金融发展与经济增长相互关系的经验研究

通过利用经济发展的实际数据对二者相关性进行实证检验,并依据分析结果进行政策分析。计量结果显示,金融发展对我国的经济增长具有积极的推动作用,但力度有限;不同发展阶段的金融变量表现出不同的作用效果;我国的金融发展滞后于经济增长,加快金融深化和金融体系改革有助于推动经济增长。     

Does corporate governance play an important role in BHC performance? Evidence from the U.S.

This study explores the relationship between the operating performance and corporate governance of bank holding companies (BHCs) in the U.S. The modified data envelopment analysis (DEA) is utilized to integrate the five rating indicators of CAMEL (Capital Adequacy, Asset Quality, Management, Earnings, and Liquidity) so as to estimate the BHCs' performance. This study also employs the modified tiered DEA to categorize 68 BHCs into three Tiers. Additionally, the truncated-regression is employed to discuss whether or not the corporate governance would affect the performance of BHCs. The empirical results present the trade-off relationship with CAMEL indicators in the Tier1—Efficient BHCs. Moreover, it has been found that there are negative impacts on BHC's performance from board size, outside directors, the average age of directors and CEO/Chairman duality, while there are positive impacts from the number of committee and Big-4 auditors. The results further prove that corporate governance is important for the operating performance of BHCs.     

制度变迁与技术进步关系实证研究:以深圳为例

文章首先利用Malmquist指数方法对深圳技术进步进行了量化,并建立指标体系对深圳制度变迁进行了量化,随后利用格兰杰(Casual)因果检验考察了深圳制度变迁与技术进步二者之间的长期关系和动态关系,研究结果表明深圳制度变迁与技术进步之间是双向的引导关系,这也在一定程度上证明制度变迁与技术进步之间是一个双向互动的过程。     

经济全球化背景下高校管理问题与策略

处于"全面建设小康社会"与二十年战略机遇期的重要时刻,高校学生教育管理工作面临国际政治格局变化、经济全球化和物质生活丰富等挑战,特别需要厘清当前存在着内容远离生活、人文教育严重不足,教育目标单面化等诸多问题,采用创新理念与方法的手段,探索与时代相辉映的管理现实路径。     

数控加工中宏程序的应用

手工编程中应用宏程序不仅可以减少程序量也能编制复杂零件程序,可以起到事半功倍的效果.用户宏功能是用户提高数控机床性能的一种特珠功能,在相类似工件的加工中巧用宏程序将起到事半功倍的效果.     

关于工程招投标价格控制的措施分析

工程建设是一项涉及到设计、施工、管理、采购等多方面内容的一项系统性很强的经营活动,其中两个非常重要的阶段就是设计和施工,本文将对建设工程中设计阶段的招投标价格控制措施进行分析探讨。     

责任式创新研究的时空向度透视与知识框架建构

在科技社会深度融合发展的背景下,聚焦责任式创新,以2009―2020年WOS和CNKI数据库中879篇文献为样本,综合运用文献计量分析、因子分析和多维尺度分析,从时间和空间视角探索责任式创新研究的外部特征、热点内容、前沿趋势,并构建该领域知识框架。研究结果表明：①近12年国内外研究发文量总体呈上升趋势,但国内研究热度较低且尚处于初始阶段,国外科研合作网络紧密,积极推动该领域研究发展,同时该领域研究呈现跨学科特征,并逐渐形成学科交叉下的知识流动路径;②研究热点可分为4个方面,即内涵及理论框架构建研究,责任式创新与利益相关者参与研究,责任式创新跨界结合研究,责任式创新方法、实践及评估研究,研究前沿趋势可分为3个方面,即责任式创新与伦理规范研究、责任式创新与新兴技术治理研究、责任式创新的社会嵌入与政治议程研究;③基于因子分析和多维尺度分析,构建责任式创新的“情境―理论内涵―干预―机制―结果”CTIMO知识框架。最后,从责任式创新的制度情境、实践及扩散、利益相关者管理、组织层面评估等方面提出未来研究展望。     

房地产业履行社会责任与企业价值的关系研究——基于上市公司面板数据的实证分析

在基于利益相关者理论建立衡量房地产业履行社会责任的指标体系和用托宾Q值衡量企业价值的基础上,分别对2000—2009年房地产业履行社会责任和企业价值进行评估,并利用面板数据模型对中国2000—2009年房地产业履行社会责任和企业价值的关系进行实证研究。研究表明:企业社会责任履行情况越好,越被社会公众认同,企业价值就会越高。但是社会责任的综合表现对企业价值的提升作用十分微弱,整个社会对企业社会责任的履行情况关注程度还十分有限。     

The effectiveness of the sunshine effect in Taiwan's stock market before and after the 1997 financial crisis

This study constructs a variety of GARCH models with the consideration of the generalized error distribution to analyze the relationship between the cloud cover and stock returns in Taiwan in the whole sample period (1986 to 2007) and in the two sub-sample periods (1986 to 1996 and 1997 to 2007). The data include Taiwan Stock Exchange Capitalization Weighted Stock Index, the primary eight stock sector indices, and the U.S. Dow Jones Industrial Average index to proxy the impact of U.S. stock market on Taiwan's stock market performance. The empirical finding of this study could be used to reconfirm the existence of the so-called sunshine effect. In addition, by comparing the long-run impulse multiplier effects of the cloud cover on the stock return in the two sub-sample periods; this study could examine the transition of the sunshine effect in Taiwan's stock market. The empirical results suggest that cloud cover has a significant negative impact on Taiwan's stock market, especially in the low cloud cover periods. Moreover, the pre-determined distribution of the error term plays an important role on the significance of the sunshine effect. The empirical result shows that most long-run multipliers are negative and the multiplier is more effective in the low cloud cover periods than in the high cloud cover periods.     

I Feel Your Pain: The Effect of Regulator as a Minority Shareholder on Merger and Acquisition Performance

We examine the effect of a regulator-led advocate for minority shareholders on merger and acquisition (M&A) performance in China. In recent years, the China Securities Regulatory Commission established the China Securities Investor Services Center (CSISC), which began its ownership of 100 shares of public firms in 2016. The CSISC advocates for the interests of minority shareholders proactively. Focusing on abnormal stock returns in M&A announcements, we find that acquirers that have the CSISC as a shareholder (CSISC acquirers) exhibit higher positive abnormal stock returns than non-CSISC acquirers. Cross-sectional analysis suggests that the core results are mainly driven by firms with severe agency problems and weak external/internal monitoring, and those not controlled by the state. In addition, we find that CSISC acquirers have better long-term performance and encounter more M&A failures than non-CSISC acquirers. Our findings indicate that although the CSISC only holds 100 shares of listed companies, it plays an effective role in monitoring and driving firms to make appropriate M&A decisions.