债权人权利保护法律颁布的市场反应——基于法和金融理论的研究

法律对银行债权人权利的保护可以通过书面法律的制定及完善得以实现。那么,债权人权利保护法律的颁布和修订是否会引起市场投资者的反应?文章运用事件法考察了《物权法》、新《公司法》和新《企业破产法》的颁布和修订对我国上市银行股价的影响。研究结果表明,三部法律公布事件对上市银行的股价均有显著的冲击效应,这说明债权人权利保护法律的颁布和修订引起了市场投资者强烈的反应;进一步地我们发现,不同法律事件下不同银行的股价所受影响各异,这可能源于上市银行的终极控制人以及三部法律关于债权人保护条款的侧重点和法律规定的强度不同。     

财政收入、财政支出与居民消费率

从财政政策收入分配功能的角度就财政收支对居民消费率的影响进行了理论分析,并采用全国数据和省级面板数据就财政收支对居民消费率的影响进行了实证分析。研究结果表明,我国过高的税负率对我国居民消费率的提高有负面影响,以间接税为主的财政收入结构不能实现社会财富再分配的均等化,不利于促进我国居民消费率的提高。财政消费性支出对居民消费具有挤出效应,而保障性支出有助于提高居民消费率。因此改变财政收支结构,强化财政收支的收入再分配功能是提高居民消费率的关键。     

基于信息流防控系统的高耗能产品循环经济协同效应提升

以提升高耗能产品循环经济协同效应为目标,探讨了高耗能产品循环经济信息流防控系统的概念,构建了相应的模型,并分析了其运行机理。以某高耗能产品为例,运用高耗能产品循环经济信息流防控系统模型构建了"三高"协同防控系统,深入分析了该产品通过生产流程改进所能实现和提升的循环经济协同效应,并给出了具体的提升路径。结果表明,高耗能产品循环经济信息流防控系统能有效提升产品循环经济协同效应,产生预防和协同控制产品物耗、能耗和污染排放的综合效益。     

90年代广东省产业结构变动趋向时空差异分析

本文通过对90年代广东产业结构变动的时空形态进行分析研究,揭示了广东产业结构变动趋向的时空差异,探讨形成这种差异的原因,并对广东今后产业结构走向及产业结构在地区间的协调发展提出建议。     

New technology and old institutions: An empirical analysis of the skill-biased demand for older workers in Europe

Using panel data from nine European countries over the period 1970 to 2007, we examine the impact of information and communication technology (ICT) on the demand for older workers (aged 50 and over). We find evidence of a decrease in demand for older workers in the 1970s and 1980s. It can be argued that the impact of ICT on demand for older workers is skill-biased. However, the skill-biased demand for older workers is mainly reflected in the skill-biased changes in employment shares rather than relative wages. There is some evidence of a gradual deskilling of older workers. We find that labour market institutions such as the national minimum wage, social pacts on wage issues and union density mostly benefit skilled older workers, while coordination of wage setting, extension of collective agreements, social pacts on pensions and centralisation of wage bargaining can alleviate the adverse effects of skill-biased technological change.     

Dual market competition and deposit rate setting in Islamic and conventional banks

This paper addresses the issue of competition in dual banking markets by analyzing the determinants of deposit rates in Islamic and conventional banks. Using a sample of 20 countries with dual banking systems over the 2000–2014 period, our results show significant differences in the drivers of Islamic and conventional banks' pricing behavior. Conventional banks with stronger market power set lower deposit rates but market power is not significant for Islamic banks. In predominantly Muslim environments, conventional banks set higher deposit rates and further higher when their market power is lower. Whereas conventional banks are influenced by the competitiveness of Islamic banks, Islamic banks are only affected by their peers in predominantly Muslim countries. Our findings have important implications regarding competition and bank stability in dual banking markets.     

