中国劳动密集型企业外部环境变迁的报告

企业的适应性理论、自生能力理论以及比较优势和竞争优势理论,都反映出外部环境对于企业生存和发展的重要作用。劳动密集型企业对于解决我国严峻的就业问题具有重要意义。本文将现阶段我国劳动密集型企业外部环境的变迁归纳为以下六个方面:国际竞争日益加剧、国内的工业化进入“工业反哺农业”阶段、人力资本的积累跟不上技术结构的调整、中国经济增长方式面临转变、社会责任逐渐成为企业发展的硬约束、民企资方权益缺乏制度保障。     

鲁迅杂文:思想的自由表达式

在鲁迅的所有创作中,其杂文引起的争议最大,争论的焦点在于鲁迅杂文是不是文学,症结则在于鲁迅杂文有无审美性,其艺术特征是什么?我们认为,鲁迅杂文是鲁迅思想的自由表达,是鲁迅文体的彻底解放,是鲁迅追求个性自由的选择。     

应用动态规划优选投资项目方案

该文结合实例，主要讨论了层混型方案的决策问题，试图在分析传统解法的基础上，指出其存在的不足，并提出应用动态规划的方法来进行投资项目的优选。     

实际货币供给、企业风险承担与营运资本目标结构的动态调整选择

基于权衡理论,分析了风险承担水平对企业营运资本目标结构回调速度的影响,实证研究结果表明：风险承担水平提高会加快企业营运资本目标结构回调速度,实际货币供给水平的增加能够显著放缓企业营运资本目标结构回调速度;同时,实际货币供给水平的提高可以降低企业风险承担水平所带来的风险敞口,从而降低企业风险承担对营运资本目标结构回调速度的影响。进一步检验不同风险偏好倾向下,企业风险承担以及不同风险承担下实际货币供给对企业营运资本目标结构回调速度的影响,结果显示：具有风险偏好倾向的企业,风险承担水平与营运资本目标结构回调速度呈正相关关系;随着企业风险承担水平提高,具有风险规避倾向的企业,其营运资本目标结构的偏离度会进一步加大。另外,在风险偏好型企业中,实际货币供给水平的提高会放大营运资本目标结构偏离度,并且对低风险承担企业的影响更甚;在风险规避型企业中,企业营运资本目标结构回调速度并未对实际货币供给水平表现出显著的敏感性反应,并在高或低风险承担企业中表现出类似效应。     

Trades of the living dead: Style differences, style persistence and performance of currency fund managers

We make use of a new database on daily currency fund manager returns over a three-year period, 2005–2008. This higher frequency data allows us to estimate both alpha measures of performance and beta style factors on a yearly basis, which in turn allows us to test for persistence. We find no evidence to support alpha persistence; a manager’s alpha in one year is not significantly related to his alpha in the prior year. On the other hand, there is substantial evidence for style persistence; funds that rely on carry, trend or value trading or with a long/short bias toward currency volatility are likely to maintain that style in the following year. In addition, we are able to examine the performance of managers that survive through the entire sample period, versus those that drop out. We find significant differences in both the investment styles of living versus deceased funds, as well as their realized alpha performance measures. We conjecture that both style differences and ineffective market timing, rather than market conditions, have impacted performance outcomes and induced some managers to close their funds.     

我国城镇密集地区新农村建设类型研究

以我国城镇密集地区农村发展特点为基础,将城市发展、自然环境保护、历史传统文化传承及产业发展作为该地区农村分类的主要依据,分别就其对农村发展的影响进行评定,同时结合现有农村分类研究内容及特点,形成体现多种因素综合影响的农村建设分类标准,提出保护型、发展型、综合型、外迁型及整治型农村建设类型及建设内容.     

Pension Fund Manager Tournaments and Attitudes Towards Corporate Characteristics

Abstract:  This paper explores the relationship between the tournament incentives of pension fund managers and the characteristics of equities they choose to hold. Using a comprehensive data set on pension fund portfolio holdings, we determine the intensity of fund manager tournaments by sorting pension funds into portfolios based on the number of concurrent managers each pension fund employs. We then investigate which corporate characteristics are preferred by each of these portfolios by estimating share selection models that include a range of corporate characteristics that are expected to shape the returns to investment in stocks over the short and long run. We find that the intensity of the tournament faced by fund managers plays a significant role in shaping preferences over corporate characteristics. Managers facing more intense tournaments exhibit significantly weaker preferences for attributes associated with long run payoffs, such as social performance and growth potential, and significantly stronger preferences for short term attributes, such as operational efficiency, when compared to managers that face weak or no tournament incentives.     

关于中国证券市场实施QFII制度的冷思考

QFII制度如果能顺利实施 ,对中国资本市场的逐步开放和发展是有利的。但目前中国资本市场的制度性缺陷却对QFII制度的顺利实施构成了障碍。必须从改善资本市场制度和促进法制建设入手营造一个良好的投资环境 ,才能为QFII制度的顺利实施奠定一个坚实的基础。     

中国证券投资基金的需求与其风格“标签”关系的实证分析

对于以组合管理为基本方法的证券投资基金,由于其投资风格选择的不同会导致投资者对其投资偏好的差异,加之证券市场的非有效性和投资者的非完全理性,投资者对基金的投资决策更多基于心理动机和行为因素的判断。本文运用行为组合理论,对我国证券市场封闭式基金的折价状况进行了考察,分析了证券投资基金投资风格选择对基金需求的影响及我国证券市场投资者的需求特点和偏好状况。     

浅析我国主要贸易伙伴国家的商务谈判风格及应对政策

中国入世后，我国的企业将面临更多的机遇与挑战，将更加广泛地参与国际经济竞争与合作，于是与各国之间的谈判与协调将不可避免。为了在谈判中争取主动，顺利地进行解危、破译、抗衡等活动，就必须充分把握外国商人的谈判风格。