互联网时代零售业上市公司资本资产定价模型研究

互联网时代背景下,互联网技术改变了零售业上市公司的经营决策、产品创新、价值生产及资源控制等环节.本文对零售业上市公司的研究发现,互联网溢价已经影响了零售业上市公司的资本资产价值,并且是通过互联网技术影响其他生产要素的价值创造过程实现的.本文考虑互联网技术渗透度,构建资本资产定价四因子模型,该模型在零售业上市公司的运用通过了稳健性检验和新冠肺炎疫情下危机行情的异质性检验.进一步研究发现,对于大规模、高账面/市值比的零售业上市公司以及高账面/市值比的互联网零售业上市公司,四因子模型拟合效果更加显著.     

变压器绕组温升试验及其不确定度分析

本文介绍了变压器正常加载时的温升试验过程和相关事项，并对试验数据进行变压器温升的不确定度分析。     

经济发展方式转型与经济软实力空间分布关联研究——以河南18个省辖市区域为例

经济软实力是决定经济发展方式转型的关键因子,经济软、硬实力的不同配置决定经济发展方式类型。经济软实力不仅内在具有推动经济发展方式转型的能力,而且还具有实现其转型的内在机理。通过河南省区域经济软实力空间分布及其与区域发展指数关联的实证分析,证明以提升经济软实力促进区域经济发展方式转变是经济发展的一种必然规律。     

美国非传统信用信息采集、使用机制及其启示

美国非传统信用信息采集、使用机制,帮助约1000万因缺少足够信用信息而无法获得贷款的客户,重新获得银行授信.2016年底,我国仍有8亿人没有传统意义上的信用信息,借鉴美国非传统信用信息采集、使用机制,我国应明确运行机制、制定管理办法、开发信息采集系统、鼓励金融机构与民营征信机构积极探索与应用,以帮助更多人获得合适的信贷服务.     

深度休闲对主观幸福感的影响研究——以苏南地区城市居民为例

深度休闲对优化苏南地区休闲产业建设,进一步提升居民休闲生活质量有重要影响。文章通过问卷调查的方式收集苏南地区城市居民深度休闲行为的数据,研究苏南地区城市居民深度休闲行为特征及深度休闲对主观幸福感的影响。结果发现:(1)苏南地区城市居民进行深度休闲活动的场所主要为户外;(2)闲暇时间不足是限制苏南地区城市居民进行深度休闲活动的主要因素;(3)苏南地区城市居民的深度休闲活动总体程度不高,愿意在深度休闲活动上投入大量时间和金钱的人更是少数;(4)苏南地区城市居民从事深度休闲活动产生的强烈认同感和坚持不懈的毅力对主观幸福感有着显著的积极影响。     

A quantitative study of financing efficiency of low‐carbon companies: A three‐stage data envelopment analysis

This study set out to evaluate the financing efficiency of low‐carbon companies. Applying a three‐stage data envelopment analysis with the data from 85 listed companies in China's low‐carbon industries over the period 2011 to 2017, this study has found that the overall financing efficiency of low‐carbon companies was relatively high, and the pure technical efficiency was quite steady over the period. The overall financing efficiency of these low‐carbon companies on average tended to change with the scale efficiency. This study has also shown that the scale efficiency was the main constraint influencing the financing efficiency of low‐carbon companies in China over the period. Our results are robust and have significant implications for policy makers and corporate managers.     

Does high‐speed rail connection really promote local economy? Evidence from China’s Yangtze River Delta

High‐speed rail (HSR) has led to a transportation revolution in China. This paper uses the county‐level panel data of China’s Yangtze River Delta to investigate the effect of HSR connection on local economy. To address the issue of endogenous HSR route placement, we use a straight‐line strategy to construct potential HSR connection variables as instrumental variables of the actual HSR connection. Both the difference‐in‐differences and instrumental variable methods show that HSR connection impedes local economy, especially in peripheral regions. The impediment effect is channeled through population reallocation from peripheral to core areas and the restructuring of industries.     

The Impact of Farmland Transfers on Agricultural Investment in China: A Perspective of Transaction Cost Economics

There is growing concern that farmland transfers lead to less agricultural investment, which may adversely affect agricultural productivity growth in China. Prior research has primarily focused on the differences between owned cultivated land and rented plots, but little is known about how farmland transfers between relatives, which are popular in rural China, specifically affect agricultural investment. In this paper, we present a conceptual framework of transaction cost economics to compare different contracting strategies in China's farmland rental markets. As farmland rental markets in China are immature, land transfer between relatives establishes bilateral governance, which has the advantage of addressing the opportunistic activities of both parties and can ultimately increase investment by tenants. Based on data from two waves of household surveys, we empirically examine the impact of bilateral governance on the application of organic fertilizer, an indicator for agricultural investment. Our findings show that apart from economic factors, kinship is important to the functioning of farmland rental markets in rural areas.     

ROFIBUS现场总线在彩涂板生产线中的研究与实践

现今,我国的彩色涂层钢板的生产已经有了一定的发展,但是其生产水平还是比较低下,不能满足现代社会产业发展理念的需求,不能满足低碳发展、可持续发展的价值理念,PROFIBUS现场总线技术在生产中极大地满足了企业对彩涂板生产的需求。     

中国“一带一路”战略定位的三个问题

"一带一路"战略在大方向基本清晰的情况下,在战略定位上仍然存在着三个有待进一步厘清的问题,包括:"一带一路"是全球战略还是区域战略?"一带一路"应以多重双边伙伴关系为基础还是应以跨区域整合为基础?"一带一路"战略应以西北方向为优先还是应以东南方向为优先?对这三个问题的诠释对于"一带一路"战略的推进有着极为重要的意义。这一战略虽然表现出了一定的全球战略的特征,但在本质上还是区域性的;其的推进必须以多重双边伙伴关系为基础。就目前的具体政治形势与经济形势来看,"一带一路"战略开拓西北面临更大的不确定性。