机构投资者、市场化进程与公司代理成本——基于动态内生性的经验研究

本文以2002—2009年716家上市公司为样本,在动态内生性的框架下,运用动态面板的System GMM估计方法,研究了机构投资者、市场化进程与公司代理成本间的关系。研究发现,机构投资者持股比例和市场化进程都与公司代理成本负相关,机构投资者与市场化进程在降低公司代理成本方面存在替代关系。通过进一步研究发现,机构投资者和市场化进程都对公司代理成本有长期影响。公司代理成本在机构投资者影响公司绩效中起部分中介作用,而在市场化进程影响公司绩效中起完全中介作用。     

Interest Rate Pass‐Through in Mongolia

This study empirically examines the interest rate pass‐through of the money market interest rate to bank lending and bank deposit interest rates in Mongolia using both linear and nonlinear autoregressive distributed lag (ARDL) models. The results from the empirical analysis using data from December 2002 to September 2015 suggest that interest rate pass‐through is generally weaker, slower, and asymmetric in Mongolia. The new findings provide evidence that: (i) interest rate pass‐through has improved over time; (ii) the bank deposit rate has a higher long‐run interest rate pass‐through and slower adjustment than the bank lending rate; and (iii) there is a negative long‐run asymmetric pass‐through with respect to the bank lending rate and a positive long‐run asymmetric pass‐through with respect to the bank deposit rate.     

Guanxi and organizational dynamics in China: a link between individual and organizational levels

Guanxi in China is a very ancient concept embedded in the Confucian concept of life and one that is a ‚hot' topic in that it is currently attracting increasing attention from both Western and Chinese scholars. One aspect of Guanxi which has been the subject of most of the research of late is the influence of Guanxi on firm performance. However, relatively few studies have examined how Guanxi at the individual level is transferred into a firm to influence its financial performance. This study first reclassifies Guanxi into obligatory, reciprocal, and utilitarian types at the individual level as a means to clarifying the confusion brought above from previous studies. It then provides a conceptual framework in which to systematically characterize the link between Guanxi at the individual level and organizational dynamics: that is, how is Guanxi at the individual level shifted to a firm and how does it affect organizational dynamics of that firm at the organizational level. Finally, it provides a deeper understanding of the financial implications of Guanxi to business firms in China. Dr. Yi Zhang is Associate Professor of School of Public Administration and a former postdoctor of Scholl of Management at Huazhong University of Science and Technology. His research lie in international business and FDI, strategic management in China, and organizational learning. His work has been and will be published in the Journal of Business Ethic and Singapore Management Review. Zigang Zhang is Professor of College of Management at Huazhong University of Science and Technology. His research interests include strategic management, knowledge management, and cooperation management.An earlier version of this paper was presented at the Fourth Asia Academy of Management Conference, December 2004, in Shanghai, P.R. China.     

Do exports generate higher productivity? Evidence from Slovenia

I use matched sampling techniques to analyze whether firms that start exporting become more productive, controlling for the self-selection into export markets. To this end, I use micro data of Slovenian manufacturing firms operating in the period 1994-2000. Overall I find that export entrants become more productive once they start exporting. The productivity gap between exporters and their domestic counterparts increases further over time. These results also hold at the industry level and are robust to other controls that may be associated with increased productivity, such as private ownership. Using information on the (firm-level) destination of exports, I find that the productivity gains are higher for firms exporting towards high income regions.     

Recent Advances in Structural Econometric Modeling: Dynamics, Product Positioning and Entry

In the empirical analysis of consumer markets, recent literature has begun to explore the dynamics in both consumer decisions as well as in firms' marketing policies. Other research has begun to explore the strategic aspects of product line design in a competitive environment. In both cases, structural models have given us new insights into consumer and firm behavior. For example, incorporating consumer and firm dynamics may help explain patterns in our data that are not well-captured by static models. Similarly, the strategic aspects of firm entry and product-positioning may be intrinsically linked to firm conduct and the intensity of competition in a market. Structural analysis of these consumer and firm decisions raise a number of substantial computational challenges. We discuss the computational challenges as well as specific empirical applications. The discussions are based on the session “Structural Models of Strategic Choice” from the 2004 Choice Symposium.     

农村金融减贫的直接效应与中介效应——基于状态空间模型和中介效应检验的动态分析

基于中国农村1986~2010年的时间序列数据,采用状态空间模型和中介效应分析方法检验并测算了农村金融发展对农村贫困的影响效应及其成分。研究结果表明：农村金融发展有效促进了农村贫困缓减,并且在促进农村贫困缓减的过程中中介效应与直接效应并存。     

基于系统动力学的快速消费品供应链信息共享研究

运用系统动力学方法研究快速消费品行业供应链信息共享问题,结合具体案例,利用系统动力学软件(Vensim PLE 5.11)构建快速消费品行业供应链的系统流图并对其进行分析。通过模拟分析发现信息共享后能够有效地减少供应链成员企业的库存及订单量波动,提高整个供应链响应市场的能力。     

我国垒球击球动作节奏研究现状分析

经过几十年的发展完善,垒球作为一项观赏性和趣味性较强的运动逐渐被人们熟悉和喜爱。本文主要分析和研究了我国垒球击球动作节奏,并得出了最终结论。     

京津冀地区低碳经济发展路径研究

京津冀区域经济一体化是当前政策的讨论热点,从地理区位以及国家经济发展规划的角度,把京津冀地区作为一个整体进行研究,构建了京津冀地区的SD（System Dynamics）模型。并设计了自然发展型、经济持续高速发展型、能源节约型、碳税干预型、人口规模持续增长型、综合互补型等六种低碳经济发展路径。通过Vensim软件进行仿真模拟,对各路径的优缺点进行比较分析。选取了实际GDP、人口数量、不可再生能耗、碳排放量等四个变量,创新性地借用层次分析法的思想对六种路径进行了综合评价,结果表明综合互补型路径是京津冀地区低碳经济发展的最优路径。最后基于模拟结果,提出了京津冀地区低碳经济发展的适宜性策略。