劳动力市场的横向分割与纵向分割之比较

本文以劳动力市场的横向分割与纵向分割两种分割系统为线索,力求对分割理论和现实情况进行勾勒与诠释,主要从生成因素、经济效应、应对之策三个维度对两者展开比较,试图对该研究领域的诸多观点进行梳理与整合。     

A STATE-SPACE PARTITIONING METHOD FOR PRICING HIGH-DIMENSIONAL AMERICAN-STYLE OPTIONS

The pricing of American-style options by simulation-based methods is an important but difficult task primarily due to the feature of early exercise, particularly for high-dimensional derivatives. In this paper, a bundling method based on quasi-Monte Carlo sequences is proposed to price high-dimensional American-style options. The proposed method substantially extends Tilley's bundling algorithm to higher-dimensional situations. By using low-discrepancy points, this approach partitions the state space and forms bundles. A dynamic programming algorithm is then applied to the bundles to estimate the continuation value of an American-style option. A convergence proof of the algorithm is provided. A variety of examples with up to 15 dimensions are investigated numerically and the algorithm is able to produce computationally efficient results with good accuracy.     

Strategic Responses to Competitive Pressure: The Case of Township and Village Enterprises in China

This study assesses the configuration between strategic orientation and industrial environment for Chinese township and village enterprises (TVEs), the organizational form which has played an increasingly important role in Chinese economic development and structural reform. We argue that the complexity, dynamism, and hostility of the industrial environment influence TVE managers' perception of competitive pressure, which in turn affects the firm's strategic orientations such as innovativeness, proactiveness, risk-taking, and analysis. Our analysis, based on a survey of TVE managers in Tinjin and Jiangsu, demonstrates that complexity and dynamism of industrial competition have a systematically positive impact on TVE's innovativeness, proactiveness, risk-taking, or analysis. Environmental hostility is not significantly associated with any strategic orientations adopted by Chinese TVEs. Implications of the findings are discussed.     

Do local analysts know more? A cross-country study of the performance of local analysts and foreign analysts

This paper examines whether analysts resident in a country make more precise earnings forecasts for firms in that country than non-resident analysts. Using a sample of 32 countries, we find an economically and statistically significant local analyst advantage even after controlling for firm and analyst characteristics. The local advantage is high in countries where earnings are smoothed more, less information is disclosed by firms, and firm idiosyncratic information explains a smaller fraction of stock returns. It is negatively related to whether a firm has foreign assets and to market participation by foreign investors and by institutions, and positively related to holdings by insiders. The extent to which U.S. investors underweight a country's stocks is positively related to that country's local analyst advantage.     

从生态文明建设看企业环境信息公开

建设生态文明是我国经济社会发展的重要方向。企业作为经济社会发展的重要主体,其可持续发展水平直接影响国家的生态文明建设。企业环境信息公开是企业为促进与利益相关者之间的环境信息交流而进行的信息披露行为。文章从生态文明建设视角,分析了推进企业环境信息公开的必要性,介绍了我国企业环境信息公开现状及存在的问题,并提出在国家层面做好顶层设计的相关建议。     

公司治理结构、审计费用与审计质量——基于中国上市公司的经验数据分析

从公司治理结构中抽调出以往研究较少的机构投资者持股比例和监事会人数作为变量,来研究公司治理结构与审计质量的关系。同时,又将异常审计费用变动率作为审计费用的替代指标来研究审计费用与审计质量之间的关系。文章选取了中国663家A股上市公司2006~2010年的数据,进行了回归分析,在实证研究的基础上得出了相关的结论:机构投资者持股比例与审计质量呈显著的U型关系;监事会人数与审计质量呈显著的负相关关系;异常审计费用变动率与审计质量呈显著负相关的关系。     

Experiential Learning – A Case Study of the Use of Computerised Stock Market Trading Simulation in Finance Education

Abstract

Finance is a popular programme of study in UK higher education despite it being a challenging subject that requires students to understand and apply complex and abstract mathematical models and academic theories. Educational simulation is an active learning method found to be useful in enhancing students’ learning experience, but there has been limited pedagogic research attention on its use in finance education within the UK. This paper, utilising an on-line survey, provides a snapshot of the current usage of finance-related simulations across the 97 UK universities offering finance programmes. The paper also reports the findings of a case study that offers insights into the effectiveness of introducing computerised simulation into a postgraduate finance course from both a student and tutor perspective. It highlights an enhancing learning experience for students through concrete experience and reflective observation, increasing their understanding of difficult and complex finance concepts.     

四川省农业保险的现状与问题研究——以成都市为例

目的/意义农业的发展需要农业生产风险防控措施作保障。文章以成都市为例对四川省农业保险进行研究,可为农业保险相关研究提供理论和实践支持。方法/过程通过整理和分析相关数据与政策,总结了成都市农业保险的发展现状与特点;同时对四川省农业保险发展影响因素进行实证检验。结果/结论农村居民人均可支配收入、农村人口数、农业总产值、大灾风险对农业保险都具有正向影响。四川省农业保险费率和保险金额仍需调整,保费补贴绩效评价工作有待完善,特色农业保险险种有待增加,参保农户覆盖面有待提高。     

基于产业链视角的中国电气机械制造业优化升级研究

本文基于2002-2015年全国投入产出表和延长表,以及2000-2012年日本投入产出表测算的产业关联和波及效应,从产业链角度对电气机械制造业的优化升级进行了动态分析和比较分析。研究表明：中国电气机械制造业关联产业广泛,产业内关联增强,对国民经济的需求拉动作用强于供给推动作用。但研发投入不足,技术进步迟滞,行业附加值率下降,对需求变化的供给适应能力不足,产值结构、技术结构和市场适应能力有待调整和优化。针对存在的突出问题,提出如下建议：以产业链协同发展为抓手,促进产学研合作,加大研发投入,调整产出的技术结构;以关联产业需求为指向,挖掘内需,调整产出的市场结构;提高产业服务化水平,延长产业链,协调产业链整体发展。     

认知无线电研究综述

本文论证了功利导向的市场化改革不是万能的,至少不适合科研领域。科研的根本动力是人对科学问题的兴趣,而功利化冲淡人对科学的兴趣,使人分心、浮躁和思想不自由,因而不是科研的动力;而是科研的阻力。科学产品具有自然垄断性、公共性、外部性和信息不完全性,因而容易使市场失效。在此基础上,文章还分析了中国科学的进步远不如经济的增长的一个主要原因是中国人的实用主义和功利主义的价值观。