基本生活需要研究进展:理论视角和测量实践

基本生活需要在民生保障体系中具有重要位置。通过回溯基本生活需要相关理论视角,归纳这一概念的由来、主要内容和测量经验,总结已有研究的主要观点与发展趋势,能够为今后基本生活需要的理论辨析和实证测量提供借鉴。相关研究表明,基本生活需要是一种社会认可的维持和保护人的健康及其自主能力必不可少的需要,具体内容包括人的生理需要、文化需要和社会参与需要;已有理论脉络先后经历了生理、能力、目标和权利等研究视角的转换,开展了生理需要、生活需要和需要战略等代表性测量实践,采用单一收入方法或多维指标方法展开需要测度具有广泛应用前景。重视人的基本社会参与需要的测量、深化最低生活需要与基本生活需要的比较、探讨基本生活需要的多维满足途径,是拓展基本生活需要理论研究的方向。     

Analyst forecasts: sales and profit margins

Review of Accounting Studies - Sales and profit margins are two popular earnings components discussed in the media. We study properties of one-year-ahead analyst forecasts of these two components....     

Effects of wealth management products on bank risk in China: The role of audit committee effectiveness

Using data from 114 Chinese banks from 2009 to 2018, we examine the effects of wealth management products (WMPs) on bank risk and the role of audit committee effectiveness. Three main results emerge. First, WMPs increase bank risk, especially insolvency risk, portfolio risk, leverage risk, and ROA volatility. Second, the effects of WMPs on bank risk are weaker in banks whose audit committee members have more financial expertise or longer board tenures. Third, further results show that: (a) principal-guaranteed WMPs have weaker effects on bank risk than principal-floating WMPs; (b) the policy known as “Notice 8” issued in 2013 weakens the effects of WMPs on bank risk; and (c) short-term WMPs have stronger effects on bank risk than medium-term and long-term WMPs.     

商事制度改革、人力资本与创业选择

通过构建创业决策模型,本文分析了商事制度改革和人力资本对创业的作用,并从工商登记制度改革启动时间、"三证合、"落实时间和设立市场监管局时长三个方面测度各地级以上城市的商事制度改革,进而使用全国流动人口卫生计生动态监测调查的近60万个个体创业数据进行了实证检验.研究发现:(1)商事制度改革促进了创业;(2)商事制度改革提高了创业质量,机会型创业占比更大,创业收益更高;(3)从人力资本在创业活动的配置视角,探究人力资本对"改革促进创业"的中介效应,发现改革激发了人力资本在创业上的比较优势,更多高人力资本人士参与创业,从而推高了创业数量和质量.因此,商事制度改革要与人才政策相结合,为高人力资本人士的创业活动提供更多制度便利,以提升全社会创业水平.     

企业过度投资挤出了创新吗——基于“中国企业-劳动力匹配调查”（CEES）的实证分析

与现有文献多从制度环境、企业家能力角度研究企业创新能力制约因素有所不同，从企业投资行为选择这一独特视角，就企业过度投资对自身创新能力的挤出效应进行稳健性检验。基于“中国企业-劳动力匹配调查”（CEES）一手微观数据进行检验，结果发现：在相关因素充分控制的前提下，企业在研发创新领域以外的过度投资对于企业专利产出与产品创新均具有显著负向影响，表明企业投资行为扭曲对自身创新能力形成了较为突出的挤出效应。进一步分析发现，过度投资显著降低了企业技术研发投入，不利于企业人力资本结构优化与管理效率提升，这些因素是企业过度投资抑制创新能力提升的主要渠道。为此，建议通过营造公平竞争的营商环境，抑制企业过度投资行为。     

Corporate decision making in the presence of political uncertainty: The case of corporate cash holdings

Using a quarterly panel of U.S. corporations over the period 1985–2014, we show that corporate managers respond to political uncertainty and economic policy uncertainty shocks in different ways. We proxy for political uncertainty using the Partisan Conflict Index and employ a prevalent empirical macroeconomic methodology to construct structural shocks that are orthogonal to shocks captured by the Economic Policy Uncertainty Index. Following a political uncertainty shock, corporations increase cash but do not adjust investment. Alternatively, following an economic policy uncertainty shock, firms appear to draw on cash and reduce capital spending to increase research and development spending.     

MULTIVARIATE STABLE FUTURES PRICES

This paper introduces new techniques for modeling financial data under the assumption that the data belong to the domain of attraction of a multivariate stable Pareto law. We provide tail estimators for the index of stability parameter a and the corresponding spectral measure. These estimators are then applied to test the associtation of the individual components and to compute estimates of portfolio risk and the covariation of commodities. A practical example is given using DM-dollar and JY-dollar exchange rates data.     

五味子发芽抑制物质的生物鉴定初报

阐述了五味子发芽抑制物质的提取，用层析法测得了种皮、果肉及种仁中抑制物质在层析上Ｒｆ值不同，并通过五味子果实各部位提取液层析，对莴苣种子的发芽影响做生物鉴定。     

国际存款保险制度的发展历程及趋势预测——基于世界存款保险制度发展历程的研究

根据世界存款保险制度建立的建立状况、完善程度及国际社会的标志性事件,其发展历程可以分为以下四个阶段:萌芽阶段、产生阶段、改革与扩散阶段、完善阶段,各国存款保险制度的设计特征在发展过程中也呈现出一些共同的趋势。