中国“卡奴”问题预警

本文分析了台湾等地区爆发的卡奴现象,并结合中国大陆目前信用卡市场的现实情况,建立卡奴形成机制的理论框架。本文指出,持卡人自身、发卡机构及管制机构三方的态度与行为都会影响卡奴的产生。通过对比台湾、韩国、美国与中国大陆地区信用卡行业的发展情况,指出卡奴现象在中国大陆也极可能很快就成为一个严重问题,并给出相关应对措施。     

Controller changes and auditor changes

Using listed companies in China’s A-share market from 1997 to 2009, this paper investigates the relationship between controller changes (including changes in controlling shareholders, directors and CEOs) and auditor changes. The empirical evidence indicates that controller changes are positively related to auditor changes and that auditor changes are more likely if there are extensive controller changes. For companies in which both the controlling shareholder and the auditor change, if the successor controlling shareholder is controlled by an other-province government, the auditor is more likely to be replaced and the successor auditor is more likely to be a smaller auditor from the same province as the new controlling shareholder.     

Political connections and privatization: Evidence from China

We examine how the political connections of acquirers influence the process and outcomes of privatization in China. We find that politically connected acquirers receive preferential treatment and acquire higher quality firms during full privatization, and document evidence of post-privatization tunneling from target firms to acquirers. We show that the excessive tunneling by politically connected acquirers is associated with lower performance after privatization. Overall, our results suggest that individuals are likely to abuse their political connections to exploit the opportunities arising from privatization. We recommend that policymakers constrain the influence of political connections in the privatization process.     

面向科技智库的科技创新政策监测体系构建研究

科技创新政策研究是科技智库的核心职责之一，科技创新政策监测是开展科技创新政策研究的基本工具和手段，但目前针对科技创新政策监测体系的系统研究却不多。针对科技创新政策研究需求，创新性地以科技创新政策监测体系为研究对象，系统分析科技创新政策监测对象的范畴、科技创新政策监测的主要方法、科技创新政策智能监测的系统功能、科技创新政策监测的产品设计，可为相关科技智库机构开展科技创新政策研究提供一套具备操作性的研究模式，为后续科技创新政策监测研究提供有益借鉴。     

Secrecy of Bank of Japan’s Yen intervention: Evidence of efficacy from intra-daily data

This paper examines the intraday effectiveness of the Bank of Japan (BOJ)’s foreign exchange interventions over the period May 13, 1991–March 16, 2004. The existing literature has generally failed to provide a comprehensive study on the effects of the BOJ’s interventions, and particularly, the efficacy of public and secret operations. By dividing a 24-h trading day into three horizons, we show that the intraday evidence on the effects of official interventions documented in prior studies primarily came from publicly known interventions. In the case of secret interventions, although there were no clear impacts on the first moment of exchange rate returns, we found significant second moment responses. Specifically, covert operations were able to reduce the Yen/USD return volatility during both Tokyo and subsequent overnight market hours. Furthermore, our extended model on secret interventions reveals that when the BOJ completely concealed its transactions, undetected interventions were shown to be most effective in both reversing undesired trends and reducing excess return volatilities. On the other hand, those interventions that were rumoured were not as effective. Finally, the interventions conducted during the periods of ‘oral interventions’ were in general more effective in moving the exchange rate in the desired direction.     

创新还是寻租:"公务员热"与大学生人才配置的制度分析

大学生争相报考公务员是一种人才配置失当现象，公务员较高的真实收入是其主要诱因，这种激励结构的扭曲不利于创新和经济增长。一个社会是把人才配置到创新还是寻租上主要是由制度决定的，未来中国经济的健康和可持续发展取决于生产性领域的报酬相对于寻租领域得到提高，从而鼓励更多人才把才能配置到创新活动和“做大蛋糕”的生产性活动上。     

广东省荔枝生产气候生态分析与区划

介绍了广东省荔枝生产概况,论述了广东省荔枝生产与气候生态条件关系,采用模糊聚类方法,将广东省划分为４个荔枝气候生态区。     

论房价波动下抵押贷款理性违约风险管理策略

当前的房价波动触发了住房抵押贷款理性违约行为发生率的明显增加。本文在分析住宅抵押贷款理性违约行为发生机理的基础上,分别从微观(商业银行)及宏观(相关制度和政策)两个层面提出了住宅抵押贷款理性违约风险管理策略。     

Love my selfie: selfies in managing impressions on social networks

This study aims to provide insights on personal branding and impression management practices in the context of selfie production and sharing on online social networking sites (oSNSs). The theoretical framework of the study was constructed according to Goffman’s ‘Dramaturgy Theory’ and Belk’s ‘Digital Extended Self’ theory. Four constructs; de-materialization of photography, co-construction of the self, sharing economy of digital media and online social networks, and distributed memory were included in the study. The results of the literature review were further explained according to the production and consumption of selfies. This study provides detailed information about how selfies can be used as a mediator for purposes of self-extension and personal branding. Even though selfies are seen as an everyday activity and a raw presentation of the subject, they also include extra contextual information about the subject. The results of the study exert that selfies shared online can be used as a tool for impression management in oSNSs.