促进节能减排的非线性四轮驱动分析——以浙江省为例

文章通过对浙江省能源资源、经济社会发展等方面统计数据的系统分析,提出了依靠能源结构、产业结构的双重优化、调整,节能减排技术、管理水平的运用、提升,以提高全社会的能源利用效率、减少污染物排放,进而实现浙江经济-能源-环境协调发展的思路,从而促使“线性的、数量驱动”的经济社会节能减排向“非线性的、全方位质量驱动”的方向发展。     

Estimation of a Taiwan monetary reaction function with time varying parameters

This paper employs a nonlinear Kalman filter to examine the time-varying responses of Taiwan's monetary policy in the presence of a limited dependent variable. The Kalman filtered parameters reveal that the responses are not constant but change over time. Furthermore, a counter-cyclical reaction function is identified and a stronger than usual discretionary policy during the recessions is found.     

苦碟子注射液指纹图谱的研究

目的采用HPLC法建立苦碟子注射液的指纹图谱。方法以绿原酸、咖啡酸、阿魏酸、木犀草苷、木犀草素-7-O-β-D-葡萄糖醛酸苷、菊苣酸混合对照品为参照物;色谱柱Phenomenex Luna C18 4.6mm×250mm,5μm;柱温40℃;检测波长为327nm;以乙腈-0.4%磷酸溶液系统为流动相进行梯度洗脱,流速0.9ml/min。结果 30批供试品液相色谱图中,均检出10个特征峰,相似度不低于0.9。结论为苦碟子注射液的质量评价提供了依据。     

Revisiting the risk-return relation in the Chinese stock market: Decomposition of risk premium and volatility feedback effect

The empirical results of the risk-return relationship are mixed for both mature and merging markets. In this paper, we develop a new volatility model to revisit the risk-return relation of the aggregate stock market index by extending the Realized GARCH model of Hansen et al. (2012) with the Wang and Yang (2013) framework, in which the overall risk-return relation is decomposed into a risk premium and a volatility feedback effect. An empirical analysis of three major Chinese stock indices reveals positive risk premium and negative volatility feedback effect, and those findings are stable across different markets and sub-samples. However, their relative magnitudes differ between markets and varies through time.     

城市群高质量发展的理论逻辑与路径选择

现代化后发赶超要求以城市群作为主体空间形态,实现效率增进、功能跃升、均衡发展和开放合作.城市群正日益成为托起中国现代化的巨擘,目前我国19个城市群之间规模结构差异较大,以东部城市群发展质量最高.城市群发展失衡的原因在于,城市群城镇体系不合理、公共服务一体化存在障碍、区域一体化发展体制机制有待健全、城际间综合交通网络体系亟待完善.适应现代化发展要求,我国需要在城市群加快推动形成快速便捷的综合交通体系与一体化发展体制机制,以都市圈为载体优化城市群空间格局与推动城市群协同发展,加快构建包容共享的公共服务体系,提升城市群的开放发展水平,引领中国现代化发展.     

External regulation,independent director attendance,and governance effects

In this study we examine how the regulation of director attendance disciplines directors’ behavior, and consider the governance effect of such regulations. This examination exploits the differences between the requirements for director attendance at board meetings enacted by the Shanghai Stock Exchange (SHSE) and by the Shenzhen Stock Exchange (SZSE). Using a difference-in-differences model with a sample of A-share listed firms from 2006 to 2017, we document that the rate of meeting attendance by independent directors who serve with firms listed on the SHSE (SHIDs) has increased significantly since the exchange’s enforcement of the regulation on attendance. This positive effect has been more pronounced for independent directors with legal backgrounds. Further investigations find that the regulation of attendance plays a corporate governance role through the mechanism of enhanced monitoring. The attendance regulation increases the SHIDs likelihood of casting dissenting votes, and it leads to both better accounting performance and higher firm value. In addition, SHIDs are more likely to depart from firms listed on the SHSE, and to transfer their directorships to firms listed on the SZSE, which has a less constraining attendance requirement. Our findings provide evidence of how external regulation shapes director attendance and voting behavior in emerging markets.     

新冠疫情全球蔓延对我国就业的影响及机制分析

新冠疫情全球蔓延对需求端与供给端都造成巨大的冲击,评估此次疫情对我国就业的影响及机制分析变得重要.基于统计比较和使用DID模型,我们研究表明:(1)新冠疫情爆发前,我国总体失业率基本稳定,地区间失业差异趋于缩小;2020年疫情爆发后,我国城镇调查失业率出现明显上升,但其影响在下半年趋于缓解.(2)新冠疫情全球蔓延对我国就业市场产生显著不利的冲击,但对我国31个大城市就业的不利冲击要相对小于总体城镇.新冠疫情导致我国城镇调查失业率总体上升0.31个百分点,导致全国31个大城市调查失业率总体上升0.218个百分点.新冠疫情爆发4个月后我国就业受到的不利影响开始减小.(3)新冠疫情对我国制造业和服务业的经济活动均造成不利冲击,进而对我国就业造成显著不利的影响,且对我国服务业经济活动产生的不利冲击更大.据此,需要严格防控国内疫情反弹,提升一流的营商环境,对受疫情不利影响的企业和劳动者提供优惠政策支持,出台人力资本政策支持建立国家高端人力资本储备池,拓展数字贸易、数字平台等就业创业.     

Did quantitative easing reduce the borrowing costs of firms? The risk-taking channel

This paper examines the effect of the Federal Reserve's quantitative easing (QE) on the cost of bank loans and documents large heterogeneous effects across different firms. In QE1, the average loan spread is 22.7 percent lower compared to the non-QE period. This effect falls in QE2 and OT and then rises in QE3 and the tapering period. The rates of riskier loans are restrained more than less risky loans during QEs as banks take more risks by offering lower rates to attract risky borrowers. The Fed mortgage-backed securities purchases have a larger impact in narrowing the borrowing cost difference between riskier and safer loans than the Fed Treasury purchases. Our results are robust to borrower, year-quarter and bank fixed effects. Overall, our findings support that the risk-taking channel of QE plays a significant role in the corporate bank loan market.