促进军民融合产业集群的区域创新体系研究

加强统筹协调,发挥区域特色优势,优化区域内创新资源配置,推动创新要素向区域特色产业集聚,有助于培育一批具有国际竞争力的产业集群。本研究在系统分析区域创新体系对产业集群促进作用的基础上,梳理了军民融合产业集群与区域创新体系的互动关系,并以中国（绵阳）科技城军民融合产业集群为例进行了应用案例研究,据此构建了军民融合产业集群的区域创新体系。     

全球经济失衡的利益考察——基于估值的视角

文章从估值视角分析了全球经济失衡的金融利益分配格局。在分析估值效应研究现状的基础上,根据相关的理论模型与分析方法,选取失衡中心美国与贸易顺差国日本和中国为分析对象,利用估值效应对全球经济失衡的金融利益分配格局进行了实证检验。结果表明,在全球经济失衡期间,美国的净国外资产变动存在相当大的正估值,与之相应的最大贸易顺差国日本和中国的净国外资产变动中存在巨大的负估值,意味着与外部失衡相应的国际资本流动收益为美国提供了稳定的融资来源,相当于实现了从顺差国向美国的财富转移。     

面向企业价值与顾客价值融合的顾客管理

增加顾客价值是提高顾客满意度的有效策略,但当前措施仅仅以企业为中心,忽略了顾客的积极作用。本文从“顾客中心的管理”要求出发,通过分析顾客与企业存在的价值认知缺口,提出全面顾客参与能够有效地消除这种认知缺口,从而实现它们之间的价值融合。     

支架现浇连续梁施工技术在哈大客专的应用

结合哈尔滨至大连客运专线新海城站刚构中桥连续梁的施工,对客运专线连续梁支架现浇法施工做一个技术总结,为以后的类似工程积累经验。     

从劣质柴油生产清洁柴油技术的特点和应用

加氢精制、最大柴油十六烷值改进 (MCI)技术、中压加氢改质及加氢精制 -临氢降凝工艺技术的操作压力相同 ,具有一定的共性 ,但也有其不同的特点 ,适宜于在特定的场合中灵活应用。     

Do delays in expected loss recognition affect banks' willingness to lend?

Banks can decrease their future capital inadequacy concerns by reducing lending. The capital crunch theory predicts that lending is particularly sensitive to regulatory capital constraints during recessions, when regulatory capital declines and external-financing frictions increase. Regulators and policy makers argue that the current loan loss provisioning rules magnify this pro-cyclicality. Exploiting variation in the delay in expected loss recognition under the current incurred loss model, we find that reductions in lending during recessionary relative to expansionary periods are lower for banks that delay less. We also find that smaller delays reduce the recessionary capital crunch effect. These results hold across management quality partitions.     

后金融危机背景下人民币国际化的制度分析

现行国际货币体系的缺陷是全球金融危机的根源之一,在后金融危机背景下,国际货币体系的改革实质上就是国际货币形态变更和汇率制度安排,加快推进人民币国际化进程是传统国际货币体系变革的必然趋势,我国应该抓住机遇完善金融法律体制,增强金融危机的监控和应对能力,为人民币国际化奠定扎实的制度基础.     

Do bankers on the board reduce crash risk?

Commercial banker‐directors (CBDs) bring both financial expertise in risk management and conflicts of interest between shareholders and debtholders. The burgeoning literature on stock price crash risk generates important questions of whether CBDs reduce crash risk. Using BoardEx data from 1999 to 2009, we find supporting evidence that the firms with CBDs experience lower stock price crash risk. Moreover, the reduction of crash risk is more pronounced for high‐risk firms under the monitoring of affiliated banker‐directors. The results of this study are robust to the Heckman selection model, propensity score matching, and alternative measures of crash risk.     

Do fund managers herd to counter investor sentiment?

Extensive literature conjectures that investor sentiment may be one of the important factors in explaining fund manager herding. To address this issue, this study investigates the role of investor sentiment in fund manager herding. The study employs the trinomial-distribution approach to measure manager herding, and uses the principal component analysis as the means of extracting the composite sentiment measure. The results indicate that investor sentiment plays a significant role in explaining subsequent mutual fund herding, especially on the sell-side. Specifically, the evidence is consistent with the funds sharing an aversion to stocks that have previously exhibited higher optimistic sentiment, supporting the sentiment countering hypothesis. The finding also reveals the existence of informational cascades in the case that fund managers herd as a result of analyzing the same sentiment-related indicators.