将“合伙人制”融入“合作制”的一项尝试——基于MGL合作社的案例解读与探讨

当前,合作社异化已成为阻碍合作社进一步发展的痛点,其中"合作制"下社员剩余索取权和控制权的丧失是矛盾核心,因而探求其改进方式对合作社长远发展、实现乡村振兴有重要意义。本文基于效率与公平衡量维度,通过对MGL合作社这一典型案例进行剖析发现,有效的合作社在治理结构和利益分配上具备"合伙人制"特征,并且基本契合不完全契约理论有关能够有效解决契约双方信息不对称以及剩余索取权、控制权被少数社员占有的论述。对此,应充分重视合伙人制在合作社发展中的内在有效性,弱化其是否具有规范的外在形式。     

Changing patterns of Asian currencies’ co-movement with the US dollar and the Chinese renminbi: Evidence from a wavelet multiresolution analysis

We extend the Frankel–Wei approach by using wavelet analysis to evaluate the relative importance of the dollar and the renminbi as anchor currencies at different time scales. We find that Asian currencies’ co-movement with the dollar weakened after the global financial crisis, while that with the renminbi strengthened particularly after China introduced a new exchange rate management system in 2015. The evidence suggests that emerging Asian economies have recently attached more importance to the renminbi as an anchor in exchange rate management.     

浅谈建筑安装工程预算的学习

建筑安装工程预算是一门综合性较强的学科,由建筑给排水、采暖、通风空调、电器等多个专业,多个学科组成,是一门独立的,实践性很强的课程。本课程没有过多的理论和公式的推导,重点在于知识的掌握和应用,因此在学习的过程中有很多需要注意的地方。     

基于Pro/E的家用多功能躺椅的设计

利用Pro/E软件设计了一款多功能躺椅,实现坐、躺和攀爬相结合的功能。该装置采用整体设计、关键部位设计和细节设计的设计思路,利用Pro/E的骨架建模结合多功能躺椅自身结构的特点进行运动和受力分析。结果表明:该设计思路可以有效实现设计的一致性,设计的多功能躺椅既可以当椅子用,也可以转换为躺椅用来休息,同时又可以折叠成梯子来使用,从而达到一物三用的目的。     

The reduction cost of nonperforming loan: evidence from China’s commercial bank

The nonperforming loans (NPLs) are co-generated by creating the profit in a bank, and this article build a joint production model to measure the reduction cost of nonperforming cost. By using a data set of China’s 13 commercial banks, the conclusions show that the reduction cost of NPLs is lower, which suggests that it is not a good choice for China’s commercial bank to hold the NPLs.     

华蓥山自然保护区大型真菌资源多样性调查与研究

为了解和合理开发华蓥山自然保护区的大型真菌资源,对保护区内的大型真菌进行了连续一个月的调查与研究。结果表明:该保护区内有大型真菌57种,隶属5纲7目24科43属。其中担子菌亚门层菌纲种类最多,有50种,分属18科37属,占鉴定样本总数的91.2%。保护区内植被类型众多,主要有阔叶林、针叶林、混交林以及灌木草甸,其中灌木草甸中大型真菌最多,有32种,占鉴定样本总数的56.1%。保护区内具有经济价值的大型真菌种类众多,在食用和药用等方面具有较大的开发潜力。     

浅谈丘陵地区市政排水管道的设计思路

本文主要探讨丘陵地区市政排水管道的设计思路,着重分析了丘陵地区排水系统的特点及相应的工程设计方案,确保丘陵地区市政排水管道建设具有可行性。     

The Informational Role of Short Sellers: The Evidence from Short Sellers’ Reports on US‐Listed Chinese Firms

Using US‐listed Chinese firms as the setting, this paper studies a novel channel through which investors can acquire information about firms’ financial reporting quality, that is, the reports published voluntarily by short sellers. I find that short sellers tend to target firms that have financial reporting red flags and that exhibit ‘good’ operating performance and stock valuations. Targeted firms experience an average three‐day cumulative abnormal return (CAR) of ?6.4%, and ?13.6% for initial coverage of the firm, and the CARs are more negative when the reports allege more severe misconduct of the firms. Non‐targeted firms also experience losses in value following short seller reports, especially when they hire the same non‐Big 4 auditors as targeted firms and when their earnings quality is poor. In comparison, analysts fail to perform proper due diligence and are much less effective than short sellers in exposing misreporting risk in Chinese firms.     

论推理的权变理性基础与不同体系的自洽性——以"蜈蚣博弈"为讨论对象

一直以来,蜈蚣博弈的基于逻辑(逆推归纳法)的推导结果和试验实践的结果存在很大的偏离,以往学者从两个角度对其原因进行了研究探讨,即"数理纠正"(以Aumann(1988)为代表)和直接否定逆推归纳法的作用(以Binmore和Bernard Walliserr(1996)为代表).本文从一个新的角度--基于人的有限理性而提出的"权变理性"概念为基础,认为蜈蚣博弈的逻辑推导和试验实践,涉及两个独立的自洽的推理过程(绝对的理性和权变的理性),从这个角度出发揭示了蜈蚣博弈之中"悖论"存在的根本原因,并且对这两个独立的推理过程进行比较.同时文章涉及到推理过程中的自我实现效应的讨论,强调重视常识和细节在博弈之中所起到的作用.