Modelling the behaviour of the new issue market

This paper analyses the time series behaviour of the initial public offering (IPO) market using an equilibrium model of demand and supply that incorporates the number of new issues, average underpricing, and general market conditions. Model predictions include the existence of serial correlation in both the number of new issues and the average level of underpricing, as well as interactions between these variables and the impact of general market conditions. The model is tested using 40 years of monthly IPO data. The empirical results are generally consistent with predictions.     

信用风险评级的若干议题

我国的银行业进行信用风险评级,虽然在技术上有一定的“后发优势”,但是绝对不是简单的“直接拿来”。信用风险的内部评级工作需要根植于内部数据,开发适合中国实际情况的评级模型。本文从银行内部评级的角度,对信用风险评级的若干问题进行了讨论,并提出了适当的处理方式。     

关于靖西输气管道建设储气库的设想

随着陕甘宁气田的开发建设和下游用户的落实．陕西省的第一条长输管道靖西线随之兴建．一期输气能力为5亿m^3/a。在此之后又相继建成咸阳至宝鸡、西安至渭南两条输气管线．靖西输气管线输气量逐年上升．自1997年建成通气以来向下游城市累计输送天然气10.3亿m^3。冬季的用气高峰期日输气量已超过原设计能力．2000年达183万m^3,为保证下游高峰用气．于2001年建成靖边压气站并投入使用．     

胜利油田集输系统常见腐蚀研究

分析了胜利油田集输系统常见的腐蚀类型和腐蚀机理，分别阐述了各种局部腐蚀的防护措施，并综合对比了各种防腐方法的优缺点．指出根据不同区块的实际腐蚀环境、介质及工艺条件，因地制宜、有的放矢地制定经济、合理的防腐措施是减缓和控制腐蚀的有效途径。     

The impact of privatization on efficiency and profitability

Over the past three decades, China has undergone tremendous economic and social change as a consequence of the transition from a centrally planned to a market economy. This paper examines a key feature of this transition – the privatization of the state‐owned enterprises (SOEs) – through both a theoretical model and empirical analysis. Using newly collected primary data from a variety of sources, we study how privatization of listed SOEs affects employment, wages, profits and other aspects of economic performance at the firm level. Our major finding is that privatization results in substantial downsizing of employment, increased labour productivity and rising profitability.     

Aggregation of the generalized fractional processes

The paper studies the interaction between aggregation and persistence pertaining to skip sampling of stock variables as well as temporal aggregation of flow variables for the generalized fractional processes. We show that, for skip sampling, the long memory feature at the zero frequency can arise from the aggregation of a generalized fractional series, while temporal aggregation does not induce such phenomenon. Simulation results are included to demonstrate the practical relevance of the theoretical results.     

Equities of scope as merger incentives under capital regulation: narrow versus synergy banking valuation

The call options theory of corporate security valuation is applied to narrow-banking contingent claims of one bank, while the cap options theory is applied to synergy-banking contingent claims of another bank. This article investigates efficiency gains specified as equities of scope associated with the likelihood of the two banks involved in merger under capital regulation. We find that merger incentives are encouraged when the narrowing banking is conducted by the consolidated bank, whereas discouraged when the synergy banking is conducted. Raising bank capital requirement leads to an increased interest margin of the consolidated bank with the narrow banking valuation; however, to a decreased margin of the consolidated bank with the synergy banking valuation. An increase in the capital regulation reduces the merger incentives in the narrow banking valuation whereas increases the merger disincentive in the synergy banking valuation. These findings are consistent with the organizational theory that predicts a comparative advantage of narrow banking proposals in bank mergers.     

Driving force from authorities: the evolution of innovation system for biomedical industry in China

Over the past 30 years, China has fully exploited its advantage to steadily foster an innovation system for the biomedical industry with Chinese characteristics, that is, ‘Government-guided, resource-integrated and long-term planning.’ The system originated from historically famous ‘863 program’ in the 1980s, evolved with a series of favourable policies in the different periods, and eventually has taken shape in the industrial clusters across the country. It features with a systematic and integrated R&D infrastructure (or public platform) at different levels. In this study, China’s biomedical innovation system will be examined and the leading role of Chinese authorities will be explored from the perspective of Triple Helix theory. As the ‘highland of innovation’, Shanghai case is highlighted with plentiful information gathered from primary sources in the involved agencies for the first time, including the Shanghai Biopharma Service Platform.     

青少年文化消费行为对传统家庭的影响——以手机媒体为背景的探讨与研究

从20世纪后半期开始,印刷术时代没落,随之而来的是电视、广播、互联网乃至手机媒体的蒸蒸日上。以手机为代表的新媒体开始以全时、全速、全域、全民的特点充斥在快速成长的青少年生活中,青少年作为主流文化消费者在文化消费中所表现出来追求时尚、注重体验、忽略发展性消费的特点在一定程度上对传统文化家庭的消费决策产生影响。这种影响从根本上不可逆转地改变了传统家庭交流方式,家长被青少年感染,变身孩童化大人,青少年在相对自由的环境中真正得到了身份认同。由此看来,青少年的流行风格与传统家庭文化的碰撞,技术的发展和创新有利于推动传统文化机制的现代化创新。