Monetary and Financial Cooperation Between China and the One Belt One Road Countries

ABSTRACT

Based on the theory of optimal currency area (OCA), we calculate the OCA index between China and the OBOR partners with the expressed objective of identifying which partners exhibit monetary and financial compatibilities, and hence present the best potential in terms of cost and benefits. Our findings suggest that among South East Asia region, Malaysia exhibits the highest compatibility and profit potential, followed by Thailand and Vietnam. For the East European area, Poland and Croatia show the best potential in terms of monetary and financial cooperation; with the Czech Republic as close third. Based on our computation, currently Central Asia and the Middle East do not possess the condition or potential for beneficial financial and monetary collaboration.     

舾装作业中考虑周期驱动的虚拟单元多阶段动态调度研究

多品种小批量离散型生产企业面临的大量不确定因素会干扰其生产的连续性,其中,船舶生产由于其技术与管理特点在此类生产中具有典型性.本文将以船舶舾装生产为例,在保证设备负荷均衡及资源利用率的基础上,研究该环节的虚拟单元调度问题,以提高企业的生产效率.文章以最小运输距离为目标,在充分考虑瓶颈资源约束的基础上,构建周期驱动下分割计划期的数学模型,并以结合任务分配和时间约束的混合蚁群算法求解.通过在某船厂舾装环节的应用发现,本文所提方法能够有效降低当前舾装各作业的平均完成时间,具备可行性.     

Household responsibility system and China's agricultural Growth revisited: Addressing endogenous institutional change

The rise of the Household Responsibility System has been widely viewed as a significant contribution to China's agricultural growth. However, this empirical conclusion is rested upon a convenient but doubtful presumption that the process of institutional change, also known as decollectivization, is exogenous. We contribute to this literature by explicitly recognizing the endogeneity of institutional changes, and exploit exogenous variations in lagged weather shocks and initial fixed assets for consistent estimation. With improved data on irrigation, mechanization, weather and institutional changes in a provincial panel data during 1970–1987, the results of panel instrumental estimations reveal that the Household Responsibility System had a significantly positive effect on China's agricultural growth, which was larger than indicated by OLS estimates that suffer from adverse selection and attenuation biases.     

ENTREPRENEURSHIP AND INCOME DISTRIBUTION DYNAMICS: WHY IS THE INCOME SHARE OF TOP INCOME EARNERS ACYCLICAL OVER THE BUSINESS CYCLE?

In the United States, the income share of the top 5% income group is acyclical over the business cycle. This study attempts to explain the cyclical behavior of the income distribution over the business cycle, particularly focusing on the top 5% income earners' share, using a heterogeneous agent model featuring a choice to become an entrepreneur. The model economy successfully reproduces the acyclical behavior of the income share of the top 5%. During expansions, relatively more people become entrepreneurs at the top, which offsets the decline in the income share of the high‐income earners from workers' side.     

Security regulations,access to capital markets,and firm performance: Evidence from China

This study explores the cost of security regulations in China, where firms are required to meet a certain profitability benchmark before applying for permission to raise more equity via secondary equity offerings (SEOs). Using a difference-in-differences setting, we show that firms affected by the regulation (i.e., firms with high external financing demands (EFD) but profitability lower than the regulatory requirement) significantly underperform their counterparts, while unaffected firms do not. The affected firms’ performance decline increases (decreases) when the requirement of profitability is more (less) restricted. Consistently, the three-day cumulative abnormal return (CAR) of firms with high EFD is significantly negative (positive) when the regulation is tightened (loosened). Our study provides evidence on how the cost of regulation affects companies that have growth opportunities.     

