风险投资国际化影响因素研究综述

风险投资长期以来被视为是一项高度本土化的行为,但是近年来越来越多的风投机构开始走出国门进行远距离的跨境投资。这一现象引起了学者们的极大兴趣,许多学者开始致力于考察跨境风险投资的动因,即为什么本土化特征如此明显的风险资本开始热衷于进行跨越国境的远距离投资。尽管相关研究近几年才刚刚开始,但已迅速成为学术研究的热点。文章从国家环境因素、社会网络和风投机构主体因素三个层次,对风险投资国际化影响因素的最新文献进行了梳理和评述,并在此基础上对未来研究进行了展望。     

沪通铁路建设背景下的南通区位形势及交通行业影响预测

沪通铁路建设的帷幕在南通提出加快沿江沿海开发和建设长三角北翼经济中心的背景下正式拉开。沪通铁路工程将对南通地方交通格局及交通运输行业形成重要影响。文章将首先对南通地方交通体系的历史和现状作简要陈述,在此基础上,围绕沪通铁路的建设对完善南通地方交通体系格局的作用展开分析,然后就该工程对南通地方交通行业的影响作综合分析和预测。     

推动各类开放平台创新发展

改革开放以来,我国设立的各类开放平台在吸引外资、促进对外贸易和拉动经济增长中发挥了突出作用,还应继续推进更大范围、更宽领域和更深层次的全面开放。“十四五”时期,自由贸易试验区和自由贸易港应基本建成新时期高水平全面对外开放新高地、提升高标准营商环境的试验区和推动形成高质量发展的产业体系,开发区、综合保税区和边境经济合作区应成为持续改善营商环境的探索区、持续减税降费的压力试验区、促进中西部发展的经济功能区、引进外资的优先承载区、融入全球高端产业链的先行区和人民币国际化的推进区,同时应推动各类开放平台形成协同联动效应。     

Good Apples,Bad Apples: Sorting Among Chinese Companies Traded in the U.S.

Committing financial fraud is a serious breach of business ethics. However, there are few large scale studies of financial fraud, which involve ethical considerations. In this study, we investigate the pervasive financial scandals, which by the end of 2012 involved more than a third of the US-listed Chinese companies. Based on a sample of 262 US-listed Chinese companies, we analyze factors that differentiate between firms that commit financial fraud and those that do not. We find that firms more predisposed to unethical behavior, due to their low regional social trust in the home country and low respect for regulations and laws as proxied by political connections, are more likely to commit accounting and financial fraud. They take advantage of low hurdles for listing via reverse mergers and avoid third-party monitoring through poor governance and auditors. Finally, we find evidence, after these scandals, of non-fraudulent firms differentiating themselves from the fraudulent firms by sending costly signals such as insiders purchasing shares, increasing dividends, and going private.     

Investigating the impact of customer stochasticity on firm price discrimination strategies using a new Bayesian mixture scale heterogeneity model

In this paper, we study the impact of customer stochasticity on firm price discrimination strategies. We develop a new model termed the Bayesian Mixture Scale Heterogeneity (BMSH) model that incorporates both parameter heterogeneity and customer stochasticity using a mixture model approach, and demonstrate model identification using extensive simulations. We estimate the model on yogurt scanner data and find that compared to the benchmark mixed logit and multinomial probit models, our model shows that markets are less price elastic, and that a majority of customers exhibit stochasticity in purchases; our model also obtains better prediction and more profitable targeting strategies.     

认知网中感知时间和功率控制的联合优化机制

针对认知无线网中为了最大化认知用户的吞吐量问题,提出了一种感知时间和功率控制的联合优化机制。该机制保证认知系统在低于一定干扰限制下,将认知用户吞吐量描述成为一个多约束优化问题,从理论上分析了最优功率分配方案与最优感知时间分配方案。根据理论分析结果,设计了联合迭代机制通过确定合适的感知参数从而达到最大化认知用户吞吐量的目的。仿真结果表明：提出的联合优化机制复杂度较低,并且该方案的认知吞吐量性能最接近理论最优方案的性能。     

在整合渠道视角下分销渠道激励模式的构建

分销渠道激励对于促进渠道成员高效率合作有重要的作用。在阐述分销渠道激励概念的基础上,分析了对分销渠道成员激励的原因;明确了分销渠道激励的基础,阐释了整合渠道系统的构建;最后提出了整合渠道视角下的三种分销渠道激励模式:短期激励模式、长期激励模式和分销规划激励模式。     

The capital market spillover effect of product market advertising: Evidence from stock price synchronicity

We analyze whether product market advertising has a spillover effect on stock price synchronicity by transmitting firm-specific information to the capital market and attracting more investor attention. Using a sample of Chinese listed firms from 2009 to 2017, we find that firms with greater advertising expenditures have lower stock price synchronicity. The results are robust after we address endogeneity concerns. In accord with our hypothesis that product market advertising increases the amount of firm-level information capitalized into stock prices through the information channel, we find that the impact of advertising on synchronicity is more pronounced for firms with a higher degree of information asymmetry and firms in the consumer-product industry. Further tests show that product market advertising enhances the ability of current period returns to reflect future earnings, and thus rules out that the negative relationship between advertising and synchronicity is driven by noise trading. Our results imply that product market advertising plays an informative role and improves information efficiency in a capital market.     

杭州湾都市圈利用FDI的地域差异分析及其对策研究

近年来外商直接投资(FDI)已经成为带动杭州湾都市圈出口增长,推动区域经济发展的重要因素。但由于各个地方利用外资的市场基础和投资环境的差异,杭州湾各个城市利用FDI很不平衡。本文通过运用因子分析的方法,对杭州湾都市圈利用FDI的水平进行综合评价,并提出了相对的对策建议,对促进杭州湾经济的平衡发展具有一定的现实意义。     

深度休闲对主观幸福感的影响研究——以苏南地区城市居民为例

深度休闲对优化苏南地区休闲产业建设,进一步提升居民休闲生活质量有重要影响。文章通过问卷调查的方式收集苏南地区城市居民深度休闲行为的数据,研究苏南地区城市居民深度休闲行为特征及深度休闲对主观幸福感的影响。结果发现:(1)苏南地区城市居民进行深度休闲活动的场所主要为户外;(2)闲暇时间不足是限制苏南地区城市居民进行深度休闲活动的主要因素;(3)苏南地区城市居民的深度休闲活动总体程度不高,愿意在深度休闲活动上投入大量时间和金钱的人更是少数;(4)苏南地区城市居民从事深度休闲活动产生的强烈认同感和坚持不懈的毅力对主观幸福感有着显著的积极影响。