关于东亚经济发展一个争论性视角：新加坡套用哪一个视角？

过去２０年间，正统经济学用种种大套渲染的词句来描述东亚新兴工业国（ＮＩＣｓ）许多赞美之词都集中于包罗颇广的经济福利量度，人均国内生产总值水平上的年增长率以及市场导向的经济政策（实行这种政策，才保证了这些令人惊叹的成就），然而，在社会科学界，对东亚成功经历，并非人人都无一例外地感到迷感，实际上，就有若干评论者（主要是政治学家，社会学家以及为数不多的经济学家）对亚洲新业工业国偏好的发展进程持十分怀疑的     

Does reputation of sponsors matter in IPO? Evidence from Hong Kong

Contrary to other markets where underwriters perform a combined role of underwriting and sponsoring in an Initial Public Offering (IPO), IPO issuers in Hong Kong must appoint at least one sponsor in addition to the underwriters. The splitting of the single role of underwriters into two separate ones offers an ideal setting to disentangle the effects of the two roles and to examine which of the two roles—sponsor or underwriter—is more important in explaining IPO underpricing and initial volatility in the Hong Kong equity market. Interestingly, our findings provide supportive evidence that the sponsor reputation does matter in an IPO and it is even more significant than the underwriter reputation in explaining the IPO underpricing phenomenon. Given the recent high-tech fervor, our research goes deeper to examine specifically the role of sponsors on high-tech firms, with results indicating that the reliance on sponsors is higher for traditional issuers than for technology firms. We further discover that sponsors and underwriters are playing substitution roles rather than complementary roles. In order to examine the regulatory policy impact, our research also compares the role of IPO sponsors before and after the launch of the new sponsor regulatory regime in 2013. The empirical findings lend support to our argument that after the launch of the new regulations, public awareness of sponsors is raised, respect towards more reputable sponsor increases, and thus, the role of sponsors becomes more important than before.     

按照净产值指标评价企业活动

本文作者根据苏共中央和苏联部长会议最近通过的关于新的经济体制改革方面的决议,分析总结了苏联许多部门几年来试验采用定额净产值指标的结果,证明净产值指标无论从理论上、实践上都要比总产值指标优越得多,它可以消除企业“追求总产值”、破坏品种计划的现象,但同时也指出了它所存在的问题。本文还提出了可以采用这项指标的范围和具体的建议。