Performance Stable at the Beginning of 2011

Textile industry this year will face more pressure Q1 Textile Industry’s Performance Conference was unveiled by China National Textile & Apparel Council on May 13.Since the beginning of 2011,the standard for defin ing large-scale enterprises was raised from the annual income of 5 million yuan of main business to the annual income of 20 million yuan of main business, according to the latest news.     

地方人大中的地域代表现象探析——基于五省市人大代表建议的内容分析

本文试图探析在中国地方人大中是否存在地域性代表及其相关因素。通过收集和分析2017年国内五省市人大收到的近四千条代表建议,发现在地方人大代表的履职行为中,一定范围内存在从整体资源中为选区争取利益的现象。进一步回归分析的结果显示:来自经济发展水平相对较低的地区的代表,更倾向于提出地域性建议;由代表联名提出的建议更可能是地域性建议;担任地方党政领导职务的省市人大代表,在提出建议时更倾向于提出地域性建议。上述实证发现对中国地方人大地域性代表的实现机制提供了初步启发性证据,也有助于丰富我们对非竞选体制下的政治代表性和回应性机制的理解。     

Globalization and affordability of microfinance

We study how globalization can differentially affect financial inclusion through the lens of microfinance. Based on an institutional logics perspective, we argue that MFIs embody both social logic and market logic with regard to provision of affordable microfinance loans. Speicially, social logic is amplified by greater social globalization and the stronger presence of nonprofit organizations (NPOs) in the microfinance industry. In contrast, economic globalization catalyzes MFIs' market logic, leading to weaker or greater affordability of microfinance, depending on the relative strength of the profit-maximizing motive and real competition. We test these predictions by focusing on MFI interest-rate setting and using longitudinal data from 2030 MFI observations across 50 countries from 2002 to 2012. We find that country-level social globalization measure is negatively associated with the average MFI loan interest rates and that country-level economic globalization measure has an inverse U-shaped relationship with the average MFI loan interest rates. These results support our hypotheses and suggest a more nuanced view on how globalization affects affordability of microfinance.     

Revisiting the risk-return relation in the Chinese stock market: Decomposition of risk premium and volatility feedback effect

The empirical results of the risk-return relationship are mixed for both mature and merging markets. In this paper, we develop a new volatility model to revisit the risk-return relation of the aggregate stock market index by extending the Realized GARCH model of Hansen et al. (2012) with the Wang and Yang (2013) framework, in which the overall risk-return relation is decomposed into a risk premium and a volatility feedback effect. An empirical analysis of three major Chinese stock indices reveals positive risk premium and negative volatility feedback effect, and those findings are stable across different markets and sub-samples. However, their relative magnitudes differ between markets and varies through time.     

粮食中镉含量测定方法初探:以石墨炉原子吸收分光光度计法为例

笔者长期从事粮食中镉污染检验工作,大量实践经验表明,虽然原子吸收仪的品牌、型号各不相同,但应用原理、结构大致相同。本文以石墨炉原子吸收分光光度计法对粮食中镉的含量的检测为例进行说明,发现试样前处理、试剂空白、使用试剂、回收实验及在操作过程中的对仪器的处理等对检测结果均会产生直接影响。为确保检测结果准确性,本文对检测过程中影响检测结果的各注意事项进行了分析总结,希望能对从事镉污染检测工作的人员提供理论指导和借鉴。     

Does IFRS Adoption Increase the Accuracy of Chinese Analysts’ Forecasts?

This article investigates the impact of International Financial Reporting Standards (IFRS) adoption on the accuracy of Chinese analysts’ earnings forecasts. We find that after IFRS adoption, the accuracy of Chinese analysts’ forecasts decreases rather than increasing as they do in developed countries documented by the extant literature. Further investigation finds that this decrease is associated with a fair value measurement of financial assets held for trading. Our finding provides empirical evidence supporting the argument that the effectiveness of IFRS adoption could be negative in a developing country depending on its setting and fair value measurement brought about by IFRS could contribute to the negative effect in this setting.     

资源配置视角下战略性新兴产业基地建设决策过程研究

采用案例分析法，以国家传感网创新示范区建设的决策过程为研究对象，从资源配置视角重新审视了战略性新兴产业基地建设的决策过程。结果表明，在战略性新兴产业基地建设决策过程中，地方政府充分发挥了主观能动性，与中央政府、科研机构及企业积极互动，获得了建设产业基地的资源。同时，中央政府完成了与产业基地甄选及部署相关的资源配置。     

Shanxi Merchants’ Multilevel Financial System in Ming and Qing Dynasties,China

In the Ming and Qing Dynasties (1368–1911), China saw rapid development in industrial and commercial sectors. Over this period, a group of merchants originating from the inland province of Shanxi gradually built a multilevel financial system and became leaders in China’s banking sector. The system of financial institutions they established (pawnshops, seal shops, money shops, loan banks, and draft banks) each had a unique business model, with specific target client group and carefully designed risk management. They were also interconnected to allow for flexible capital flows, contributing to the fast economic growth in this period. Nevertheless, the traditional system also had limitations, leading to its replacement by modern banks eventually.     

试析德沃金对司法能动主义的批判——宪法解释视角

德沃金的法律解释学说是本世纪重要的法律学说,其宪法的道德解释是不同于司法能动主义支持者解释路径,通过对原意主义批判和宪法道德解释证成两个方面对司法能动主义进行批判。