开放条件下外汇储备变动对货币政策的影响

基于我国外汇储备持续增长的现状及国际比较,分析了开放条件下外汇储备与货币政策的内在逻辑联系以及冲击路径.研究发现:外汇储备变动主要通过货币供应量、货币供给结构、货币内生性及"三元悖论"等渠道影响我国货币政策的实施效果.进一步阐明了在开放经济条件下,我国应改革现行的外汇管理制度,加大公开市场业务操作力度,促使国际收支结构平衡,以提高货币政策实施的自主性和灵活性.     

铁路行业循环经济发展研究

在对我国铁路行业循环经济开展现状进行研究的基础上,指出目前我国铁路行业开展循环经济存在的主要问题,提出应从立法、技术保障、资金保障、节能环保活动、组织管理工作和宣传教育几方面入手,促进铁路行业循环经济的发展。     

密尔功利主义伦理思想探析

密尔作为功利主义伦理学的集大成者,批判继承了边沁的功利主义伦理学理论,认为功利主义伦理是对规则伦理与美德伦理的一种调和;美德不是行为的最终目的,却是实现功利目的的一种手段;美德与幸福直接关联,是可欲求的,其本身就是目的。     

把握提速契机打造服务精品开创客运工作新局面

认真总结2004年昆明铁路局的客运工作,深入分析全局面临的形势和任务,提出下一步客运工作的重点,动员客运系统的干部职工立足内涵扩大再生产,不断适应市场需求,进一步提高昆明铁路局的客运组织管理水平,提升客运服务质量。     

审计师选择与设立审计委员会的自选择问题——来自中国证券市场的经验证据

本文采用Heckman(1978)的二阶段回归方法,以2002-2006年我国证券市场上市公司为研究样本,在研究审计师选择的同时控制了设立审计委员会的自选择问题,并将公司设立审计委员会的实际情况与假设的相反情况进行对比,分析它们不同的审计师选择倾向,从而间接检验了审计委员会的治理效率。研究发现:自选择问题对审计师选择存在显著的影响。因此,拒绝了公司随机设立审计委员会的原假设;在控制自选择之后,回归方程中变量的斜率系数整体上存在显著差异;并且没有设立审计委员会的公司比设立审计委员会的公司更可能聘请四大会计师事务所。     

A Reexamination of Credit Rationing in the Stiglitz and Weiss Model

We reexamine Stiglitz and Weiss (1981) credit rationing by simultaneously considering adverse selection and moral hazard. If returns of the projects are ranked by first‐order stochastic dominance, neither adverse selection nor moral hazard exists. If the projects have equalized expected returns, moral hazard does not exist, and credit rationing due to adverse selection occurs under extreme conditions. If the projects are ranked by second‐order stochastic dominance (SSD), adverse selection and moral hazard may coexist, logically restoring credit rationing, but SSD imposes strict limitations on lenders’ ability to classify borrowers. In general, our results do not support significance of credit rationing.     

Market segmentation for a leverage revitalization of China’s inbound tourism: the case of US leisure tourists

China’s inbound tourism currently faces a tough choice between a niche strategy and a wide-range tourist attraction. The derivative concept of ‘leverageable market’ provides a reasonable method to solve the problem. This study, thus, attempts to conduct market segmentation for identifying a core crowd in the leisure tourism market of US near-venturers that leverages revitalization. A mixed segmentation method was adopted that combined ‘a posterior approach’ with ‘a priori approach’ in an overall multi-stage framework. ‘Venturesomeness’ in Plog’s psychographic model was the first principle segmentation variable used, which is intrinsically pertinent to the connotation of a leverageable market. ‘Activity participation’ was added to further partition the near-venturers identified, yielding refined management strategies. The data first indicated an obvious shift of China’s psychographic destination position from ‘near-venturer’ to ‘mid-centric’. Cluster analysis further identified four activity-based near-venturer segments: outdoor stimulus experiencers, recreation and amusement seekers, culture searchers, and extensive interest holders. Significant socio-demographic and trip-related features were found among the clusters. The corresponding managerial and theoretical implications, limitations, and agendas for further related research were finally discussed.     

Business Ties and Information Advantage: Evidence from Mutual Fund Trading

This article examines whether ties to portfolio firms’ management via pension business relationships provide mutual funds with an informational advantage. Funds become related to portfolio companies when fund families serve as trustees for firms’ employee pension plans. Selling by related funds is more likely to be motivated by an information advantage than their buying, because the latter is heavily influenced by the desire to secure pension inflows. We find that stocks with larger net sales by related funds experience lower future returns. Information appears related to firm fundamentals, as the return predictability of related funds’ selling concentrates in stocks with negative future earnings surprises. Consistent with an information‐based explanation, the predictive power of related funds’ selling for future returns is more pronounced when information uncertainty about the stock is higher. Our results contribute to a growing literature that shows the sources of informed trading by institutions.     

企业盈余管理相关问题探讨

企业进行盈余管理的动机多种多样,主要是上市、筹资、避税、比较和契约论等.盈余管理弊大于利,只有规范盈余管理,才能从根本上解决问题.本文首先从盈余管理的主要动机进行分析,研究其主要形成原因以及主要手段,其次探讨盈余管理的弊端,最后提出了规范企业盈余管理的几点建议.     

C2C平台上顾客对网络店铺忠诚度影响因素的研究

C2C电子商务平台的生存依靠的是平台中卖方的持续使用,而卖方的生存又受到买方忠诚度的影响.因此,对C2C电子商务平台上顾客对网络店铺忠诚度的影响因素的研究就显得至关重要.通过采用问卷调查和实证分析的方法,研究结果发现顾客的感知价值以及网络店铺的形象都会正向影响顾客对店铺的满意感,对店铺满意感较高的顾客会对店铺建立较高的信任,从而产生在店铺的重复购买行为,顾客最终会在认知、情感、意向、行为四个递进维度形成对网络店铺的忠诚度.C2C电子商务平台上的网络店铺可以通过提高顾客感知价值、重视网络店铺形象、增强双方情感联系来提高顾客对店铺的忠诚度,从而提高销量和利润.