A study of the efficiency of the Chinese clean energy stock market and its correlation with the crude oil market based on an asymmetric multifractal scaling behavior analysis

We examine the multifractal scaling behavior and market efficiency of China’s clean energy stock indexes using an asymmetric multifractal detrended fluctuation analysis (A-MFDFA) and then investigate the tail correlation between this index and the crude oil market via an asymmetric multifractal detrended cross-correlation analysis (A-MFDCCA). First, we reveal that the overall, upward and downward trends of the clean energy stock indexes all have significant multifractal characteristics. The clean energy stock market is far from efficient regardless of whether the fluctuations are small or large. In addition, both upward and downward fluctuations exhibit considerable asymmetry. The significant gap between the downward and overall trends indicates that the downward trend following small-scale fluctuations implies weaker efficiency for investors. Furthermore,based on the sliding market deficiency measure (MDM),we find that the change in efficiency in the three trends significantly depends on the length of the window. In the short term, there is no significant efficiency difference among these three trends; however, in the long term, the asymmetry in the upward and downward trends has gradually increased,especially after December 2018. The results demonstrate that bear markets can offer considerably more opportunities for obtaining excess profits. Finally, we reveal that the cross-correlation between the trends of crude oil prices and low-carbon indexes exhibits significant multifractal characteristics. When the crude oil market is in a bull market or the low-carbon energy market is in a bear market, especially in a larger-scale fluctuation, investors should pay attention to the long-term influence of the counterparty market and carry out a hedging operation to avoid risks.     

Information transmission between large shareholders and stock volatility

Does information transmission between large shareholders exacerbate stock volatility or reduce stock volatility? In this study, based on the common shareholding data in the Chinese stock market from 2007 to 2017, we establish the shareholder’s coshareholding network, and use the weighted network clustering coefficient to measure the information transmission speed. Moreover, we investigate the impact of information transmission speed on stock volatility. The empirical results show that a nonlinear U-shaped relationship exists between information transmission speed and stock volatility. The findings are robust to the inclusion of other determinants of stock volatility identified in the literature. Finally, we verify the existence of private information interaction in the coshareholding network.     

Circular business model implementation: A capability development case study from the manufacturing industry

Circular business models (CBMs) have huge potential to deliver economic, social, and environmental benefits, but CBMs have yet to be implemented widely in industrial settings. One reason is that they are often presented as one-size-fits-all solutions, but this is misplaced because product-specific criteria and company capabilities determine the correct choice and implementation of CBMs. Therefore, the purpose of this paper is to investigate how CBM selection and capability development facilitates the implementation of CBMs. For this purpose, we have adopted a qualitative research approach and undertaken 25 explorative interviews in three large Swedish manufacturing companies. In this paper, a CBM implementation framework consisting of two parts has been developed. The first part addresses the choice of the appropriate CBM based on tactical configurations. The second part provides a capability development path by explicating underlying routines that need to be progressively developed in order to move smoothly to more advanced CBMs.     

绿色物流视角下生活垃圾回收处理研究文献综述

近些年来,我国众多城市都出现了垃圾围城的现象,垃圾回收处理也成为了社会广泛关注的热点,但是众多学者对相关理论的研究成果并没有被系统性的总结。文章将在绿色物流视角下,对生活垃圾回收处理的相关研究进行全面梳理,从居民垃圾分类意识、垃圾回收处理服务网络构建、垃圾回收站点及中转站的选址等三个方面进行综述,最后进行述评和研究展望。     

石油物流网络的建构及其实现途径

随着当前社会与经济的发展,对于石油等能源物质的需求量不断增加,石油在物流运输过程中所产生的成本也在不断提升。为降低我国石油物流运输工作过程中的成本,需要对当前石油物流的整体发展进行研究,并且基于此构建中国石油物流网络系统,从而使石油物流网络的整体运转效率得到提升并且降低成本。     

油气企业供应商管理存在的问题与建议 ——以CS公司为例

伴随着供应链管理的应用与发展,越来越多的企业认识到必须充分利用内外资源保持自身的竞争实力.作为重要的外部资源,供应商管理关系到企业成本与收益的平衡,而要做好供应端的成本管理首先要做好供应商的选择和优化.针对CS公司的供应商管理现状及存在的问题,探索适应企业的可操作性强的对策,以期为我国大型油气企业的供应商管理实践提供一...     

