Asymmetric effects of exchange rate changes on the demand for money in China

In order to account for currency substitution, the majority of recent studies relating to the specification of the demand for money include the exchange rate as another determinant of the demand for money. However, those who have estimated the demand for money in China have been unable to find any significant effects of exchange rate changes on the demand for money by the Chinese. We show that this is due to the assumption that exchange rate changes have symmetric effects. Once depreciations are separated from appreciations of the yuan, those exchange rate changes are shown to have significant effects on the demand for money in China, but in an asymmetric manner.     

“一带一路”沿线国家贸易网络结构特征及其对技术进步的影响——基于社会网络分析法的研究*

本文采用社会网络分析法探讨了2008—2018年“一带一路”沿线国家贸易网络结构特征,测算沿线国家贸易网络中心位置对技术进步的影响,并对不同收入国家进行异质性分析。研究发现：“一带一路”沿线国家整体贸易结构比较松散,意大利、土耳其、韩国、俄罗斯、中国和新加坡等国家（地区）位于网络核心,共有23个国家（地区）发挥“中介”或“桥梁”作用,影响着其余沿线国家之间的贸易联系;超过四成的沿线国家（地区）与非贸易伙伴国具有较强的间接贸易关系。贸易网络中心位置的提升能显著促进母国技术进步,间接贸易影响母国技术进步的边际效应大于直接贸易;中高等收入水平国家直接和间接贸易地位和贸易强度的提升均显著促进了技术进步,低等收入国家贸易强度的提升也能促进母国的技术进步。     

企业知识社会化——基于知识转移的创新模式研究

提出了与企业营销部门传统的知识管理方式——顾客知识管理的知识流动方向相反的"知识社会化"。阐释了知识社会化的概念,探究其在知识管理中的定位,通过对知识社会化与顾客知识管理的比较以及与知识营销、消费者教育的联系,进一步分析其内涵和优势,总结其常见类型和应用方法,并鼓励企业借助体验营销主动向顾客传播知识。在微观上可为企业营销部门的知识管理提供新的实践指导,在宏观上可为企业提高自身竞争力开拓新的思路。     

行业收益、国际航运业IPO与船舶融资选择——基于1984～2007年数据分析

在阐述行业收益差异基础上分析影响航运股权融资因素,针对航运企业IPO的不同表现特征选取了1984～2007年间,在主板证券交易所首次发行股票的143家全球航运企业,通过计算超常持有期收益率(BHAR)和累计超常收益率(CAR),分析其短期与长期价格表现。认为航运企业首次公开发行抑价与公司年龄、上市所在交易所的声誉和发行期间市场行情正相关,与承销商声誉负相关;从长期来看,航运企业首次公开发行五个月后表现欠佳。希望通过研究某些体制因素如何影响航运企业IPO抑价,以期对船舶融资选择提供相关建议。     

Migration transition or migration transformation in the Asian dragon economies?

There has been a marked tendency to interpret the recent transformation of international migration systems in Eastern Asia in terms of a ‘migration transition’ model. The transition in these countries from net emigration to net immigration, with major inflows from poorer adjacent countries, is seen as being driven by an intricate regional pattern of uneven development but growing economic integration. This paper challenges this view through an examination of the trade, investment and migration linkages of the region’s four dragon economies (Hong Kong, Singapore, South Korea and Taiwan). It argues that the key influences on their international migration streams reflect, above all, the functions of these states as second-order, global city regions. Their place in the global capitalist system creates a shared demand for very particular types of both highly skilled and unskilled labour, but the migration policies of the four states are independently, and therefore distinctively, socially constructed. — Il y a une tendance à utiliser un modèle de ‘transition de migration’ pour interpréter les transformations récentes des systèmes de migration internationaux en Asie de l’est. La transition de l’émigration nette à l’immigration nette dans ces pays, avec des arrivées massives des pays adjacents plus pauvres, est supposée être due à un modèle régional complexe de développement inégal mais d’intégration économique croissante. Cet article questionne ce modèle et examine les liens entre le commerce, l’investissement, et la migration dans les quatre économies dragons de la région (Hong Kong, Singapour, la Corée du sud et Taï?wan). Il soutient que les influences majeures sur leur flux de migration internationale reflète avant tout les fonctions de ces états en tant que régions urbaines globales de deuxième ordre. Leur place dans le système capitaliste global crée une demande pour un type très particulier de travailleurs qualifiés et non qualifiés, mais les politiques de migration des quatre états sont indépendemment, et donc distinctement, socialement construites.     

Multidivisional firms, internal competition, and the merger paradox

Abstract.  Traditional modelling of mergers has the merged firms (insiders) cooperate and maximize joint profits. This approach has several unappealing results in quantity‐setting games, for example, mergers typically are not profitable for insiders, but are profitable for non‐merging firms (outsiders). We take a different approach and allow for a parent company that can play each insider off one another. In quantity‐setting games, with our approach mergers are profitable for insiders, unprofitable for outsiders, socially beneficial, and involve (in a non‐monopolizing merger) a small number of firms. Finally, we find that the optimal strategy depends on whether firms compete in quantity or prices. JEL classification: L000     

Strategic Second Sourcing by Multinationals*

Multinationals often serve foreign markets by exporting as well as by investing directly in foreign production facilities. We argue that if the multinational competes in an oligopolistic market characterized by strategic complements then there are strategic reasons to use two production facilities—committing to a second source allows the firm to keep average cost low while increasing its marginal cost. The increase in marginal cost softens product market competition resulting in higher profits. We argue that this theory also has implications for the “make or buy” literature in production management and the literature on second sourcing in industrial organization.     

民营企业科技竞争力内涵及指标体系研究

民营企业科技竞争力是民营企业科技总量、经济实力及研发水平与潜力的综合体现,是其持续竞争优势的来源和保证,科技竞争力发展水平决定着中国民营企业参与国内与国际竞争的成败。要根据民营企业科技竞争力的内涵,确定其科技竞争力的构成要素和评价模式,并依据指标设计原则和特定生成过程设计民营企业科技竞争力的综合评价指标体系,包括4个一级指标、12个二级指标和32个三级指标。     

Symmetric bidding in second-price, common-value auctions

That second-price, common-value auctions have a unique symmetric equilibrium is shown by demonstrating a useful property: the equilibrium bid dominates any local common bias.