基于制度理论的中国B2B发展关键障碍因素探索

中国B2B发展的障碍不乏有人探讨,但是以前的研究者将不同模式的B2B当成一个整体,且论述缺乏理论依据。本文试图从制度和企业吸收能力的角度,构筑一个整合的理论框架来探讨不同的B2B制度模式的发展障碍。从制度的层面,我们说明了制度环境因素和旧有的制度对积聚型B2B模式的发展造成了障碍,尤其是当B2B运营者希图提供全程交易时。对于供应链型B2B,我们提出,由于新的B2B制度还处于萌芽期,企业B2B吸收能力是其发展的重要制约因素。同时,旧有的制度通过制约企业对B2B的吸收能力,间接制约供应链B2B模式的出现。     

金融市场发展、外汇储备积累与经济增长--基于国别门限面板模型的分析

外汇储备持续增长已成为多个国家的经济负担,然而不能忽视外汇储备增长对经济发展的积极影响。基于新兴市场各国短期内无最优方法改善高额外汇储备积累难题的假设条件进行研究,试图寻找能够将外汇储备的积极效应最大化的途径。利用27国相关数据建立门限面板模型后,分析不同金融市场发展水平下外汇储备对经济增长的宏观经济效应。研究结果表明：在发达国家和新兴市场国家,外汇储备均对经济增长具有积极影响。但是,不同的金融市场发展水平也会限制外汇储备的经济效应。金融市场发展水平越高的国家,外汇储备对经济增长的促进作用更为明显。     

废旧动力锂电池回收利用法规的现状及对策

对国内外与锂电池回收相关的法规进行分析和比较,针对如何完善我国电池回收利用产业的法规体系,提出了规范我国废旧动力锂电池回收产业链,加大政府扶持力度,发挥行业协会协调作用,建立电池回收专项基金和加大促进再生资源循环发展的宣传力度等建议及对策。     

浅谈金融生态环境的构成及建设

近年来,为提升金融业的实力、满足经济发展的需要和应对未来外资金融机构的挑战,中国政府加大了银行、保险、证券等金融机构的改革力度。但是,单纯地对金融企业进行改革,不涉及到其生存环境的改善,效果难以显现。文章借用生物学的生态环境概念,分析了中国金融生态环境的构成要素,强调在加强金融企业自身建设的同时,不应忽视外部生态环境的建设,并给出了改善金融生态环境的几点对策。     

债券组合Theta对冲的实证研究

本文推导了Diebold-Li广义久期向量模型下的Theta,并利用上交所国债数据进行实证研究。结果表明,在久期匹配的条件下引入凸度匹配或Theta匹配均可减小风险对冲误差,且引入凸度匹配时风险对冲误差更小。     

How do agency problems affect firm value? – Evidence from China

Using newly available data, we examine the effects of the agency conflicts between ultimate controlling shareholders and minority shareholders in China's publicly listed firms between 2004 and 2009. We measure the severity of these agency problems by the excess control rights of the ultimate controlling shareholders. We show that higher excess control rights are associated with significantly lower firm value. We identify two channels through which the excess control rights affect firm value: (1) related-party loan guarantees, and (2) legal violations. We find that higher excess control rights are associated with significantly larger amounts of related-party loan guarantees (scaled by assets) for non-state and private firms, but not for state-owned firms. We find that, for non-state and private firms, the excess controls rights are associated with (1) significantly higher probability that the firm will issue value-destroying related-party loan guarantees and (2) significantly worse stock market reactions to the announcements of related-party loan guarantees. However, these results do not hold for state-owned firms. We also find that higher excess control rights are associated with significantly higher probability, frequency and severity of legal violations for non-state and private firms, but not for state-owned firms.     

The role of “other information” in analysts’ forecasts in understanding stock return volatility

This study identifies “other information” in analysts’ forecasts as a legitimate proxy for future cash flows and examines its incremental role in explaining stock return volatility. We suggest that “other information” contains information about fundamentals beyond that reflected in current financial statements and reflects firms’ fundamentals on a more timely basis than dividends or earnings. Using standardized regressions, we find volatility increases when current “other information” is more uncertain and increases more in response to unfavorable news compared to favorable news. Variance decomposition analysis shows that the variance contribution of “other information” dominates that of expected-return news. The incremental role of “other information” is at least half of the effect of earnings in explaining future volatility. The results are more pronounced for firms with poor information environments. Overall, our results highlight the importance of including “other information” as an additional cash-flow proxy in future studies of stock prices and volatility.     

中国跨国企业如何适应新兴市场的不确定性?

在"VUCA"特征愈加凸显的新全球化时代下,企业赖以生存的海外市场环境和发展路径遭到破坏,能否更好地适应和应对海外市场的环境不确定性,成为企业生存与发展的关键。本文基于组织注意力视角,选取特变电工集团的3家海外子公司作为研究对象,通过多案例研究设计,探讨了中国跨国企业在新兴市场所面临的环境不确定性及其适应路径选择。研究发现:(1)中国跨国企业在新兴市场面临的环境不确定性来源于东道国宏观环境层面的制度因素以及组织竞争环境层面的任务因素,并且企业在不同新兴市场所面临的这两个维度的不确定性程度有差异,从而导致其面临的环境不确定性具有异质性特征;(2)在考虑嵌入环境不确定性的异质性特征的基础上,企业注意力焦点选择也有所不同,呈现出威胁倾向、机会倾向及两者并重这三种注意力配置倾向;(3)在环境不确定性的异质性与注意力配置倾向交互作用下,中国跨国企业采取嵌入型、能动型以及整合型适应策略来应对环境变化,并最终形成三种路径来实现企业在新兴市场的适应性。本文立足于新兴市场情境,解构了中国跨国企业在新兴市场所面临的环境不确定性的来源及具体表现,构建了中国企业在新兴市场实现适应性的路径选择模型,为中国企业更好地适应复杂多变的国际环境贡献新的见解和启示。     

Contracts for dummies? The performance of investors in contracts for difference

Investors widely use contracts for difference (CFDs) to leverage and short sell underlying financial assets. We investigate the after cost performance of investors in Australian Securities Exchange listed share CFDs, and find that market order CFD trades earn small positive returns at the daily horizon, with negative returns reported for one month to one year horizons due to financing costs. Market orders also net sell positions, which suggests that investors use CFDs for shorting opportunities. Overall, we find that liquidity demanders in CFDs obtain favourable execution, which is inconsistent with the view that CFDs are used by naive individuals.     

MFC 技术处理铜、银重金属废水的研究

将具有氧化性的有机废水池作为电池的阳极,具有还原性的重金属废水池作为电池的阴极,利用微生物燃料电池（ MFC）同时处理有机废水和重金属废水．结果表明,利用铜离子溶液作阴极, MFC最大电压可达到0．277 V,最大功率密度为33．49 mW/m2,COD的去除率为31．6％,铜的去除率可达42％;利用银离子溶液作阴极,MFC最大电压可达到0．311 V,最大功率密度为42．21 mW/m2, COD的去除率为64．6％,银的去除率可达78％．即不管是从产电角度还是从废水处理角度考虑,都是以银离子废水作阴极优于铜离子．