制度变迁下国有商业银行农村服务网络演化——以农业银行兰考县支行为例

经济转轨背景下农村的银行服务网络呈现出不同于城市的演化特征。从制度变迁角度建构分析框架,基于历史、调查与访谈数据,以农业银行兰考县支行为例,探讨我国商业银行农村服务网络演化动力机制。研究表明:国有商业银行农村服务网络经历了恢复成立后的快速扩张和密集的人工网点服务,市场化改革中农村业务收缩和大规模网点撤并,到新时期人工、自助、电子、代理等多元服务渠道扩张;农村银行服务网络演化是商业银行和制度环境相互作用的空间过程,普惠金融战略下我国特别强调金融服务的均等化和基础金融网点的全覆盖,商业银行不断借助新的伙伴关系开拓农村市场,其中合作代理日益发挥重要作用。不同地区、不同商业银行农村服务网络模式的差异,农村银行服务网络转型对农村社会经济发展、金融生态环境改善、农民金融素养提升的影响等还需进一步研究。     

本地非农就业对农村居民家庭消费的影响——基于CHIP农村住户调查数据的实证研究

本文运用CHIP2013农村住户调查数据,实证考察本地非农就业对农村居民家庭消费的影响。使用本地非农就业网络作为工具变量的估计结果表明,本地非农就业家庭的年生活消费总额比农业就业家庭显著高出15.5%-28.2%。机制分析表明,收入提升和边际消费倾向增加是本地非农就业促进农村居民家庭消费的可能机制。受雇形式的本地非农就业对农村居民家庭消费的促进作用大于本地自雇就业,且本地非农就业对多数消费项目均具有显著的促进作用。在农村非农就业劳动力市场发生结构转变的新形势下,农村地区非农就业的发展将有利于发挥农村消费市场在提升内需中的作用。     

地区间产业融合有利于缩小区域经济差异吗？——兼析中国地区间产业融合网络及其结构演变

区域发展不平衡的问题需要通过加强地区间的经济联系来解决,地区间的产业融合在发挥各地区比较优势促进整体经济发展的同时,也会通过一体化的产业体系促进区域经济差异的缩小。基于中间品投入产出关系设计地区间产业融合水平评价指标,并采用2002年、2007年和2012年《中国区域间投入产出表》的数据,以30个省级区域为地区单元构建地区间产业融合网络,分析表明：在样本期间,中国的地区间产业融合网络格局处于动态演进中,在总体水平显著提高的同时也存在地区发展的不平衡,部分地区与其他地区的产业融合水平有待提升;中国的地区间产业融合网络具有与地理位置相关的板块特征,地理因素对地区间产业融合具有重要影响。进一步运用QAP回归方法分析地区间产业融合水平变化对经济发展水平差异变化的影响,结果表明地区间产业融合水平的提升有利于区域经济差异的缩小。因此,应积极深化社会主义市场经济体制改革,促进地区间市场和产业的一体化发展,并通过加快数字经济发展和基础设施建设等弱化地理因素对地区间产业融合的制约,进而提升地区间产业融合水平并优化其网络结构;在提高地区间产业融合发展水平的同时,也要积极缩小地区间资本积累、产业结构等方面的差异,以更有效地促进区域经济差异缩小。     

B2B品牌形象线索的探索性研究——基于网络评论及访谈的内容分析

在企业间营销过程中,品牌的作用日趋明显。积极的品牌形象有助于在企业顾客心目中形成良好的印象,进而影响其购买意向。品牌形象线索是采购商感知供应商品牌属性的依据和途径。本文采用“网络民族志”的研究方法,就互联网上采购商对于供应商的评论进行内容分析,得到83条概念线索及21个范畴,最终归纳为7个核心类属：产品形象、服务形象、人员形象、使用者形象、网络形象、社会形象、企业形象。通过梳理7个类属之间的关系以及深度访谈,最终验证得出企业形象对于其他形象线索有统领作用。