关于我国外汇储备积累困境的思考

目前,我国在外汇储备积累方面处于一种困境当中:一方面,积累庞大的外汇储备给我国经济带来了巨大的负面影响;另一方面,为了发展我国经济,又必须继续持有大量的外汇储备。分析我国外汇储备积累的原因是由我国所处的经济发展阶段和当今不合理的国际储备体系共同决定的。     

供应链管理中信息共享的激励措施

在信息经济时代,商业环境正发生日新月异的变化,管理供应链所需的知识也在不断地推陈出新。客户需求变化、柔性生产能力、知识管理能力、创新能力、供应链企业间的合作能力、国际市场变化等是影响供应链管理信息共享能力的主要因素。文章通过对供应链企业信息共享前后的经营状况进行比较分析,论证了信息共享的“囚徒困境”,并提出了通过对供应商实行价格激励、减少零售商前置时间、防范信息共享风险、克服企业间文化差异等措施,以保证信息共享的有效性。     

连片特困地区治理困境及跨域治理机制构建——以“锰三角”为例

连片特困地区作为国家区域发展与扶贫攻坚的重点,其传统行政区治理导致了边界屏障效应,造成政府与市场“两极失灵”,影响了治理效果和区域发展。本文以武陵山片区“锰三角”为例,分析跨行政区政府与市场行为偏离社会公共性、跨域服务供求“双不足”、治理效果偏离最优状态等“两极失灵”困境;提出跨域治理是解决困境的路径选择,这可以促进跨域利益分享与成本分摊、降低跨域“碎片化”带来的高成本、化解跨域资源配置难题;并构建跨域治理的多中心整体联动治理机制模型,以落实跨域治理。     

昆山公益创投的困境与对策研究

近年来,我国各地政府都在开展公益创投实践以培育社会组织、供给公共服务,满足多样化与个性化的民众需求。昆山市率先在县级市层面开展了公益创投的实践,分析昆山公益创投的困境对未来县级市层面公益创投活动的开展有着重要的借鉴作用。     

Execution in an aggregator

An aggregator is a technology that consolidates liquidity—in the form of bid and ask prices and amounts—from multiple sources into a single unified order book to facilitate ‘best-price’ execution. It is widely used by traders in financial markets, particularly those in the globally fragmented spot currency market. In this paper, I study the properties of execution in an aggregator where multiple liquidity providers (LPs) compete for a trader’s uninformed flow. There are two main contributions. Firstly, I formulate a model for the liquidity dynamics and contract formation process, and use this to characterize key trading metrics such as the observed inside spread in the aggregator, the reject rate due to the so-called ‘last-look’ trade acceptance process, the effective spread that the trader pays, as well as the market share and gross revenues of the LPs. An important observation here is that aggregation induces adverse selection where the LP that receives the trader’s deal request will suffer from the ‘Winner’s curse’, and this effect grows stronger when the trader increases the number of participants in the aggregator. To defend against this, the model allows LPs to adjust the nominal spread they charge or alter the trade acceptance criteria. This interplay is a key determinant of transaction costs. Secondly, I analyse the properties of different execution styles. I show that when the trader splits her order across multiple LPs, a single provider that has quick market access and for whom it is relatively expensive to internalize risk can effectively force all other providers to join her in externalizing the trader’s flow thereby maximizing the market impact and aggregate hedging costs. It is therefore not only the number, but also the type of LP and execution style adopted by the trader that determines transaction costs.     

供给侧改革背景下中小保险公司经营困境及策略探究

供给侧结构性改革作为我国转型时期的重要举措,正在对各行业的结构性和体制性问题产生决定性影响。我国保险市场一直存在盲目追求利益而忽略产品质量和服务的历史性问题,这个问题在如今的供给侧改革形势下愈发凸显。中小保险公司作为保险市场上的弱势群体正是这场变革中的主角,只有追随改革的浪潮、制定恰当的策略、完善产品设计、提升金融服务质量、运用科技提升运营效率,才能更好地发挥自身优势,并在保险市场的激烈竞争中立于不败之地。     

集体林权流转弱市场化困境的思考——基于交易费用理论视角

新一轮林权改革的制度绩效并未形成流转的强烈预期,集体林权流转的弱市场化特征明显。结合交易成本与流转行为形成机理发现,交易成本高低对林权市场流转效率的影响显著。林改后,各种因素的共同作用使得信息成本、契约成本、履约监督成本、违约追偿成本等林权交易费用不降反升,导致林权的弱市场化流转困境。政府应明确职能定位,完善法规制度建设,构建信息共享平台,以降低林权交易成本,缓解林权流转弱市场化困境。     

Endogenous games and equilibrium adoption of social norms and ethical constraints

We consider a situation in which games are formed endogenously in two senses: (1) there is a pregame in which agents choose to learn a subset of all feasible strategies and can then employ only these strategies in subsequent play, and (2) agents choose their game partners through a costly search process. We show that at any subgame perfect equilibrium, agents will constrain their action sets in the pregame in such a way that a single social norm prevails. Thus, all agents in a society will abide by the same ethical standard, although what standard this will be cannot be predicted. We also show that these are essentially the only SPE outcomes. We suggest that this provides at least a partial explanation for experimental observations that agents apparently choose strategies that do not maximize their payoffs.     

On the evolutionary edge of migration as an assortative mating device

In a haystack-type representation of a heterogeneous population that is evolving according to a payoff structure of a prisoner’s dilemma game, migration is modeled as a process of ‘swapping’ individuals between heterogeneous groups of constant size after a random allocation fills the haystacks, but prior to mating. Migration is characterized by two parameters: an exogenous participation-in-migration cost (of search, coordination, movement, and arrangement-making) which measures the migration effort, and an exogenous technology—of coordinating and facilitating movement between populated haystacks and the colonization of currently unpopulated haystacks—which measures the migration intensity. Starting from an initially heterogeneous population that consists of both cooperators and defectors, a scenario is postulated under which ‘programmed’ migration can act as a mechanism that brings about a long-run survival of cooperation.

Marxism,Business Ethics,and Corporate Social Responsibility

Originally delivered at a conference of Marxist philosophers in China, this article examines some links, and some tensions, between business ethics and the traditional concerns of Marxism. After discussing the emergence of business ethics as an academic discipline, it explores and attempts to answer two Marxist objections that might be brought against the enterprise of business ethics. The first is that business ethics is impossible because capitalism itself tends to produce greedy, overreaching, and unethical business behavior. The second is that business ethics is irrelevant because focusing on the moral or immoral conduct of individual firms or businesspeople distracts one’s attention from the systemic vices of capitalism. I argue, to the contrary, that, far from being impossible, business requires and indeed presupposes ethics and that for those who share Marx’s hope for a better society, nothing could be more relevant than engaging the debate over corporate social responsibility. In line with this, the article concludes by sketching some considerations favoring corporations’ adopting a broader view of their social and moral responsibilities, one that encompasses more than the pursuit of profit.