天然气供应链安全战略下的库存集中控制研究

随着我国天然气需求的快速增长以及对外依存度的提高,我国天然气供应链安全问题已成为事关国家安全战略的重大问题。天然气供应链安全战略下的库存集中控制问题已成为当前研究的热点。文中在深入分析库存集中控制在天然气供应链安全战略中的作用的基础上,对其实施原则与对策进行了较为详细的论述。其结论对于我国实施天然气供应链安全战略具有较高的参考和借鉴作用。     

The joint impact of labour policies and the “Great Recession” on unemployment in Europe

The paper consists of an empirical analysis of the separate as well as joint impacts on total and youth unemployment of indicators of labour market policies on the one hand, and the financial crisis associated with the “Great Recession” on the other. In particular, we investigate labour market data in the past two decades for the Enlarged Europe and adopt a variable accounting for the idiosyncratic severity shock of the crisis. This time-varying and country-specific crisis variable enables us to test empirically and in a novel way the joint impact of labour market policies and the economic crisis on labour market dynamics even when accounting for common macro shocks.     

老年人的精神需求及其社会政策意义

养老问题实质上是老年人的需求与满足问题。精神需求是老年人需求的基本方面和重要内容。老年社会政策应关注老年人的精神需求,建立老年人精神支持和精神保障机制,以提高老年人生活质量,促进社会和谐与稳定。     

Incentives and Performance in Real Estate Brokerage

This article has two objectives. One is to offer a theoretical model to study how the difference in commission structures affects the performance of agents at full-commission firms (e.g., RE/MAX agents) relative to other agents. The other is to provide an empirical test of the relative performance of full-commission agents. We predict that in equilibrium the selling price and the expected time it takes to sell a listing through a full-commission agent are the same as they are with a traditional agent. Our theoretical predictions are supported by our empirical results.     

Price Linkages in Asian Equity Markets: Evidence Bordering the Asian Economic, Currency and Financial Crises

This paper examines price linkages among Asian equity markets in the period surrounding the recent Asian economic, financial and currency crises. Three developed markets (Hong Kong, Japan and Singapore) and six emerging markets (Indonesia, Korea, Malaysia, the Philippines, Taiwan and Thailand) are included in the analysis. Multivariate cointegration and level VAR procedures are conducted to examine causal relationships among these markets. The results indicate that there is a stationary relationship and significant causal linkages between the Asian equity markets. Nevertheless, lower causal relationships that exist between the developed and emerging equity markets suggest that opportunities for international portfolio diversification in Asian equity markets still exist.     

基于产业组织理论视角的顾客转换成本研究

在一定意义上,顾客转换成本可以看作一种特异性投资,便于企业形成一定程度的市场势力,影响同行企业竞争,提升自身绩效,因此顾客转换成本理论成为近年来学术界研究的重要领域之一。本文将基于产业组织理论S-C-P范式的视角对国内外学者在顾客转换成本方面的研究进行分类综述,并对顾客转换成本的未来研究和应用提出了几点展望。     

蜜月游市场特征的相关与回归分析——针对北京常住居民蜜月游市场

在我国,蜜月游市场发展迅猛,潜力巨大,收益率颇高.特别值得注意的是,我们调研发现:高收入者与非高收入者共享蜜月游这一高端旅游产品.为此我们进行了相关的定量分析,以进一步研究其发展脉络,揭示其变动趋势,为政府主管部门及相关旅游企业提供决策依据.     

移动电子商务在旅游中的应用模式与营销创新

当前,移动电子商务在旅游业的应用还处于探讨阶段,还没有真正进入到旅游行业应用。本文通过对移动电子商务的内涵分析,提出了在旅游业发展移动电子商务可行的三种模式,并指出其在旅游服务中应用价值,最后,从4个方面详细阐述了移动电子商务对旅游营销活动开展具有创新性的推动作用,为旅游服务供应商利用移动电子商务开展旅游营销指明方向。     

社会保障税的税源与税率研究——基于2010—2050年人口预测数据

社会保障税费改革争论已久,实质问题不在于谁负责征税,而在于区分税费性质,理顺社会保障体系的结构。基于社会保障税的税源与税率的确定,以《国家人口发展战略研究报告》发布的人口数据为基础,以国民基础养老金为例,测算2010—2050年中国社会保障税的税率、财政支出占比与GDP占比,结果表明:国民基础养老金作为纯公共品,应由政府通过税收的方式为其筹集资金,资金来源的可行方式是征收社会保障税。     

The impact of reporting frequency on the information quality of share price: evidence from Chinese state-owned enterprises

As a major global exchange, the Stock Exchange of Hong Kong (SEHK) only requires semi-annual reporting whereas other major exchanges including the ones in Chinese mainland require quarterly reporting. We argue against the traditional view that higher reporting frequency is necessarily more beneficial. The decision on reporting frequency depends on how the information is being processed by the recipient traders and the results are not obvious. Using a sample of Chinese companies duallisted in both China A share market and SEHK (AH shares) as the experimental group and mainland’s companies listed on SEHK (H shares) only as the control group, we apply the difference-in-difference (DID) method to investigate the impacts of reporting frequency on stock information quality. The results suggest that after China A share market require quarterly financial reporting for all listed companies in 2002, the information asymmetry of the H tranche of AH stocks increases. Different from prior studies, the results suggest a negative association between stock information quality and financial reporting frequency. We argue that the increased information asymmetry in the H tranche is caused by the noise spilled over from the A tranche. We conduct multivariable GARCH tests and find evidence supporting this conjecture.