我国对外担保管理政策:一个案例分析

对外担保作为一种或有负债,其本身并不会引起跨境资金流动,但其履约则会形成现实的对外债权债务。本文通过具体案例介绍了我国对外担保管理政策,深入分析了目前政策和实际操作所存在的问题,并在此基础上提出相应政策建议。本文还强调了单个企业担保风险过大需要引起重视。     

货币政策有效性与内外均衡

审慎使用货币政策,对实现"外堵热钱,内防通胀,把好流动性的总闸门"的目标,具有重要意义。本文对货币政策的理论溯源、运行特点及正负效应进行了文献回顾,界定了国内外流动性环境变化对国内货币政策操作的制约和影响,并在结合中国货币供给数据进行实证分析的基础上,提出优化货币政策传导机制的相应政策建议。     

基于累积Logistic模型的居民通货膨胀异质性感受的因素研究

通过调查问卷获取居民的通货膨胀感受及相关的个人特征等数据,运用累积 Logistic 模型,从心理层面和外部信息层面考量影响居民通货膨胀感受异质性的因素。结果表明,收入满意程度、食品价格、房租价格以及促销手段等是导致我国居民通胀感受异质性的主要因素。鉴此,政府应该提高收入满意度、稳定物价以及调节房价,以期降低通货膨胀感受的异质性。     

投资持股关系中的“共享审计师”效应研究

以2007—2015年我国资本市场上具有投资持股关系的上市公司为样本，通过研究持股方和被持股方聘请同一家会计师事务所对持股双方各自审计收费和审计质量的影响，探讨投资持股关系的“共享审计师”中，“信息共享”效应与“低价揽客”效应谁更明显。研究表明，当具有持股关系的两家公司共同聘请同一家会计师事务所后，“信息共享”效应更明显，表现为持股双方的财务报表审计质量和持股方的审计收费显著提升。进一步研究发现：持股双方在不同情况下会选择性价比最高，最有利于自身的方式来获取信息，以谋求“信息共享”效应最大化。     

Banding together in a festival context: Examining effects of a joint-stakeholder external service recovery

Despite substantial growth in revenue and attendance numbers on a global and country level over the past decades, failure is still a fairly common phenomenon in the events/festival industry. Drawing on two scenario studies and data collected in the United States, this research investigated the impact on festival-goers’ evaluations and behavior of joint-stakeholder external service recoveries, in contrast to the prevalent focus on examining service recoveries by a single stakeholder that caused the failure. Findings revealed that festival-goers had different perceptions of and behavioral intentions towards the various stakeholders depending on their perception of fault for the failure. Yet, rather than a predicted joint effect with failure severity, we found a significant interaction effect of the locus of causality with service recovery measures, either via an internal or external recovery. Implications of study findings and directions for future research are discussed.     

External regulation,independent director attendance,and governance effects

In this study we examine how the regulation of director attendance disciplines directors’ behavior, and consider the governance effect of such regulations. This examination exploits the differences between the requirements for director attendance at board meetings enacted by the Shanghai Stock Exchange (SHSE) and by the Shenzhen Stock Exchange (SZSE). Using a difference-in-differences model with a sample of A-share listed firms from 2006 to 2017, we document that the rate of meeting attendance by independent directors who serve with firms listed on the SHSE (SHIDs) has increased significantly since the exchange’s enforcement of the regulation on attendance. This positive effect has been more pronounced for independent directors with legal backgrounds. Further investigations find that the regulation of attendance plays a corporate governance role through the mechanism of enhanced monitoring. The attendance regulation increases the SHIDs likelihood of casting dissenting votes, and it leads to both better accounting performance and higher firm value. In addition, SHIDs are more likely to depart from firms listed on the SHSE, and to transfer their directorships to firms listed on the SZSE, which has a less constraining attendance requirement. Our findings provide evidence of how external regulation shapes director attendance and voting behavior in emerging markets.     

我国货币政策对房价作用时滞的实证分析

本文应用向量自回归模型的脉冲响应函数和预测方差分解的方法．对我国货币政策影响房价的外部时滞进行分析。利用2004年1月至2008年6月的月度数据测算出的结果是：信贷规模、狭义货币供应量和利率对房价的作用时滞分别为7个月、3个月和11个月。信贷规模和利率水平度对房价的冲击效应较小。而货币供应量对房价的冲击效应较为明显。央行在制定货币政策时应综合考虑货币工具的特点、作用时滞、经济形势和理性预期的影响。     

Externally reported performance measures and benchmarks in Australia

We survey 116 Australian CFOs from the top 700 Australian Securities Exchange‐listed firms regarding externally reported performance measures and benchmarks. CFO responses are not always consistent with theory, and a comparison with a similar U.S. survey highlights differences consistent with the respective institutional settings. Conditional analyses of responses also find that characteristics such as firm size that differentiate the Australian market from the U.S. market are associated with differences in opinion between the CFOs in each domain. The key message to accounting researchers is that, given significant institutional differences, it is unwise to infer that U.S. findings will apply to Australia and similar market settings.     

External finance and dividend policy: a twist by financial constraints

This study assesses distorting effect of financial constraints on the inverse relationship between internal and external finance by examining impact of an exogenous financing shock (i.e. a regulation released in China in 2008) on dividend policies in a quasi‐natural experimental setting. Our result shows that in the absence of the regulation, the inverse relationship holds. However, the relation is twisted by the 2008 regulation. Compared with unconstrained firms, financially constrained firms are more willing to pay dividends and are more restrained to reduce cash dividends after the regulation, despite the fact that their external financing capacities are further constrained.     

外部环境、资源拼凑与“军技民用”新产品开发关系研究

基于资源拼凑理论视角,运用扎根理论对传统军工企业“军技民用”新产品开发过程进行探究,并探索外部环境、资源拼凑对“军技民用”新产品开发的作用机理。结果发现：“军技民用”新产品开发包括信息获取、技术选择、技术再造3个过程;资源拼凑是“军技民用”新产品开发的有效措施;外部环境对资源拼凑开发“军技民用”新产品过程具有调节作用。