构建台湾海峡经济区的几点思考

构建台湾海峡经济区不仅适应了世界经济区域化潮流,而且对中国的和平崛起具有重要战略意义。它的构建不仅可以形成一个能与长三角与珠三角相媲美的又一个经济增长中心,而且将促进两岸经济一体化,进而促进政治和解与和平统一。本文认为类似自由贸易区或CEPA的模式是台湾海峡经济区的最佳选择。     

高等院校规模效益实证分析

本文运用函数模型分析了扩招以来高校规模效益状况。研究发现,目前高校中普遍存在规模效益,但效益随规模的扩大呈递减趋势;人力投入产出效益比资本投入产出效益低。     

中国区域经济增长及其收敛性:空间面板数据分析

本文运用空间面板数据分析方法考察中国区域经济增长和收敛性问题。首先介绍了空间固定效应模型的设定和经济意义，并概要说明了面板数据模型的空间相关性检验、模型选择和估计等问题。在此基础上，使用空间固定效应模型对1985-2004年中国省级区域经济增长及其收敛性进行了实证分析。发现条件收敛是非常可靠的经验结论，同时验证了增长过程中区域外溢显著存在。最后概括了主要研究结论和促进区域经济协调发展的政策含义。     

学习三个代表重要思想 坚持国企改革正确方向

结合“三个代表”思想的学习，联系国企改革的问题，本文明确提出国企改革必须坚持正确的政治方向。为此要做到以下三点：一是必须从政治和经济相结合的高度来认识和对待国企改革问题；二是国企改革要坚持公有制经济的主体地位和国有经济的主导作用，三是国企改革要全心全意依靠工人阶级。     

'Coase vs Hayek': Economic Organization and the Knowledge Economy

Many writers argue that economic organization is undergoing major transformation in the emerging knowledge economy; authority relations are withering; legal and ownership-based definitions of the boundaries of firms are becoming irrelevant and there are increasingly few constraints on the set of feasible combinations of coordination mechanisms. The present paper critically deals with these claims, beginning from the basic idea that they may be analysed as turning on the implications for the Coasian firm of the Hayekian notion that the distributed knowledge is a strong constraint on the use of planned coordination. It argues that there are efficiency reasons for the existence of authority under Hayekian distributed knowledge; that the increasing importance of knowledge in production does not render legal and ownership-based notions of the boundaries of the firm irrelevant; and that coordination mechanisms will also cluster in certain, predictable combinations in the emerging knowledge economy. Thus, Coasian firm organization is consistent with Hayekian knowledge conditions.     

The Governance of Transactions by Commercial Intermediaries: An Analysis of the Re-engineering of Intermediation by Electronic Commerce

Efficiency arguments explain why commercial intermediaries exist and will continue to be involved in the exchanges despite the spread of digital networks. Commercial intermediaries provide producers and consumers with a set of information, logistic, securization and insurance (and liquidity) services. By bundling these services and by dedicating assets and learning capabilities to their production, commercial intermediaries allow transaction costs to be reduced. Digital networks per se cannot allow transacting parties to benefit from such efficient providers of intermediation services. Rather than establishing direct relationships among producers and consumers, the Internet will support a re-organization of existing intermediation chains, because traditional intermediaries will reinforce their ability to provide these service by using ITs. The analysis of the role of commercial intermediaries thus leads to a better understanding of the future of e-commerce. In turn, e-commerce provides New-Institutional Economics with a stimulating case study.     

Liquidity costs: Screen-based trading versus open outcry

The results reported in this paper challenge the popular belief that screen-based trading offered lower liquidity costs than the open-outcry approach during its first year of side-by-side operation in the U.S. financial derivatives market. Using time and sales data from the Chicago Board of Trade (CBOT) market profile data series, effective bid-ask spreads are estimated on the basis of daily and intraday measures of the Thompson-Waller and Smith-Whaley estimators. We find liquidity costs on the screen-based system vary with time and the level of floor trading activity. In particular, a one-tick market is observed just before the opening of the Chicago trading floor (6:30 to 7:30 am). However, subsequent intraday spreads exhibit the familiar “reverse J-shaped pattern”—highest following the opening of floor trading, declining until afternoon, and then increasing until close. Meanwhile, daily spread estimates average almost a quarter-tick higher on the screen-based market relative to the one-tick spread commonly associated with open outcry. This relationship remained robust across sample time-series and conservative price-change specifications. Since the study was conducted, electronic trading has become the predominant exchange medium for financial derivatives at the CBOT, following the example set in Europe's traditional futures exchanges, e.g. France's Matif, Germany's Deutsche Bourse and the U.K.'s Liffe.     

市场经济条件下铁路运输企业的职能定位

市场经济对政府和企业的职能有明确的界定,铁路实行政企分开,需要解决铁路运输企业的职能多样化问题,应当按照“企业职能”塑造运输企业,推进铁路市场化改革。分离企业办社会职能,政府应当行使对公益性服务的购买职能和公益性项目的投资职能。     

The wisdom of crowds: The potential of online communities as a tool for data analysis

Online communities have become an important source for knowledge and new ideas. This paper considers the potential of crowdsourcing as a tool for data analysis to address the increasing problems faced by companies in trying to deal with “Big Data”. By exposing the problem to a large number of participants proficient in different analytical techniques, crowd competitions can very quickly advance the technical frontier of what is possible using a given dataset. The empirical setting of the research is Kaggle, the world?s leading online platform for data analytics, which operates as a knowledge broker between companies aiming to outsource predictive modelling competitions and a network of over 100,000 data scientists that compete to produce the best solutions. The paper follows an exploratory case study design and focuses on the efforts by Dunnhumby, the consumer insight company behind the success of the Tesco Clubcard, to find and lever the enormous potential of the collective brain to predict shopper behaviour. By adopting a crowdsourcing approach to data analysis, Dunnhumby were able to extract information from their own data that was previously unavailable to them. Significantly, crowdsourcing effectively enabled Dunnhumby to experiment with over 2000 modelling approaches to their data rather than relying on the traditional internal biases within their R&D units.     

社会责任理念与现金股利承诺制——基于A股上市公司的实证分析

现金股利承诺制是中国上市公司分配制度的一项重大改革。针对上市公司存在的分红异常行为,本文从社会责任价值理念入手,对比考察了不同价值理念下不同发展战略的公司履行现金股利政策的差异。研究发现:公司价值理念的差异导致了制度执行效果的区别。秉持社会责任理念的上市公司会采取较为积极主动的现金股利政策,能较好地抑制"利益侵占"行为。涉及金融资产和"外购商誉"的公司其分红行为迥异,在传统价值理念制约下前者表现较差。因此,普及企业社会责任理念对新政的实施将大有裨益。