权证对投资者投资偏好影响的实证研究

金融衍生产品的出现提高了证券市场信息传递的速度，知情交易者通过对衍生品的投资提高传递的效率。本文通过对我国权证市场和相应标的股票市场交易高频数据的研究，探讨知情交易者在权证市场出现后是否改变了投资的对象。实证结果表明，尽管有部分知情交易者投资了认购权证，但是并没有证据表明知情交易者偏好认沽权证。造成这一结果的原因可能是权证制度自身的缺陷。     

论中国政府预算管理改革的优先序--兼议绩效预算在中国的适用性

绩效预算是西方国家实践证明了的先进的预算管理模式。但绩效预算的实行需要社会相关制度环境的配套。中国目前尚不具备实施绩效预算的基本条件。中国预算制度改革的当务之急是建立控制取向的预算管理模式,解决财务合规性问题。待相关条件具备后,再选择绩效预算管理模式。     

从国际经济学理论视角看企业竞争优势——兼议国际经济学优势思想的演进

本文通过回顾和分析国际经济学中国际贸易理论和国际直接投资理论优势思想的发展和]进,说明了理论研究可以通过对各种市场结构的细分,把优势分析引入到企业内部,并通过对分工、市场结构与交易费用之间的矛盾关系的深入研究,探讨内生优势与外生优势之间的对立统一关系,而企业竞争优势的培育则是一个建立在企业自身独特能力基础上的、综合利用企业内外部各种比较优势的动态累积发展过程。     

How Banks' Value-at-Risk Disclosures Predict their Total and Priced Risk: Effects of Bank Technical Sophistication and Learning over Time

Using a sample of eight large commercial banks from 1994 to 2000, Jorion (2002) finds that banks' VaR disclosures for their trading portfolios predict trading income variability. We extend Jorion's findings using a larger sample of 17 banks from 1997 to 2002 reporting trading VaRs under FRR No. 48 (1997). We find that banks' trading VaRs have predictive power for trading income variability that increases with bank technical sophistication and over time. We find that banks' trading VaRs have predictive power for a bank-wide measure of total risk, return variability, and for two bank-wide measures of priced risk, beta and realized returns.     

建立和运行一体化管理体系的初步尝试

对质量管理体系、环境管理体系、职业健康安全管理体系进行合理整合，形成一个综合管理体系即QEO一体化管理体系。认为：QEO一体化管理体系是建立方针和目标并实现这些目标的相互关联或相互作用的一组要素、组织机构、管理、程序过程和资源，它比多个管理体系更能有效达到依据方针所制定的目标。详细介绍了建立QEO一体化管理体系的过程。     

Environment–strategy co‐evolution and co‐alignment: a staged model of Chinese SOEs under transition

Economic reform in China has attracted growing attention from around the world owing to its significance for theory and practice. What has been largely missing in the literature is the temporal dimension, i.e., the changes over time in key variables such as organizational environment, firm strategic adaptations, and the performance implications. In this study, we investigate environment and strategic adaptations 12 years after Tan and Litschert examined these issues in 1990. Following a staged model, the study found that (1) organizational environment and firm strategic adaptations have co‐evolved over time, (2) a new configuration has emerged and is related to improved performance, and (3) such a relationship is moderated by the stage during transition in which firms were founded. Specifically, firms founded since 1990 are more proactive and innovative than firms that had existed in the previous stage. Copyright © 2004 John Wiley & Sons, Ltd.     

House Price and co-Residence with Older Parents: Evidence from China

Numerous Chinese families choose to reside together with their elderly parents due to the considerable impacts of conventional values such as filial duty in Chinese society. However, as house prices rocketed up in major Chinese cities over the past decade, this arrangement is facing a sizeable challenge, therefore also raising new research question about it. This paper attempts to investigate the phenomenon of co-residence of adult children with their elderly parents in China. Using the 2013 data of China Household Finance Survey (CHFS), we document that house price is indeed a significant determinant for the pattern of intergenerational co-residence. Our empirical results can provide interesting insights into the important implication of rising house price for household residential arrangements in this country.     

M2与社会融资规模偏离的原因及趋势研究

货币政策由数量型向价格型调控转型过程中,价格似乎变得更为重要。尽管如此, 货币数量与资金价格仍是观察“硬币”的两面,数量的趋势或能预判价格的变化。金融严监管 的背景下,货币数量尤其是广义M2在过去一年出现剧烈的收缩,而另一个货币数量指标社会 融资规模却仍然强劲,二者的分化使得我们感知货币松紧以及经济冷暖出现分歧。本文基于 M2和社会融资组成结构的异同点,分别对M2和社会融资近年来在金融自由化和金融监管收紧 过程中的变化机理进行梳理,并对未来趋势予以预判。首先,文章区分了M2和社会融资的组 成结构异同点,从共同的影响因素信贷入手进行分析和预判;其次,依据货币派生的机理,从 商业银行资产负债表来分析引起M2变动的主要矛盾进行深入解读;再次,对于引发社会融资 变动的信托和委托变化趋势予以分析。最后我们得出结论,由于监管重点的时间差异使得此轮 M2先于社会融资回落,未来二者分化将逐步收敛。     

对我国企业家制度的几点思考——基于国有企业的视角

企业家是稀缺资源,是推动国民经济发展的主要力量。企业家制度及企业家队伍建设是我国国企改革中一个重要的环节。2003年国务院国资委成立以来,对企业家制度进行了一系列的设计和安排,企业家队伍建设也取得了一定的成效,通过对这些制度的思考提出一些看法。     

基于宏观线收缩率的复合材料固化变形仿真预测

纤维增强树脂基复合材料在固化过程中受材料体系(如树脂类型与体积含量、纤维类型等)和固化制度(如固化设备、固化压力、固化升降温速率、固化模具类型等)的影响,会在宏观层面产生固化变形,影响复合材料制件的形面精度。提出基于宏观线收缩率的固化变形仿真预测方法,在材料体系和固化制度一定的条件下,对各理化变量进行常数化处理,归结为X、Y、Z三个方向长度变化量与固化前长度的比值。建立有限元仿真模型,预测对称铺层和非对称铺层C型试验件的固化变形结果,与实际扫描结果进行对比。结果表明：仿真预测结果最大相对误差为10.68%,平均相对误差为3.59%,预测精度能够满足工程实践的需要,极大降低了固化变形预测难度,能够对模具补偿形面设计、制件固化变形控制等起到切实的指导作用。