Interest rate rules and macroeconomic stability with transaction costs

This paper analyzes the relationship between interest-rate feedback rules and macroeconomic stability in the presence of transaction costs. We show that with the Sims-type (1994) transaction-cost technology, a passive, rather than an active, interest-rate rule is more likely to generate a stabilizing effect against belief-driven fluctuations if both the intertemporal elasticity of substitution with respect to consumption and the sensitivity of the transaction costs with respect to the velocity of money are low. This result is valid under either an unbounded or a bounded transaction-cost technology. Of importance, our result is relevant under empirically plausible parameters, while it sharply contrasts with Taylor's (1993) prediction.     

论跨国公司对华投资与我国低碳经济的发展

跨国公司对华投资促进了我国经济的增长,但同时所带来的环境污染等一系列问题对我国低碳经济的发展构成了挑战.1999-2009年间,随着跨国公司对华投资规模的不断加大,尤其是对第二产业的投资,使得我国环境污染严重,对发展低碳经济带来严重挑战.深入研究和妥善解决这些问题,对于促进新时期我国利用外资的进一步发展具有重要的意义.     

我国企业管理的营销策略研究

<正>营销需要懂得管理,比如说要知道什么是营销,有了营销的定义才能更好地去管理营销。营销也是要有计划的,在计划步骤指导下去进行营销活动,营销管理还要对     

财政支出差异性对创业活动的激励效应分析

经济新常态下,创业是推动中国经济发展、改善民生的重要途径。创业过程的风险性、不确定性及正外部性需要政府给予积极支持。基于2007-2015年中国内地30个省市（除西藏外）数据,运用动态面板模型,考察地区财政支出和创业活动的关系。研究结果表明：财政支出规模对创业活动数量及创业活动质量具有滞后的积极作用;财政支出规模的滞后效应源于财政支出结构的滞后效应,不同财政支出结构对创业活动质量影响的差异较大;同时,创新是提升创业活动质量的重要手段。因此,政府应积极支持“大众创业、万众创新”,各地区财政创业扶持资金应该从规模和结构上进行调整,重点优化有利于创新的支出结构,为创业提供良好的公共环境。     

Institutional Monitoring: Evidence from the F‐Score

The extant literature shows that institutional investors engage in corporate governance to enhance a firm's long‐term value. Measuring firm performance using the F‐Score, we examine the persistent monitoring role of institutional investors and identify the financial aspects of a firm that institutional monitoring improves. We find strong evidence that long‐term institutions with large shareholdings consistently improve a firm's F‐Score and that such activity occurs primarily through the enhancement of the firm's operating efficiency. Other institutions reduce a firm's F‐Score. Moreover, we find evidence that, while monitoring institutions improve a firm's financial health, transient (followed by non‐transient) institutions trade on this information.     

Effectiveness of promotional premiums: The moderating role of affective state in different contexts

This research explores the influence of affective state on ad and product judgments for advertising that features promotional offers of high and low price value. Consistent with expectations, Study 1 found that for happy participants, high‐price value premiums generated higher ad believability ratings, which in turn enhanced ad and brand attitudes. For sad participants, however, the positive effects of high‐price value premiums were attenuated due to message believability discounting. It is proposed that the moderating influence of affective state on responses to ads featuring premiums should be more likely to emerge when attention to premiums is high, as in situations where ads feature less important product attributes or when consumers plan to purchase a product. Study 2 found that the interaction between affective state and premium value was significant when ads featured less important product attributes, but not when they featured important product attributes. Study 3 found that the interaction was significant for participants who intended to purchase the product in the near future, but not for those who did not have purchase intentions. © 2009 Wiley Periodicals, Inc.     

同济堂股权收购案例中的资产评估问题研究

资产评估是企业并购过程中的核心环节,但近年来评估中的问题仍层出不穷。本文依据资产评估行业准则和企业价值评估的要求,对同济堂股权收购案例进行了研究,对其在评估程序和收益法的使用上存在的不足进行分析与改进,并以此为基础,从资产评估行业长远发展的角度提出若干建议。     

China's economic development: does exchange rate and FDI nexus matter?

This study aims to investigate the relationship between China's exchange rate, foreign direct investment (FDI) inflows, and economic development. We applied the bound testing approach on aggregate level data from 1981 to 2013. The results showed that the Chinese economy benefitted from a lower exchange rate over this period, and that there was a direct link between FDI inflows and economic development on an aggregate level both in the long and short run. The results of the Granger causality test identified a long‐ and short‐run association among these variables. The GMM estimations with dummies for financial crises and RMB exchange rate policy fluctuations also confirmed the growth enhancing impact of the exchange rate and FDI inflows. To promote sustainable economic development in the future, China should focus on improving the levels of domestic investment and human capital, as well as supervising the level of openness and capital controls.     

对于我国公平与效率关系的经济学思考

本文主要通过对我国公平与效率关系的描述及当前面临的现状的分析,运用帕累托效率的分析方法,得出公平与效率本质上具有一致性的结论,在此基础上提出公平与效率可以实现最优结合。我国目前正值“十一五”规划纲要的实施初期,大力发展和谐社会,应该在微观领域体现效率优先的原则,宏观领域公平优先的原则,来实现二者的最优结合。