互联网金融服务于中小微企业探析

2014年阿里巴巴在纽约证券交易所的正式上市,我国互联网金融企业迎来了一个春天。互联网涉猎于金融行业相关的服务及产品之中。互联网金融的发展在一定程度上促进了相关金融行业的整体发展,实现了相关服务信息的透明化和公开化。一方面,中小微企业相关金融服务存在融资的手续繁琐,成本相对较高,信贷配给量过低,融资渠道单一;另一方面,互联网金融实现了小额信贷的规模化和金融服务的订单化,保证了低成本服务的覆盖面积,实现了融资模式的创新。     

Multiproject scheduling: Analysis of scheduling strategies under unequal delay penalties

The multiproject scheduling problem is investigated under the assumption that delays corresponding to different projects carry different penalties. Five penalty functions are introduced that simulate typical business behavior. These are: 1) assigning the highest penalty to the project requiring the greatest amount of resources; 2) assigning the highest priority to the longest project; 3) assigning the highest priority to the project requiring the least amount of resources; 4) assigning the highest priority to the shortest project; and 5) random assignment. Justification for each case is provided.Two powerful project summary measures were used to generate the test problems. The first measure, average resource load factor (ARLF), identifies whether the location of the peak requirement of all (i.e., combined) resources is in the first or second half of the project's critical path. If each resource is expressed in terms of dollars, then ARLF identifies the location of the peak cash requirement. Since in practice the choice of the scheduling strategy is influenced by the location of the peak cash requirement, performance of the scheduling strategies is analyzed with respect to values of this measure. The second measure, average utilization factor (AUF), calculates the ratio of resource requirements to availabilities. It is shown that problems tested must have different AUF values in order to be classified different for purposes of experimental design. Thus a factorial model of the form, y = Strategy + Penalty + ARLF + AUF + ? was used to generate 385 problems, each requiring 2 to 4 resources, containing 3 to 5 projects and 34 to 63 activities.The computer program used in the study is based on a parallel method of scheduling in which priorities of the activities are determined when the activity is considered for scheduling. Ten scheduling strategies are tested. Some important ones are: 1) to schedule the shortest activity first; 2) to schedule the activity with minimum slack first; 3) to schedule the activity with maximum work content first (i.e., from the project with highest work content); 4) to schedule the shortest activity from the shortest project first; and 5) to schedule the activity with maximum penalty first. Shortest activity first and minimum slack first are popular strategies introduced by other researchers.Using number of times ranked first as our criterion, scheduling the activity with maximum penalty first provides the best results followed by the strategy of scheduling the activity with maximum work content. But when these results are analyzed with respect to existence of a very expensive project (i.e., dominance) in the problem, performance of the maximum penalty strategy improves. When the overall results are analyzed with respect to values of ARLF, a different picture emerges. Then the strategy of scheduling the activity with the highest penalty first provides the best results if the peak requirement is early. When the peak requirement is toward the middle of a project's unconstrained critical path, scheduling the activity with the highest work content provides the best results. When the peak requirement is late in a project's life, scheduling the shortest activity from the shortest project is the best strategy to adopt. These findings were tested for statistical significance by using nonparametric testing procedures and were found to be significant.     

The Long-Term Performance of Small Businesses: Are there Differences Between “Christian-Based” Companies and their Secular Counterparts?

Recent years have witnessed the proliferation of “Christian” companies in the U.S. These firms declare their belief in, and active pursuit of, the successful merging of biblical principles with business activities. Economic success, hard work, and biblical values are seen as capable of existing together in harmony. While the number of such businesses appears to be growing, there has been a dearth of any scientific study of these companies. No empirical research has been conducted to determine whether these religious values and behaviors have any significant impact on a company’s performance. The present study is designed to partially fill this gap. Specifically, it seeks to determine whether there are differences in long-term performance between self-proclaimed “Christian-based” businesses and their secular counterparts. Data were collected from 312 companies. A multivariate analysis of variance (MANOVA), followed by univariate ANOVAs, found significant differences between these two groups of firms on three of the four performance variables that were analyzed. Some explanations as well as limited generalizations and implications are developed.     

Can the Euro Survive?

One of the fascinating aspects of the European debt crisis has been the resilience of the euro. For much of 2011, the euro was a key reserve currency, oblivious to the chaos ravaging European economies. Now, however, the gravity of the crisis is finally dragging down the euro. As the Euro zone debt crisis enters its third uncertain year, the question about whether the euro can survive rises. This paper argues that the euro can survive given policymakers still have in hand various tools. These tools include creating exit rules, implementing new stabilisation rules and instruments, adopting new fiscal policy, introducing conditional Eurobonds, using inflation differentials and providing more independence to the European Central Bank.     

Export externalities and economic growth

Feder formulated the first model with an explicit mechanism connecting international trade and economic growth. We present new econometric estimates of this unique model for 30 developing countries studied by Feder. We replicate Feder's 1964?–?73 cross-section estimates for 1974?–?83 and 1984?–?93 and find that the export variables lose significance and that the model has less explanatory power overall. We also try to improve on time-series estimates by Ram and find that the coefficient of Feder's total factor productivity differential in favour of the export sector was positive and significant for 18 of the 30 countries. The export externality coefficient proved to be positive and significant in 13 countries although significant multicollinearity occurs in the regressions for eight of the 13. Comparisons of the results among countries suggest that the impact of exports on growth depends on population size, trade orientation, and the importance of manufacturing.     

Gender and Perceived Fundamental Moral Orientations: An Empirical Study of the Turkish Hotel Industry

Recent history is replete with scandalous acts and charitable acts within the business community. Unfortunately, scandalous acts seem to occur with greater frequency than charitable acts – at least as reported in the broadcast and print media. An interesting corollary to the incidence of scandalous and charitable acts is the apparent differential involvement of men and women, particularly in scandals. This article explores a possible explanation for the apparent gender differential in involvement in scandals and acts of charity. Drawing on a conceptual framework of three Fundamental Moral Orientations (FMOs) – selfishness, self-fullness, and selflessness – and relevant literature on gender effects, this article explores whether men and women are perceived as differing fundamentally in how they approach moral dilemmas. This phenomenon is examined with a sample of personnel (n = 682) from the hotel industry in Turkey. Results of the study indicate that gender has some effect on the perceived adoption of FMOs, and that these gender effects are generally consistent across age, educational level, and organizational rank categories. Implications of the findings are discussed.     

Diet transformation in Africa: the case of Ethiopia

Africa's food systems are changing fast amid rapid economic growth, emerging urbanization, and structural transformation. In this study, we use four rounds of nationally representative data from Ethiopia to document changes in household food consumption patterns over a period of unprecedented economic growth. We find that while the share of food in the total consumption basket is declining, food quantities and calorie intakes have considerably increased between 1996 and 2011. A decomposition analysis suggests that this was mostly driven by improvements in household incomes—a finding that is consistent across the calorie distribution. Also, the content of the food basket is changing with a gradual shift toward high‐value foods such as animal products, fruits and vegetables and processed foods. Overall, this diet transformation has important implications for the food security debate and for agricultural and food policy in the country.