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.     

RCEP对中国金融业的影响

金融服务是RCEP成员重点谈判的内容之一,各方在RCEP中达成了统一适用的金融服务规则,为各方有序扩大金融开放创造了良好平台2020年11月15日,东盟十国、中国、日本、韩国、澳大利亚、新西兰等15个国家在东亚合作领导人会议上正式签署《区域全面经济伙伴关系协定》(RCEP)。RCEP的金融相关内容代表了中国在缔约实践中对外开放的最高水平,将为建设更高水平开放型经济新体制、构建“双循环”新发展格局提供巨大助力,为中资金融机构海外高质量发展带来新机遇。     

Cash transfer program and child underweight—Empirical evidence from a causal mediation analysis

Despite the existence of a voluminous literature on cash transfer programs, little is known about their impacts on the underweight of children. To fill the knowledge gap, this study uses a unique individual panel data set to analyze how participation in the Children Sponsorship Program (CSP) improves underweight status among needy children and adolescents in Taiwan. This study examines not only the program effect on children's underweight, but also underscores the potential pathways behind the program effect by employing a causal mediation analysis. Our analysis finds that exiting the CSP has a negative impact on the improvement of underweight status. Moreover, eating breakfast every day and receiving pocket money from parents can be two significant mediators that link the effect of exiting the CSP and the change in underweight status among children and adolescents.     

The inversion of married women's labour supply and wage: Evidence from Thailand

This study investigates the labour supply behaviour of married Thai women with reference to their own and their spouse's wages. Controlling for spousal education and number of children, the main findings indicate an inverse relationship between married women's labour supply and wages, contrary to the evidence from developed countries. The estimated own wage elasticity ranges from ?1.70 to ?2.40 and the cross elasticity ranges from ?0.16 to ?0.17, indicating that the impact of own wage on labour supplied is much larger than spouse's wage. The results from disaggregation classified according to different socioeconomic backgrounds also show negative elasticities between own and spouses' wage across all subgroups, except for those with university degrees and higher income.     

Cost-effectiveness analysis of utidelone plus capecitabine for metastatic breast cancer in China

Abstract

Objective: To estimate the cost-effectiveness of utidelone plus capecitabine therapy compared to capecitabine alone in patients with metastatic breast cancer (MBC) resistant to anthracyclines and taxanes treatment in the Chinese context and provide a reference for the marketing of utidelone in China.

Methods: A Markov model was developed based on the NCT02253459 clinical trial to simulate the clinical course of patients with metastatic breast cancer who had received taxanes and anthracycline therapy. The quality-adjusted life years (QALYs) and Incremental Cost Effectiveness Ratio (ICER) were then analyzed to evaluate the benefits. Two-parametric Weibull distribution was conducted to fit PFS and OS curves by using R. Sensitivity analyses were performed to evaluate the stability of the model designed.

Results: The addition of utidelone increased the cost and QALYs by $13,370.25 and 0.1961, respectively, resulting in an increased ICER of $68,180.78 per QALY. The most sensitive influential parameter on ICER was the price of utidelone. At the threshold of willingness-to-pay (WTP) of $24,380 (3 per capita GDP of China), the cost of utidelone per 30?mg of less than $18.5, $33.7, and greater than $48.8 resulted in a 100%, 50%, and 0% possibility of cost-effectiveness, respectively. The addition of utidelone was not cost-effective when it was $115.4 per 30?mg—the price of its analog paclitaxel. In consideration of varied economics levels across China, cost-effectiveness could be achieved with the price of utidelone ranging from $5.2 to $35.9.

Limitations: The survival curves extended beyond the follow-up time horizon, of which data were generated not from the real analyses but from our established two-parameter Weibull survival model.

Conclusion: It is recommended that the price of utidelone would be less than $18.5 per 30?mg in order to obtain cost-effectiveness for metastatic breast cancer patients resistant to anthracyclines and taxanes treatment in China.     

校企共建淀粉加工高职实训基地的问题与对策

文章论述了广西职业技术学院与广西明阳生化科技股份有限公司共建淀粉加工高职实训基地的建设过程与成效,分析了存在的主要问题与对策.     

浅析企业会计信息失真及其治理对策

会计信息是国家、投资人、债权人和相关方制定经济决策的依据;信息失真会影响决策的正确性,影响社会经济发展。文章从会计信息失真的表现及其危害入手,在分析会计信息失真原因的基础上,提出相应的治理对策。     

中国银行业的外国直接投资:意义及挑战

上世纪90年代,全世界新兴市场国家的银行业出现了外国直接投资迅速增加的现象,这些外国直接投资相应给这些国家的银行体系带来了深远的影响。作为世界银行业全球化发展的组成部分,从2003年开始,中国银行业证明了一个史无前例的新现象—大量的FDI涌入中国银行业,购买股份抢占中国银行业市场。本文试图描述银行FDI在中国的现状,并探索背后的主要原因,包括监管规则的改变、经济的稳健增长、银行业的发展和持续的非金融FDI。银行在公司治理、风险管理、内部控制和人力资源管理等方面出现初步但富有帮助的变化。整个银行体系也发生了变化,包括行业形象得到改善、信用文化得到培养、透明度得到加强、创新得到发展、效率得到提高。然而,对于整个银行体系和经济的有意义的影响目前还没有出现。尽管通过吸引国外有经验的合格战略投资者引进了国际先进的管理惯例,对于中国的银行来说,仍然需要很长时间来全面改革自己的信贷文化和不清晰透明的行为。而且,随着中国的全面开放,前面将会有很多艰巨的挑战,因此,作为一个新兴经济体,一定要有远大视野,全面理解银行业中FDI的长期重要角色,创造外国战略合作伙伴发挥其积极作用的必要条件,督促其提供服务的步骤,以及中国银行系统在全球银行价值链中的正确地位。     

金融生态与区域经济增长的动态关系研究

金融的稳定与发展对一个国家或者地区的经济发展起着至关重要的作用。本文从金融生态的角度,利用状态空间模型研究了区域金融发展和经济增长之间的动态关系,并指出这种动态的关系更加符合现实的经济运行状况,更加深刻地反映区域金融发展与经济增长之间的规律。     

广东县域经济发展的约束与突破

广东县域经济总体上相对滞后于浙江、江苏和山东,滞后的重要原因在于县域经济的集聚效应大于扩散效应,外源式经济模式发展到一定阶段后其示范效应小于挤出效应,县域经济内源式发展模式要受到外源式模式的冲击。发展广东县域经济,要突破资金动员瓶颈和产业结构调整乏力的制肘,制度创新是首要选择。