Baltic Dry Index and iron ore spot market: dynamics and interactions

Baltic Dry Index (BDI) is often included in the iron ore spot price. Iron ore market experienced a transition in pricing mechanism from the annual negotiated price to the one based on spot market price in 2008/2009. This paper investigates the dynamics of and the interactions between BDI and iron ore spot price in the regime of the new pricing mechanism. In addition to controlled variables, we find significant spillover interactions between BDI and the iron ore market. We also detect mean-reversion movement in the iron ore market, signalling certain inefficiency in the market pricing.     

浅谈关系型贷款的优势及在我国应用的建议

近年来,关系型货款已成为国内外学者研究的热点.在我国,关系型货款技术的机制设计和现实可能性也日益成为一个值得关注的话题,而从现实条件来看.关系型融资也是我国当前资本市场环境的客观选择.另外,关系型货款在中小企业外源性融资方面也具有广阔的发展前景,并且将随着我国境内中小金融机构的兴起得到进一步普及和深化.     

Ethics and corporate social responsibility – An analysis of the views of Chinese hotel managers

Based on a sample of 257 Chinese hotel managers, this paper examines the ethical principles to which these managers adhered. The premise is that any application of the principles of corporate social responsibility (CSR) will be facilitated or inhibited by the degree to which management holds to a strong ethical stance. Developing a questionnaire derived from different sources such as the Forsyth Ethics Position Questionnaire and the 12 golden standards of Tao Zhugong developed in the 5th century BCE, a principal components analysis of the scores on a 35 item scale indicated five components to ethical perspectives: namely respect for individuals, tolerance of degree of relativity in moral standards, the role of corporations in current society, expediency in business and adherence to CSR.     

建国初毛泽东睦邻外交思想及其在东南亚的实践

新中国成立初期，毛泽东在处理一系列外交事务的过程中，形成了其独具特色的外交方针，那就是睦邻友好。他强调国家与国家之间要平等相待、和平友好、共同发展，同时要以和平共处五项原则为基本准则来处理国与国之间的关系问题。他的这一思想在东南亚各国之间发挥了重要的作用，为国际外交事务的处理树立了成功的典范。     

新时期如何做好水利行政工作之探究

我们要充分认识水行政工作面临的新形势,毫不动摇地以科学发展观为指导,坚持以人为本的执法理念,紧紧围绕水利中心工作,扎实做好新时期水行政工作。     

杭州市自来水管道工程施工中存在的通病及防治措施

自来水管道是城市供水的生命线,是供水企业优质供水、优质服务的重要保障。提高自来水管道施工的管理和技术水平,确保管道施工质量和安全则是重中之重。经过多年自来水管道工程施工管理,对管道施工中存在的通病进行了整理并提出了相应的防治措施,以作相互参考和促进。     

注水水质中含油量与总铁测试方法探讨及优化

分别用外输油和油区来水作为标准油绘制标准油曲线,根据相同监测点位含油量测试实验结果,确定了用外输油代替含油污水进行标准油曲线绘制的可行性;用红外光度法和紫外光度法分别对水样进行含油量测试,得出测试结果的相对偏差在83.3%~100%,分析原因后验证了SY/T 5329-94中含油量用紫外光度法测试的合理性;对总铁进行加标回收率测定,得到高锰酸钾氧化时水质pH应保持在2~3,加标回收率才满足要求,提高了测定结果的准确性。     

浅谈工程结算审查中的几点体会

工程结算是一项资料多、工作量繁重而复杂的计价过程。工程在施工过程中会因材料型号、施工方案、主材价格等改变而发生变化,工程结算是确定工程实际造价的计价过程,尤其在建筑工程上,其产品的单件性、多样性、复杂性,使得工程造价具有大额性、个别性、动态性等特点。对工程结算审查复核也是一项技术性、政策性、经济性非常强的工作。     

Estimation of productivity and markups with price dispersion: Evidence from Chinese manufacturing during economic transition

We estimate firm productivity and markups in the presence of heterogeneous output and input prices. We assume that firms are monopolistically competitive in the output market and that state firms are favored and pay lower prices for inputs due to political connections. The proxy-variable (or called the control-function-based) approach of structurally identifying production functions and productivity is customized to our new setting. Our approach solves the underidentification problem inherent in the standard proxy-variable method. We investigate the Chinese transportation equipment industry and find evidence against perfect competition and price homogeneity. We also find that productivity and markup differentials and dynamics are consistent with the market-oriented reforms in China.     

The impact of digital finance on financial efficiency

This paper quantitatively analyzes the impact of digital finance on financial efficiency. The results show that digital finance has slightly improved the efficiency of the financial sector, but there are significant differences in the impact of provincial efficiency in China. Although financial sector efficiency positively correlates with digital financial efficiency, digital finance gives backward regions disadvantages. The efficiency score and ranking of the financial sector in the eastern region are significantly higher than noneastern region. The progressive effect of digital finance on the efficiency of the financial sector in the eastern region is better than that in the noneastern region.