Economic policy uncertainty and stock price crash risk

This paper studies the impact of economic policy uncertainty on stock price crash risk using data from China. We develop a new index to measure Chinese economic policy uncertainty and find that economic policy uncertainty has a remarkable positive effect on stock price crash risk. However, the effect reverses later. The results also indicate that the positive effect of economic policy uncertainty on stock price crash risk is more prominent for state‐owned enterprises. Moreover, this effect is more prominent for firms with higher information asymmetry and firms with greater disagreement among investors, indicating that economic policy uncertainty affects crash risk through two mechanisms: managers’ concealment of bad news and investors’ heterogeneous beliefs.     

对自动化生产线设备维修体制的探讨

健力宝富特容器有限公司是目前亚洲最大规模的易拉两片罐生产企业,拥有固定资产6亿多元,年产易拉罐12亿多套。企业主要生产设备均从国外引进,是当前国际最先进的全自动化流水制盖、制罐生产线。对于这样先进高速的自动生产线,做好设备的预防维修工作对提高生产效率和企业经济效益具有十分重要的意义。因此我们不断探索,逐渐形成了一套适应这种高速自动化生产线的“全员预防维修”体制,保证了生产设备的正常运行,公司连续五年成为同行业最佳     

浅谈技术创新对我国国际贸易的影响

随着国际贸易和科技的相互促进与发展,在当今的时代,技术创新对国际贸易的影响越来越明显。其主要表现在技术创新可以诱发产业结构升级,促进国际分工深化,提高国际贸易产品的竞争优势,改进我国国际贸易产品结构,提高国际贸易的效率和效益等方面。     

我国生猪养殖户饲料需求行为分析——基于对辽宁、河北生猪养殖户的问卷调查

本文以对辽宁、河北两省生猪养殖户饲料使用情况的调研数据为基础,从养殖户饲料需求的总体情况、养殖户的不同养殖规模、养殖户的不同兼业程度3个角度分别对我国生猪养殖户的饲料需求行为进行分析。结果表明:调研两省生猪养殖户的工业饲料使用比重不高、饲料粮使用比重较高、农副产品使用比重差异较大,这主要是受生猪养殖的规模化水平、饲料价格以及当地资源条件等因素的限制。     

A NEW THEORY OF DEMAND AND SUPPLY AND EMERGENCE OF INTERNATIONAL TRADE FROM DOMESTIC TRADE

Abstract. In the paper a fixed learning cost is introduced into a framework with consumer-producers and transaction costs. The fixed learning cost yields a rate of return on the investment in individual specific learning and training which is increasing in its rate of utilization. Division of labor can avoid duplicated learning costs and generate economies of specialized learning. The tradeoff between economies of specialization and transaction costs can be used to explain concurrent increases in the extent of the market, aggregate demand, productivity, trade dependence, the degree of market integration, the degree of production concentration, diversity of economic structure, variety of different professions, each person's level of specialization, and the extent of endogenous comparative advantage and the emergence of international trade from domestic trade. This model explains demand and supply as two sides of the level of division of labor which is determined by a transaction cost coefficient. Hence, the demand law may not hold even for normal goods owing to complicated interdependencies between the level of specialization and demand and between the level of specialization and prices of traded goods. The extended version of this model with the CES function is used to endogenize variety of consumption in addition to the endogenization of individuals'level of specialization.     

基于Shift-Share模型的“镰刀弯”地区食增产结构变动分析——兼论玉米种植结构调整

[目的]"镰刀弯"地区玉米种植面积大幅度增加,粮食种植结构单一,为确保粮食安全稳定、多元化发展,需要明确该地区粮食生产结构中不同作物的变化特点和竞争优势.[方法]文章运用Shift-Share模型对"镰刀弯"地区的粮食作物生产结构和竞争力优势进行比较,分析了水稻、玉米、薯类、豆类以及其他作物的结构和竞争力优势差异.[结果]"镰刀弯"地区内部不同区域之间不同作物的结构优势和竞争力优势差异明显,其主要原因在于不同作物的播种面积和单位面积产量增长变动速度不同.[结论]"镰刀弯"地区粮食种植结构的调整,尤其是玉米种植面积的调减,应当充分考虑不同作物之间的优势差异,在满足可持续发展和市场需求且不形成过度供给的情况下,增加优势作物的种植,最终形成合理的种植结构和区域布局.     

基于蒙特卡罗模拟的多标的资产期权定价研究

在单标的资产价格随机模型的基础上,推导了具相关性的多标的资产价格的随机过程公式,以此构造蒙特卡罗模拟高维欧式期权定价的随机模型,给出模拟算法,并分析了影响蒙特卡罗模拟效果的几个关键因素.模拟算例的结果显示模拟效果较好.     

50D/144F涤纶POY扁平丝生产工艺

在熔体直纺环吹风冷却工艺路线上,使用“—”型喷丝板,设置缓和的冷却条件,适当的无风区高度,纺丝温度及纺丝速度,开发生产50D/144F扁平丝。     

资源税费改革:理念与走向

2010年,中国在新疆和西部地区率先进行了资源税改革。本文对资源税费改革的有关问题,如西部资源税改革成效、资源税改革与石油特别收益金的关系、资源税费改革与资源综合利用、资源税费改革与国有资源补偿机制、资源税费改革与国有经济改革等进行了深入探讨,厘清了一些理论问题,有助于人们更好地认识资源税费改革。     

浅谈保护网络知识产权的策略与实施

网络环境下的知识产权是传统的知识产权行为在网络媒介中的延伸。我国应采取一切措施保护网络知识产权,使其在更加开放、更加和谐的环境下长足发展。