空间外部性、比较优势与制造业集聚

本文综合传统比较优势和外部性因素在新经济地理框架下建立理论和计量模型研究了我国284个地级市制造业集聚的影响机制及其地区差异。结果表明,传统比较优势仍是影响制造业区位的重要因素;各级城市之间存在明显的要素供给与市场需求的空间关联性,且已超过传统比较优势成为制造业集聚的主要来源;传统比较优势与空间外部性对制造业集聚的作用分别由西到东和由东到西依次递减。该结果为进一步促进区际产业转移和协调发展提供了重要启示。     

企业避税的战略效应——基于避税对企业产品市场绩效的影响研究

自企业避税被纳入公司治理框架以来,已有文献对于企业避税的认识存在明显差异,本文试图从避税对企业产品市场绩效的影响视角,研究避税在企业中的角色。基于我国A股上市公司样本,我们发现,与竞争者相比,企业的所得税避税程度每提高1个标准差,其未来的行业市场份额将增长1.9%。这一结论表明,避税会帮助企业建立竞争优势,从而意味着企业的避税行为具有战略效应。此外,避税的战略效应在融资约束严重的企业更为显著,但避税的战略效应并不受信息透明度、代理冲突与产权性质的影响。最后,避税对产品市场绩效的影响具有一定的持续性。本文从理论与实证上厘清了现有文献的冲突,也有一定的政策性启示。     

Speculative trading and stock returns: A stochastic dominance analysis of the Chinese A-share market

The pricing of A-shares in China has long puzzled financial economists. This paper applies recent tests of stochastic dominance (SD) to examine whether differences in the return distributions of A- and B-shares in China are consistent with market efficiency. As SD is nonparametric, market efficiency can be examined without the joint test problem arising from misspecifications in the asset pricing benchmark. Our results show A-shares have second-order dominated B-shares from 1996 to 2005. This dominance was most significant during the market segmentation period, but has continued, albeit to a lesser extent even after the B-share market was opened to local investors in 2001. Our results are robust to using residual returns from an international asset pricing model instead of raw returns. We conclude that the superior performance of A-shares cannot be attributed to risk. The results are more likely due to a return bias caused by intense speculation among retail individuals under limited arbitrage.     

Synergies and tensions between and within domestic and international market activities of firms

The distinction between domestic and international market activities has an idiosyncratic meaning for international business research. This study examines the significant yet unclear role of domestic market activities for the internationalizing firm through the theoretical lens of exploitation and exploration. By means of five qualitative case studies, we show that both the dynamics between domestic–international market activities and the interplay between exploitation–exploration are intrinsically concerned with synergies and tensions. Our findings uncover how firms leverage these synergies and manage these tensions that manifest between and within their domestic and international markets. Synergies and tensions are found to revolve around ambidexterity, networks and organizational market information processes.     

新比较财政学导论:结合市场化实践的研究

改革开放以来,我国的比较财政学得到了迅猛的发展,但也遇到了问题,这首先是市场化改革对比较财政学的研究重点提出了革新的要求,即从以前重在比较市场型财政与计划型财政,转向比较不同的市场型财政,从而丰富了比较财政学研究,此即所谓“新比较财政学”。本文拟探讨新比较财政学的框架、研究方法以及未来的发展趋势等问题。     

Market segments based on the dominant movement patterns of tourists

This paper presents an innovative method for tourist market segmentation-based on dominant movement patterns of tourists; that is, the travel sequences or patterns used by tourists most frequently. There were three steps to achieve this goal. In the first step, general log-linear models were adopted to identify the dominant movement patterns, while the second step was to discover the characteristics of the groups of tourists who travelled with these patterns. The Expectation–Maximisation algorithm was then used to partition tourist segments in terms of socio-demographic and travel behavioural variables. The third step was to select target markets based upon the earlier analysis. These methods were applied to a sample of tourists, over the period of a week, on Phillip Island, Victoria, Australia. A significant outcome of this research is that it will assist tourism organisations to identify tourism market segments and develop better tour packages and more efficient marketing strategies aligned to the characteristics of the tourists.     

中国主题公园营销策划研究

主题公园的产生和发展,促进了旅游资源的多元化开发和综合性经营,推动了旅游业从过分依托自然条件的粗放式发展阶段向依托人为可控制性条件的集约化发展阶段的整体攀升 同时,也标志着旅游业开始走向规范化、标准化和制度化的经营管理之道。我国的主题公园在短短20年的时间里,从低层次的盲目开发过渡到了市场型规范化经营,给我国的旅游业、国民经济都带来了一定程度的积极影响。然而,在发展中也存在一些问题。     

Market orientation practices among small and medium hotels (SMHS) in tourist destination island of Langkawi

The purpose of the study is to investigate the underlying components of market orientation practices and their effect on the Small and Medium Hotels (SMHs) performances on tourist destination island of Langkawi. Fifty SMHs were randomly selected from a sampling frame of a list of SMHs registered with Malaysian Tourism Board. For data collection purposes, structured questionnaires were personally delivered and collected. Rotated component matrix factor analysis of the data extracted four underlying factors that explain seventy nine point four six percent of the total variances and alpha reliability coefficient of ninety eight percent. Those components were named as customer orientation, interfunctional orientation, service orientation, and competitor orientation. One sample Kolmogorov‐Smirnov Test indicates that SMHs in Langkawi practices market orientation in their operations and businesses. However, the finding of the study showed that their performances in 1998 was lower than 1997. We believe that this outcome is due to the effect of national and regional economic downturn in 1998.     

SERVQUAL and PAT

Abstract

Two approaches to measuring the quality of restaurant services are compared, both of which employ the expectancy-discon-firmation paradigm. A SERVQUAL style of questionnaire provided quality measures, which were used to differentiate foodservice establishments, but the data showed several statistical weaknesses, and respondents had trouble contextualizing the questions. Profile Accumulation Technique (PAT) was similarly able to distinguish between different restaurants, and the data had greater internal validity. However this methodology is based upon different assumptions from those underlying SERVQUAL, and there are also implications of cost and expertise. The paper concludes that instruments derived from SERVQUAL cannot claim to apply the theoretical basis of the expectancy- disconfirmation paradigm, whereas PAT is capable of assessing quality according to the paradigm. However, at present it cannot always be assumed that restaurant customers use the expectancy disconfirmation mechanism for evaluating all meal experiences. The advantages and disadvantages of both methods are discussed and implications for further research are identified.     

To Ban or not to ban rate parity,that is the question… or not?

Considering the heated debate in the hotel industry about the rate parity clause and the appropriateness of its ban to give rise to rate disparity, this article analyzes the hotel performance that has resulted from the rate parity prohibition established in some European countries, by looking into the market value of the hotels involved. The empirical analysis conducted on a sample of hotel companies trading on the stock exchange in Germany and France shows that the approval of the rate parity ban generates positive abnormal returns. However, an increase in risk is detected. It seems that, while the prospects of greater autonomy to set prices in the hotel industry and stronger competition in the online distribution industry are looked at positively, the hotels will have to deal with a customer’s potential higher perception of price unfairness, less control over its own brand and a greater likelihood of price wars.