企业价值网低碳共生演化的序参量控制机理研究——“后危机时代”工业发展模式转型研究

每一次经济危机都会带来产业结构的大调整,并诱发工业发展模式的大转型。本文基于协同学的研究视角,选取了企业价值网作为研究对象,研究在后危机时代企业价值网实现低碳共生演化的序参量控制机理,进一步揭示企业价值网微观运行机理,为企业及政府在后危机时代实现企业价值网的低碳共生演化和低碳发展模式转型提供决策理论依据。     

浅析大规模定制模式基本运作过程

介绍了大规模定制概念与分类;分析了大规模定制的基本运作过程,建立基本运作过程模型;借鉴大规模定制模式分类的思想,把产品生命周期和订单客户分离点的思想相结合,将大规模定制运作过程划分为三个阶段,并对每一个阶段的主要活动进行了分析。     

欧盟气候政策的利益导向及对中国的启示

自20世纪90年代以来,欧盟一直是全球气候谈判的主导者,其低碳技术领先全球,将世界各国尤其是美国、中国等排放大国纳入其主导的全球气候谈判体系符合欧盟三大布局主导下的核心战略目标.全球气候谈判的焦灼,迫使欧盟通过欧盟—拉美峰会、非加太—欧盟联合大会等平台,拉拢利益合作伙伴,以增加其主导气候谈判走向的砝码.欧盟气候政策的转变,削弱了气候谈判中以中国为代表的发展中国家谈判阵营的力量,使中国日益面临谈判伙伴减少,乃至被孤立的风险,增加了未来的谈判压力和难度.为此,中国要加紧对欧盟气候外交长期战略布局的研究,密切关注欧盟今后的气候外交政策动向,制定长期气候外交政策战略,同时加紧国内低碳转型的速度与力度.     

基于啄序理论的上市公司资本结构优化

由于我国资本市场的不完善,以及国企改制造成的股权高度集中、内部人控制问题,导致我国上市公司出现股权融资偏好.要通过解决股权分置,大力发展债券市场,加强股权融资的法律监督,积极构建有效的并购市场等措施,优化上市公司的资本结构.     

Applying hedging strategies to estimate model risk and provision calculation

We present an empirical study of the intertwined behaviour of members in a financial market. Exploiting a database where the broker that initiates an order book event can be identified, we decompose the correlation and response functions into contributions coming from different market participants and study how their behaviour is interconnected. We find evidence for the following. (1) Brokers are very heterogeneous in liquidity provision—some appear to be primarily liquidity providers while others are primarily liquidity takers. (2) The behaviour of brokers is strongly conditioned on the actions of other brokers. In contrast, brokers are only weakly influenced by the impact of their own previous orders. (3) The total impact of market orders is the result of a subtle compensation between the same broker pushing the price in one direction and the liquidity provision of other brokers pushing it in the opposite direction. These results enforce the picture of market dynamics being the result of the competition between heterogeneous participants, interacting to form a complex market ecology.     

The role of birth order in child labour and schooling

Does when a child was born relative to his or her siblings affect whether the child attends school or participates in child labour? We investigate this question by estimating the causal effect of birth order on the probabilities of school attendance and child labour participation. To address the potential endogeneity of family size, we use instrumental variable approach where the proportion of boys in the family is used to instrument family size. Using a longitudinal household survey data from Ethiopia, we estimate unobserved effects bivariate probit instrumental variable model of school attendance and child labour choices. The results suggest that the probability of child labour participation decreases with birth order, but we find no evidence that suggests birth order affects the probability of school attendance. However, among children who are going to school, hours spent studying increases with birth order. Results from complementary time-use analysis reveal that there is no birth order effect on hours spent on household chore. However, hours spent on school increases with birth order, where the increase in hours spent on school seems to come from a decrease in hours spent on market work.     

Jacob Viner on Adam Smith: Development and reception of a theological reading

Abstract

Jacob Viner was one of the most important interpreters of Adam Smith's work, particularly for his emphasis in a classic 1927 article on Smith's theological framework, his discussion of the relationship between the Theory of Moral Sentiments and the Wealth of Nations and dismantling of a popular view of Smith as a doctrinaire advocate of laissez-faire. What is less well known is that Viner's theological reading of Smith developed over the next 40 years through intense study of eighteenth century natural theology, and some of his views changed. This article traces the development of Viner's interpretation of Smith. It assesses the suggestion of D.D. Raphael that Smith moved away from a theological framework over time and that Viner repudiated his theological reading of Smith. I argue instead that Viner's mature work broadened and strengthened the theological reading. Much of the literature on Smith and Viner wrongly assumes that naturalistic explanation and theological frameworks are mutually exclusive. This may be the dominant twentieth century view, but it was not so in the eighteenth century, as Viner well understood.     

Firm-Level Determinants of the Financing Decisions of Small and Medium Enterprises: Evidence from Argentina

This article studies the determinants of the financing decisions of small and medium enterprises (SMEs), which we characterize through three cases: trade-off behavior, pecking order, and extreme aversion to debt. We test our hypotheses using a dataset of firms from Bahía Blanca (Argentina) for two years: 2006 and 2010. We find that firm characteristics related to information asymmetries, such as firm age, size, and legal form; and personal factors, such as owner’s age and education; and perception of emotional bankruptcy costs, are relevant variables in SME financing behavior. The recognition of extreme aversion to debt motivates reconsideration of the underleverage problem of SMEs.     

潜规则与制度和经济秩序

自吴思的《潜规则》一书面世以来,＂潜规则＂已经成为家喻户晓的词汇。潜规则是区别于正式制度和非正式制度的第三种制度,它既依附于正式制度又逾越正式制度,造成多元规则并存,又腐蚀着非正式制度。尽管它增进了实施者的利益,却损害了经济效率和社会公平正义。为了压缩潜规则的运行空间,必须减小公权力所涉领域,充分发挥私权的作用,同时促进制度代理人与公共利益的共容。     

试析委托—代理关系下房地产市场政策选择

委托—代理关系下,由于地方政府与中央政府在目标和利益上有时不一致,地方政府会采取能够使自身利益最大化的行动,从而使政策目标发生扭曲。＂中央—地方双向纠错机制＂意在唤醒基于公共精神的行政治理,注重公共利益。