How the Internet Promotes China's Exports: A Firm‐level Perspective

The development of information and communications technology (ICT), particularly the Internet, has reduced trade costs. However, it remains unclear whether these reduced costs are reflected in the “extensive margins” of firms’ exports (which refer to the probability of firms exporting) or the “intensive margins” (which refer to the value of firms’ export). To test this, we used the concepts of information cost and binary margins, an augmented trade model of firm heterogeneity, a two‐stage Heckman estimation, and data from the World Bank Enterprise Survey of Chinese firms in 2012. The results revealed that reduced trade costs from the use of ICT were positively related to extensive margins but that the connection with intensive margins was not significant. The results lead to the conclusion that reduced information costs related to a firm's exporting behavior were primarily reflected in variable trade costs. This study offers theoretical and empirical evidence for China's policies towards the Internet, which are relevant for the export of manufactured goods. The government should encourage the use of ICT to enhance firms’ export opportunities while facing current trade policy uncertainty.     

The role of top management team diversity in shaping the performance of business model innovation: a threshold effect

Business model innovation is one of the firm’s most important strategic decisions. Top management team (TMT), as the critical decision-makers, has essential influence upon such decisions. However, the role of TMT diversity in shaping the performance of business model innovation is less explored in the literature. Based on a sample dataset of 906 observations of small and medium enterprises from China Startups Stock Market during the period of 2009–2011, we find that TMT diversity exhibits a significant threshold effect on the relationship between business model innovation (in terms of novelty-centred and efficiency-centred business model) and firm performance. More specifically, when TMT functional diversity arrives at a certain level, the positive relationship between novelty-centred business model and firm performance becomes more pronounced. On the other hand, the positive relationship between efficiency-centred business model innovation and firm performance will be more significant when TMT tenure diversity increases to a certain level.     

短肢剪力墙结构设计分析

文章介绍了短肢剪力墙结构体系设计的一般规定,包括短肢剪力墙的形状区分、最大适用高度、布置原则及构件设计要点等.同时介绍了可计算短肢剪力墙体系的软件SATWE,供同行参考.     

税制改革应整体推进

近30年来,与整个市场化取向的改革相适应,税制作为各方利益调整的载体,进行了若干次改革,但每次改革离预想的或希望达到的目标都存有一定的差距。本文认为,税制改革是个综合性的改革,如单科独进,必将导致税制实施效果与理论设计初衷的严重背离。因此,增强未来税制改革效果的基本出路是:整体推进并注重相关改革的配套进行。     

减排与增长:服务业如何实现绿色均衡发展?

服务业是中国经济转型和产业结构升级的重要抓手,在资源与环境"双重"约束日益趋紧的背景下,有必要研究服务业绿色发展问题。能否在减排成本最小的前提下提高服务业增长率,走出一条绿色发展路径?为此,文章创新性地将排放权交易市场引入服务业部门,采用方向性距离函数、非线性规划等实证研究方法测算2004-2012年中国服务业14个细分行业的绿色效率和碳排放影子价格。研究表明:中国服务业发展方式并非"绿色",服务业减排成本和碳排放量逐年增长,减排面临巨大的经济压力;在文章设计的排放权交易模型下,服务业细分行业能够形成一个统一的影子价格,从而实现一条绿色发展路径,该路径满足帕累托有效和投入产出技术有效;在均衡路径上,流通服务业应出售排放权,而其他减排成本较高的服务业购买排放权。     

Market Reaction to Seasoned Offerings in China

This study examines stock market reaction to the announcement of various forms of seasoned issues in China. Our empirical evidence demonstrates that market reactions differ in ways that suggest a difference between management's internal assessment and the market's assessment of the stock price. The market responds unfavourably to the announcement, notably in the case of rights issues and also with regard to open offers. Private placements experience an unfavourable pre‐announcement reaction, which contrasts with the favourable reaction after the event. Convertible bond issues generate positive excess returns consistent with the market's confidence that they can help to align management and shareholders’ interests. Further investigation shows that market reaction is related to factors specific to the issuer and issue by reference to the period immediately surrounding the issue. Specifically, ownership concentration, agency matters connected with equity offerings, investor protection connected with fund allocation and security pricing, and the influence of powerful moneyed interests together provide an instructive insight into market reaction. Institutional inefficiency pertaining to underwriting, auditing, analysts’ forecasts and credit ratings are found to have a weak association with market price, consistent with due public scepticism concerning management and their gatekeepers.     

科技政策组合的技术创新协同效应研究 ——供给侧—需求侧视角

利用2013-2016年中关村园区企业数据,将创新划分为创新倾向、技术绩效和经济绩效,以政策供给侧的政府补贴、税收优惠及需求侧的政府采购为研究对象,基于倾向得分匹配方法分析供需两侧科技政策组合的技术创新协同效应。结果表明：政策支持对技术创新存在激励效应,供给侧政策对创新倾向的激励效应最强,而需求侧政策对创新绩效的激励效应更显著;不同的科技政策组合形式均对技术创新具有激励作用,并且科技政策组合对技术创新存在协同效应。     

Financial markets,financial dependence,and the allocation of capital

We explore one specific channel through which finance promotes growth: the allocation of capital. Using international industrial data, we find that countries with developed financial markets invest more in growing industries, and pull out more funds of declining ones. Most interestingly, this pattern is more eminent for those industries more dependent on external financing. Various robustness checks show that the results are not driven by reverse causality, omitted variables, specific countries or industries.     

发挥数学建模在高数教学中的引导性作用

数学是一门抽象的学科,如能激发起学生的学习兴趣,可以使数学教学达到事半功倍的效果。数学建模是利用数学工具解决实际问题的重要手段,本文针对“商人们怎样安全渡河”这个学生感兴趣的智力游戏构建数学模型,并对模型求解,展示数学在生产和生活中的广泛应用,从而引导学生认识数学、学习数学。     

中国传统图案在纺织品图案设计中的应用

中国传统图案有着悠久的历史和辉煌的成就。它种类繁多,内容丰富,应用广泛,它既代表着我们中华民族悠久的历史,社会的发展进步,也是世界文明艺术宝库中的瑰宝。从那些生机勃勃、淳朴浑厚的传统图案中,我们可以领略到各个时代的工艺水平和中华民族源远流长的文化传统,许多传统图案经久不衰,至今仍被沿用借鉴,体现出我国传统图案的无穷魅力。纺织品图案设计对传统图案的传承、融合与创新是必要的。传承就需要我们对传统图案文化进行深入研究,理解其内在的寓意,不断提高设计者的内在修养,使传统图案文化的寓意在纺织品图案设计中自然地流露。