为原则,以外源型的获取方式为主流,以灵活的激励机制为动力。这种技术源生成机理的前景取决它的活力维护与进阶提升。     

世界级大都市：深港合作目标

本文提出以共建世界级大都市为发展方向的深港合作目标,并对深港世界级大都市的主导功能(总部营运、高端服务、创新产业)、实施阶段(国际前列、亚太首位、全球一流)进行了论述,最后对深港共建世界级大都市的必要性和可能性进行了分析。     

我国电力行业可持续发展战略研究

我国的电力发展是我国经济发展的重要基础。在目前能源稀缺的环境下,我国的电力行业需要实现可持续发展,才能保证我国电力行业发展的稳定和高效率。本文分析了我国电力行业实现可持续发展的主要路径和战略选择,并提出了相关的政策建议。     

Informed trading and liquidity in the Shanghai Stock Exchange

Dufour and Engle (J. Finance (2000) 2467) find evidence of increased presence of informed traders when the NYSE markets are most active. No such evidence, however, can be found by Manganelli (J. Financial Markets (2005) 377) for the infrequently traded stocks. This article investigates the issue of informed trading and its relation to liquidity in Shanghai Stock Exchange. Consistent with the hypothesis that information-based trade exists for all stocks, our findings suggest an increased presence of informed trading in both liquid and illiquid stocks when markets are active. Moreover, for the actively traded stocks, our results support the price formation model of Foster and Viswanathan (Rev. Financial Studies (1990) 593) that activities of informed traders deter uninformed investors from trading, thereby reducing market liquidity.     

劳动力市场的横向分割与纵向分割之比较

本文以劳动力市场的横向分割与纵向分割两种分割系统为线索,力求对分割理论和现实情况进行勾勒与诠释,主要从生成因素、经济效应、应对之策三个维度对两者展开比较,试图对该研究领域的诸多观点进行梳理与整合。     

A STATE-SPACE PARTITIONING METHOD FOR PRICING HIGH-DIMENSIONAL AMERICAN-STYLE OPTIONS

The pricing of American-style options by simulation-based methods is an important but difficult task primarily due to the feature of early exercise, particularly for high-dimensional derivatives. In this paper, a bundling method based on quasi-Monte Carlo sequences is proposed to price high-dimensional American-style options. The proposed method substantially extends Tilley's bundling algorithm to higher-dimensional situations. By using low-discrepancy points, this approach partitions the state space and forms bundles. A dynamic programming algorithm is then applied to the bundles to estimate the continuation value of an American-style option. A convergence proof of the algorithm is provided. A variety of examples with up to 15 dimensions are investigated numerically and the algorithm is able to produce computationally efficient results with good accuracy.     

The short-run impact of the stock market appreciation of the 1980s and 1990s on U.S. income inequality

The paper uses 1980 to 2000 Panel Study of Income Dynamics (PSID) data to study the short-run effect of a stock market appreciation on U.S. household income inequality. Fixed-effects regressions suggest that a stock market appreciation raises the incomes of stockholder households more than non-stockholder households. The Gini coefficients derived from the regressions reveal a perceptible but rather volatile increase that can be attributed to the stock market appreciation, especially for the latter parts of the 1980s and 1990s. When averaged by decade, the stock market appreciation raises the Gini coefficient by about 2% for the 1980s and by 3% for the 1990s.     

Strategic Responses to Competitive Pressure: The Case of Township and Village Enterprises in China

This study assesses the configuration between strategic orientation and industrial environment for Chinese township and village enterprises (TVEs), the organizational form which has played an increasingly important role in Chinese economic development and structural reform. We argue that the complexity, dynamism, and hostility of the industrial environment influence TVE managers' perception of competitive pressure, which in turn affects the firm's strategic orientations such as innovativeness, proactiveness, risk-taking, and analysis. Our analysis, based on a survey of TVE managers in Tinjin and Jiangsu, demonstrates that complexity and dynamism of industrial competition have a systematically positive impact on TVE's innovativeness, proactiveness, risk-taking, or analysis. Environmental hostility is not significantly associated with any strategic orientations adopted by Chinese TVEs. Implications of the findings are discussed.