自然资源的价值管理:理论、实践与创新

可持续发展最大的障碍即为自然资源瓶颈,如何推动自然资源的可持续利用,推动自然资源使用效率的提高,值得思考.笔者提出,应当以资源价值补偿理论创新自然资源的价值管理模式和管理手段,应当实现自然资源价值的宏观补偿和微观补偿衔接与一体化,以真正实现自然资源的以价值管理为核心的资产化管理.     

Deregulation reforms,resource reallocation and aggregate productivity growth in the Australian dairy industry

Deregulation reforms in the Australian dairy industry had long‐lasting repercussions for Australian agriculture and the wider Australian economy. Using farm‐level data from 1979 to 2013, we investigate the effect of these reforms on productivity in the Australian dairy industry which arose from correcting resource misallocation between farms and across segregated state milk markets. Our results demonstrate that after the dairy reforms in 2000, relative market share shifted from less productive farms to more productive ones, and between farms using different production systems – generating additional productivity gains for the farm sector, but imposing some costs on downstream manufacturers by strengthening the seasonality of milk supply. Lessons from the Australian experience provide timely guidance for those countries exploring deregulation now or in the future to improve the industry‐level agricultural productivity growth through facilitating resource reallocation from less efficient to more efficient farms.     

高速公路收费对社会物流费用的影响

为厘清高速公路收费与社会物流费用的关系，文章基于发展经济学的基础理论，构建出高速公路收费、社会物流费用、社会经济发展的作用机制分析框架，得出高速公路收费制度对于优化资源配置具有正向促进作用与反向阻碍作用，体现为基于收费制度实现高速公路快速发展能够改进通行服务效率与质量，降低物流费用，扩大资源配置的市场空间，而高速公路收费作为物流费用的组成部分，会阻碍资源配置空间的扩张。正向促进作用与反向阻碍作用二者互生共存，但正向促进效果远大于反向阻碍。提出社会物流费用作为反向阻碍作用的外在表现形式，其存在具有客观必然性，调整过程是物流各环节优化作用的结果，合理水平的判断标准是现有技术与制度条件下能否最大限度满足运输需求。     

Dependence structures and risk spillover in China’s credit bond market: A copula and CoVaR approach

This study uses a dynamic copula model of dependence to investigate risk spillovers in China’s credit bond market between the bank and corporate sectors for a range of maturities from one week to 30 years. Using daily data on credit spreads for the period December 28, 2009 to June 2, 2017, the empirical results show that credit risk spillover is low and relatively stable for medium-term bonds, but higher and more variable for short- and long-term bonds. The results also show that credit risk spillover increased after 2014 with financial market reforms that involved interest rate liberalization and a loosening of government guarantees on corporate debt.     

开放式创新、战略柔性与创新绩效

以中国制造业259家企业为数据样本，研究了开放式创新、战略柔性与企业创新绩效之间的关系，研究发现开放式创新战略与企业创新绩效呈显著正相关关系，战略柔性与创新绩效呈显著正相关关系，并且开放式创新战略与战略柔性对创新绩效的影响存在显著正向交互作用。研究结果对企业管理层有一定的借鉴意义，企业应该尽可能实施开放式创新战略，提高资源柔性和协调柔性。     

Simulador de vuelo ejecutivo como medio de aprendizaje en la planeación de recursos de nuevas empresas bajo el enfoque del marcador balanceado

A deficient strategic planning in new companies has produced that entrepreneurs initial decisions haven’t been the appropriate and, in the long term, consequences will be reflected in the failure of many new companies. The objective of this article is to propose an executive flight simulator that will help to identify and evaluate different strategies for the development of resources of a new manufacturing company, based on the four perspectives of the balanced scorecard that will help the user to become sensitive in the impact that this will have in the performance measures. The simulator is designed under the System Dynamics view for educational purposes in MBAs, entrepreneurship or executive development programs.     

Integrating agency and resource dependence theory: Firm profitability,industry regulation,and board task performance

Boards of directors are key governance mechanisms in organizations and fulfill two main tasks: monitoring managers and firm performance, and providing advice and access to resources. In spite of a wealth of research much remains unknown about how boards attend to the two tasks. This study investigates whether organizational (firm profitability) and environmental factors (industry regulation) affect board task performance. The data combine CEOs' responses to a questionnaire, and archival data from a sample of large Italian firms. Findings show that past firm performance is negatively associated with board monitoring and advice tasks; greater industry regulation enhances perceived board task performance; board monitoring and advice tasks tend to reinforce each other, despite their theoretical and practical distinction.     

Flexible dependence modeling of operational risk losses and its impact on total capital requirements

Operational risk data, when available, are usually scarce, heavy-tailed and possibly dependent. In this work, we introduce a model that captures such real-world characteristics and explicitly deals with heterogeneous pairwise and tail dependence of losses. By considering flexible families of copulas, we can easily move beyond modeling bivariate dependence among losses and estimate the total risk capital for the seven- and eight-dimensional distributions of event types and business lines. Using real-world data, we then evaluate the impact of realistic dependence modeling on estimating the total regulatory capital, which turns out to be up to 38% smaller than what the standard Basel approach would prescribe.     

Extreme dependence in investor attention and stock returns – consequences for forecasting stock returns and measuring systemic risk

We characterize co-movements in investor attention by modeling multivariate internet search volume data. Using a variety of copula models that can capture both asymmetric and skewed dependence, we find empirical evidence of strong non-linear and asymmetric dependence in the attention investors give to companies. Modeling three years of daily stock returns and search volumes from Google Trends for 29 bank names, we find a striking similarity between the dependence structure inherent in stock returns and the dependence in the corresponding time series of search queries. We then document the existence of significant asymmetric and skewed tail dependence in the joint distribution of stock returns and investor attention. Finally, stock returns and internet search volumes appear to evolve concurrently in real time with neither one leading the other. Our findings have important implications, e.g. for the analysis of banks' interconnectedness based on equity data and the pricing of investor attention in the cross-section of stock returns.