Music festival motivation in China: free the mind

This paper explores the extent to which music festival attendance is ‘universally’ motivated or determined by the Chinese cultural and socio-political context. A novel qualitative approach was employed comprising observation of social media conversations and ‘chat room’ interviews with members of a festival online community. Seven motivators were identified, some similar to those in Western studies but others more specific to festival-goers in Mainland China. The culturally specific motivators were identified as ‘spiritual escape’ and ‘spiritual pursuit’ and the universal motivators as ‘togetherness’, ‘love of the music’, ‘novel experience’, ‘music sharing’ and ‘educational enrichment’. This paper focuses on the two culturally embedded motivators only. The implications of the study are that, although, growing, there are still very few music festivals featuring ‘pop’ or ‘western’ style music and these few are relatively new to Chinese people. Their attendance at them is, therefore, motivated differently to attendees at similar festivals in western countries. These motivating factors are mediated by the particular social, political and cultural factors at work in this complex country. The findings indicate that although many of the motivational factors for attending a music festival appear to be universal, there are clearly factors which are culturally bound and therefore unique to the cultural context. These differences appear to be created by the social constraints, rapidly changing economy and the many contradictions inherent in modern Mainland China. These conditions create a greater contrast between everyday life in Mainland China and the liminal hedonistic space provided by the festival. Further research is needed to validate theses initial findings within China and to explore how rock music festival motivations differ in other non-western cultures.     

A new spread estimator

A cynosure of the academic literature relating to initial public offerings (IPOs) is the question of why they are “mispriced” so frequently. The large and growing literature addressing this question is evidence as to its intractability. This paper develops a theory of underwriters’ behavior suggesting that they will exploit their private information to minimize the bilateral risks to themselves of firm-commitment IPOs. That minimization may cause them to knowingly underprice the issue. The main result in this paper is based, in part, on the premise that the random character of the investors’ demand for shares in the secondary market, given the spread, is governed by an estimable conditional probability distribution. The underwriters exploit their private knowledge of that probability distribution to influence the number of shares in the offering in such a way as to minimize their expected loss function.     

基于EIQ和PCB的配送中心设备决策模型的研究

讨论了EIQ和PCB分析的基本内容.分析影响配送中心储存、分拣和搬运设备选择的因素,以及EIQ和PCB分析在配送中心设备选择中的应用,最后提出基于EIQ和PCB分析的配送中心设备决策模型DC-EDM.     

基于股东利益要求及其实现方式的非财务指标关注程度研究

从股东角度出发,对股东所关注的反映其利益要求和实现方式信息的非财务指标的关注程度进行了排序研究和分组研究。研究表明：股东对不同类的反映其利益要求和实现方式信息的非财务指标的关注程度存在显著的差异。详尽必要的信息披露更易取得股东对企业的理解和支持。因此,企业除应当进行法定性披露和习惯性披露外,还应当根据本企业股东特点和本企业股东对非财务指标关注的需要以及关注程度的差异对非财务指标信息进行科学、恰当的自愿性详细披露,以满足本企业股东关注相关信息的需要。     

中国新型城镇化必须提升人的城镇能力

中国新型城镇化必须以人为核心,使城乡社会经济的发展与人的发展相适应。文章从人力资本理论的研究视角出发,着重分析中国新型城镇化中人的因素,创造性地提出了"人的城镇能力"这一概念,围绕农业转移人口的市民化,得出了重视人力资本投资,以推进中国新型城镇化的重要结论。     

TRADE AND DIVERGENCE IN EDUCATION SYSTEMS

This article presents a theory on the endogenous choice of education policy and the two‐way causal relationship between trade and education systems. A country's education system determines its talent distribution and comparative advantage; the possibility of trade by raising the returns to the sector of comparative advantage in turn induces countries to further differentiate their education systems and reinforces the initial pattern of comparative advantage. Specifically, the Nash equilibrium choice of education systems by two countries interacting strategically are necessarily more divergent than their autarky choices, and yet less than what is socially optimal for the world.     

监管压力、市场竞争力与银行稳健性——基于中国48家商业银行的实证分析

基于2004年～ 2015年中国48家商业银行年度非平衡面板数据,实证检验了监管压力与市场竞争力对银行稳健性的影响.结果表明,监管压力对我国商业银行的稳健性具有显著的负向影响,并且对大型银行具有更强的负向作用,对城市商业银行的负向作用明显弱于其他类型银行;市场竞争力对银行业稳健性具有显著的正向影响,并且对于不同类型的银行无明显差异.此外,不同类型银行监管压力与市场竞争力的交互作用与稳健性之间的关系存在差异:交叉作用增加了小型银行的稳健性,却显著降低了大型银行的稳健性.另外,金融危机的发生强化了银行稳健性的动态一致性特征,随着资本监管压力和银行业竞争性的上升,银行稳健性对监管压力和市场竞争力的敏感性显著增强.     

货币信用属性演化的历史与逻辑

通过讨论主要货币起源与演化理论的矛盾与不足,从货币取得人们信任的角度,尝试整合了货币起源与演化的事实与逻辑,由此可以认为货币的本质是信用,(商品、金属)货币和纸币一样都是信用货币,货币演化是货币内涵的威权因素和物的因素相互竞争的结果;且货币制度的核心是信用。维持人们对货币的信心与币值稳定应当是任何货币调控的出发点和归宿。     

"圣汐战舰108"找到中国主人

在青岛举办的第八届航博会上,大连万达集团购买了圣汐中国一艘售价高达7800万人民币的游艇,这是中国游艇史上最大最贵的私人豪华游艇.这艘名为"圣汐战舰108"的游艇是圣汐国际(Sunseeker International)今年特别打造的限量版游艇,全世界仅此一艘,其内外设计汇聚了众多奢华的元素是这条船造价高昂的主要原因.     

服务与监管并重 支持评估行业做优做强做大——在中国资产评估协会第四次全国会员代表大会上的讲话

我代表中国证监会对中国资产评估协会第四次全国会员代表大会的顺利召开表示祝贺。下面我想结合资本市场对评估行业的发展谈几点意见：