央行货币政策报告文本信息、宏观经济与股票市场

本文利用金融情感词典和文本分析技术,分析中国人民银行货币政策执行报告的文本情绪、文本相似度和文本可读性等多维文本信息,刻画央行货币政策执行报告的文本特征,探究货币政策报告的文本信息与宏观经济和股票市场的关系。实证研究发现,货币政策报告的文本情绪的改善会引起显著为正的股票市场价格反应,报告文本相似度的增加会引起股票市场波动性的显著降低,报告可读性对公布后股票市场的波动性影响不显著。货币政策报告文本情绪还与诸多宏观经济指标显著相关。进一步研究发现,引起股票市场显著反应的是报告文本情绪中反映货币政策指引的部分,而反映宏观经济历史状态的部分对股票市场的影响不显著。本文从文本大数据分析角度证明了我国央行沟通的有效性,对国内央行沟通相关研究形成了有益补充。     

An Analysis of Mood System of Narrative Rock Song Lyrics and Its Interpersonal Functions

This thesis takes narrative rock song lyrics as the target of texts analysis from the perspective of mood and its realization of interpersonal functions. Song lyrics texts have the quality of both oral and written text and can be regarded as oral text written for the purpose of singing. Among all kinds of songs, subject with rock is probably the most common genre of song lyrics. Therefore this study focuses on rock song lyrics, specifically narrative rock song lyrics.     

Structuration theory in accounting research: Applications and applicability

Ever since Giddens’ structuration theory (ST) was introduced into the accounting literature some 25 years ago, it has strengthened its position as one of the major schools of thought used to explore accounting as organizational, social and political phenomena. The purpose of this study is to review how ST has been applied, and can be applied, in this sizeable literature. Overall, the review of some 65 published papers, suggests that not only has ST contributed to challenge the assumptions of ‘inherent and functional’ features of accounting systems per se characterizing mainstream research, but also to develop other alternative theoretical perspectives. However, our review also suggests several limitations. These include that the accounting community has not really worked as a collective to develop a structurationist understanding of accounting practices, and that most researchers remain largely uncritical to ST as a theory. We also find that accounting scholars have not yet developed a mutual understanding of how to interpret ST (i.e. there are conceptual unclarities and even inconsistencies), or how to apply ST methodologically in empirical research. Based on these limitations, and the identification of a number of ‘black spots’ in the literature, we suggest several directions for future scholarly effort.     

Relationship between city size and firm productivity – A new interpretation using the Chinese experience

This paper contributes to the literature on the relationship between city size and firm productivity by focusing on agglomeration, selection (market competition), and sorting (presence of firms with diverse productivity) effects using Chinese firm-level data for 1998–2013. Contrary to the existing literature, our parametric regression estimates from nearly two million firms show that when the selection effect is controlled, productivity advantage in big cities is reversed. This outcome is explained through a quantile regression showing the existence of left-sided sorting (inefficient firms sort themselves to larger cities) in big cities which is not captured in existing empirical literature. We further find that (1) left-sided sorting is stronger in exporters than non-exporters; (2) is also generated mainly in enterprises with high asset-liability ratios; and (3) selection has a positive effect on firm productivity, suggesting that market competition is key in an explanation of the rapid growth of big cities in China.     

1864例药物不良反应报告分析

目的了解某院药品不良反应(ADR)的发生特点及规律,为临床安全用药提供参考。方法对合肥市第二人民医院2016年至2018年上报的ADR报告进行回顾性分析。结果1864例ADR中,66~89岁患者所占比例最高(768例,占41.20%);女性患者984例,略多于男性(880例);静脉给药引发的ADR最多,占81.33%;发生ADR的药品主要为抗菌药品,其次为抗肿瘤药和中药制剂;ADR主要累及消化系统、皮肤及附件;ADR类型主要为一般ADR,导致严重的ADR主要是抗肿瘤药;ADR转归情况以痊愈和好转为主,两者占94.31%。结论老年患者更易发生ADR;抗菌药、抗肿瘤药等ADR发生率较高;所有剂型中注射剂型ADR发生率最高;消化系统、皮肤及附件损害最为常见。     

研发市场界定的适用困境及应对策略

研发市场是经营者在特定产品和技术竞争中形成的市场范围。由于研发活动的不确定性，反垄断执法机关在界定研发市场时难以准确厘定市场边界，更深层次的原因在于维持竞争与激励研发的关系尚不明晰。研发竞争中的垄断行为难以通过相关市场界定的方式判断其违法性，需要结合具体案情和市场条件，动态分析涉案行为是否损害产品或技术研发竞争。     

Changing patterns of Asian currencies’ co-movement with the US dollar and the Chinese renminbi: Evidence from a wavelet multiresolution analysis

We extend the Frankel–Wei approach by using wavelet analysis to evaluate the relative importance of the dollar and the renminbi as anchor currencies at different time scales. We find that Asian currencies’ co-movement with the dollar weakened after the global financial crisis, while that with the renminbi strengthened particularly after China introduced a new exchange rate management system in 2015. The evidence suggests that emerging Asian economies have recently attached more importance to the renminbi as an anchor in exchange rate management.     

Dependent relationships between Chinese commodity markets and the international financial market: Evidence from quantile time-frequency analysis

In this article, the quantile time–frequency method is utilized to study the dependence of Chinese commodities on the international financial market. The impacts of risk management and diversification benefits of different portfolios are examined by calculating the reduction in downside risk. Moreover, we estimate and compare Sharpe Ratios (SRs) and Generalized Sharpe Ratios (GSRs) based on the frequencies of the investigated portfolios. Our empirical results reveal a strong asymmetric response from Chinese commodity markets. Specifically, we find that gold is a safe-haven asset, and due to negative correlations found at lower quantiles in medium and long term, an increase in the USD index damages bull commodity markets but boosts bear conditions under long-term investments, and negative (positive) tail correlations with interest rates (IRs) in bull (bear) markets are observed. It is proven that WTI can decrease short-run risks while USD and GOLD are more efficient in the diversification of downside risk. Adding international commodities may not improve the returns of Chinese commodities at given risk levels in the short and medium term through SRs and GSRs. In brief, investors should consider these dependence structures and modes of risk management in terms of time and frequency.     

有效提升粮油检测数据的准确度

本文主要探讨粮油检测数据的科学性和准确性,包括粮油样品的扦取、检测误差的控制、检测质量体系的运行、检测数据处理的原则和检测报告的编制等。     

为何言路难开?领导拒谏构念维度与形成机理探究

员工谏言不仅具有建设性,而且具有挑战性和结果的不确定性,使得领导者可能纳谏也可能拒谏。然而,现有研究主要关注员工谏言与领导纳谏,却忽略了领导拒谏。本研究在回顾员工谏言及相关研究的基础上发现,领导者会对员工谏言进行建设性评估和威胁性评估,具有建设性和防御性两种行为目的。基于此,首先,从领导者的双元行为目的出发探讨了领导拒谏的概念与维度,依据发展视角、人际视角和防御视角将领导拒谏划分为:指导员工驱动的拒谏、维持关系驱动的拒谏、保证权威驱动的拒谏。其次,分析了领导拒谏的形成机理,从谏言内容、谏言员工和谏言行为三方面考察领导者对员工谏言的认知评估过程,详细讨论了组织距离如何通过领导注意间接影响领导拒谏,并探讨了权力距离在领导注意与领导拒谏之间所具有的调节作用。本研究有助于推动领导拒谏的理论构建,拓展认知评估理论的应用,而且能为组织管理实践给予一定的参考与借鉴。