A flexible adaptation of the WIOD database in a virtual laboratory

ABSTRACT

The World Input-Output Database provides a time series of world input–output tables (WIOTs) that have been used for example to understand the manifold effects of the increased integration of markets through international trade. In order to enhance the flexibility of research on global trade issues using WIOD, we implement the WIOT workflow in a collaborative, cloud-based virtual laboratory environment. We demonstrate that a lab-based adaptation of WIOD is able (a) to continuously create and update versions of the WIOTs in a timely, consistent, and cost-effective way, (b) to enhance original information with accompanying information on standard deviations, and (c) to enable flexible re-casting of the entire WIOT time series into user-specific geographical and sectoral classifications.     

江西省农村养老保险制度重构初探

当前江西省迫切需要开展农村养老保险,同时客观上也具备了开展的可行性.传统农村养老保险存在某些不足,导致"窄覆盖".江西省农村养老保险制度的重构不仅需要考虑江西省的现实情况,还需要综合考虑其与农村其他制度、政策的结合问题.     

创业者社会身份认知与新创企业创新

创业是嵌入在社会结构中的经济活动,创业者社会认知如何影响其创业战略决策是研究者关注的焦点。本研究基于社会认同理论区分创业者达尔文主义、社群主义和传教士主义三种不同社会身份认知对新创企业战略决策的影响及作用机制。研究发现,达尔文主义身份认同感促进创业者为积累个人财富而选择不确定性较低的商业模式创新;社群主义身份认同感使创业者为提供真正造福社区的产品和服务而积极开展技术创新;而传教士主义身份认同感促进创业者开展一切提升社会价值的创新活动,包括技术创新与商业模式创新;且创新网络关系强度通过提供创新所需的资源与信息在上述关系中起正向调节作用。本研究借助社会认同理论,将创业者社会身份认同感进一步引入新创企业创新决策的驱动因素研究中,深化和拓展了创业者创新行为的理论分析框架。     

2008年人民币汇率展望

经济基本面决定人民币汇率会继续升值的趋势,但是一些新的影响因素,如汇率改革深化,宏观调控政策调整,将使人民币汇率出现一些新的动向。本文在回顾2007年人民币汇率走势的基础上,综合分析各种因素,展望2008年人民币汇率改革和走向。     

粤港澳合作金融"殿后"

加强粤港澳三地的合作,算是近期热门话题之一,尤其广东表现出更为积极的态度,2008年7月提出了六个方面的合作,其中一条就是"粤港金融合作与创新"。而这一条,恰恰是最值得     

国际化人才开发与管理的方法与规律研究

要实现国际化的人才开发与管理,应选择可持续发展型的管理模式;树立现代人力资源观;运用计划性人力资源管理战略;管理角色要从行政角色向战略伙伴转变;应加快我国专业资格互认进程;大力推进人才开发与经济、科技、教育的一体化;按国际惯例办事,使人才开发机制率先与国际接轨;推进人才收入分配制度创新,实现人才价格向价值的回归。     

Employee ownership heterogeneity and firm performance in China

Employee ownership (EO) has gained increasingly significant attention from both business practitioners and policy makers in China. Through the examination of the implementation of EO by China's listed firms from 1992 to 2017 with a total of 3,396 firms and 36,559 firm‐year observations, we explored the relationship between EO implementation and firm performance. In general, we found that over time, EO firms outperform non‐EO firms in China, and the influence of EO is only different in nuanced aspects in different time periods according to the change of policies. The data from the most recent period, that is, 2014–2017, indicate that EO adopters have higher performance than matched non‐EO firms both before and after adoption, but the relative performance does not increase after adoption. We further examined the interactive effect between EO and executive stock ownership (ESO) schemes and found that the adoption of ESO weakens the positive relationship between EO and firm performance. Regarding different types of EO, we found lower performance in companies with high return rights but no control rights, and we found better performance when high return rights are combined with control rights. We suggested policy and managerial implications on the basis of the findings.     

Resilience to the financial crisis in customer-supplier networks

Inspired by the Capital Asset Pricing Model (CAPM) beta, we construct customer and supplier betas to separately investigate potentially different properties of downstream and upstream linkages. With the adjacency matrix acting as a ‘filter’ to extract each company's return covariances with its trading partners, the cross-sectional dependence contained in the customer-supplier network is summarized by our betas. We explore how these two betas are related to a company's resilience to the financial crisis of 2008–2009. We observe that a higher customer beta is generally associated with more resilience during the crisis. Therefore, investors could construct the customer beta to gain insights into the relative negative impact of a potential crisis on a stock's performance.     

Predicting Prepayment and Default Risks of Unsecured Consumer Loans in Online Lending

Online lending provides a means of fast financing for borrowers based on their creditworthiness. However, borrowers may undermine this agreement due to early repayment or default, which are two major concerns for the platform and lenders, since both affect the profitability of a loan. While default risk is frequently focused on credit scoring literature, prepayment has received much less attention, despite a higher prepayment rate being observed in online lending when compared with default. This article uses multivariate logistic regression to predict the probability of both the underlying prepayment and default risks. Real consumer lending data of 140,605 unsecured loans provides evidence that these two events have their own distinct patterns. We consider systemic risk by incorporating macroeconomic factors in modeling and address the influence of economic conditions, which are lessons learnt from the last financial crisis. The out-of-sample validation has shown that both prepayment and default can be accurately predicted. This article highlights the necessity of regulations on prepayment given the fast growing online lending market.     

基于渠道理论的营运资本管理效率对企业价值的影响研究

以2010-2014年我国1183家A股制造业上市公司为研究对象,选取了8个指标变量共5915个样本观察的面板数据,通过建立固定效应模型考察基于渠道理论的营运资本管理效率对企业价值的影响.研究发现,企业价值与衡量营运资本管理效率的综合指标经营活动营运资本周转期显著负相关,并且与经营活动营运资本周转期的各组成部分,如采购渠道、生产渠道和营销渠道营运资本周转期显著负相关.研究结果表明,提高制造业上市公司的营运资本管理效率,可以增加企业价值.管理者可以通过有效的渠道管理,将营运资本周转期维持在最优水平,实现营运资本的高效运转.