客户集中与企业技术创新——来自我国 A 股上市公司的实证分析

本文基于企业创新的“需求拉动假说”,以我国 2009 至 2013 年 A 股上市公司为对象实 证检验客户集中对企业创新的影响。实证结果表明,客户集中会抑制企业创新;客户集中对企业 创新的抑制作用主要通过加剧企业融资约束而不是降低企业风险承担水平来实现。此外,研究还 发现相较于国有企业,非国有企业客户集中对企业创新产生抑制作用更为明显;相较于国有性质 关键客户,非国有性质关键客户对企业的利益攫取更激进,对企业创新的抑制作用更明显。     

基于EDSA-GIS的广州市人口空间分布演化研究

利用EDSA-GIS空间自相关分析技术,分析改革开放以来广州市人口空间分布及其演化。总体来看,广州市总人口和户籍人口密度的空间集聚日趋明显,呈现出较典型的"高高集聚、低低集聚"分布规律,并在中心城区外围地区逐步形成多个次中心,多核心空间结构日渐成熟,但中心城区的"人户分离"现象明显。广州市在以大型居住区建设为先导的人口郊区化过程中,更应注重郊区,尤其是近郊区的教育、医疗等配套设施建设,以减少中心城区人户分离现象及中心城区与郊区的交通需求。外来人口空间分布也呈现较明显的多核心分布结构,形成了中心城区较高密度的、相对均匀化的空间集聚和中心城区外围高密度的局部集聚的空间分布格局。     

Coherent Measures of Risk

In this paper we study both market risks and nonmarket risks, without complete markets assumption, and discuss methods of measurement of these risks. We present and justify a set of four desirable properties for measures of risk, and call the measures satisfying these properties "coherent." We examine the measures of risk provided and the related actions required by SPAN, by the SEC/NASD rules, and by quantile-based methods. We demonstrate the universality of scenario-based methods for providing coherent measures. We offer suggestions concerning the SEC method. We also suggest a method to repair the failure of subadditivity of quantile-based methods.     

股权集中度与资本结构动态调整研究

以2003—2015年沪深A股上市公司为研究样本,考察股权集中度与资本结构动态调整之间的关系,并通过分组检验考察产权性质、公司规模和盈利情况对股权集中度与调整速度之间关系的影响,结果表明：股权集中度的提高将加快资本结构调整速度;在资本结构向下调整的子样本中,股权集中度的提高对加快资本结构调整速度有更加明显的效果,说明股权集中度对资本结构动态调整的影响具有非对称性;股权集中度对资本结构动态调整速度的促进作用在民营企业、小规模公司和盈利的公司中更为明显。     

Bringing Social Structure Back into Economics: On Critical Realism and Hayek's Scientism Essay

This paper offers a critique of the critical realist (CR) interpretation of Friedrich Hayek's famous essay Scientism and the Study of Society presented in Tony Lawson's recent Economics and Reality. It is argued, contrary to Lawson's reading, that Hayek's social structures (1) do have an existence over and above the conceptions of the individual actors and (2) serve as a precondition for human action on the lines proposed by CR. Some links are made between Hayek's essay and the theory of social reality recently proposed by John Searle, and some comparisons drawn with CR.     

中国证券市场操纵行为研究——基于动态面板数据的实证分析

利用国泰安数据库的中国上市公司数据、采用动态面板数据模型对不同操纵证券市场行为假说进行检验的实证结果表明,中国证券市场操纵行为存在一定的持续性;股权集中度越高,就越可能发生股价操纵行为;市场交易频率与股票的超常收益正相关,流通股东人数与股价超常收益负相关验证了中国证券市场操纵者获得超常收益的一个重要原因是交易型操纵行为。     

Internal Capital Markets and Capital Structure: Bank Versus Internal Debt

We argue that domestic business groups are able to actively optimise the internal/external debt mix across their subsidiaries. Novel to the literature, we use bi‐level data (i.e. data from both individual subsidiary financial statements and consolidated group level financial statements) to model the bank and internal debt concentration of non‐financial Belgian private business group affiliates. As a benchmark, we construct a size and industry matched sample of non‐group affiliated (stand‐alone) companies. We find support for a pecking order of internal debt over bank debt at the subsidiary level which leads to a substantially lower bank debt concentration for group affiliates as compared to stand‐alone companies. The internal debt concentration of a subsidiary is mainly driven by the characteristics of the group's internal capital market. The larger its available resources, the more intra‐group debt is used while bank debt financing at the subsidiary level decreases. However, as the group's overall debt level mounts, groups increasingly locate bank borrowing in subsidiaries with low costs of external financing (i.e. large subsidiaries with important collateral assets) to limit moral hazard and dissipative costs. Overall, our results are consistent with the existence of a complex group wide optimisation process of financing costs.     

竞争性国有企业混合所有制改革对企业盈利能力的影响研究

基于2015—2021国企数据,采用双向固定效应模型,研究混改后企业股权结构对盈利的影响,为竞争性国企混改提供参考。结果显示,提高股权深入度与盈利正相关,适度股权集中度也积极影响盈利。异质性分析指出东部地区混改效果较佳。稳健性检验支持结论,总体而言,混改通过提高股权深入度和适度股权集中度,对企业盈利有积极影响。研究为混改提供理论和实证支持,同时为企业提升盈利能力提供有益借鉴。     

基于关键链的水利工程项目进度控制研究

介绍了关键链项目管理(CCPM)法的基本思想及其3种缓冲区的确定方法。以控制截流工程进度为例,在资源约束条件下利用CCPM法确定项目的关键链,并用根方差法计算出了项目的缓冲区值,对CCPM法在水利工程项目进度控制中运用的可行性及有效性进行了验证,结果表明,运用CCPM法进行水利工程项目的进度控制,可以有效地缓解资源冲突,保证项目按期完工。     

我国中药材加工产业市场结构分析

通过对我国中药材加工产业的市场集中度、产品差异化和进入壁垒等方面的分析,进而得出以下结论:我国中药材加工产业组织处于发展的初期;由于中药资源的区域性,大多数中药加工业具有区域性特征,产业规模偏小,规模不经济;中药加工业呈现出垄断与过度分散竞争并存的格局;中药属于知识密集产业,进入壁垒趋高。