中国特色经济发展模式的逻辑演化与多元特征

改革开放以来经济的快速发展显示出中国发展模式具有强大的生命力和独特性,其结构演化与创新需要系统地进行研究,同西方资本主义发展的典型模式相比呈现明显的差异,值得新兴经济体和发展中国家借鉴。在系统评述现有研究文献的基础上,文章阐明了中国特色经济发展模式的内在本质和演化逻辑,并围绕构成经济体制和经济运行的维度提炼和总结了中国特色的混合经济模式、中央集权与地方分权模式、新型工业化与城镇化模式、多元要素供给与综合优势模式和渐进式全方位开放经济模式,以此清晰勾勒出中国经济发展模式的鲜明特色和独特竞争力,澄清了一些西方学者及各界对中国发展模式的误判与否定。     

高管团队异质性、团队冲突与企业绿色绩效——差异化CEO领导风格调节下的整合分析框架

基于高阶梯队等理论，从高层管理团队异质性等要素整合分析视角切入，在探讨高层管理团队驱动企业绿色绩效作用机制的基础上，尝试构建差异化CEO领导风格调节下高管团队（TMT）异质性、团队冲突与企业绿色绩效的理论模型；通过层次回归分析、Bootstrap等方法实证检验异质性高层管理团队的作用机理和边界。研究结果显示：①TMT异质性、任务冲突能显著提升企业绿色绩效，且任务冲突在TMT异质性与企业绿色绩效的关系中起部分中介效应，而关系冲突显著降低企业绿色绩效。多元化构成的高层管理团队拥有更多差异化思想，这些观点通过高层管理团队成员不断分析整合后作用于绿色绩效，而成员间“对人不对事”的关系冲突会弱化该过程，进而对绿色绩效产生负向影响；②变革型CEO领导风格负向调节任务冲突与企业绿色绩效的关系，表明CEO适度简政放权，指导、关怀和保障高管团队成员充分表达观点非常重要。交易型CEO领导风格负向调节关系冲突与企业绿色绩效的关系，说明CEO通过奖惩激励，降低高层管理团队情绪冲突，提升团队凝聚，是推动绿色转型的重要举措。     

高铁时代的小城市发展——基于人口空心化的研究

高铁快速发展带来整体经济的突飞猛进,也带来小城发展变化.文章通过选取2010至2018年881个小城市的面板数据,研究高铁建设对小城发展的影响.研究发现:高铁开通可能引致部分小城人口的外流,或许加剧了部分小城人口的空心化程度.作用机制甄别结果表明,高铁通过引致消费需求外流、滞后产业结构升级和助推房价攀升途径予以实现,其中滞后产业结构升级是更为重要的传导途径.异质性分析结果表明,对不同规模的小城市而言,高铁开通可能造成人口流失的程度具有明显差异性,城区人口规模在0-20万的小城市,人口流失程度要明显低于城区人口规模在20-50万的小城市.进一步研究发现,高铁建设并未形成开通高铁小城和未通高铁小城间的经济增长差距;同时,对于开通高铁小城间的内部经济增长差距,也未得到有效验证.总之,小城应充分考虑自身区位劣势、资源禀赋和产业布局等条件,在符合高质量发展的要求下发展高铁经济.     

A genetic algorithm based approach to transactional and QoS-aware service selection

As there are various risks of failure when Web services are deployed in unreliable environment, the execution of a composite Web service (CWS) requires the transaction mechanism to guarantee its reliable execution. However, the existing service selection approaches consider QoS and transaction separately and have not considered that transactional properties may affect the QoS such as the execution time of a CWS. This work addresses the importance of considering transactional properties and how the transactional properties affect the QoS simultaneously in the process of service selection by a QoS-aware and transactional-aware selection approach. First, a performance evaluation method is proposed to calculate the execution time of a transactional CWS. Then, a genetic algorithm based approach, which takes into account the execution time, price, transactional property and successful execution rate of CWS, is presented to achieve global optimisation service selection. Finally, experimental results show the efficiency and effectiveness of the approach.     

中小企业商业模式创新与实现路径的分析——基于系统框架的思考

商业模式创新,是解决当前中小企业面临发展困境的有效途径。文章以中小企业为对象,在构建商业模式创新系统及对三种不同类型中小企业进行商业模式创新类型定位的基础上,重点讨论了适合于挖掘型创新的配套中小企业及适合于调整型创新的市场型、科技型中小企业商业模式创新的路径,同时从新发展的视角,探讨了中小企业互联网+商业模式创新路径,以期为中小企业商业模式创新提供思路。