地方政府债务对资源空间配置优化的影响研究

在双循环经济发展导向下,提升资源配置效率是防范和化解地方政府债务风险的有效路径.本文利用2010-2018年中国省级层面经验数据,实证检验了地方政府债务对资本错配和劳动力错配的影响.研究结果表明,总体而言,地方政府债务显著加剧了资本错配,但是对劳动力错配的影响不显著.分地区的回归结果显示出东部地区地方政府债务水平的提升抑制了劳动力资源的空间错配,而西部地区地方政府债务水平的提升则加剧了资本要素的空间错配.进一步的研究发现,在资本配置过度地区,地方政府债务加剧了资本错配程度,在资本配置不足地区,地方政府债务抑制了资本错配程度.本文的研究结论对于提升政府治理效能,促进要素合理空间分布和防范地方政府债务风险具有重要意义.     

机构投资者异质性、CEO任期与企业突破式创新

从机构投资者异质性视角出发,深入剖析稳定型机构投资者、交易型机构投资者与企业突破式创新之间的逻辑关系。此外,从既有任期和预期任期两个方面考察CEO任期对上述关系的调节作用。基于2007—2017年中国上市公司经验数据研究发现：稳定型机构投资者能够促进突破式创新,但交易型机构投资者对突破式创新无影响;随着CEO既有(预期)任期延长(缩短),稳定型机构投资者对突破式创新的促进作用随之减弱。     

The impact of reduced visibility caused by air pollution on construal level

Although ample research has recognized air pollution as a severe threat to human health and emotion, little research has been conducted on its impact on consumers' information‐processing style. This study explores the effect of reduced visibility caused by air pollution on the construal level adopted by consumers. Specifically, we document how low visibility caused by air pollution makes people more inclined to adopt an abstract mindset, whereas high visibility on a clean day makes people more inclined to adopt a concrete mindset. Across a set of three field studies and one laboratory experiment, we employ alternate measures of construal level: behavioral identification index (Studies 1 and 4) and categorization task (Study 2). Our research provides empirical evidence of the proposed effect and rules out alternative explanations. Additionally, as a downstream consequence, reduced visibility due to air pollution causes individuals to favor desirability over feasibility in product trade‐offs (Study 3). Our findings shed new light on construal level theory from an ecological perspective and provide meaningful marketing suggestions.     

Does religiosity enhance the quality of management earnings forecasts?

This study investigates whether firms located in areas with higher levels of religiosity disclose higher-quality management earnings forecasts than do other firms. Using a US sample of 4,655 firm-year observations over the period 2001 to 2014, we find that firms headquartered in counties with higher proportions of religious adherents issue earnings forecasts that are less optimistically biased and that the effect of religiosity is concentrated in firms with weak monitoring mechanisms. We also find that religiosity mitigates pessimistic bias in management earnings forecasts, but only for those issued by firms operating in low litigation industries. This result suggests that when the litigation risk is high, both ethicality and risk aversion are at work and their competing effects likely offset each other. Additionally, we document that forecasts issued by firms in more religious areas trigger stronger stock price reactions than those issued by other firms and that the effect is limited to forecasts containing optimistic bias. Overall, our results show that religiosity enhances the quality of management earnings forecasts, but the effect varies based on different conditions.     

Measuring user similarity using check-ins from LBSN: a mobile recommendation approach for e-commerce and security services

ABSTRACT

Social friendship and geographical position information often reflects individuals’ personal preferences and other types of knowledge that can be used to extract their similarity for recommendation systems. This paper finds that users are more likely to move around some specific centres or check in at some hotspots; a few individuals check in frequently, whereas most locations are rarely visited. Based on these findings, we propose a multi-centre clustering algorithm to capture users’ mobile patterns and develop a user similarity measurement method. Complexity analysis shows the method’s efficiency in handling large datasets and experimental results demonstrate its good applicability.     

应急管理中的敏捷创新：基于健康码的案例研究

面对紧急情况下的各种约束,当事方很容易陷入路径依赖,从而不能实现真正的创新。但在2019年底的新冠疫情应对中,中国健康码异军突起,实现了敏捷创新。选取最具代表性的两类健康码,基于一手访谈和公开报道资料,还原健康码从孕育到成熟的全过程,发现其模式与按部就班的传统创新几乎完全相反。通过与另外3组共6类健康码对照,归纳出打破路径依赖、实现敏捷创新所需的3个条件：制度弹性、应变能力和领导能力。结论对改进科研管理以及理解创新本质具有一定启发。     

现货交易所改进红茶业流通效率研究

交易所市场是商品交易中心发展的最高形式。主动建立红茶现货交易所将有助于提升整个产业的流通效率,促进我国从红茶贸易大国向贸易强国转型。在讨论农产品流通效率研究不足的基础上,本文聚焦近年来期货交易所的实践,从实行现货合约延期交易、建立风险控制规则、实施投机规范机制三个方面提出建立红茶交易所的构想,指出交易所市场能够确定价格形成机制、促进区域性市场对接融合、提供信用担保,从而有效地清除阻止红茶流通效率提升的障碍。     

China's Anti-Corruption Campaign and Financial Reporting Quality

We examine the impact of China's anti-corruption campaign on firm-level financial reporting quality (FRQ). As an important component of the anti-corruption campaign, in October 2013, “Rule 18” was issued to prohibit party and government officials from serving as directors for publicly listed firms. The regulation led to a large number of official directors resigning from their roles as directors involuntarily. As such, Rule 18 has effectively weakened, if not fully discontinued, the political connections of the firms that previously hired officials as directors. Our empirical analyses employ a difference-in-differences research design with firm fixed effects and propensity-score matching to examine the pre- and post-period FRQ around the enactment of Rule 18. We find that, compared to propensity-score-matched control firms, FRQ of firms with resigned official directors increases after Rule 18. Further evidence suggests that the impact is stronger when firms are located in regions with more developed financial markets and in regions with higher judiciary efficiency. We also find that the effect is more pronounced when firms are non-state-owned, received preferential credits, and face refinancing pressure.     

基于服务型制造网络的制造企业价值创造研究

针对传统制造在价值链创造上的不足,本文在分析服务型制造网络与传统供应链在价值创造过程中区别的基础上,构建了服务型制造网络,提出企业知识驱动、服务性生产的模块化创新、生产性服务外包和绿色价值创造等制造业参与服务型制造网络价值创造的四种途径,并结合具体企业在服务型制造网络中价值创造的经验进行了实证分析,为制造企业在转型过程中如何提高价值创造能力引入了新的思路和观点,也从价值链角度进一步完善了服务型制造理论体系。