社会投资者与政府的博弈——论我国风险投资行业的发展

国际风险投资专家M artin H aem m ing博士指出:“中国拥有风险投资所需要的关键因素:庞大的制造业基础、优秀的工程师和企业家、巨大的市场、资本和创新能力。”然而我国风险投资经历了近20年的发展历程,不但没有形成良好的发展态势,反而举步维艰。相对国外风险投资基金以所谓“两头在外”模式在中国网络和增值服务领域的活跃投资,我国风险投资显得有点孤独和寂寞。面对投资运作中的种种束缚和障碍,我国风险投资的实践者就像“戴着镣铐的舞者”,在中国转型经济大舞台上思考着所面临的各种问题,寻求着可行的对策。从本质上看,资本具有追逐…     

民间资本对信贷配给的影响

所谓信贷配给(creditrationing)是信贷市场上普遍存在的现象,是指商业银行在面临对贷款的超额需求时,不是通过提高利率的途径,来增加存款供给,同时抑制贷款的需求来实现信贷市场的均衡。信贷配给的存在说明,依赖信贷市场的自发作用,是难以达到借贷资金的供求均衡的。亚当·斯密     

业主委员会法律地位之探析

国务院2003年9月1日起施行的《物业管理条例》，将业主委员会界定为业主大会的“执行机构”，规定业主委员会可经业主大会授权代表全体业主行使物业管理权并维护全体业主的合法权益。《中华人民共和国物权法草案征求意见稿》将业主会议和业主委员会并行作为权力机构，这一冲突和各自的制度设计，在实践中存在诸多问题，有必要加以厘清。     

Enhancing direct regional agro-aqua tourism entrepreneurial marketing by farmers＇ market or community supported agriculture in small and medium agro marketing enterprises in Malaysia

The purpose of this study is attempting to examine the feasibility application of the concept of enhancing the Direct Regional Agriculture, Aquaculture and Tourism Entrepreneurial Marketing （DRAATEM） and the Small and Medium Agro Marketing Enterprises （SMAMEs） in Malaysia. This collaborative marketing concept will solve the local agro-aqua and tourism fraternities＇ plight where they are constantly preyed by the marketing scavengers or middleman and the possibility of entrepreneurial ventures by the farmers themselves. The methodology used is to determine the feasibility of Direct Regional Agro-Aqua and Tourism Entrepreneurial Marketing （DRAATEM） in SMAMEs that comprising local farmers in agriculture, aquaculture and its association, Ministry of Agriculture （agencies including district agriculture department, irrigation department, FAMA） and Tourism Industry （local tourist agencies and operator）. Local agro-aqua farmers＇ demographic factors （gender, race, academic level, knowledge and experiences of agro and aqua） will also examine to determine the feasibility of Direct Regional Agro Aqua Tourism Entrepreneurial Marketing concept. This study found that, there is a significant difference among factors stated with the enhancing of Direct Regional Agro Aqua Tourism Marketing Entrepreneurial concept in the Small and Medium Agro Aqua Tourism Marketing Enterprise management. The initiatives and eagerness to be successful in this concept depend on the inter-relatedness and collaborative of the tri-party of agro-aqua and tourism fraternities which constitute to the improving of their income, livelihood and generate national economy. In addition, the leadership quality of local farmer＇s cooperative, networking facility and agro-aqua knowledge are another three essential factors found to be the strong fundamental of improving the income and livelihood of local farmers. The implication of this study is upgrading of farmers income and livelihood minus the role of middleman by enhancing Direct Regional Agro-Aqua Tourism Entrepreneurial Marketing concept which is a pivotal role in managing agro sector effectively. This could contribute since agriculture is considered as the third engine of growth in the Malaysian economy. The devised models could be used to achieve the goal. As well as to provide further groundwork to assist existing and would be agro managers; entrepreneurs or agro-agencies to upgrade farmers＇ income and generate country＇s economy by enhancing Direct Regional Agro-Aqua Tourism Entrepreneurial Marketing （DRAATEM） concept in Small and Medium Agro Marketing Enterprises （SMAMEs）.     

