我国中小企业成本管理中存在的问题及对策研究

本文对中小企业成本管理特点及目前所存在的问题进行了分析与总结,并就如何加强成本管理进行了对策研究。     

Promotion and Prevention Contracts in Industry Level Firm to Firm Dyad

ABSTRACT

Purpose

This article aims to introduce and distinguish two features of contract design – prevention and promotion contracts – and compares their effects on opportunism within the distributor–supplier relationship. It also examines the moderating role of ex post contract enforcement strategies.     

加强政策事中事后评估的思考

党的十九届四中全会明确提出要强化决策执行、评估、监督,做好政策评估对优化政府职能、推动国家治理体系和能力现代化有积极作用。加强政策运行情况的评估,应从优化评估工作机制、完善和培育评估机构、强化评估结果的应用入手,不断提升评估工作质量,形成适应中国特色社会主义现代化治理体系的事中事后政策评估机制。     

Does local political support influence financial markets? A study on the impact of job approval ratings of political representatives on local stock returns

Using data on job approval ratings of governors, U.S. senators, and the president, we find that firms located in states with high approval ratings outperform firms located in states with low approval ratings by .64% per month. Furthermore, this relationship is stronger when investors are actively involved in politics, when local politicians are closer to the center of political power, for small firms that have a larger proportion of local investors, and for financially strong areas where investors are ready to execute investments in local stocks. Overall, our study shows that investors’ political sentiment is important in determining stock returns.     

Productivity dynamics and the cleansing effect of two recessions: Evidence from the manufacturing sector in Korea

In general, recessions provoke the exit of a greater number of firms from the market. Less productive firms are more likely to exit and release their former resources to the remaining, more productive firms. The present study investigates two recessions in Korea: the Asian financial crisis and the global financial crisis. The main objective of the present study is to analyse the process of creative destruction in a recession, specifically the cleansing effect. We measured total factor productivity using micro‐level manufacturing plant data from 1993 to 2013. We decomposed the source of the changes in total factor productivity to measure the cleansing effect in two large recessions. During the first recession in the 1990s, there was no evidence to support a cleansing effect hypothesis. In contrast, during the second recession in the 2000s, there was evidence of a cleansing effect. In addition, we found differences in market selection criteria in the two recessions; by the second crisis, the market selection criteria had changed to enable a more conducive environment for the creative destruction process.     

A bootstrap test for jumps in financial economics

An i.i.d. bootstrap is applied for the ratio test of Barndorff-Nielsen and Shephard (2006) for jumps in jump diffusion processes. Asymptotic validity is established for the bootstrap test both under the null of no jump and under the alternative of jumps. Finite sample simulation shows that the bootstrap test has more stable size than the ratio test of Barndorff-Nielsen and Shephard (2006).     

法式长棍面包酵头发酵技术探析

本文就普通法式长棍面包、酵头及酵头法式长棍面包制作技术进行研究,并从外观、切面组织状态及口感等方面对面包成品比较分析,得出酵头面包无论是从外观状态、内部组织及口感等都与普通法式面包有很大的区别,有独特的优势。酵头法制作的法式长棍面包将成为该种面包的发展方向。