Anti-corruption,government subsidies,and investment efficiency

The problem of corruption in socio-economic development has long been a focus of academics and practitioners. To address this concern in China, the 18th National Congress of the Communist Party of China instituted a new anti-corruption policy. In this paper, we examine the impact of this recently enacted anti-corruption policy on the investment efficiency of subsidized enterprises from the perspective of government subsidies. We conclude that government subsidies have a significant positive impact on the overinvestment behavior of enterprises and that the anti-corruption work done by the government has effectively restrained the excessive investment behavior of government-subsidized enterprises. Further, we find that the anti-corruption policy is more effective in restricting overinvestment in subsidized state-owned enterprises than in non-state-owned enterprises. We examine the impact of the anti-corruption policy on excessive investment caused by government subsidies and enrich the body of research related to investment efficiency. We also provide empirical support for further research on the anti-corruption policy at the macro-market and micro-enterprise levels. The findings highlight the need to establish new cooperation between government and enterprises, to rationalize the distribution of administrative resources, and to promote the sustained and healthy development of the national economy.     

南橘北枳:A股市场的经济关联与股票回报

本文系统检验并比较了中国A股市场中行业动量、区域动量、供应链动量以及科技关联动量等经济关联动量的显著性及预测周期。本文发现,中国股票市场中经济关联因子呈现出与美国股票市场不同的规律,在月度层面行业动量显著,而科技关联因子只在周度上具有显著的预测能力。进一步分析科技关联动量发现,中国股票市场中科技关联因子能预测目标公司未来1-3周的股票收益和未来基本面的变化,据此构建的多空策略能够产生周度0.16%的超额收益(年化8.67%);机制检验发现,科技关联因子预测期短的原因是由于中国股票市场中存在较多具有博彩倾向的散户投资者;有限注意和市场摩擦两个机制检验证明科技关联动量源自错误定价。进一步检验发现,科技关联动量在国有企业和创新政策颁布后更加显著。本文补充了现有A股市场的动量研究,有助于理解中国股票市场规律、提升资本市场有效性。     

布雷顿森林体系的不对称性及其启示

本文深入分析了布雷顿森林体系在诸如各国经济实力、流动性提供机制、国际收支调节机制、黄金与美元职能、美元增长机制与其效应传导等方面存在的不对称性。分析表明,正是这些不对称性推动着布雷顿森林体系经历了从建立、发展、稳定到动荡、崩溃的短暂过程。该结论的现实意义在于,它从历史的角度再次证明:在信用本位货币制度下,国际汇率制度逐渐趋于浮动有其历史必然性、人民币转向真正意义上的管理浮动或许正是这一趋势的诠释、加强东亚货币合作有利于国际货币体系朝着更加稳定、有序、合理的方向演进。     

When are outside directors effective?

This paper uses recent regulations that have required some companies to increase the number of outside directors on their boards to generate estimates of the effect of board independence on performance that are largely free from endogeneity problems. Our main finding is that the effectiveness of outside directors depends on the cost of acquiring information about the firm: when the cost of acquiring information is low, performance increases when outsiders are added to the board, and when the cost of information is high, performance worsens when outsiders are added to the board. The estimates provide some of the cleanest estimates to date that board independence matters, and the finding that board effectiveness depends on information cost supports a nascent theoretical literature emphasizing information asymmetry. We also find that firms compose their boards as if they understand that outsider effectiveness varies with information costs.     

行业协会组织边界与组织能力模型的构建研究——基于价值网络的分析

本文通过借鉴企业研究领域中组织边界理论,将行业协会组织边界分为实体、行业和关系边界三类,并从价值网络的角度分析了三类组织边界形成机理,在此基础上进行行业协会组织能力模块化,构建行业协会组织能力的S-O-R模型。     

New Exhibition Center Consolidates Industry Hardware

The New China International Exhibition Center (NCIEC) is co-designed by Beijing Institute of Agricultural Design (BIAD) and the TBS Design Group of the United States.     

浅谈数据挖掘在证券分析中的应用

本文从数据挖掘的概念与过程出发,阐明证券分析中的挖掘主题和方法,具体阐述了数据挖掘技术在证券分析中的应用领域,并对旅游上市公司证券的聚类分析做了实证研究。     

河北省鲜活农产品物流配送模式及运行机制探讨

在分析河北省鲜活农产品配送现状的基础上,以供应链管理为背景,提出了"以生产基地为主体,第三方物流为辅"的鲜活农产品直配模式,同时探讨了该机制运行过程中应该注意的关键问题。     

低碳经济与产业结构调整

随着被喻为拯救人类的最后一次机会的哥本哈根气候大会的召开,全球气候变化促使低碳经济走上世人面前。中国产业发展受到了前所未有的二氧化碳减排压力,但同时全球气候变化和发展低碳经济也给中国产业的发展带来了机遇。发展低碳经济意味着中国能够避免走西方国家的高能耗、高污染的工业化发展道路,走出一条低能耗、低污染、低排放的新型工业化道路。以低碳经济为依托助推产业结构升级,中国将转向更为高效的制造业和低碳产业结构,这有利于中国保持国际贸易领域的持久竞争力,同时可以避免国外的碳关税而有利于出口经济的可持续发展。     

奥运科技成果应用及转化分析

对北京科技奥运8大领域项目承担单位的分布情况进行了统计,总结了奥运科技成果的应用状况,分析了奥运科技成果的应用前景,并有针对性地提出在各领域奥运科技成果转化的对策。