南京城市夜间景观照明存在问题及对策研究

城市夜间景观照明如何给市民带来视觉、精神上的享受,无疑是创建环境友好型城市,建立最佳人居生态的一个重要课题。鉴于此,就南京市夜间景观照明的现状,从美观满意度,亮度满意度,对生态生活的不利影响,节能情况入手,剖析了南京市区景观照明在生态环境、市民生活、能源利用、城市形象等方面存在的问题,提出了以"六朝古都,秦淮文化"为主基调,对景观照明进行整体规划设计的理念,并在制订行业标准规范,合理设置功能照明与景观照明的比例,亮化分级,推广节能灯具,加强管理等方面提出了建议及对策。     

Managing TFT-LCDs under uncertainty: When crystal cycles meet business cycles

Understanding the correlation between the crystal cycle and the business cycle is important, because it can help managers to anticipate change, reduce environmental uncertainty, and formulate operational objectives. To this end, we focused on China and the U.S. in our analysis. We found that the economic indicators that were the most relevant in the characterization of China's huge and burgeoning TFT-LCD market are gross domestic production and industrial production. We complemented this finding by conducting similar analyses in the U.S. market using a more comprehensive list of economic indicators.     

Product Patent Reform and its Impact on Korea's Pharmaceutical Industry

Our analysis focuses on the effect of U.S. government pressure on Korea to adopt product patents for chemical and pharmaceutical products. American pressure began in November 1985 and ended with the Korean Legislature's passage of a new patent law in December 1986. We conduct an event study of the effect of the new patent law on the value of Korean pharmaceutical firms listed on the Korea Stock Exchange. Regression analysis shows that the new law induced excess returns of-74 percent over the 14-month analysis period. The results suggest that adoption of stronger patent laws reduced Korea's wealth. [G14, O34]     

中国寿险需求实证分析

本文对国内外的寿险需求分析研究进行了简单综述，在此基础上抽取全目30省市1998—2003年的数据．采取面板数据模型就收入、通货膨胀、社会保障、银行利率、死亡率等寿险需求影响因素与保费收入相关性作了Granger因果性检验分析。     

金融危机再解读:逻辑演绎与经验归纳

2007年次贷危机爆发,并由此蔓延为一次金融危机,但本质上依旧是有效需求不足和过度供给之间矛盾的爆发,只是在全球化的背景下具有了新的特点。信用工具的扩张即金融创新只是加剧了危机的烈度,并不是危机的根源,最多是诱发因素。次贷危机实际是发达国家总需求管理政策失败的一个表现,即经济的结构性问题不解决,传统的宏观经济政策工具,尤其是货币政策工具,只是拖延了危机爆发的时间。这个结论对我国经济结构调整和长期发展具有显著的警示意义。     

社会资本对企业资本结构周期性变动幅度的影响——基于中国上市公司的实证检验

以2005—2014年中国沪深两市A股全行业上市公司为样本,实证检验了企业资本结构的周期性变动特征,以及社会资本对不同所有权性质企业的资本结构周期性变动幅度的影响。结果表明:企业的负债水平总体上呈顺周期变动特征,但国有所有权会减小企业资本结构的顺周期变动幅度;高水平社会资本降低了高负债水平民营企业资本结构的顺周期变动幅度,提高了低负债水平国有企业资本结构的顺周期变动幅度;民营企业资本结构的顺周期变动幅度过大且高于最优变动幅度;国有企业资本结构的顺周期变动幅度过小且低于最优变动幅度;社会资本起到降低民营企业资本结构顺周期变动幅度、提高国有企业资本结构顺周期变动幅度的作用,从而促使各类企业的资本结构向其最优水平回归,即高水平社会资本具有优化企业资本结构的作用。     

The generation of stock market cycles

This paper demonstrates that the relation between stock market and business cycle dynamics can be conceptualized using a dividend discount model. The interaction of changes in earnings and interest rates throughout the economic cycle are shown to cause changes in the level of stock prices. This implies that monitoring and forecasting these factors can help explain and possibly predict stock price behavior over time.     

基于生命周期的西部特色优势产业自主创新模式选择研究

本文首先在国内最新研究综述的基础上,阐述了模仿创新、集成创新和原始创新三种技术创新模式的内涵与特征;然后结合产业周期理论,通过分析特色优势产业在生命周期各阶段的不同特点,对应自主创新模式的不同要求,提出特色优势产业应选择的创新主导模式,为特色优势产业创新模式的选择提供科学依据;最后根据西部特色优势产业的整体状况,建议其自主创新应选择以模仿创新为主的混合型创新模式。     

基于产品生命周期的物流系统动态规划研究

由于在产品不同生命周期阶段市场竞争具有不同的特征,因此企业采取的市场战略也有较大的差别。应用物流系统的动态评价方法,研究了有效支撑企业产品市场竞争战略的物流系统应该具有的关键性特征,并在此基础上分析了如何组织企业内外部的物流资源,使得物流系统成本最小化的动态规划问题。     

Pro-cyclical effect of sovereign rating changes on stock returns: a fact or factoid?

This article examines the effect of changes in sovereign credit ratings and their outlook on the stock market returns of European countries at different phases of business cycle. Using standard four-factor model, it records a significant average marginal effect of credit rating announcements on stock market returns. Both magnitude and significance of the effect vary with business cycle and across announcement types. However, we do not find evidence of pro-cyclical effect of sovereign rating and outlook changes on stock returns. Our results show that stock markets react more negatively to rating downgrades in recovery phases and more positively to rating upgrades in contractionary period. Both results are statistically significant and robust to various sensitivity tests.