Mixed oligopoly, optimal privatization, and foreign penetration

This paper examines the impact of foreign penetration on privatization in a mixed oligopolistic market. In contrast to the simple framework of single domestic market with foreign entry by entry mode of foreign direct investment (FDI) or exports, our result shows that government should increase the degree of privatization along with increasing proportion of domestic ownership of multinational firms. Furthermore, we show that an increase in domestic ownership of multinational firms raises all domestic private firms' profit and social welfare, while it may either increase or decrease public firm's profit. With the aid of numerical example, intensive competition from private firms in general will enhance the degree of privatization gradually; in particular, the degree of privatization is lower in the presence of multinational firms.     

Financial leverage and market volatility with diverse beliefs

We study a general equilibrium model of asset trading with financial leverage, where the investors can engage in speculative trading with diverse beliefs about the asset??s fundamental value. We show that an increase in the leverage ratio causes the stock price to rise in the current period through a ??leverage effect??, and will result in more borrowing and more stock purchase that pumps the stock price higher in the subsequent period, known as the ??pyramiding effect??. There can also be a ??depyramiding effect?? when the price falls because lenders issue margin calls and force stock sales, contributing to further stock price plummeting. Price changes from depyramiding effect, however, may not take effect when margin calls are not triggered. We demonstrate that, under certain conditions, decreasing leverage ratios leads to lower stock price volatility, measured by the variation of prices caused by an exogenous shock, when the shock is unanticipated. The influences of dispersion of beliefs and available investment funds on the relation between financial leverage and market volatility are also examined. When the shock is anticipated, we demonstrate that reducing leverage ratios may not lower stock price volatility, which poses an important challenge to future studies on this issue.     

经管类专业与企业互动实践教学模式研究

在应用型人才培养为目标的大背景下,文章针对高校经管类专业的教学特点,剖析了经营中内外交困的企业与高校经管类专业合作的迫切性,提出校企步调一致,互通有无,共破困境。走共谋发展、共享资源、共研难题的双赢道路。     

长江上游生态屏障建设的难点与长效机制构建

长江上游由于自然与人为因素的双重作用,导致其生态保护困难重重.基于此,长江上游生态屏障建设的长效机制重在构建存量项目的救助机制、增量项目的筛选机制、区域利益冲突的协调机制、项目受害人的补偿机制等.     

企业绿色竞争力指标体系的完善设计研究

企业绿色竞争力指标体系是测定企业绿色竞争力的有效方法,在现有的指标体系基础上设置观测点,并对每个指标和观测点的内涵、考察内容和评价标准进行界定,形成完整的制造业上市公司绿色竞争力指标体系.     

我国与欧盟发展生物质能的比较和启示

我国寻求新的可再生能源特别是开发利用生物质能尤为重要.欧盟在发展生物质能源时通过制定相应的法律、财政政策及其它政策,形成了一整套的政策法规和实施体系,促使欧盟成员国内生物质能逐渐市场化.本文分析我国与欧盟在发展生物质能源上的差异,提出推动我国发展生物质能源的政策建议.     

基于企业家行为动机的中小企业群落式衍生

本文以嵊州领带产业集群中小企业群落式衍生为案例,分析了中小企业经营骨干辞职创办新企业的行为动机,综合考虑经济、风险态度、个人的主观偏好和其他社会性效用等不同的偏好对选择成为企业家的影响．提出企业家动机各因素对企业家活动的影响关系。     

宏观经济因素对国债收益的影响分析

利用主成分分析方法将影响国债的宏观经济指标分成宏观调控综合指标和通货膨胀综合指标,选取国债从2004年到2010年的收益率数据,构建多元统计回归模型,研究宏观经济因素对国债收益的影响。研究发现,国债收益率与通货膨胀影响综合指标正相关,受通货膨胀影响较显著。     

京、津、沪、粤大型零售企业发展的比较及启示

本文对京、津、沪、粤等大城市零售企业的发展进行研究,并从中找出规律性的东西,这对于我们进一步发展、壮大我国商业大集团有着重要而积极的意义。