Market based price support program: an alternative approach to large scale food procurement and distribution system

In most developing countries of the world, large scale public food procurement and distribution systems (PFDS) have become too expensive for the country governments to support from their own resources. Despite high financial and administrative costs of the programs, the degree of seasonal price stabilization and price support achieved through the activities remain quite low. Using the Bangladesh PFDS as a case study, this research indicates that considerable improvements in price support can be achieved by providing credit to the farmers immediately after the harvest. If the government procurement is reduced by 50 per cent in Bangladesh, and providing 150 per cent of the cost of running PFDS as credit, Bangladesh can improve the farmers' income and achieve better stability of cereal prices at a cost less than one-third of the current costs of the PFDS.     

关系型借贷与中小企业融资的实证分析

本文通过一个计量经济学模型来检验企业贷款是否存在关系型借贷,结果发现:大型企业的确存在关系型借贷行为,且对企业的贷款量有显著性影响;中小企业关系型借贷对于贷款量的影响较小,且并不明显。原因可能是商业银行在审批中小企业贷款时,注重对“硬”信息的考察,同时中小企业并没有同某一家或几家商业银行保持长期关系。为改善中小企业融资状况,商业银行应建立起一套完整的信用记录体系,并实现信息共享,在贷款过程中增强对“软”信息的考察,积极培育一批资质较好的中小企业客户并建立密切的联系;中小企业则应该规范财务制度并增强财务信息的透明度,同银行建立长期关系。     

支持新农村建设需要增强农村信用社服务功能

在建设社会主义新农村的战略要求下,现行农村金融体系需要积极地进行变革和创新,以满足日益增长的农村金融需求。办好农村信用社是形成完善的新型农村金融体系的重中之重,也是当前农村信用社改革面临的重大课题。     

发挥政府采购政策效应促进中小企业发展

经过几十年的发展,中小企业已经成为我国科技创新、增加就业的重要力量,在市场经济体制的建立和城镇化的过程中有着举足轻重的作用,为整个国民经济的持续、健康发展做出了重要贡献,是社会主义市场经济的重要组成部分。但是,由于种种主客观原因,中小企业的发展困难重重,其中以资金不足为最。与此同时,我国政府采购的规模不断扩大,估计在今年要达到3000亿,这对我国企业的发展会起到非常大的促进作用,但从总体看,中小企业参与政府采购的程度很低,政府采购本身对中小企业的关注还很不够,这将是中小企业丧失很多难得的发展机会。为此,本文将从中小企业的现状和作用入手,分析政府采购支持中小企业发展的理论依据和法律依据,并着重提出发挥政府采购促进我国中小企业发展的对策建议。     

我国商业银行业公司治理结构与经营绩效的实证研究

通过对8家股份制商业银行的公司治理结构与经营绩效的关系做回归分析,结果显示:经营绩效与董事会规模正相关;与第一大股东持股比例负相关;与前5大股东控制权分散度正相关。因此,国有商业银行应当适度增大董事会规模、明晰产权关系、强化监事会职能、加强管理层激励与信息透明度。     

基于VAR模型的山东省经济增长波动分析

本文通过建立向量自回归模型,运用脉冲响应函数和预测方差分解的方法对山东省经济增长的波动情况进行了实证分析。研究结果表明:各变量对山东经济增长的影响均不太明显。这说明山东经济一直保持稳定快速发展的势头。     

我国股份制商业银行薪酬激励有效性研究

我国股份制商业银行薪酬激励存在一些不足，原因在于薪酬激励的自身因素和薪酬环境因素两方面。自身因素主要包括忽视长期行为激励、缺乏同业竞争优势、轻视普通员工激励；环境因素主要有银行治理结构不完善、市场非充分有效、法规制度不健全等。本文通过对商业银行高管人员及普通员工的薪酬与业绩相关性进行实证检验，认为我国商业银行薪酬激励基本上是有效的，但是其有效性并不十分理想。据此，本文提出了提升我国商业银行薪酬激励有效性的具体建议：从微观层面看，优化薪酬激励机制：从中观层面看，强化商业银行治理结构；从宏观层面看，改善外部相关环境。     

The Effects of Attributes on the Repeat Sales Pattern of Residential Property in Hong Kong

There has been copious research work on the development of house price models and the construction of house price indices. However, results in some studies revealed that the accuracy of such indices could be subject to selection bias when using only information from a sample of sold properties to estimate value movements for the entire housing stock. In particular, estimated house price appreciation is usually systematically higher among properties that change hands more frequently. It therefore suggests that the determination of important factors affecting the transaction frequency or intensity of a housing unit should be a more fundamental research question. This paper examines the possible factors that determine the popularity of residential unit by means of a repeated sales pattern. The Poisson regression model and event history analysis techniques are employed to assess the effect of attributes on transaction frequency and intensity. The event history analyses technique can take account of transaction-specific as well as time-dependent covariates, and therefore is recommended for analyzing repeated sales data in a real estate market. All transaction records during the period 1993–2000 from the Land Registry of one of the most popular residential estates in Hong Kong were used to illustrate the method. Unlike a response to favorable transaction price, good quality units do not necessarily inherently display a high transaction frequency. Rather, units of average quality are more likely to be transactionally active.     

On the estimation of stock-market reaction to corporate layoff announcements

This study investigates the stock-market reaction to layoff announcements where more than 1000 workers are affected. We employ a dummy variable regression (DVR) version of the market model and compare the results obtained using ordinary least squares (OLS) versus exponential GARCH (EGARCH), and value-weighted (VW) versus equally weighted (EW) market index. We find that the stock market responds negatively to layoffs attributed to low demand. We also find that contrary to prior research, the market reacts positively to restructuring-related layoffs on the announcement date. This pattern of market reaction is observed regardless of the market index used or the parameter estimation methods employed, although the empirical results indicate that using EGARCH/VW market index tends to generate fewer statistically significant test results and smaller (in the absolute size of the cumulative) abnormal returns (ARs). Taken together, our study provides additional support for the claim that studies of stock-market reaction to corporate events must account for the time variation in return volatility. Ignoring these could result in erroneous inferences.     

论虚拟仿真技术与群体支持系统在工程管理中联合应用

工程施工计划是一项复杂的工作，不断增长的复杂因素决定了工程管理人员需要采取新的、从未被用过、检测过的工程施工方法。缺乏便于工程策划人员进行评估和确认施工计划是否合理的工具，会在工程施工阶段造成许多重复性工作，造成成本浪费。虚拟现实技术为解决上述问题提供了一个很好的方法，会生成虚拟环境，允许项目决策人员在施工之前合理优化和选择施工方案，资源优化，降低成本，从而获得更好的投资效益。利用群体支持系统建立与工程施工计划相呼应的模型，工程数据作为其处理问题与人机交互的依据，辅助人员决策，进行项目的预算和分析，提高工程项目的价值管理。