农户主体行为与农民土地权益保护

保护农民土地权益需要农民内力和社会外力的共同作用才能有效实现。随着工业化、城市化程度的不断加深,各地侵害农民土地权益的事件时有发生。目前我国农民自我保护意识普遍较弱,对其自身合法权益的维护产生较大负面影响,因此政府有必要从教育、法律、组织、制度等层面引导农民树立自我保护意识。     

研发投资的期权博弈模型及其发展

就研发投资来说,Smit和Trigeorgis对于这种模型的发展有最大的贡献。Huisman和Kort建立了对称性双头环境的标准期权博弈模型,在均衡解的求取上,他们运用了Fudenberg和Tirole的分析思想,而在技术特征的描述上,他们扩展了Stenbacka和Tombak的分析框架。本文以研发期权博弈模型分析入手,探讨了研发技术采纳、专利竞赛、非对称信息和随机合作因素引入下的期权博弈方法,展示了研发期权博弈理论的发展脉络和思考重点。     

网络环境下企业核心能力的构建

文章基于企业知识理论和组织学习理论分析了网络环境企业核心能力的特征,认为企业核心能力是企业所拥有的独特的知识资源。组织学习可将企业内外部知识激活、整合并产生新的知识,提高企业应对环境变化不确定性的能力,使企业获得并维持长久的竞争优势。     

我国知识产权证券化的法律障碍与对策

知识产权证券化对知识产权成果的转化与知识经济的发展具有重要的现实意义,世界知识产权组织更是将知识产权证券化形容为一个新的发展趋势。知识产权证券化在我国尚处于探索阶段,文章对知识产权证券化的法律障碍进行了分析,并提出了相应的解决对策。     

应用上海燃料油期货套保航空燃油的可行性分析

我国的航空公司(航油贸易公司)采购航空燃油大多以新加坡的MOPS价格作为签订进口贸易合同的计价基准,因此大多在新加坡的场外衍生品市场进行套期保值交易。文章从实证角度研究了应用上海燃料油期货对航油进行套期保值的可行性。通过相关性分析、ADF检验、协整检验等,验证了新加坡航油现货价格与上海燃料油期货价格具有很高的相关性,并存在长期稳定的关系。从套保比率看,上海燃料油期货的套保比率高于WTI原油期货,这是因为上海燃料油期货价格的波动性低于WTI原油期货合约的价格波动性。从套保绩效检验看,WTI原油期货优于上海燃料油期货,即在同种合约时间长度下,使用WTI原油期货合约套保比使用上海燃料油期货合约套保降低风险的程度更大。实证研究表明,运用上海燃料油期货为新加坡航油现货进行套期保值可以取得一定效果,从而为航空公司规避航油市场价格波动风险提供保障。     

Local fiscal distress and investment efficiency of local SOEs

In this paper, we use A-share listed firms between 2002 and 2010 to investigate the relationship between local fiscal distress and the investment efficiency of local SOEs, along with the effect of corporate tax payments on this relationship. We find a positive relationship between the extent of local SOEs' overinvestment and the fiscal distress of the corresponding local government where the enterprise and this relationship become stronger for firms that pay fewer taxes. The pattern of underinvestment among local SOEs was in contrast,and these relationships do not exist for non-SOEs or central SOEs. Moreover,we find that expanding a firm's investment scale leads to an increase in total taxes paid, including income and turnover taxes, which further result in more local fiscal revenue. Overall, we conclude that local governments have an incentive to increase fiscal revenue when faced with fiscal distress by raising the investment scale of local SOEs and that the incentives and effects of such interventions appear to be stronger among firms that contribute less to local fiscal revenue.ó 2013 Production and hosting by Elsevier B.V. on behalf of China Journal of Accounting Research. Founded by Sun Yat-sen University and City University of Hong Kong.     

中国环境政策演变及其对企业环境创新绩效影响的实证研究

本文收集了1978—2007年国家及各部委颁布的2682项环境政策(不包括各省市颁布的地方法规),从中选出与企业环境创新相关性较强的428项政策进行量化分析,定量描述了中国环境政策的演变轨迹。同时,本文将量化的环境政策变量引入柯布-道格拉斯生产函数,探讨了其对企业环境创新绩效的影响。研究发现:政策强度对经济产出绩效和知识产出绩效具有显著的促进作用,对环境绩效中的能源消耗率与工业废水排放率具有明显的抑制作用;不同的行政措施和政策导向度对企业的经济产出绩效和环境产出绩效有不同程度的促进作用。     

The effect of heterogeneous beliefs on mergers and acquisitions

This article investigates the effect of heterogeneous beliefs on firms’ mergers and acquisitions (M&A) decisions. Using data of China’s financial market, which is featured with great heterogeneity of belief, we find that heterogeneous beliefs are positively associated with the occurrence of M&A transactions, and firms with greater heterogeneous beliefs are more likely to pay the transactions with stock. Moreover, we show that government intervention, measured by state ownership, weakens the effect of heterogeneous beliefs on firms’ M&A decisions.     

Momentum in the Chinese Stock Market: Evidence from Stochastic Oscillator Indicators

ABSTRACT

We explore whether investors earn profits through the use of stochastic oscillator indicators (SOI) for trading stocks. The results reveal that investors might use momentum strategies when trading constituent stocks of SSE 50 as the overbought trading signals emitted by SOI. We infer that the results might be caused by herding behaviors of Chinese investors since overoptimistic moods are likely to exist as evidenced by the 80 percent trading volume traded by individual investors in the Chinese stock market.