Rejuvenating Northeastern Area and Reforming the System of Investing and Financing

The system of investing and financing in northeastern area has the character of planned economy. Project conducting is our main strategy in any large-scale area rejuvenating plan, which has been proved lack of sustainable development. This paper proposes some suggestion to reform the system of investing and financing.     

社会问题的执著探寻者——冰心小说论

被“五四”运动震上文坛的冰心,开创了“问题小说”的先河;随着思想革命的深入,她力图以“爱的哲学”解答人生问题;在现实和时代激荡下,她以作品反映战火中的妇女命运.建国后,冰心热情关注少年儿童成长.新时期,她高扬爱国信念精神理想.总体上,她的创作率真自然,女性意识鲜明,形成独具一格的冰心体,为中国现代小说发展作出开创性的巨大贡献.     

The effect of social screening on bond mutual fund performance

This study measures the financial impact of screening for environmental, social and governance criteria on corporate bond portfolios. Specifically, the risk-adjusted financial performance of 103 socially responsible bond funds in the US and the Eurozone is compared with a matched sample of conventional funds. During the period 2001–2014, socially responsible bond funds outperform by one-half of one percent annually. An evaluation of fund holdings and a performance-attribution analysis suggest that this outperformance is directly related to the mitigation of ESG risks, which is achieved by the exclusion of corporate bond issuers with poor corporate social responsibility activities. A separation of crisis and non-crisis periods further indicates that the outperformance is especially likely to occur during recessions or bear market periods. We confirm this crisis-related return effect from a sample of socially screened bond indices. Moreover, our results are robust to alternative definitions of sustainability, survivorship bias, fund characteristics and stable in the US and Eurozone sub-samples.     

入股流转中农地承包经营权的公允价值计量研究

完善农村土地流转制度是目前我国深化土地改革的重大问题和重要规划,具有深远的社会和经济意义。农地入股是农地流转的重要模式,农地入股必须解决的核心问题是农地承包经营权的价值计量。公允价值是农地入股计量的必然选择,公允价值计量模型包含了净现金流、贴现率、贴现期三个重要参数,农地承包经营权是一项特殊的无形资产,在实践中应结合我国农地承包经营权的特征来客观公允地确定这三个参数。     

北京文化创意产业投融资分析及对策

北京市政府明确提出要将文化创意产业发展成北京市的支柱产业。本文从产业融资规律出发,结合对业内企业、金融机构的调研情况,以及结合国际经验,对北京文化创意企业面临的投融资问题,尤其是融资难问题进行分析,提出了三个方面的对策建议。     

以“团风”精神为代表的大学生群体中的先进典型调查与思考

＂团风＂精神的实质与内涵在于＂关爱他人、无私奉献、立志成才、报效祖国＂。新时期如何充分发挥＂团风＂精神对青年学生的感染力和凝聚力,是值得我们认真思索与实践的课题。     

基于R/S分析的股市风格分形特征研究

运用多重分形R/S分析法研究我国股票市场的风格分形结构特征,通过计算中信标普公司推出的6种纯风格资产指数在不同时间标度下的收益率序列Hurst指数与平均循环周期,发现我国股票市场风格存在统计自相似性、标度不变性、长记忆性,不同风格资产指数收益序列具有不同的平均循环周期等分形特征,这为基金公司、基金经理及时地把握股市风格的轮换规律,构建适度风格漂移策略以获取短期超额收益提供了决策参考与理论支持。     

Does the stock market fully value intangibles? Employee satisfaction and equity prices

This paper analyzes the relationship between employee satisfaction and long-run stock returns. A value-weighted portfolio of the “100 Best Companies to Work For in America” earned an annual four-factor alpha of 3.5% from 1984 to 2009, and 2.1% above industry benchmarks. The results are robust to controls for firm characteristics, different weighting methodologies, and the removal of outliers. The Best Companies also exhibited significantly more positive earnings surprises and announcement returns. These findings have three main implications. First, consistent with human capital-centered theories of the firm, employee satisfaction is positively correlated with shareholder returns and need not represent managerial slack. Second, the stock market does not fully value intangibles, even when independently verified by a highly public survey on large firms. Third, certain socially responsible investing (SRI) screens may improve investment returns.     

略论鸳鸯湖棹歌体诗歌创作现象及其地方文化特色

该文对朱彝尊《鸳鸯湖棹歌》的创作背景及地方文化特色作了简要论述，在此基础上对“鸳鸯湖棹歌体诗歌”的创作群体、创作内容和写作特点进行了分析。     

通过资本市场处置不良资产的法律保障

长期存在的不良资产严重的削弱了我国银行的经营基础,影响其安全性和长期赢利能力,并已成为商业银行各项业务经营中的“最短的那块木板”。妥善、高效处置不良资产,需要资本市场为之提供运作场所和工具。本文在借鉴中国工商银行的研究者对通过资本市场处置不良资产的途径研究之成果基础上,认为各种有效的处置方式,都需要法律的明确认同、支持和保障,并对之提出若干具体的立法建议。