Does international capital flow lead to a housing boom? A time-varying evidence from China

This paper examines the causal relationship between the housing prices (HP) and the international capital flows (ICF) in China. With structural changes existing, we find that long-run relationship using full-sample data is unstable, suggesting that traditional Granger causality test is not reliable. However, we further find an unstable short-run relationship between ICF and HP when assessing the stability of the parameters and there are bidirectional causal relationships between ICF and HP for several sub-periods. Additionally, our findings indicate both positive and negative bidirectional causal relations between the series. Based on the arbitrage of ICF, the results suggest that the rise of Chinese HP is the underlying force for the inflows of international capital. Meanwhile, a surge in capital inflows may be accompanied by a rise in the price of housing. This confirms the theoretical analysis that there is an interconnected transmission mechanism between the ICF and the HP, which is diverse and depends both on the flow of ICF and on other factors.     

工业4.0驱动:基于制造企业智能化的股权结构实证研究

从投资者结构角度研究企业层面工业智能化的驱动力,用委托代理理论分析股权结构对企业智能化投资的影响。以中国制造业上市公司为研究样本,实证检验股权结构对企业智能化投资的关系。研究结果表明,从股权集中角度看,一定的股权制衡很有必要,一股独大不利于企业智能化投资;从企业性质看,公有企业更愿意进行智能化投资,个人私有的第一大股东不太愿意进行智能化投资;从激励角度看,高管薪酬与智能化投资之间的关系不明确,说明目前的薪酬激励制度不够合理;从地区文化角度看,越是发达的地区企业越容易接受智能化投资。     

国际资本引入对商业银行效率影响的实证研究

引入国际战略投资者是国内商业银行提高自身竞争力的有效途径之一。本文首先对引入国际资本后可能产生的各项效应进行分析,继而运用数据包络分析(DEA)方法对引入国际战略投资者前后各商业银行的效率进行了测度,说明其变化情况;并以可能造成效率变化的因素为自变量,银行效率为因变量建立线形回归模型,发现资本充足率高低对银行效率并无直接影响,但产权结构与银行效率显著相关。最后给出相关政策建议。     

试论新形势下的档案收集工作

在新形势下应正确认识和把握档案收集工作的地位和作用,阐述当前档案收集工作面临的新情况、新问题,提出做好档案收集工作的对策。     

Moderators of the negativity effect: Commitment,identification, and consumer sensitivity to corporate social performance

Numerous studies have identified constructs such as commitment and brand familiarity as moderators of negativity effects. However, boundary conditions for this moderation have yet to be identified within a retailing context. This study tries to rectify this gap in the literature. This study finds that three factors (commitment, consumer–company identification, and consumer sensitivity to corporate social performance) moderate attitude change toward a retailer following exposure to moderately negative (vs. positive) publicity. However, given extremely negative information, the buffering effects of the moderating factors disappear, and attitude changes are significant for all consumers. © 2009 Wiley Periodicals, Inc.     

Optimal reinsurance arrangements in the presence of two reinsurers

In this paper, we investigate the optimal form of reinsurance from the perspective of an insurer when he decides to cede part of the loss to two reinsurers, where the first reinsurer calculates the premium by expected value principle while the premium principle adopted by the second reinsurer satisfies three axioms: distribution invariance, risk loading, and preserving stop-loss order. In order to exclude the moral hazard, a typical reinsurance treaty assumes that both the insurer and reinsurers are obligated to pay more for the larger loss. Under the criterion of minimizing value at risk (VaR) or conditional value at risk (CVaR) of the insurer's total risk exposure, we show that an optimal reinsurance policy is to cede two adjacent layers, where the upper layer is distributed to the first reinsurer. To further illustrate the applicability of our results, we derive explicitly the optimal layer reinsurance by assuming a generalized Wang's premium principle to the second reinsurer.     

浅谈绿色建筑设计及对环境的影响

全世界都在倡导绿色,城市建筑必须由传统高消耗型发展模式向高效绿色型发展模式转变,而实施这一转变的必由之路就是绿色建筑。绿色建筑满足了人们的物理需求和精神需求,达到了文化与建筑、科技与环境的和谐统一。     

国家开发银行和商业银行的竞争与合作

开发银行和商业银行的竞争是客观存在的一个现实，但随着金融市场的不断完善成熟，开发银行和商业银行可以通过合作优势互补，发挥各自的优势。因此开发银行和商业银行的合作同样具有广阔的空间。     

制约我国风险投资发展的因素及对策

本从风险投资的退出机制、投资主体、法律制度等方面分析了制约我国风险投资发展的因素，并对发展我国风险投资的对策进行了探讨。     

物料配比中的微机控制系统

介绍了由微机、ＡＤＣ芯片、Ｉ／Ｏ芯片及其他辅助芯片来实现颗粒物料配比的一种方法。