影响信用风险缓释工具价格的模型外生因素研究——基于信用利差的实证分析

本文研究了影响信用风险缓释工具价格的模型外生因素,并基于信用利差进行了实证检验。实证结果表明:标的主体财务杠杆率的变动、公司股权的波动率、标的债券的久期,以及标的主体的总资产规模均对债券的信用利差有显著影响,进而直接影响信用风险缓释工具价格。一个重要发现是,与经典的信用风险结构化模型的解释相左,中国市场上的债券久期与其信用利差水平存在显著的负相关关系。我们认为,合理解释是,此现象与中国债券市场的发行审批机制有关,在中国市场,信用评级高、还债能力强的公司更有可能通过长期债券的发行审批。     

基于QFD方法的服务型制造企业服务质量改进研究

构建基于QFD方法的服务型制造企业服务质量改进研究模型,通过SPSS软件,对实例Y公司顾客需求的权重进行主成分分析,在此基础上运用灰色理论和模糊数学相结合的灰色模糊方法对Y公司服务质量进行评价,然后结合测评结果运用QFD方法,找到Y公司应该着力加强的服务措施。研究结果表明,权重分数较高的服务措施要素是进行服务补救、信息系统、员工素质、办事效率和培训,即要Y公司满足客户质量需求必须关注的要素,这些要素的好坏,直接决定了企业客户需求是否得到了满足。这类研究方法,对类似的服务型制造企业服务质量改进的研究,同样有很大的借鉴意义。     

司法判决一定不利于弱者吗?

当多目标的政府由于某种条件约束,既没有做出有效承诺,也难以建立一以贯之的声誉的时候,将难以取得民众的信任,官员或法官的渎职、腐败将加强这种不信任.在这种背景下,当政府(官员)真的按照法律执行,民众也可能心生疑窦.机会主义弱者采取策略性行为于是有机可乘,通过理论上看起来不可置信的威胁获得于己有利的判决往往能够成功.它的成功又会引发执行官员或法官、普通民众的一系列策略性反应,甚至造成整个社会机会主义盛行,无视规则的不利后果.     

How do market conditions impact price-TOM relationship? Evidence from real estate owned (REO) sales

Empirical evidence on the relationship between real estate price and selling time (time-on-market (TOM)) is mixed as to whether the price-TOM relationship is positive or negative. Competing theories also suggest opposite predictions about TOM’s impact on selling price. The article examines the price-TOM relationship against the background of varying market conditions and highlights the impact of these conditions on the relationship. The theoretical analysis extends search theory and Lazear’s model to changing market conditions and reconciles their predictions on the relationship. The empirical analysis refines the investigation of the price-TOM relationship by revealing the cross-effect of market conditions and TOM on price. The findings confirm that the price-TOM relationship can indeed be positive or negative depending on these conditions. However, except for the case of an extremely bad market, the relationship is generally positive. This outcome occurs because search effort (indicated by TOM) brings significant price benefit that is large enough to offset all but the worst market price declines. Additional analysis confirms that the findings are not altered by the potential endogeneity between price and TOM.     

制度缺失、行为“扭曲”与我国自主创新动力不足

全球价值链(GVC)条件下的俘获型网络治理关系成为我国在现有制造业国际分工格局下不得不接受代工式的既成事实;加之制度缺失,造成我国本土企业自主创新的困境以及创新动力严重不足。创新动力来源于技术势力和市场势力控制下的对价值链的高效整合。我国自主创新动力获得的出路在于基于国内市场空间的国家价值链(NVC)的培育以及在此基础上的价值链整合。     

Cultural differences in consumer socialization: A comparison of Chinese–Canadian and Caucasian–Canadian children

Based on the extant literature on the cultural/subcultural differences in socialization goals and parental practices in the childrearing process, this study compares Chinese–Canadian and Caucasian–Canadian families with respect to three issues central to consumer socialization – family communication patterns, children's consumer decision-making styles, and children's influence in family purchase decisions. Some significant results include: (1) Chinese–Canadian children perceived both of their parents as more socio-oriented than Caucasian–Canadian children perceived theirs whereas no significant between-group difference was found on the perceived level of concept-orientation for either parent; (2) Chinese–Canadian children, relative to their Caucasian–Canadian counterparts, exhibited more utilitarian and confused-by-overchoice consumer decision-making orientations but less social/conspicuous and impulsive orientations; and (3) Chinese–Canadian children exercised greater purchase influence than their Caucasian–Canadian counterparts for the adolescent ‘convenience’ product category but no difference was found for the adolescent ‘durable’ product category.     

解读沃尔玛的发展历程

本文通过对沃尔玛发展历程的回顾,分析了沃尔玛的成功特征。同时指出“天天平价”、“强大物流”与“小镇路线”是沃尔玛对零售业的重大贡献,并对小公司如何生存和崛起具有一定的示范作用。     

资本外逃对中国宏观经济的影响

针对近年来我国资本外逃呈现愈演愈烈的趋势,许多研究试图解释它的主要动机、方式和渠道,并运用不同的方法对其规模进行估算。区别于上述研究,本文利用模拟模型就资本外逃对我国宏观经济的影响进行定量分析。模型结果显示,一方面,资本外逃可导致实际利息率的提高,从而降低私人消费、投资和总需求,失业率提高;另一方面,资本外逃导致低通胀的环境,低通胀同时意味着我国承受了较低的货币贬值的压力,并且保持了出口增长。     

美军物流系统的变革方略(二)流程导向:美军物流系统的组织再造

1引言随着新军事变革的不断深入,传统的军事物流系统组织面临一系列新的挑战。美军认为,科学合理、精干高效的军事物流系统组织是“精确后勤”后勤补给模式的重要依托。美国后勤专家马歇尔准将就曾指出:“应该用主要精力去研究组织体制在未来战争中是否能完成任务的问题”。前美国陆军后勤副参谋长约翰·科伯因更是一针见血地指出:“军事物流的革命就是应     

MT—2B2B线路码的应用

本文在深入研究MT—2B2B线路码的基础上,通过大量实验来分析该码在不同信道上的传输特性,并说明了其应用特点。