信用如金:纳税信用评级披露与股价崩盘风险

本文以纳税信用评级披露为准自然实验,从股价崩盘风险的角度,考察作为社会信用体系重要组成的纳税信用对金融市场稳定的影响.研究发现,纳税信用评级披露后,评级高的企业股价崩盘风险显著降低.纳税信用评级披露通过发挥监督效应,提高企业信息透明度,抑制管理层的机会主义行为,同时发挥声誉保险效应,增强投资者信心,避免企业出现负面新闻时投资者因恐慌情绪抛售股票,从而降低股价崩盘风险.研究还表明,高纳税声誉对股价崩盘风险的降低作用对于民营企业和位于税收征管力度较低地区的企业更为显著.为此,应进一步完善包括纳税信用管理在内的社会征信体系,使健全的征信体系成为保障资本市场和金融体系稳定有效的重要基础.     

Aggregation of the generalized fractional processes

The paper studies the interaction between aggregation and persistence pertaining to skip sampling of stock variables as well as temporal aggregation of flow variables for the generalized fractional processes. We show that, for skip sampling, the long memory feature at the zero frequency can arise from the aggregation of a generalized fractional series, while temporal aggregation does not induce such phenomenon. Simulation results are included to demonstrate the practical relevance of the theoretical results.     

Equities of scope as merger incentives under capital regulation: narrow versus synergy banking valuation

The call options theory of corporate security valuation is applied to narrow-banking contingent claims of one bank, while the cap options theory is applied to synergy-banking contingent claims of another bank. This article investigates efficiency gains specified as equities of scope associated with the likelihood of the two banks involved in merger under capital regulation. We find that merger incentives are encouraged when the narrowing banking is conducted by the consolidated bank, whereas discouraged when the synergy banking is conducted. Raising bank capital requirement leads to an increased interest margin of the consolidated bank with the narrow banking valuation; however, to a decreased margin of the consolidated bank with the synergy banking valuation. An increase in the capital regulation reduces the merger incentives in the narrow banking valuation whereas increases the merger disincentive in the synergy banking valuation. These findings are consistent with the organizational theory that predicts a comparative advantage of narrow banking proposals in bank mergers.     

Driving force from authorities: the evolution of innovation system for biomedical industry in China

Over the past 30 years, China has fully exploited its advantage to steadily foster an innovation system for the biomedical industry with Chinese characteristics, that is, ‘Government-guided, resource-integrated and long-term planning.’ The system originated from historically famous ‘863 program’ in the 1980s, evolved with a series of favourable policies in the different periods, and eventually has taken shape in the industrial clusters across the country. It features with a systematic and integrated R&D infrastructure (or public platform) at different levels. In this study, China’s biomedical innovation system will be examined and the leading role of Chinese authorities will be explored from the perspective of Triple Helix theory. As the ‘highland of innovation’, Shanghai case is highlighted with plentiful information gathered from primary sources in the involved agencies for the first time, including the Shanghai Biopharma Service Platform.     

青少年文化消费行为对传统家庭的影响——以手机媒体为背景的探讨与研究

从20世纪后半期开始,印刷术时代没落,随之而来的是电视、广播、互联网乃至手机媒体的蒸蒸日上。以手机为代表的新媒体开始以全时、全速、全域、全民的特点充斥在快速成长的青少年生活中,青少年作为主流文化消费者在文化消费中所表现出来追求时尚、注重体验、忽略发展性消费的特点在一定程度上对传统文化家庭的消费决策产生影响。这种影响从根本上不可逆转地改变了传统家庭交流方式,家长被青少年感染,变身孩童化大人,青少年在相对自由的环境中真正得到了身份认同。由此看来,青少年的流行风格与传统家庭文化的碰撞,技术的发展和创新有利于推动传统文化机制的现代化创新。     

资源配置视角下战略性新兴产业基地建设决策过程研究

采用案例分析法，以国家传感网创新示范区建设的决策过程为研究对象，从资源配置视角重新审视了战略性新兴产业基地建设的决策过程。结果表明，在战略性新兴产业基地建设决策过程中，地方政府充分发挥了主观能动性，与中央政府、科研机构及企业积极互动，获得了建设产业基地的资源。同时，中央政府完成了与产业基地甄选及部署相关的资源配置。     

Credibility in Loss Reserving

This article proposes using credibility theory in the context of stochastic claims reserving. We consider the situation where an insurer has access to the claims experience of its peer competitors and has the potential to improve prediction of outstanding liabilities by incorporating information from other insurers. Based on the framework of Bayesian linear models, we show that the development factor in the classical chain-ladder setting has a credibility expression: a weighted average of the prior mean and the best estimate from the data. In the empirical analysis, we examine loss triangles for the line of commercial auto insurance from a portfolio of insurers in the United States. We employ hierarchical model for the specification of prior and show that prediction could be improved through borrowing strength among insurers based on a hold-out sample validation.     

下好数据服务这盘"棋"

随着信息技术和人类生产生活的交汇融合,全球数据呈现爆发增长、海量集聚的发展态势.数据,作为数字经济时代的核心生产要素,在经济社会发展中越来越重要. 今年4月,商务部印发《重庆市服务业扩大开放综合试点总体方案》,要求重庆主动适应全球产业链重塑和国际经贸规则重构新趋势,在重点领域分类放宽准入限制、促进消除行政壁垒、完善监管体系、深化重点领域改革,进而提升服务业国际竞争力和整体发展水平.     

进城务工提升了农民的获得感吗——基于中国家庭追踪调查数据的实证分析

持续增强人民群众的获得感是我国新时代民生事业建设的重要任务.农业劳动力向城市转移显著提高了农民的收入水平,增加了农民在物质层面的获得感,但其对农民精神层面获得感的影响尚不清楚.基于中国家庭追踪调查2016年收集的调研数据,利用倾向得分匹配(PSM)与反事实分析方法的实证评估结果表明,进城务工就业不仅提高了农民收入,而且提升了农民对收入水平的主观感受及其对生活的满意程度,并且使得农民对未来更加充满信心,然而进城务工并没有提升农民对其社会地位的主观判断.对于那些没有选择进城务工的农民,务工就业甚至可能会降低其对生活的满意程度及对其社会地位的主观判断.尽管进城务工就业从总体上对提升我国农民的获得感起到了重要促进作用,但是对不同特征农民获得感的影响有着明显的异质性.