中国农村金融市场成长机制及模式研究

本文在分析了原有农村金融市场成长机制的现状,结合中国农村金融发展实际的基础,总结出了中国农村金融市场成长存在的问题及这些问题产生的根源,对中国农村金融市场成长的影响进行了分析,并提出了对于农村金融市场发展成长的具体政策措施。     

Property finance in the UK in the post‐war period

Summary

This paper is intended to introduce readers to the subject of property finance and to provide a review of post‐war trends in property finance and investment. In particular, it considers the growth and influence of institutional investment. The property ‘myth’ is examined in the light of recent analysis of the rental performance of commercial and industrial property, and the obsolescence of buildings.     

江苏国内旅游客源市场空间结构研究

以江苏省国内旅游抽样调查资料为基础,运用ADod指标、数值模拟等方法分析了江苏国内旅游客源市场份额分布情况,发现2000—2008年各个年份一级客源市场都占有绝对的主导地位,但有不断下降的趋势;江苏客源地到目的地的平均距离总体上呈现出不断上升的趋势,对远距离客源地的吸引能力在不断的加强;江苏省国内旅游客源市场分布符合距离衰减规律,客源市场在500km以内衰减较快,距离效应比较明显,500km以内的区域的比重占到了60%以上,500—2300km客流量呈现波动减少的特征;江苏国内客源市场的衰减规律遵循幂指数衰减,其距离摩擦指数为1.2095。     

Foreign investment,corporate governance and performance in the Chinese listed A Share companies

We present a novel lens on the presence and impact of qualified foreign institutional investors (QFII) in top shareholdings of the non-financial domestically listed Chinese ‘A’ share firms. The initial results suggest that the presence of a QFII as a top shareholder in these companies is associated with their better performance, using both Tobin’s Q and ROA as the performance measures. Our models include variables representing corporate governance mechanisms, foreign legal person shares, a proxy for international affiliations and a number of time-variant firm characteristics. Economically, the coefficient of impact on the market measure is the more significant, while the effect of having a QFII in top shareholdings on both performance measures is empirically significant. Previously, studies have often ignored the potential for reverse causality beyond using lagged regressors. This is problematic. Therefore, we follow up with a 2SLS instrumental variables and system GMM model to further mitigate this potential and find the empirical relationship holds. Contrary to earlier work on QFIIs and governance post-implementation of the QFII scheme, the findings from our models suggest that the presence of a QFII top shareholder augments market performance holding equal existing corporate governance mechanisms and other controls.     

Tourist preferences for ecotourism in rural communities adjacent to Kruger National Park: A choice experiment approach

This paper analyses the potential for development of ecotourism in rural communities adjacent to Kruger National Park (KNP) in South Africa. We determine preferences of tourists, according to origin and income levels, for ecotourism and their marginal willingness to pay (MWTP) for three ecotourism attributes: village accommodation, village tours and visits to crafts markets. Data were collected from 319 tourists through choice experiments, and analyzed using a conditional probit model. Findings indicate reluctance on the part of all tourists to use accommodation facilities outside KNP, but interest to purchase village tours and visit village-based craft markets. MWTP was negative for accommodation for all income groups, but positive for village tours and crafts markets. Among international and high income groups of tourists, tourists were willing to pay much higher fees than proposed by communities. These findings suggest the potential for development of some limited ecotourism services in villages adjacent to KNP.     

Rental markets for cultivated land and agricultural investments in China

The purpose of this paper is to empirically track the progress and consequences of the emergence of cultivated land markets in China since 2000. We draw on a set of nationwide, household‐level panel data (for 2000 and 2008) and find that the markets for cultivated land rental have emerged robustly. According to our data, 19 of China's cultivated land was rented in farm operators in 2008. We also find that the nature of China's cultivated land rental contracts has become more formal and lengthened the period of time that the tenant is able to cultivate the rented‐in plots. While there may be benefits for lessors and tenants, our data show that there are falling rates of investment in organic manure. The farmers in our sample have reduced organic manure use from 13 tons/ha in 2000 to 5 tons/ha in 2008. Part of this fall is due to the rise of cultivated land rental markets. The analysis, however, does not find that improved property rights in cultivated land rental affect investment largely because property rights have largely been established by 2000, the first year of our sample. Our results, however, also show that there are forces that appear to be mitigating the negative consequences of rising cultivated land rental. After holding constant initial rental rates and other factors, we find that the gap between investment in organic manure in own land and rented‐in land is narrowing. One interpretation of our findings is that if policymakers can find ways to even further strengthen the rights of lessors and tenants as well as lengthen contract periods, farmers—even those that rent—will invest more in their land, because they will be able to capture the returns to their investments.     

基于终端准入机制的网络资源管理平台技术研究

本文主要介绍了基于终端准入机制的网络资源管理平台的研究目标、平台架构、设计原则、主要功能以及技术特点。     

Sequential control of time series by functionals of kernal-weighted empirical processes under local alternatives

Motivated in part by applications in model selection in statistical genetics and sequential monitoring of financial data, we study an empirical process framework for a class of stopping rules which rely on kernel-weighted averages of past data. We are interested in the asymptotic distribution for time series data and an analysis of the joint influence of the smoothing policy and the alternative defining the deviation from the null model (in-control state). We employ a certain type of local alternative which provides meaningful insights. Our results hold true for short memory processes which satisfy a weak mixing condition. By relying on an empirical process framework we obtain both asymptotic laws for the classical fixed sample design and the sequential monitoring design. As a by-product we establish the asymptotic distribution of the Nadaraya-Watson kernel smoother when the regressors do not get dense as the sample size increases.Acknowledgements The author is grateful to two anonymous referees for their constructive comments, which improved the paper. One referee draws my attention to Lifshits paper. The financial support of the Collaborative Research Centre Reduction of Complexity in Multivariate Data Structures (SFB 475) of the German Research Foundation (DFG) is greatly acknowledged.     

Competing with complementors: An empirical look at Amazon.com

Research Summary : Platform owners sometimes enter complementors' product spaces and compete against them. Using data from Amazon.com to study Amazon's entry pattern into third‐party sellers' product spaces, we find that Amazon is more likely to target successful product spaces. We also find that Amazon is less likely to enter product spaces that require greater seller efforts to grow, suggesting that complementors' platform‐specific investments influence platform owners' entry decisions. While Amazon's entry discourages affected third‐party sellers from subsequently pursuing growth on the platform, it increases product demand and reduces shipping costs for consumers. We consider the implications of these findings for complementors in platform‐based markets. Managerial Summary : Platform owners can exert considerable influence over their complementors' welfare. Many complementors with successful products are pushed out of markets because platform owners enter their product spaces and compete directly with them. To mitigate such risks, complementors could build their businesses by aggregating nonblockbuster products or focusing on products requiring significant platform‐specific investments to grow. They should also develop capabilities in new product discovery so that they could continually bring innovative products to their platforms.