并购战略性新兴企业对传统企业转型升级的影响因素分析*

并购知识技术密集、以创新为主要驱动力的战略性新兴企业,是传统企业借助外生力量促进自身转型升级的重要途径。传统企业并购战略性新兴企业的特征在于双方所属产业处于不同的生命周期阶段,由此体现出转型升级的特殊并购动因。本文将传统企业在战略性新兴标的业务方面创新能力的改变称为并购的转型升级效果。在产业生命周期理论的基础上,提炼出影响并购转型升级效果的主要因素,分析了传统企业的要素禀赋结构、融资水平、并购的渐进市场化制度环境对并购转型升级效果的影响机理,并利用A股传统行业上市公司并购战略性新兴企业的事件,构建有序响应模型进行了实证研究。结果表明,传统企业的要素禀赋结构与战略性新兴企业的适配性、传统企业的外源融资水平对其通过并购促进自身转型升级具有正向作用。在跨区域并购中,双方经营所在地的制度距离对并购的转型升级效果有负面影响。本文的研究结论对如何发挥并购在产业结构调整中的作用有一定的启示意义。     

艺术品的金融属性：投资收益与资产配置*

本文基于2000—2014年中国艺术品拍卖市场近现代国画的微观数据,在资产配置中引入市场交易机制中的佣金变量,加入艺术品市场规模约束,采用重复交易法实证计量嵌入艺术品市场的投资收益特征并量化其资产配置效应,以测度其市场功能。优质的艺术精品具备金融资产风险和收益的基本特征,本文对艺术品资产与资本资产定价模型的适应性进行讨论。研究表明：在样本期内,剔除通胀和佣金成本因素后收益率更加贴近现实,中国艺术品投资的实际收益率水平为1308%,表现出高于欧美市场的投资溢价;艺术品投资与传统的股票、债券等金融资产之间表现出相对独立性,并能有效改善投资者资产组合的风险边界,可以成为资产配置优化和多样化的重要选择。中国艺术品市场的长期稳健发展将为投资者提供更多的资产优化产品和工具。     

基于生理反馈的城市滨河步道对青年人压力缓解的研究

现今社会竞争日益激烈,青年人的精神压力不断增加。现有研究表明,自然环境对人们的身心健康有着积极的影响,但目前与人们生活密切相关的城市中的自然环境对健康的促进作用研究较为缺乏。通过采集参与者在2段差异性高的滨河实景环境中行走的生理信号和眼动数据,探究不同滨河步道景观下青年人的压力缓解情况和视觉特征。研究结果表明：1)以SDNN、RMSSD和Lorenz散点图为代表的心率变异性特征(HRV)在不同区段的滨河步道下呈现明显差异,绿化程度高的场景对压力的缓解作用更强;2)不同场景下的视线特征与压力缓解有一定的关联性,行人的视线多偏向于步道滨水侧开敞度高的空间,经过绿化程度高或有休憩空间的滨河步道场景时,行人的视线更分散,压力缓解效果更佳。将缓解压力作为滨河步道的景观功能之一,通过主动干预有针对性地进行滨河景观类型与植物种植的改造,以期达到更好的滨河步道环境提升效果。     

Asymmetric ACD models: Introducing price information in ACD models

This paper proposes an asymmetric autoregressive conditional duration (ACD) model, which extends the ACD model of Engle and Russell (1998). The asymmetry consists of letting the duration process depend on the state of the price process. If the price has increased, the parameters of the ACD model can differ from what they are if the price has decreased. The model is applied to the bid-ask quotes of two stocks traded on the NYSE and the evidence in favour of asymmetry is strong. Information effects (Easley and O'Hara 1992) are also empirically relevant. As the model is a transition model for the price process, it delivers `market forecasts' of where prices are heading. A trading strategy based on the model is implemented using tick-by-tick data.While remaining responsible for any error in this paper, the authors would like to thank R. Anderson, G. Le Fol, C. Gouriéroux, J. Jasiak, W. Pohlmeier, A. Roell, O. Scaillet, S. Wei and three anonymous referees for useful remarks and suggestions on previous versions. The authors would also like to thank A. Ruttiens from KBC-CBC for useful discussions on practical issues related to trading. Support of the European Commission Human Capital and Mobility Program through the network `Econometric inference using simulation methods' is gratefully acknowledged. This paper presents research results of the Belgian Program on Interuniversity Poles of Attraction initiated by the Belgian State, Prime Minister's Office, Science Policy Programming. The scientific responsibility is assumed by the authors.