M2与社会融资规模偏离的原因及趋势研究

货币政策由数量型向价格型调控转型过程中,价格似乎变得更为重要。尽管如此, 货币数量与资金价格仍是观察“硬币”的两面,数量的趋势或能预判价格的变化。金融严监管 的背景下,货币数量尤其是广义M2在过去一年出现剧烈的收缩,而另一个货币数量指标社会 融资规模却仍然强劲,二者的分化使得我们感知货币松紧以及经济冷暖出现分歧。本文基于 M2和社会融资组成结构的异同点,分别对M2和社会融资近年来在金融自由化和金融监管收紧 过程中的变化机理进行梳理,并对未来趋势予以预判。首先,文章区分了M2和社会融资的组 成结构异同点,从共同的影响因素信贷入手进行分析和预判;其次,依据货币派生的机理,从 商业银行资产负债表来分析引起M2变动的主要矛盾进行深入解读;再次,对于引发社会融资 变动的信托和委托变化趋势予以分析。最后我们得出结论,由于监管重点的时间差异使得此轮 M2先于社会融资回落,未来二者分化将逐步收敛。     

Experiencing meaningfulness climate in teams: How spiritual leadership enhances team effectiveness when facing uncertain tasks

This study integrates social information processing theory with leadership and climate literature, and aims to produce novel theoretical insights into whether and how spiritual leadership and task uncertainty foster conditions to enhance meaningfulness climate and subsequent team effectiveness in China. Team effectiveness was operationalized as team performance and team organizational citizenship behavior (OCB). Based on data collected at three time points over 12 months from multiple sources of 123 teams in China, we found that spiritual leadership was positively related to team performance and team OCB through meaningfulness climate. Further, the relationship between spiritual leadership and meaningfulness climate was stronger for teams with high task uncertainty than teams with low task uncertainty.     

云南省老油房石灰岩大理石矿矿床特征及矿石工艺特征

在充分收集区域地质、野外调查和样品测试分析的基础上,系统地研究了云南省西畴县老油房石灰岩大理石矿的地质背景、成矿条件、矿床特征及矿石的工艺特征。结果表明该矿区矿体产状稳定,成层状产出;品种为灰色生物灰岩大理石,矿石体重适中;吸水率低,抗风化能力强;莫氏硬度较低,便于切割分离;耐磨率适中,便于打磨抛光;抗压、抗折、抗剪强度满足饰面石材工业技术指标要求;荒料率、板材率明显高于国家标准,适宜开采;可为大理石矿的勘查、开采、加工等方面工作提供参考。     

Collaboration strategy decision-making using the Miles and Snow typology

Engaging in collaboration may be the best way for a firm to enhance its competitive advantages, since this can offer faster access to both resources and capabilities. This study aims to develop a framework for making collaboration partner choice decisions. The authors design a strategic game model of collaboration using Miles and Snow typology. An empirical data set collected from the S&P COMPUSTAT database is adopted to verify the model, and several managerial implications are derived. This model helps a company choose a competitor as a collaborative partner and helps in the selection of a collaboration strategy.     

互联网环境下消费者跨渠道购买行为研究

随着网上零售市场的快速发展,众多传统零售商纷纷开设网络商店,实体店铺和网络商店相结合的多渠道零售模式已经成为我国零售业发展的趋势。文章基于认知失调理论和信任转移理论,构建了一个综合线下印象、线下信任、感知网上服务能力和网上购买意向的研究模型。实证检验结果表明,线下印象和线下信任对感知网店服务能力均有正向影响,而感知网店服务能力对消费者网上购买意向具有正向影响。本研究的结论对传统零售商进军电子商务领域提供了借鉴。     

机械冷藏车远程可视化全况监控系统的设计与实现

基于冷链对机械冷藏车的要求,设计了一种以WSN、图像处理、GIS、GPS、GPRS等技术为基础的机械冷藏车远程可视化全况监控系统,该系统对机械冷藏车的行驶速度、油耗、所处位置信息、运行轨迹、制冷机组运行状态等运行参数和车厢内部整体温度、湿度、图像、车厢门开关等工作状态进行实时采集、记录和回放。阐述了该系统的技术要求、主要功能、系统整体架构、硬件设计和软件模块设计。经过实际场地实验和道路实验,系统能够满足冷链要求。     

基于教师专业发展的教师团队关键绩效指标体系研究

大学教师的专业发展影响学校的核心竞争力，也影响着培养学生的整体素质。目前比较有效的专业发展是大学教师的专业团队建设。如果能把团队建设和教师专业发展有效结合，不但会促进青年教师的快速成长，也会对学校的未来规划发展起到至关重要的作用。随着团队建设如火如荼的开展，对建设的成果考核是不容忽视的课题，需要考虑在考核时纳入专业发展的绩效考核体系。文章以关键绩效指标为依据，考虑从未来教师专业发展视角来分析团队建设的优势和不足，为后续政策制定、建设规划提供支持。研究结果设计了能够促进教师专业发展的对团队评估的关键绩效考核指标。     

闽台经济发展差异与追赶台湾策略研究

近年来,受国际金融危机的影响,台湾经济发展面临诸多的困难与挑战。自2011年台湾经济主管部门颁布《产业发展纲领》以来,台湾提出诸多刺激经济发展、提升经济动能的政策与措施。与此同时,福建全面实施"三规划两方案",经济社会发展呈现稳定增长、结构优化、民生改善、后劲增强的良好态势。经贸合作是推进闽台两省发展的基础,新形势下深化闽台经贸合作,必须正视闽台两省发展的差异,发挥独特对台优势,做强做大经济总量,加快经济总量追赶台湾,促进两岸融合、海峡经济圈共同发展。     

Do constraints created by economic growth targets benefit sustainable development? Evidence from China

An economic growth target is a declaration by policy authorities of commitment to that target and the corresponding allocation of resources. The constraints created by economic growth target are an important economic management method in China, which has helped China's economy to achieve remarkable achievements. However, it has also brought about serious environmental problems, threatening China's sustainable development. Using the data about economic growth targets in the work reports of 30 Chinese provincial governments from 2006 to 2017, this paper constructs several spatial measurement methods, such as the spatial Durbin model, to examine the constraints created by economic growth target's impacts on air pollution. The main conclusions are as follows. First, a significant “U-shaped” relationship exists between the constraints created by economic growth targets and air pollution. Second, the spatial Durbin model analysis revealed that PM_2.5 across China's provinces display significant positive spatial spillover effects and spatial agglomeration characteristics. Third, the direct, indirect, and total effects of constraints created by economic growth targets on air pollution are all statistically significant and depict a “U shape.” Finally, the constraints created by economic growth targets have an apparent threshold effect on air pollution, and the inhibiting effects increase with human capital and industrial restructuring. However, with the increase in foreign direct investments, constraints created by economic growth targets may increase air pollution. The conclusions of this paper are of great significance for improving the management of local government economic growth targets and sustainable development.     

Effects of cross-border capital flows on stock returns of dual-listed firms in mainland China and Hong Kong: Evidence from a natural experiment

This study analyses the effects of the Shanghai–Hong Kong Stock Market Connect policy on the price disparity between A-shares and H-shares of dual-listed companies (DLC). Using a difference-in-difference estimation method, we show that the policy decreases the relative twin cumulative abnormal returns of treated DLC by 3% and narrows the price gaps between A-shares and H-shares. We determine that the rising demand for H-shares, which are newly accessible by mainland investors, drives the price of H-shares up. By contrast, the price of A-shares remains unchanged. Further analysis reveals that cross-border capital flow is the main force of the policy.