The effects of haze pollution on stock performances: evidence from China

Haze pollution has become the most important environmental issue in China in recent years. Using the data of PM_2.5 concentration and stocks of listed companies located in Beijing between 2010 and 2014, this article investigates the effects of haze pollution on stock performances. Empirical results indicate that haze pollution has significant negative effects on stock returns and significant positive effects on stock volatilities, through the channel of investors’ mood. Furthermore, the effects of haze pollution on stock returns emerge gradually and the effects of haze pollution on stock volatilities weaken gradually over time during a trading day.     

企业家社会责任行为方式创新对其形象评价的影响机制研究

运用扎根理论探究了企业家创新性社会责任行为的特征及作用机制。基于扎根理论，就企业家微公益行为对其形象评价的影响机制进行了探索性研究。通过深度访谈与二手数据的扎根分析，提出了企业家微公益行为对其形象评价影响的理论框架：企业家微公益行为具有权威性、互动性与多样性，会通过情感和认知两大层面来获取消费者认同感，并影响消费者对企业家微公益行为动机的感知，进而影响其形象评价。该研究是对企业家社会责任理论的有益拓展，同时为希望通过社交网络进行公益活动的企业家提供了实践参考。     

Opportunity recognition and SME performance: the mediating effect of business model innovation

Opportunity recognition is vital for small and medium-sized enterprises (SMEs), but SMEs face challenges in capturing recognized opportunities. Given that opportunity recognition does not automatically lead to higher SME performance and that SMEs need to take appropriate actions to exploit recognized opportunities to achieve better performance, it is imperative to explore the mediators that enable SMEs to translate opportunity recognition into higher performance. This study proposes that business model innovation may be a key conduit through which opportunity recognition affects SME performance. Based on a dataset of 155 SMEs, we find that the positive relationship between opportunity recognition and SME performance is mediated by business model innovation. These findings not only aid SMEs in accomplishing the performance effect of opportunity recognition, but also provide some insights into the implications of business model innovation.     

唐宋里坊制演变及其对当前的启示——国家与社会关系的视角

唐宋之交商品经济的蓬勃发展及其引发的一系列制度变革导致国家和社会关系从"国家凌驾于社会之上"向"国家与社会互动"变迁。里坊既是国家权力在城市的末梢,也是城市居民的基本生活场域,是联结国家和社会关系的纽带。国家和社会关系的重构也导致里坊制的演变,坊墙逐步被废除,里坊的社会控制功能也大大弱化。里坊制的演变又推动了商品经济发展、城市文化繁荣、社会组织发展、市民的空间流动与身份流动,进而进一步促进国家与社会互动。这与我国从计划经济到市场经济转型过程中单位制的演变具有诸多相似之处,并给我们带来以下三点启示:(1)从单位制到街区制对我国当前国家和社会关系调整具有积极作用;(2)单位制的消解是一个长期的过程,有可能出现阶段性反复;(3)围墙是单位制的重要组成部分,其存废预示着单位制的兴衰。     

REGIONAL ANTI‐CORRUPTION EFFORT,POLITICAL CONNECTIONS AND FIRM INNOVATION EFFORT: EVIDENCE FROM CHINA

This paper examines how firm characteristics and local anti‐corruption effort moderate the influence of political connections on enterprises’ private R&D investment using data from 2,587 Chinese A‐share listed enterprises. Our results show that the local anti‐corruption institutional environment significantly moderates the strong relationship between political connections and enterprises’ private R&D investment. Firm characteristics (i.e., firm size and firm age) also show a moderating effect on the relationship between political connection and enterprises’ private R&D investment; larger and older enterprises are more likely to have innovative resources and business cooperation partners, and thus are able to reduce their degree of reliance on political connections and government funding. The results of our study suggest the importance of having a transparent and fair institutional environment for enterprise innovation activities.     

Regional disparity of embedded carbon footprint and its sources in China: a consumption perspective

Carbon emission reduction could be achieved through extensive cooperation between relevant groups such as businesses, governments and consumers. Generally, carbon emissions stem from consumer behaviour. To tackle the increasingly serious energy crisis and climate change in China, it is thus vital to control carbon emissions generated by the country's urban consumers. From a consumption perspective, we utilize a self-organizing feature map model to analyse the spatial differentiation of per capita embedded carbon footprint (ECF) in urban China. We found that the spatial differentiation is significant with the per capita ECF of the east coastal area at a high level and that per capita disposable income is the key factor affecting ECF. Based on these findings, potential business opportunities to develop low-carbon products are discussed.     

清醒认识中国低生育率风险

中国人口少子化和老龄化的发展速度和程度显著超出以往预期。面对少子化、老龄化的人口新常态,人口领域需要有较大的改革。当前人口工作思路存在与人口现实之间的种种矛盾,问题的核心是对低生育风险缺乏足够清醒的认识,人口工作存在只重当下、罔顾未来的偏向。生育政策调整的实质是对过去计划生育过度的补救和改正,既是对生育率过低这一主要人口风险的应对,也是人口发展彻底转向正常化、均衡化的需要。     

Shanghai Top10 Department Stores Retail Sales Value-9.2% m/m in Apr

According to Shanghai Apparel Association,apparel retail sales volume in Shanghai top 10 department stores dropped slightly in Apr.2011,decreasing by about 11.3 per cent m/m to 940,000 pieces.CNY380 million was spent in     

基于知识产权的组织间关系网络的演化特征

分析了基于知识产权的组织间关系网络的基本内涵和构成要素,将基于知识产权的组织间关系网络的生命周期划分为5个阶段——创立阶段、成长阶段、成熟阶段、衰退阶段和解散阶段,具体论述了各阶段的组织间关系网络的演化特征。以对450家企业的深度访谈和问卷调查为基础,通过描述性统计分析、因子分析以及多元方差分析来实证研究目标一致性、信息沟通以及信任等关系属性在各阶段的传递规律。研究结果表明,基于知识产权的组织间关系属性的顶峰阶段并非都出现在关系生命周期的成熟阶段。     

2015:Make-or-break Year for China’s Cross-Border E-Commerce Companies

Iresearch estimates that the volume of China’s cross-border e-commerce accounted for China total export-import volume 11.9%in 2013,up to 14.8%in 2014.By 2017,cross-border e-commerce occupies a proportion of the total amount of China’s foreign trade that is expected to reach about 20%.T-he players shared their different opinions with China’s Foreign Trade.