Learning from a rival bank and lending boom

When bankers observe a rival winning in the interbank competition for lending to a firm, they infer that the firm may be more promising than they had thought. From this consideration, they loosen their creditworthiness tests and lower the interest rates they offer in the next lending competition for the firm. Increased interbank competition reduces the impact of this observational learning and decreases the credit risk taken by each bank because of a severe winner's curse, while it increases the aggregate risk taken by the entire banking sector.     

我国发展循环经济的制约因素及对策分析

走可持续发展之路是人类对未来发展的共识,发展循环经济则是实现资源节约、减少环境污染和实现可持续发展的科学途径。从宏观上来说,我国发展循环经济还存在一些问题,如我国经济对外依存度过高,缺乏技术支撑,未形成促进循环经济发展需要的政策体系等。为此,应该改变外贸依赖型的经济发展模式,大力发展绿色技术,建立健全促进循环经济发展的法律法规体系,采取具有激励作用的财政政策。     

市场主导与银行主导:金融体系变迁的金融契约理论考察

中国应该建立以银行为主导的金融体系还是以资本市场为主导的金融体系,这是当前金融改革面临的一个问题.本文在对世界上几个主要国家的金融体系演变历史进行考察的基础上,从金融契约理论的角度分析了这一问题.研究表明,经济力量是推动金融体系演变的内在原因,而政治制度在很大程度上约束、影响着金融体系的具体技术安排;此外一些广义的技术因素,如信息收集技术、处理技术等从外部对金融体系的现实演进也有不可忽视的作用.     

企业文化选择与资源配置:激励理论的一个新视角

企业化构成了企业非正式合约的重要内容，它的作用是提供精神激励。对企业化的选择不仅影响企业资源的投入状况，而且决定了企业能否实现组织内部的创新。这种创新能力正是企业核心竞争力的本质所在。这一结论为我们揭示了企业化与核心竞争力之间的内在关系，并为培育核心竞争力提供了途径。     

企业如何应对管理时尚

管理时尚指21世纪大量出现的管理技巧。文章分析了管理时尚的来源与类型，认为企业对其只能利用、不能拒绝。企业可以通过追根溯源等五种途径将其转化为有价值的、稀缺的、不易模仿的、难以替代的资源，从而提高企业竞争力，获得超额利润。     

基于BP人工神经网络的上市公司财务危机预警研究

在激烈的市场竞争中,企业时刻都遭受着陷入财务危机的威胁。然而企业面对财务危机的威胁不是束手无策,而是可以提前预知的。本文在前人研究成果的基础上,对我国上市公司财务危机预警的理论和模型进行了研究和探讨。     

Dual long-memory, structural breaks and the link between turnover and the range-based volatility

This paper investigates the issue of temporal ordering of the range-based volatility and turnover volume in the Korean market for the period 1995–2005. We examine the dynamics of the two variables and their respective uncertainties using a bivariate dual long-memory model. We distinguish volume trading before the Asia financial crisis from trading after the crisis. We find that the apparent long-memory in the variables is quite resistant to the presence of breaks. However, when we take into account structural breaks the order of integration of the conditional variance series decreases considerably. Moreover, the impact of foreign volume on volatility is negative in the pre-crisis period but turns to positive after the crisis. This result is consistent with the view that foreign purchases tend to lower volatility in emerging markets—especially in the first few years after market liberalization when foreigners are buying into local markets—whereas foreign sales increase volatility. Before the crisis there is no causal effect for domestic volume on volatility whereas in the post-crisis period total and domestic volumes affect volatility positively. The former result is in line with the theoretical underpinnings that predict that trading within domestic investor groups does not affect volatility. The latter result is consistent with the theoretical argument that the positive relation between the two variables is driven by the uninformed general public.     

银行主导型金融对制造业企业技术进步的影响——基于技术距离的视角

制造业企业的技术发展离不开适宜类型的金融支持。那么,我国以商业银行为主导的金融体系对其具有怎样的影响？本文从技术距离视角出发,通过构建熊彼特内生增长模型探究银行主导型金融体系对制造业企业技术进步的影响效应及作用机理,并运用中国工业企业数据库与城市数据库的匹配数据进行实证检验。研究发现：当制造业企业远离技术前沿时,银行主导型金融对其技术进步具有明显的促进作用,但随着企业接近技术前沿,该作用将由正转负。相较于国有和抵押资产丰富的制造业企业,银行主导型金融对技术进步的负向作用在非国有和抵押资产匮乏企业中出现较早。机制检验表明,在远离技术前沿阶段,银行主导型金融能够激励制造业企业创新从而促进其技术进步,但在接近技术前沿后,银行主导型金融难以通过激励企业创新驱动其技术进步。研究结论对如何深化金融供给侧结构性改革、增强金融服务制造业之功效具有一定的指导意义。     

Determinants of women's financial inclusion: Evidence from India

A number of studies have analyzed the determinants of financial inclusion in India, but few if any have focused specifically on the factors that shape women's access to finance. This paper draws on the trove of women-specific data collected in the fourth round of the National Family Health Survey (NFHS-4), conducted in 2015–16 in India, to examine the factors that influence women's access to finance. The results indicate that while the forces that shape women's access to finance function at multiple levels, micro-level factors appear to be powerful drivers of inclusion. The analysis reveals that household-level economic indicators like wealth, gender of household head and their rural-urban location are crucial, but so are individual-level characteristics which explain approximately 83% of the variation in the multilevel regressions. Informal gender norms that govern women's mobility and economic activity crucially influence the ability of women to access loans and open bank accounts.     

The Importance of Internal Resources and Capabilities and Destination Resources to Explain Firm Competitive Position in the Spanish Tourism Industry

This study draws on the Resource‐Based View to analyze the effects of distinctive competences in tourism firms and location in a tourism district on competitive position, and explores the moderating effects of the tourism destination. Multiple linear regression was used to test the research hypotheses on a sample of 1019 Spanish tourism firms. Results reveal that financial resources and dynamic and production capabilities favor a better competitive position for tourism firms in general; however, coordination and marketing capabilities are key factors for firms embedded in a tourism district, while dynamic capabilities have a negative effect in this case. Copyright © 2015 John Wiley & Sons, Ltd.