农村三大改革的效率反思

农村改革30周年之际,本文基于新福利经济学检验改革效率的标准,对其间发生的三大改革进行了反思,就未来农村改革的主线——形成城乡经济发展一体化新格局,提出了相关的几点政策建议。     

An investigation of the short-term performance of the Canadian IPO market.

This article explores the short-term return performance of the Canadian initial public offering (IPO) market. Historically, the Canadian IPO market has shown to be one of the least underpriced markets in the world. This paper uses recent IPOs from 2010 to 2017, and the results confirm that the Canadian IPO market remains one of the least underpriced IPO markets in the world. The mean (median) first-day returns show that Canadian IPOs are marginally underpricing at only 1.45% (0.24%) during the sample period. Additional short-run return measures indicate that Canadian IPOs underperform the market in their 1-month, 6-month, and 12-month holding periods. This research also contributes to the existing IPO literature by showing that restricted voting share offerings tend to be more underpriced and perform poorly over the short-term.     

质量体系认证向2000版ISO／CD19001认证过渡初探

阐述建筑企业按照2000版ISOC/DI 9001标准的要求进行质量体系认证是发展的必然趋势,分析2000版ISO/CDI9001标准的结构,将它与1994版ISO9001标准进行比较,提出建筑企业质量体系认证如何向2000版ISO/CDl 9001标准认证顺利过渡,如何按照2000版ISO/CDl 9001标准的要求建立有效运转的质量体系的合理建议。     

Forecasting with vector autoregressive (VAR) models subject to business cycle restrictions

In the last decade VAR models have become a widely-used tool for forecasting macroeconomic time series. To improve the out-of-sample forecasting accuracy of these models, Bayesian random-walk prior restrictions are often imposed on VAR model parameters. This paper focuses on whether placing an alternative type of restriction on the parameters of unrestricted VAR models improves the out-of-sample forecasting performance of these models. The type of restriction analyzed here is based on the business cycle characteristics of U.S. macroeconomic data, and in particular, requires that the dynamic behavior of the restricted VAR model mimic the business cycle characteristics of historical data. The question posed in this paper is: would a VAR model, estimated subject to the restriction that the cyclical characteristics of simulated data from the model “match up” with the business cycle characteristics of U.S. data, generate more accurate out-of-sample forecasts than unrestricted or Bayesian VAR models?     

深圳市小产权房问题探索

小产权房是近年来社会广泛关注的热门问题。现时深圳市小产权房星罗棋布,小产权房的存在是一种事实,人民通过交易购买了小产权房,具有财产的权利。为此,深圳市政府希望解决历史遗留下来的问题,在2009年5月21日,深圳市通过并颁布《深圳市人民代表大会常务委员会关于农村城市化历史遗留违法建筑的处理决定》,全国各界对此高度关注,媒体宣称深圳小产权房有望获全国首个"准生证",人们认为小产权房有望合法化。但是,国土资源部发出了否定的信息。国家可能过于保守,社会的发展有时总要冒着风险前行的。     

外汇储备充足性标准的再探讨

由于外汇储备充足性标准的演变趋势是充足性要求的范围不断扩充,标准水平不断提高,但是发达国家的外汇储备却相对减少,实际情况与所述理论背离。因此,本文不认为GG-IMF准则有科学依据,它只是不计储备成本的理论鼓惑,并且带有知识的欺诈性。本文认为确定充足性标准的依据是国际收支波动风险和海外投资收益。     

广西股份制商业银行存在的问题及对策

广西金融市场的日趋繁荣加剧了区内金融机构相互之间的竞争,吸引着越来越多区外金融机构进入该区开展业务。而该区的股份制商业银行在发展中还存在着诸多的制约因素。如何立足于广西的金融市场是我区的股份制商业银行无法回避的重要课题。本文分析了广西的股份制商业银行尚存在的问题,并尝试着提出应采取的一些对策。     

Stock options,restricted stock,salary, or bonus? Managing CEO compensation to maximize organizational performance

CEO pay has gone through remarkable changes over the past two decades. The most striking new features have been the increased use of stock options in the early 2000s, and of restricted stock since then. Both forms of stock-based compensation are intended to resolve the agency problem that occurs when CEOs do not act in the best interests of stockholders, but each has its advantages and limitations. In this instalment of Organizational Performance, we discuss the history of their use and similarities and differences between the two, and argue that both are often overused. Bonuses based on strategic goals, on the other hand, may be underused. We conclude with a contextual approach to guide boards of directors in making choices among the forms of CEO compensation—stock options, restricted stock, salary, and bonus—to incentivize CEOs to work toward maximizing organizational performance. Briefly, stock options are most appropriate for growth firms, and restricted stock for stable firms. Both forms of stock-based compensation are more appropriate for new than for long-tenured CEOs.     

《卓越绩效评价准则》的核心价值观分析与理解

本文通过比较《卓越绩效评价准则》核心价值观与8项质量管理原则的异同,指出核心价值观中的概念具有更丰富的内涵和更高的要求。     

连续流程型企业供应链管理

连续型流程企业是一类重要的制造业企业。为了实现生产和服务的均衡稳定，需要构建以连续漉程型企业为核心的供应链。提出了一种基于产品的供应链构建方法。对于供应链中的供应商管理、销售商管理进行了研究。提出了供应链的评价体系，包含对整个供应链的评价指标和供应链中节点的评价指标。