债权人主义视阈下商业银行大股东行为约束之完善

以利益相关者理论为基石的债权人主义是在商业银行特殊治理模式下对股东至上主义的制度修正.债权人主义下,发挥债权人的公众监督作用是强化商业银行大股东行为约束、实现债权人权益保护的重要途径.然而现行的商业银行大股东行为约束制度存在外部宏观审慎监管引发利益相关者的道德风险,内部商业银行公司治理独立董事作用难以发挥等公众监管实质缺失等问题.因此,债权人主义视阈下完善商业银行大股东行为约束,外部监管要充分发挥债权人作为重要利益相关者的公众监督作用,内部公司治理要重构董事会,发挥独立董事的"居中裁判"作用,为债权人的利益发声.     

城市地铁系统发展规模与建设时机研究

利用全世界各地地铁系统发展相对完善的城市特征数据进行关联分析,论证城市地铁系统合理建设规模;利用国内已开通运营地铁城市特征数据构建规格化分析指标,判断地铁系统适宜的建设时机.研究结果表明:城市地铁系统发展规模与城市人口规模呈现正相关关系,但人均拥有地铁里程与线网客流强度呈现负相关关系;地铁系统建设时机则与市区常住人口数、人均GDP、一般公共预算收入、建成区人口密度等高度相关.     

农民金融素养、农地转入与农地抵押融资——基于陕西、宁夏、山东1947户农户调查数据的实证

探索性构建了要素流动视角下"金融素养—农地转入—农地抵押融资"的理论框架,阐释了农民金融素养、农地转入与农地抵押融资交易之间的关联机理,采用陕西、宁夏、山东农地经营权抵押贷款试点地区1947户农户调查数据,运用工具变量法实证探究了金融素养对农民农地转入和农地抵押融资交易的影响,并运用中介效应模型实证检验了农地转入在金融素养影响农民农地抵押融资交易关系中的中介作用.研究结果表明,金融素养对农民农地转入参与及其规模、农地抵押融资参与及其规模均发挥显著促进作用.研究还证实,农地转入规模显著促进农民农地抵押融资交易,且在金融素养影响农民农地抵押融资关系中具有部分中介作用.据此提出系统推进农民金融素养培育工程、协调深化农地经营权流转改革和抵押融资改革等政策建议.     

Feed use intensification and technical efficiency of dairy farms in New Zealand

In recent years, the traditionally pasture‐based dairy farms in New Zealand have become more intensive by using higher proportions of supplementary feed. This trend has been attributed to a range of factors, such as productivity enhancement, overcoming pasture deficits and the improvement of body condition scores. However, there is a lack of knowledge as to how feed use intensification affects the technical efficiency of dairy farms in New Zealand. This paper addresses the research gap by estimating the impact of feed use intensification on the technical efficiency of New Zealand dairy farms, using a fixed effects stochastic production frontier model and a balanced panel of 257 farms from 2010 to 2013. The empirical results show that technical efficiency on New Zealand dairy farms is positively and significantly influenced by feed use intensification, herd size and milking frequency.     

金融压力、所有制结构与银行风险承担——基于中国影子银行活动的实证研究*

2008年金融危机之后，监测与防范系统性金融风险、维护金融稳定成为各国监管机构的工作重点。本文构建了一个反映我国系统性金融风险的中国金融压力指数（FSIC）。基于此，本文研究不同所有制结构的商业银行将如何调整影子银行业务以应对系统性金融风险。实证结果表明，当金融压力上升时，相较于国有银行，非国有银行的风险承担水平显著上升。进一步研究发现，这一差异与两类银行对影子银行这一风险业务的调整有关。当金融压力上升时，国有银行会显著减少影子银行业务，而非国有银行的影子银行业务不会减少。本文提出了国有银行的双重职能这一观点来解释实证研究的发现。本文的研究结论对于指导我国金融市场化改革和防范系统性金融风险具有重要启示。     

产权性质、企业精准扶贫行为与资本市场反应

以2015~2018年A股上市公司为研究对象，考察企业精准扶贫行为动因与方式选择及所引起的市场反应。结果发现：国有企业和政治关联民营企业精准扶贫更积极，但两者精准扶贫方式存在差异，国有企业更倾向整合型精准扶贫，政治关联民营企业则倾向慈善型精准扶贫。进一步，企业参与精准扶贫产生了积极市场反应；相较国有企业，民营企业精准扶贫产生的市场反应更积极，尤其体现在政治关联民营企业中。同时，扶贫方式及扶贫持续性对精准扶贫信息披露的市场反应有影响。     

因病致贫与缓冲效应的比较优势

当大病的自付医疗费用支出占家庭非食品支出的比例超过一定门槛值时，灾难性医疗支出发生，会增大因病致贫或返贫的概率。本文基于中国家庭追踪调查数据库（CFPS）2014年数据，利用A-F多维贫困测量方法有效识别贫困家庭，探究因病致贫发生率。大病冲击使贫困发生率增加15%，总财富减少6.9%。我们还发现医疗保险、社会资本及民间借贷对因病致贫都具有缓冲效应。这三种缓冲垫具有各自比较优势：医疗保险对中低收入家庭或中高疾病风险家庭缓冲效应显著；社会资本的缓冲效应只存在中高收入家庭或高风险疾病家庭；民间借贷只对低收入家庭具有缓冲效应。因此，家庭尤其是低收入家庭应合理利用缓冲垫，提高大病冲击的抵御能力，降低因病致贫的发生率。     

Organisational regulatory legitimacy,entrepreneurial orientation,and SME innovation: an optimal distinctiveness perspective

The optimal distinctiveness perspective argues that firms face competing pressures to be both ‘like’ and ‘different from’ their peers. On the one hand, institutional scholars assert that firms need to be similar to peers in order to gain legitimacy. On the other hand, strategy scholars insist that firms need to strive to be different to gain competitive advantage. In order to enrich the optimal distinctiveness perspective, the present study builds a conceptual model that addresses the relationships among organisational regulatory legitimacy, entrepreneurial orientation, and SME innovation under the context of China’s transition economy. Our empirical results show that organisational regulatory legitimacy has an inverted-U relationship with SME innovation. Further, entrepreneurial orientation strengthens this inverse-U shaped relationship. That is, entrepreneurial orientation magnifies both the positive and the negative effect of organisational regulatory legitimacy on SME innovation. This study echoes to the call to conduct broader optimal distinctiveness research by integrating institutional theory and strategic management. Furthermore, our findings provide new evidence for the strategic balance perspective of optimal distinctiveness.     

Gender and age distribution of motorcycle crashes in Spain

This study analysed motorcycle crashes in Spain. Ninety-nine thousand three hundred and four motorcycle crash reports filed in the years 2006–2011 were extracted from the Directorate General of Traffic database of crashes with victims. These data were analysed in terms of gender, age groups, trip purpose, type of crash, speed violation, day of the week, harm caused, use of helmet and psychophysical conditions of the driver to study the characteristics of motorcycle crashes in Spain and to assess the differences between male and female motorcycle drivers in these crashes. Significant differences were found in all the variables considered in the study, which implies gender differences in the profile of the injured motorcycle driver. The severity of motorcycle crashes suffered by male drivers is higher than that of women. These results corroborate the need to develop measures differentiated by gender, based on their profile.