Does economic policy uncertainty raise corporate precautionary cash holdings? Evidence from China

Using China as the research setting, this paper investigates the relationship between economic policy uncertainty and corporate precautionary cash holdings. Empirical results show a U-shaped relation between economic policy uncertainty and corporate precautionary cash holdings. Empirical analysis, in terms of ownership structure, firm size, corporate competitiveness and geographical location, further shows that (i) the effects for economic policy uncertainty in both state-owned and non-state-owned enterprises are significant, but the effect is stronger for state-owned enterprises; (ii) such significant effect is also found more strongly in small and medium-sized enterprises and highly competitive enterprises; and (iii) the effects for eastern, central and western China are all statistically significant, but the effect is strongest for eastern China.     

Back to the future. Is industry 4.0 a new tecno-organizational paradigm? Implications for Latin American countries

ABSTRACT

The objective of this article is to establish a dialogue between the recent ‘Industry 4.0’ (I4.0) literature and evolutionary neo-Schumpeterean studies about techno-organizational paradigms. In that direction, we wonder whether I4.0 constitutes a new paradigm, as it is assumed by the first group of literature, or it represents – until the moment – an intensification of key features of the information and communication technology (ICT) paradigm, following the second group of studies. Some questions are raised about the implications of I4.0 for developing countries (DEC), afterwards. Specifically, we reflect on the possibilities of these countries to identify and take advantage of new windows of opportunity, opened by the development and diffusion of these technologies. In this regard, the review of recent Latin American experience raises strong concerns regarding I4.0 as a new source of intra- and international heterogeneity, linked to the severe difficulties these countries have in appropriating these technologies in the form of productivity gains and quasi-rents. It seems that this is partially derived from weak technological, organizational, and connectivity capabilities paths of accumulation between institutions and actors.     

央视有责任承担制定广告标准的任务

国内的电视业正处在激烈竞争、白热化追求栏目收视率的状态中，同时各种广告真真假假地充斥着荧屏，在这样的大环境下，央视赵台长提出了“绿色收视率与绿色收入”的概念，倡导以先进文化、构建和谐社会为己任，我认为从微观上看无论是对广大的电视观众来说，还是对广告主来说是都一件值得倡导的好事。     

“取人之短”亦生财

美国休勒特——派克德公司有着一套自己独特的营销策略，即从不首先研究开发新产品，而是等别的公司新产品露面后，立即派出员工，深入用户那里调查取证，虚心向用户探询新产品的优缺点、用户的建议，然后再依据用户的这些意见和建议，迅速开发出完全符合顾客要求的“新产品”。由于它在借鉴其他公司优点的同时克服了其中的缺点，     

China's economic development: does exchange rate and FDI nexus matter?

This study aims to investigate the relationship between China's exchange rate, foreign direct investment (FDI) inflows, and economic development. We applied the bound testing approach on aggregate level data from 1981 to 2013. The results showed that the Chinese economy benefitted from a lower exchange rate over this period, and that there was a direct link between FDI inflows and economic development on an aggregate level both in the long and short run. The results of the Granger causality test identified a long‐ and short‐run association among these variables. The GMM estimations with dummies for financial crises and RMB exchange rate policy fluctuations also confirmed the growth enhancing impact of the exchange rate and FDI inflows. To promote sustainable economic development in the future, China should focus on improving the levels of domestic investment and human capital, as well as supervising the level of openness and capital controls.     

A consistent characteristic function-based test for conditional independence

Y is conditionally independent of Z given X   if Pr{f(y|X,Z)=f(y|X)}=1$\{f(y|X,Z)=f(y|X)\}=1$ for all y on its support, where f(·|·)$f(·|·)$ denotes the conditional density of Y   given (X,Z)$(X,Z)$ or X.$X.$ This paper proposes a nonparametric test of conditional independence based on the notion that two conditional distributions are equal if and only if the corresponding conditional characteristic functions are equal. We extend the test of Su and White (2005. A Hellinger-metric nonparametric test for conditional independence. Discussion Paper, Department of Economics, UCSD) in two directions: (1) our test is less sensitive to the choice of bandwidth sequences; (2) our test has power against deviations on the full support of the density of (X,Y,Z$X,Y,Z$). We establish asymptotic normality for our test statistic under weak data dependence conditions. Simulation results suggest that the test is well behaved in finite samples. Applications to stock market data indicate that our test can reveal some interesting nonlinear dependence that a traditional linear Granger causality test fails to detect.     

基于射频指纹技术的卫星信号个体识别方法

现有射频指纹识别研究主要集中于射频指纹产生及提取的通信机理,忽略了实际应用中信号采集数据的清洗筛分、识别算法模型的效率等工程性问题。为此,分析了卫星通信号的载波信息提取的原理与方法,并针对现有射频指纹方法的不足,围绕卫星信号识别领域,利用海量采集的射频指纹数据,深入研究基于自组织神经网络的射频指纹识别算法,提出了对应的算法模型,并与现有常见的无监督算法进行了比较。结果表明,所提方法可以取得更优的算法聚类效果和时间开销,可作为设计实现卫星频谱管理系统的基础。     

金融支撑海洋经济发展研究热点分析--基于CiteSpace知识图谱视角

金融是现代经济体系的核心,海洋经济的发展离不开金融的支持。本文以CNKI数据库为数据来源,借助CiteSpace软件绘制相关的知识图谱,旨在厘清金融支撑海洋经济的研究现状、研究热点以及未来发展趋势等问题。研究表明:第一,该研究领域的发文数量整体上是处于先上升后下降的趋势;第二,研究学者较为分散,作者之间尚未形成紧密的合作关系,机构之间的合作强度并不大,研究机构间的合作有待进一步加强;第三,“海洋经济”“海洋金融”“金融支持”“海洋产业”“海洋经济发展”等成为该领域的核心研究主题;第四,有关金融支持海洋强国的建设成为该领域的研究前沿。未来的研究需要重点关注以下三个方面:一是关于“海洋金融”的明确定义和系统的阐述,二是关注海洋金融测度指标体系的构建,三是深入探讨金融支持海洋经济发展的内在机理。     

基于钱纳里模型的中国经济结构研究——来自1978～2009年的经验证据

自20世纪80年代以来,中国经济一直处于高速增长态势,即使2008年席卷全球经济的国际金融危机也没有阻碍其增长步伐。研究经济增长对经济结构优化的影响具有重要意义0以钱纳里的经济结构分析模型为出发点,运用中国1978～2009年的真实数据实证分析了经济增长和就业人数两大因素对经济结构的影响,并使用弹性系数指标对影响程度进行细致刻画。从实证结论中得到如下启示：一是应继续解放和发展生产力,以经济的高速增长带动经济结构升级和优化;二是保持产业结构按“二、三、一”顺序发展,加强对第三产业的投入;三是通过发展第二、三产业来解决就业压力问题;四是促进经济和谐增长,积极转变经济增长方式。     

关于产品服务化与企业服务化的理论探索

本文通过文献回顾和案例分析,探讨了服务行业呈现出的两种新趋势,即产品服务化与企业服务化。作者认为这两种趋势有助于企业开拓新的事业领域,实现多元化发展,同时符合发展绿色经济的客观要求,是未来经济发展的主要方向之一。