信用评价是提升企业竞争力的有效措施

市场经济离不开规则,文中就信用评价的好处,阐明市场经济就是信用经济,信用评价是提升企业竞争力的有效措施。     

中部地区城镇化对经济增长的影响研究

城镇化是中国扩大内需的最大潜力,城镇化水平和经济增长本质上是相互影响的内生化过程。本文通过研究城镇化对中部地区的影响,发现中部地区城镇化水平与经济增长之间呈现出倒U型非线性关系。即按照目前的城镇化发展模式,随着城镇化率的继续提高,中部地区的经济增速会放缓。本文建议要通过推进新型城镇化,实现中部崛起。     

Economic growth potential creating a real put and the resulting valuation of the firm

What do innovative new firms in our dynamic economy do to the value of existing firms? Using Schumpeter’s creative destruction idea, we expand the valuation model to incorporate these dynamics. Our model shows that these dynamics should have a greater effect on smaller firms, those in closer to perfect product market competition and those with less financial market following, as they get less market feedback for warning of new competition. This additional consideration in valuation is named the “real put” as it is an optionagainst value. Simply stated, it is an amount subtracted from a firm’s market value of capitalized earnings, plus any growth potential (that might create destructive competition against other producers) to get its net value. Following Schumpeter, new entrepreneurs and larger firms that mimic existing entrepreneurs are the innovators of new products and services. They create the real put against value in their potential competitors. We empirically test this using Morningstar’s “moat” classification of firms. We find firms with “wider moats” meaning greater product market power have much lower delisting rates that indicate smaller puts against value being exercised. While we are not the first in finance to view Schumpeter’s ideas, this is the first paper to consider its direct effect on valuation.     

商品互换市场集中清算机制的比较研究

本文分析了互换市场的特点和潜在风险,归纳了互换清算合约的特点,并将芝加哥商品交易所的谷物互换清算合约,新加坡交易所、伦敦清算所和洲际交易所的铁矿石互换清算合约进行对比分析,进一步揭示了CME ClearPort、SGX AsiaClear、LCH Clearnet和ICE Clear U.S.等互换清算平台的对接机制,最后提出了场外互换合约清算的整合机制,以及其对构建和监管我国商品互换市场的启示。     

Eclipse of the Public Corporation or Eclipse of the Public Markets?

The authors look back at Michael Jensen's 1989 article “The Eclipse of the Public Corporation.” They find some of his predictions have been borne out but other important ones, not. Jensen concluded that the publicly held corporation was in decline and had outlived its usefulness in many sectors. He argued that agency costs made public corporations an inefficient form of organization and that new private organizational forms promoted by private equity firms would likely replace the public firm. The number of public firms in the U.S. has declined significantly but there are still many hugely profitable and successful public companies. U.S. public markets are still well‐suited for firms with mostly tangible assets. So, what we are really witnessing is an eclipse not of public corporations, but of the public markets as the place where young firms with mostly intangible capital seek their funding. This is especially true when the usefulness of the intangible assets has yet to be proven. Sometimes the market is extremely optimistic about some intangible assets, but otherwise firms with unproven intangible assets may be better off funding themselves privately. This evolution has a downside: investors limited to public markets are cut off from investing in high intangible‐asset firms. Additionally, as fewer firms remain publicly listed, fewer firms will be transparent to society.     

Creating Financial Cycles in China and Interaction with Business Cycles on the Chinese Economy

This study creates a Chinese financial cycle index to examine the lead-and-lag relations between business and financial cycles. We examine the macroeconomic performance when these cycles are in boom, bust, and other combinations. We have four interesting results. First, financial cycles occur less frequently than business cycles. Second, the upturn phase of a financial cycle is significantly longer than the downturn phase. Third, gross domestic product growth rates are at their lowest when the two cycles are in troughs and the highest when they reach their peaks. We find similar results for employment, inflation, and consumption rates. Fourth, financial cycles lead business cycles but not vice versa. Hence, policymakers should consider the financial system before bailing out the real economy, which alone is insufficient for the recovery of the macro economy.     

日本企业社会责任及其给我国的启示

日本的企业社会责任外延广泛而内涵缺乏,并且深受日本文化的影响,其推动力主要来自于政府、企业、媒体和非政府组织、民众四个方面。日本企业社会责任落后于欧美,但在亚洲仍然处于领先地位,值得我国学习借鉴。建立适合国情的企业社会责任体系,推动企业、政府、媒体、非政府组织和民众在发展CSR上的通力协作,以建立标准化体系为方向是我国CSR发展的可行之策。     

大客户管理思想对第三方物流企业在组织机构上的影响

如何调动公司资源来充分满足全球性大客户的物流个性化需求,对于处在高度竞争的市场环境中的第三方物流企业来说．有着很重要的意义。文章主要从组织机构变化的角度探讨大客户管理思想对外资第三方物流企业在组织管理方面的影响．以期对本土的第三方物流企业的发展有所帮助。     

黄河流域高质量发展的空间治理:机理诠释与现实策略

构建黄河流域的空间治理体系,是黄河流域高质量发展战略的重要支撑。黄河流域高质量发展的空间治理,要求确立生态文明的治理理念和空间发展的治理目标,构建流域管理的治理机制和网络治理的治理模式。黄河流域的空间经济环境特征,集中体现为经济空间与生态资源的不平衡。黄河流域的高质量发展,面临资源刚性约束、空间开发失调、基础设施与中心城市发展滞后、产业关联不足、治理效率低下等多重制约。针对这些制约因素,未来黄河流域应实施分类治理、系统治理和协同治理,并完善流域分工体系与政策体系,以高质量的空间治理体系来推进黄河流域的高质量发展。     

警惕外企利润留存转变为内生“热钱”

我国经济高速增长对外资产生强大吸引力,本文分析了在低廉劳动力成本和良好市场发展势头的大背景下,影响外资企业投资收益处置行为的宏规和微观因素,发现境外投资者首选把投资收益留置境内或以增资的方式滞留境内以期获得更大的市场份额,本币升值对投资收益处置影响明显,外商直接投资收益分流出现多元化趋势,并据此对调控外商投资企业投资收益处置行为提出了相应建议。