Contracting and Reporting Conservatism around a Change in Fiduciary Duties*

We exploit an influential 1991 Delaware court ruling to examine simultaneously two types of conservatism that play important roles in resolving creditor–owner agency conflicts: contracting conservatism and reporting conservatism. The ruling expanded managerial fiduciary duties in favor of creditors for Delaware-incorporated firms in the vicinity of insolvency. In those firms, following the ruling, debt contracts are less likely to include conservative adjustments to accounting numbers used for covenant compliance (i.e., contracting conservatism decreases), while public financial reporting becomes more conservative (i.e., reporting conservatism increases). The decrease in contracting conservatism is concentrated in firms that exhibit a greater increase in reporting conservatism, suggesting that reporting conservatism is more cost-effective in resolving agency conflicts. In addition, the substitution effect is more pronounced in firms facing greater business uncertainty and firms with greater board independence.     

Auditors' Responses to Workload Imbalance and the Impact on Audit Quality*

Using detailed data for fieldwork hours and audit hours by rank from audit engagements in Korea, we examine whether audits conducted under workload imbalance, proxied by busy‐season audits, impair audit quality, and how auditors adjust staff assignments for busy‐season audits. We generally find that busy‐season audits are associated with lower audit quality, and that audit firms reduce the involvement of senior auditors during busy‐season audits. In addition, the greater the involvement of senior auditors and junior auditors, the lesser the deterioration in audit quality. Finally, although there is no increase in interim audits in response to workload imbalance during busy seasons, increasing interim audits can mitigate the negative impact of busy‐season audits on audit quality. Our results are relevant to auditors and regulators, who have expressed concerns about the adverse effects of workload imbalance on audit quality.     

改进的ＢＡ无标度网络模型在企业集群中的应用

各组成元素间的网络关系是企业集群的本质特征,其总体竞争力与其内部网络具有紧密联系。运用复杂网络理论研究了企业集群的无标度网络特征,并运用改进的无标度网络模型来定量分析集群网络中各构成要素的重要性,为集群向既定目标发展提供了控制依据。     

实现可再生能源法律保障的若干政策建议

《修正案》全面地体现出我国以立法形式对可再生能源的发展提供阶段性扶持、培育与引导的初衷。文章从加强国家的全局统筹力度、建立保障性收购制度、引导企业提高核心技术能力、加强可再生能源发展的资金保障等几个方面对《修正案》进行了解读,从法律与市场主体行为间的联动机制、经济性、各级政府的分解落实、监督配套机制、电价制定机制和可再生能源发展基金的具体管理与运作等方面,分析了《修正案》在实施过程中可能遇到的困惑及立法的局限性,提出了有针对性的建议。     

安全农产品是如何生产出来的

安全的食品是生产出来的,从生产源头解决安全隐患才是破题的根本,作为食品生产源头的农户及其农产品生产行为成为诸多研究关注的焦点。在计划行为理论和相关文献的基础上,引入农户外部环境认知、农户行为能力与农户安全生产意愿变量,基于安全农产品生产认知视角,分析了农户生产行为的一般机理,利用湖北省食用菌生产农户调查数据,通过构建结构方程模型对该机理进行了检验。结果表明：农户安全农产品生产意愿在生产认知与生产行为之间起中介作用,农户外部环境认知对生产认知与安全生产意愿的关系起调节作用,农户行为能力对安全生产意愿与生产行为之间的关系起调节作用。     

人民币汇率形成机制改革的多层面考察

人民币汇率形成机制改革的经济效应可以从宏观、微观和金融市场三个层面进行考察。从宏观层面看,汇率改革能够提高我国货币政策的独立性,但是对减少贸易失衡和调整国际收支的作用并不明显,反而由于持续的升值预期导致大规模资本流入,影响经济金融稳定。从微观层面看.人民币升值对纺织业等行业产生了比较明显的冲击,非贸易品部门则受益于人民币升值,FDI 投资区位的选择也发生了变化,这些都有利于我国转变过度外向型的经济结构。从市场层面看,更大的汇率弹性使企业和金融机构面临的外汇风险上升,但同时也有利于促进外汇市场发展和推动资本账户开放。