外资物流公司在华并购的动因

伴随着中国的物流市场的开放,部分国外物流巨头选择在华并购本土物流公司,有代表性的包括美国耶路并购上海佳宇物流、世能达并购天津宝运物流、万络环球并购熙可物流,中东Agility并购百岁物流,澳大利亚Toll全盘接手新科安达。传统的FDI理论为物流公司跨国并购提供了理论基础研究框架,但物流企业跨国投资有不同选择,主要包括新建海外分公司(或代表处),依靠现有国外分公司发展,合资和跨国兼并。由于中国大陆2005年底才完全开放物流市场,很多跨国物流公司为开展业务在此之前已经在华设立了代表处或合资企业。2006年开     

区域物流经济影响因素的灰关联分析

应用灰关联分析法,对珠三角物流经济影响因素进行定量分析。选用全社会货运量来表征物流需求,对七个经济因素分析,再对结果进行排序,分析各个因素对珠三角物流需求的影响并提出建议,对珠三角物流科学发展具有一定借鉴意义。     

投资者情绪对股价联动的影响--基于中国证券市场的实证研究

分别从个股层面以及市场层面探讨投资者情绪对中国证券市场股价联动现象的影响。实证揭示：（1）中国证券市场存在显著的股价联动效应。（2）投资者情绪对股价联动现象存在显著的负向影响。（3）个股层面的投资者情绪变量对股价联动的影响大于市场层面的综合情绪变量。（4）投资者情绪对不同行业的股价联动的影响存在差异。     

Informed trading before positive vs. negative earnings surprises

This paper investigates whether institutional investors trade profitably around the announcements of positive or negative earnings surprises. Using Korean data over the period of 2001–2010, we find that information asymmetry is larger before negative earnings surprises (earnings shock) among investors and that the trading volume decreases only before earnings shock announcements due to the severe information asymmetry. We also find that institutions sell their stocks prior to earnings shock announcements whereas individual and foreign investors do not anticipate bad news. Finally, we find that institutional trade imbalance is positively related to the post-announcement abnormal returns of negative events. This study complements and extends prior literature on informed trading around earnings announcements by documenting evidence that domestic institutions exploit their superior information around particularly earnings shock announcements.     

物流园区建设规模确定方法研究

在界定物流量的基础上,提出涉及多个物流园区所在区域内的物流量应进行合理分摊,并利用分摊物流量计算物流园区建设规模,同时结合国内物流园区建设经验对计算出的物流园区建设规模进行类比分析,得出一种定量分析与定性分析相结合的物流园区建设规模确定方法。     

浅谈烟草企业卷包数采系统与烟机设备自身电控采集系统的原理与特点

文章以卷烟设备原机电控采集系统为基础建立了一套面向整个卷接包工序的现场设备数据采集系统,实时、准确地采集现场设备的各种生产、设备、质量、消耗数据,为车间生产和调度提供了实时生产数据和依据。     

Examining the relationship between stock return volatility and trading volume: new evidence from an emerging economy

Using daily stock return data for individual stocks from an emerging economy, this article examines the relationship between return volatility and trading volume under the theoretical postulate of the mixture of distributions hypothesis. The results suggest that the contemporaneous trading volume as a proxy for latent information arrival to the market did not contribute to the removal of significant ARCH or Generalized Autoregressive Conditional Heteroscedasticity effects that are found in stocks at the first stage of the investigation. The same holds for the lagged volume except for one case. This, perhaps, suggests that the trading volume (contemporaneous or lagged) is not adequately conveying information to induce traders’ views of the desirability of trade and, therefore, points to the need for searching for other micro and macro variables to be used as potential proxy for information arrival to the stock market of the emerging economy.     

THE DYNAMIC RELATION BETWEEN RETURNS,TRADING VOLUME,AND VOLATILITY: LESSONS FROM SPILLOVERS BETWEEN ASIA AND THE UNITED STATES

This paper investigates the dynamic relationship between index returns, return volatility, and trading volume for eight Asian markets and the US. We find cross‐border spillovers in returns to be non‐existent, spillovers in absolute returns between Asia and the US to be strong in both directions, and spillovers in volatility to run from Asia to the US. Trading volume, especially on the Asian markets, depends on shocks in domestic and foreign returns as well as on volatility, especially those shocks originating in the US. However, only weak evidence is found for trading volume influencing other variables. In the light of the theoretical models, these results suggest sequential information arrivals, with investors being overconfident and applying positive feedback strategy. Furthermore, new information causes price volatility to rise due to differences in its interpretation among traders, but the subsequent market reaction takes the form of adjustment in price level, not volatility. Lastly, the intensity of cross‐border spillovers seems to have increased following the 1997 crisis, which we interpret as evidence of increased noisiness in prices and diversity in opinions about news originating abroad. Our findings might also help to understand the nature of financial crises, to predict their further developments and consequences.     

论预拌混凝土缺方原因与处理

文章针对集中搅拌站存在缺方问题，从施工方法、材料及计算方法等方面分析查找原因，并提出处理办法。     

浅谈钢渣的处理与综合利用

我国每年钢渣产量近1亿t,因体积不稳定、磷、硫杂质含量高、磨细能耗大等原因,目前利用渠道狭窄,综合利用率较低。介绍了钢渣热态处理、冷态加工及综合利用的国内外进展,认为钢渣处理和利用应跳出消纳处置的常规模式,形成融环保、节能、资源化于一体的技术。未来钢渣处理和综合利用方向,应围绕短流程清洁化处理工艺、高效节能粉磨、钢渣稳定化、熔渣干式粒化、熔渣直接产品化和冶金回用等领域展开。