中国外汇储备投资组合选择——基于外汇储备循环路径的内生性分析

本文从中美两国经济的本质性差异出发,通过刻画中国外汇储备对外投资的"循环路径",构建了包括央行、金融市场和实体经济的斯塔克尔伯格及古诺模型,进而模拟出中国外汇储备对外投资对本国经济的间接贡献、合意的外汇储备投资组合,以及最优外汇储备投资规模。研究结果表明,中国外汇储备投资于美国风险资产的规模将影响外汇储备间接转化为美国对中国FDI的比例。同时,中国央行外汇储备规模及投资策略对危机时期的反应不足。改变外汇储备投资收益的主要方法包括降低居民的相对风险回避系数,通过政策引导促进居民消费,以及大力发展中国金融市场,降低对美国金融市场的依赖程度。     

以节能减排为着力点推动经济增长方式转变

节能减排已成为影响我国经济增长的硬约束,适当放缓经济增速是节能减排的重要条件.要通过抓节能减排,促进经济增长方式转变,提高经济增长的质量和效益,使经济、社会进入科学发展的轨道.     

Bank loan versus financial lease: how do traditional and innovative approaches within the banking sector influence economic growth? A comparative analysis between the US and China

ABSTRACT

The argument over the effects of financial structures on economic growth remains unsettled. This study, therefore, compares the dynamic correlation and lead–lag relationship between the different financial approaches within the banking sector (that is, traditional bank loans versus innovative financial leasing) and economic growth. We employ a continuous wavelet analysis using time-series data from 1982–2017 from the US (the world’s largest developed country) and China (the world’s largest developing country). The empirical results show that (1) episodes of significant correlation usually emerge during periods of reform, crisis or policy implementation; and (2) in China, traditional banking promotes economic growth in the long term, while the real economy only imputes the evolution of banks during critical economic reforms in the short term. Meanwhile, financial leasing could only promote the development of the real economy under suitable regulation; and (3) in the US, before the crises, the irrational growth of the real economy could increase bank assets, while during the crises, the traditional banking approach harms economic growth, and after the crises, financial leases play an important role in recovery. Therefore, we suggest that policymakers should establish adequate policies and regulations to solve the situation.     

Leisure time, savings and trade patterns A two-country growth model

This paper proposes a simple two-country endogenous growth model with endogenous consumption, leisure time and wealth accumulation. The model examines possible causes for the world economic growth and the existence and persistence of trade patterns between countries with different preferceces and human capital under internationally free capital mobility. We show how differences in preferences in consumption, leisure time and wealth between the two countries may affect long-run world economic growth.     

上海华联配送是如何培育企业核心能力的

上海华联配送实业公司通过对实物资源、财务资源、人力资源、技术资源和声誉等企业资源进行充分的利用和合理的组织,培育成企业的核心能力,增强了企业的市场竞争力。     

努力实现贸易平衡加快转变外贸增长方式--2005年外贸发展基本情况和2006年发展趋势

2005年,我国外贸出口继续保持前3年高速增长势头,顺差大幅度增加。2006年,要在继续保持出口增长的基础上,积极组织好国内短缺原材料和先进技术设备进口,扩大一般贸易进口,促进对外贸易的健康发展。一、外贸发展的基本情况今年以来,我国外贸进出口继续保持快速增长的态势。1-10月,外贸进出口总额11486.1亿美元,比上年同期增长24%。其中,出口6144.9亿美元,增长31.3%;进口5341.2亿美元,增长16.7%;外贸顺差累计803.7亿美元。受人民币汇率机制调整的影响,今年后3个月,出口增幅会有所回落,进口增幅将出现较快增长,预计全年进出口总额14300亿美元左…     

会计管制与公司治理

本文从企业契约理论出发,在回顾会计管制国际经验的基础上,将会计管制引入对公司治理问题的思考,指出了会计管制目标的实现对解决公司治理问题的重要性。其不仅要求反思会计管制理论与实践,同时要求在具体分析公司治理模式的基础上,重新思考会计管制的目标及其实现问题。提出应从现行公司治理框架下改进会计管制措施,从而实现会计管制与公司治理的良性互动。     

Order imbalance and stock returns: Evidence from China

We investigate the relation between daily order imbalance and return in the Chinese stock markets of Shenzhen and Shanghai. Prior studies have found that daily order imbalance is predictive of subsequent returns. On the two Chinese exchanges we find the autocorrelation in order imbalances is similar to that of the New York Stock Exchange as reported by Chordia and Subrahmanyam [Chordia, T., & Subrahmanyam, A. (2004). Order imbalance and individual stock returns: Theory and evidence. Journal of Financial Economics, 72, 485–518]. We also find a strong contemporaneous relation between daily order imbalances and returns. However, we do not find evidence that order imbalances predict subsequent returns. We attribute the difference in predicative power to differences in trading mechanisms on the two exchanges and to differences in the share turnover rates.     

用EVA指标优化供应链战略管理

本文从资金成本概念着手剖析了经济增加值(EVA)的含义;并从供应链战略的三个环节:采购、内部资源整合、需求传递方面介绍了如何在供应链战略中实现EVA管理。详述了在采购战略中如何用EVA值决定对某种原材料是自产还是外购;在内部资源整合战略中如何根据EVA思想实施数量化管理;在需求传递战略中通过降低顾客成本,提高客户服务水平来增加企业的EVA值,从而提高整个供应链的竞争力。     

从比较优势到知识产权优势为主导的竞争优势——论我国外贸发展的战略转变

内容改革开放以来,我国按照比较优势理论发展对外贸易,对外贸易得到了迅速的发展。目前,我国已成为世界上第三大对外贸易国。但是,近年来我国对外贸易的环境正在不断恶化。为了最大限度地获取贸易发展带来的利益,防止陷入“比较优势陷阱”,我国必须及时调整对外贸易战略,将比较优势转化为竞争优势。而这种转化是否成功,关键取决于我国能否建立起自主的知识产权优势。