Trade and financial liberalization with asymmetric information in bank financing

We investigate trade and financial openness in a small developing country where entrepreneurs need bank financing to operate in an import‐competing sector but banks do not observe their ability. This informational asymmetry causes adverse selection of low‐ability individuals into entrepreneurship and also prevents poor but able individuals from being entrepreneurs. We find that trade opening improves national welfare, but a tax is needed on foreign financial capital. Trade opening reduces an income gap between the rich and the poor, while financial opening affects this income gap ambiguously.     

关于国有企业改革发展的几点看法

在当前和今后一个相当长的时期内,中国的经济问题能不能解决好,在很大程度上取决于国有企业和国有经济的问题是否得到了解决。搞好国有企业,有两个问题必须首先搞清楚。一是怎样才算是搞好国有企业,二是如何判断当前国有企业的状况。     

Diversification and heterogeneity of investor beliefs

In the paper, we find that diversification reduces the heterogeneity of investor beliefs on firm value. We obtain this finding by comparing not only between diversified and focused firms but also between diversifying and non-diversifying mergers. We also find that the reduced heterogeneity of investor beliefs on a diversified firm relative to its focused peers is negatively associated with its contemporaneous excess value and positively associated with its future excess value. Overall, our results contribute to the understanding about how corporate organization structure affects the heterogeneity of investor beliefs and further firm value.     

对当前监理工作的几点思考

监理制度应该贯穿工程建设项目的始终,包括投资决策阶段、设计阶段、施工招投标阶段、施工阶段。     

条码技术在航材管理中的应用

为提高航材管理的自动化管理水平,提出在航材管理中使用二维QR条码技术,并阐述了编码方案和业务流程改造方案。     

老区高校办学特色理论与实践——以延安大学为例

众多老区高校在中国历史发展过程中为中国革命和新中国建设做出了巨大贡献,新时期如何重振老区高校,为国家建设做出更大的贡献已成为这些高校面临的关键问题。为此,老区高校必须充分挖掘历史经验,通过凝练办学特色形成品牌,更好地服务老区建设。     

小型挖掘机液压控制系统设计

小型液压挖掘机主要用于城市等狭窄地区,代替人力劳动。由于小型挖掘机的工作空间小、作业地形复杂、操作方便、可控性要求高,这就要求小型挖掘机具有良好的复合动作、精简的液压系统以及可靠的系统性能。     

Factor Returns and Circular Causality

The presence of circular causality in a region through factor returns is studied in a general equilibrium model in which firms producing final products engage in oligopolistic competition. The intermediate input is produced by capital and labor with a constant returns to scale technology. If the degree of increasing returns in the production of final products is sufficiently high, the return to a factor can increase with the amount of this factor. Thus a higher amount of a factor in a region leads to a higher return to this factor and attracts additional amount of this factor to move in. Capital movement and labor movement can be reinforcing. This type of circular causality means that unbalanced regional development can persist over time.     

浅析建设项目跟踪审计的现状和建议

介绍了建设项目跟踪审计的定义及其优点,现就建设项目跟踪审计的局限性提出进一步完善该工作的对策和建议。