国际证券市场联动程度的实证分析

20世纪80年代以来,通过国际证券投资分散风险已经形成一种可行手段,然而,随着全球经济一体化趋势的强化,国际证券市场也正在经历着一体化趋势,证券市场联动关系越来越明显,这必然会使国际投资多样化空间变小,进而会侵蚀掉国际多样化投资收益.有鉴于此,本文使用协相关参数分析、平稳性检验、多元协整检验、协整向量参数零配载限制检验、基于VECM的Granger因果性检验等计量技术测度国际证券市场联动程度,为国际证券投资提供量化参考.     

国外区位导向性政策研究最新进展及对雄安新区建设的启示

〖JP2〗国外区位导向性政策研究的最新进展为雄安新区相关研究提供了新视角与新方法。通过总结国外区位导向性政策的现实应用,发现其具有应用灵活、实施区域不完全按照现有行政区划、政策目标多元化等新特征。从理论上看,集聚外部性、劳动力市场摩擦与空间关联效应的存在为区位导向性政策提供了理论合理性,但其作用的发挥受诸多因素制约。在实证评估中,现有研究主要利用基于微观大数据的拟自然方法估计区位导向性政策的因果效应,但现实中其具体效果差异很大,同一政策的效应在不同区位与时点也存在较大差异。因此,雄安新区建设中要兼顾公平与效率,促进区域协调,并对其进行针对性评估。〖JP〗     

The complementarity effect of exporting,importing and R&D on the productivity of Ukrainian MNEs

After two decades of research on Emerging Market Multinational Enterprises (EMNE), the debate still concerns the antecedents and strategies of their foreign expansion. However, much less has been said on the effects of international participation on their productivity. Building on insights from the Resource-Based View of the firm and agency theory, we develop hypotheses on the presence of complementarities among export, import and R&D and their impact on productivity. Our empirical analyses on a panel of 23,000 time-year observations of Ukrainian MNEs over the period 2000–2006, confirm that: (i) EMNEs benefit from complementarities stemming from the assimilation and integration of knowledge from international external sources (import and export) with internal knowledge (own R&D investment); (ii) the effect is more pronounced for private-owned enterprises (POEs) rather than state-owned enterprises (SOEs), and (iii) especially when they trade with partners in/from advanced markets.     

我国双目标基础货币规则的设定

通过VEC模型研究发现,我国基础货币增长率、实际GDP增长率、CPI、货币流通速度之间具有趋势特征,存在显著相关性,基础货币的可控性与可测性良好且流通速度较为稳定;基础货币对实际GDP增长率偏差的反应程度要高于通货膨胀率偏差,需在规则设定中赋予更大的权重;能实现经济增长和物价稳定双重目标的基础货币规则,其目标值的设定可以是点或是区间,而区间目标既能体现规则的严肃性又能实现操作的灵活性,还能满足货币政策逆风向调节的本质特征。     

我国省对县(市)一般性转移支付的绩效评价——基于DEA二次相对效益模型的研究

一般性转移支付是我国转移支付制度的重要组成部分,它是中央财政为了平衡地区间财力差异、促进基本公共服务均等化为目的的重要制度安排。然而,中央财政以均等化为目标、以标准财政收支差为依据对省(市、自治区)拨付一般性转移支付资金,以及省对县(市)级政府拨付该项资金时,并没有规定具体用途,因此,县(市)级地方政府拥有对这部分资金完全的自主支配权。在多重目标,尤其是经济增长目标的压力下,一般性转移支付资金可能被挪用和挤占,上级政府实现公共服务均等化的政策意图难以达到预期的效果。本文的目的是:从制度层面论述一般性转移支付政策目标与效率评价的内在联系;探讨DEA二次相对效益模型对一般性转移支付绩效评价的适用性;从基本公共服务资金配置和提升效率两个方面,构建了省对县(市)一般性转移支付绩效评价体系;以云南省的县(市)为样本,对一般性转移支付绩效进行实证模拟评价;提出建立绩效评价是完善省对县(市)一般性转移支付制度的重要内容。     

作业成本制度:银行再造的必然选择

在我国商业银行传统的成本核算中,存在着成本观念淡漠、成本核算对象模糊、成本核算方法简单、成本核算流程滞后、缺乏对客户盈利性的分析等问题,选择作业成本制度是解决这些问题的有效途径。我国商业银行已存在使用作业成本制度的必要性和可能性。     

高校教育成本的核算与控制

基于高校教育成本核算的现状,采用作业成本法对高校教育成本的核算和控制,有利于提高高校管理水平,有效控制办学成本,提高经费使用效益;有利于建立公平合理的教育成本分担机制,促进高等教育健康发展。     

The long shadow of public policy; Barriers to a value-based approach in healthcare procurement

Procurement in the UKs National Health Service (NHS) is facing its most significant financial challenge. Despite the sheer scale and complexities of the public healthcare sector, the Government's solutions are all too often packaged as "collaborate more", "standardise products" and "leverage spend". Unfortunately, these over simplistic solutions take a myopic view of market drivers, conflate spend with potential savings and fail to deliver value. Many contracts have already been commercially optimised yet the funding crisis continues to deepen. New value-based procurement approaches are needed to drive longer-term innovation and cost reduction and to move debates from efficiencies to embrace effectiveness in integrated supply chains. In this research, we adopt the resource-based view (RBV) as a lens to explore the extent to which NHS resources support the strategic adoption of value-based approaches. An empirical case study on a regional cluster of six NHS Trusts in England, confirms the dominance of narrow price-based approaches that create barriers to moving towards longer-term, valuebased procurement. The antecedent roots of price-based approaches are unpicked through a hermeneutic analysis of recent Government commissioned reports to show how these have set the tone, culture and priorities for healthcare procurement in the UK. The analysis provides explanatory power to the case study by illustrating how Government reports have led to, and legitimised the dominance of price-based approaches and caused relational and resource-based barriers to adopting value-based procurement, despite stakeholder enthusiasm. The findings provide unique insights into why public procurement has struggled to reach beyond its traditional cost orientated scope. We contribute to an extended consideration of the RBV in public organisations through identifying the role of the policy environment in determining and legitimatising an organisation's strategic direction.     

欧洲中心论与中国中心观的糅合?——读韩毓海的《五百年来谁著史》

韩毓海教授在《五百年来谁著史》一书中以"中国中心观"的视角从基层、金融、世界这三方面来解读1500年来的中国与世界历史,认为中国的"国家能力的持续下降"是明清经济崩溃的根源;西方的发展并不是历史的必然,而只是"历史的耦合"。韩毓海在论述时并没有完全跳出欧洲中心论的视角,而是两种视角交织在一起的。     

构建企业资源特性多层面分析模型: 持续竞争优势形成探源

现今，企业的战略焦点逐渐从传统的外部定位转移到内部审视的资源基础观点上。许多学者认为企业资源的特性与持续竞争优势的创造有着密切的关系。若整合各家观点，并以资源内在特性、外在市场特性、竞争导向特性和竞争结果特性四个层面构建分析企业资源特性的概念性模型，即可解释企业持续竞争优势产生的原因。