我国第三方物流企业风险与对策浅析

随着物流市场的发展,对物流业的要求也更为规范和严格。第三方物流企业有了新的发展机遇,但是随之而来的物流风险也更为明显化。第三方物流企业在面对风险上就必须更为谨慎。从自身入手,以管理为切入口,针对风险建立一套行之有效的管理对策是十分必要的。     

Asymptotically distribution-free tests for the volatility function of a diffusion

This paper develops two tests for parametric volatility function of a diffusion model based on Khmaladze (1981)’s martingale transformation. The tests impose no restrictions on the functional form of the drift function and are shown to be asymptotically distribution-free. The tests are consistent against a large class of fixed alternatives and have nontrivial power against a class of root-n$n$ local alternatives. The paper also extends the tests of volatility to testing for joint specifications of drift and volatility. Monte Carlo simulations show that the tests perform well in finite samples. The proposed tests are then applied to testing models of short-term interest, using data of Treasury bill rate and Eurodollar deposit rate. The empirical results show that the commonly used CKLS volatility function of Chan et al. (1992) fits volatility function poorly and none of the parametric interest rate models considered in the paper fit data well.     

The Effects of Globalisation on the US Labour Mark'et: Service Sectors Considered

How has globalisation affected employment and wages in the United States? Existing studies largely ignore the intersector labour movement between the manufacturing and service sectors by focusing only on the intrasector movement within the manufacturing sector. However, by decomposing the aggregate labour demand in the United States, we find that the intersector movement is more substantial than intrasector movement. Motivated by the decomposition results, this study presents a three‐sector model that includes a manufacturing sector and two service sectors at varying skill intensities. The model shows that offshoring might translate into smaller‐than‐expected wage changes because of the intersector labour movement. In line with the theoretical predictions, two notable empirical results are presented. First, an occupation's exposure to offshoring has non‐significant, albeit negative, effects on wages. Second, the more an occupation is exposed to offshoring, the lower its employment in the manufacturing sector as a share of its total employment. Furthermore, these effects are larger for more routine occupations or those requiring less education.     

会计估计变更的动因分析——来自中国A股上市公司的证据

本文以2001—2004年沪深股市出现“会计估计变更”的A股上市公司为样本,在控制相关变量的影响后,研究发现:发生会计估计变更公司与未发生会计估计变更公司的特征存在系统性差异;公司“会计估计变更”受债务水平、公司业绩及事务所变更的影响。     

H&M公司经营管理及海外扩张模式

作为欧洲最大的跨国服装零售连锁企业,瑞典H&M公司目前90%的销售收入来自国外。“快速低价地提供时尚的产品”是H&M公司成功发展的最大秘诀。H&M公司追求良好获利前提下的高速增长,实现这一目标是依靠其创新的供应链管理,以及成功的海外扩张。     

区域资本形成机制差异与经济增长实证分析

丰裕的资本是经济发展的第一要素，我国区域经济发展不平衡，很大程度上取决于其资本形成机制的失衡。本文从区域资本形成与经济增长关系已有的理论研究出发，构建了我国东中西三大地区的区域资本形成机制与经济增长关系模型，并从制度经济学视角对实证结果进行原因分析，最后针对目前中西部地区的制度劣势提出扭转区域资本形成机制差异的对策建议。     

Hash杂凑函数在电子商务中的安全应用

回顾了电子商务的安全目标及其相应的安全控制要求，重点分析了Hash杂凑函数在电子商务安全方面的应用。首先描述了MD5报文摘要算法，然后在分析电子商务中的安全问题基础上，深入探讨了采用MD5算法保证电子商务安全性的理论可行性和实现机制。     

产业集群促进政策研究：原则和一般性框架

文章对产业集群促进政策的原则、一般性框架的论述主要包括三个方面。首先,以文献综述的方式,探讨产业集群发展过程中政策性因素的作用、政策有效性等问题,指出必须结合区域经济发展实际,深入认识政策对集群发展的影响。其次,探讨产业集群促进政策在政策目标、措施组合选择中应遵循的基本原则。最后,对产业集群促进政策体系的基本构成以及各个阶段政策的力度和措施进行研究。在此基础上,文章阐述了产业集群促进政策与传统产业政策之间的区别。     

Taking Away the Voting Powers from Controlling Shareholders: Evidence from the Chinese Securities Market

The main agency problem in the Chinese economy comes from a conflict between strong controlling shareholders and weak minority shareholders. In such economy, seasonal equity offerings (SEOs) are used as a means to exploit minority shareholders. This paper examines the effects of a regulation (the classified voting system [CVS]) that attempts to protect the interests of minority shareholders by excluding controlling shareholders from the voting process of SEOs. This results show that the rejection rate significantly increases after the CVS comes into effect. SEOs proposals are more likely to be rejected when perceived private benefits are high and security benefits are low, and when minority shareholders have higher bargaining power. Further, investors receive significantly higher post‐SEO stock returns for SEOs approved under the CVS than for those approved before the CVS.     

发展城市科学,科学发展城市——我国城市科学研究的回顾和瞻望

从城市觉醒、时代呼唤、决策参谋、学科建设四方面对我国城市科学研究进展进行了扼要回顾,指出了我国城市发展建设具体实践过程中存在的问题,认为城市科学研究还没有得到高度的重视,难以发挥积极作用,需要在今后的发展中真正树立起发展城市科学、科学发展城市的观念,从形势要求、社会期待、学科发展、科技梦想等方面对城市科学研究的未来发展提出展望。