民族文化定势在跨文化交际中的影响

文化定势在跨文化交际中是一种普遍存在、不可避免的认知方式,它是直接影响交际效果和质量的重要因素之一.对文化定势有更加客观正确的认识,能够促进跨文化之间的交流,我们要合理运用文化定势,使文化定势成为反思自我、认知他人的一个有效的基础,要正确恰当地处理文化差异性所带来的问题,达到成功交际的目的.     

同属顾客干预时不良顾客的反应模式研究

基于关键事件法和解释学的研究方法,以不良顾客自身的消费经历作为研究对象,阐述在有同属顾客干预的情景下不良顾客的反应模式以及背后的机制。通过对于115个有效关键事件的分析,得出了4种不良顾客受到同属顾客干预时的反应模式,包括立即终止、渐变衰弱、变本加厉和继续放纵四种类别;并归纳出有4种解释机制影响着不良顾客反应模式的变化———社会规范、成本与收益效应、社会支持和面子机制。这些机制分别受到不同因素的影响,企业管理者可以通过操控这些因素来服务于自己的管理实践。     

互联网金融对商业银行信用卡业务影响的实证研究

基于上市商业银行2007~2013年信用卡业务数据,运用结构方程模型考量互联网金融对商业银行信用卡业务的影响,结果表明,互联网金融通过网络银行业务的中介作用,实现对信用卡业务的溢出效应,在一定程度上促进商业银行信用卡业务的发展,但互联网金融的替代效应却不显著。有鉴于此,商业银行应积极开拓互联网金融,加快其自身业务的发展。     

Default contagion and systemic risk in loan guarantee networks

This paper studies systemic risk in the Chinese debt market stemming from inter‐corporate loan guarantees using field data from Zhejiang Province. We apply a weighted and directed network model to analyse the implications for default contagion and systemic risk under different stress testing scenarios. The empirical results indicate that the topology of the loan guarantee network is close to a ‘scale‐free’ structure, which is known to be robust against accidental failures but vulnerable to coordinated attacks. Hence, the network is able to cope with idiosyncratic shocks resulting from single company failures, but can easily suffer from more widespread contagion if a group of systemically important companies are hit by a targeted shock. We further demonstrate that within our sample of small and medium‐sized enterprise (SME) companies, increasing leverage reduces network stability and exacerbates the effects of contagion. More lenient bank lending policies increase the survival rate of sample companies and thereby reduce the losses from default contagion.     

Are paper winners gamblers? Evidence from Australian retail investors

This study examines stock market gambling using a comprehensive set of investor characteristics and past portfolio performance measures. We find that retail investors overinvest in ‘lottery stocks’, stocks with gambling‐like properties. Significant portfolio underperformance is the result of gambling through lottery stocks. Investors are more likely to gamble following recent portfolio paper gains, regardless of realised performance, providing new evidence that paper gains trigger a house money effect. Investors trading greater values or holding more stocks, and older and female investors, are less likely to invest in lottery stocks.     

教育类企业上市后为何业绩不会变脸? ——基于新三板的微观数据

教育类企业具有轻资产性、服务滞后性、产品同质性三项特质,这些特质一方面导致了企业缺乏上市募集资金的动机,另一方面又促使企业上市以解决同消费者信息不对称的难题,降低消费者选择成本,提升企业财务绩效。研究发现：上市行为本身具有的品牌效应产生的正面作用,可以抵减盈余管理带来的负面作用,使得教育类企业新三板上市后业绩不再变脸。而将这一品牌效应剥离后发现,企业依然会出现业绩变脸,从而发展了基于盈余管理的IPO效应理论。进一步将教育类企业分成强弱特质两类,发现强特质教育类企业的上市行为可以更有效地促进财务绩效的提升,从而为延伸到其他具有教育类企业特质的行业提供了可能性。     

基础养老金统筹层次的收入再分配效应

推动基本养老保险由省级统筹向全国统筹过渡是我国现阶段社会保障制度改革的重心,对于实现经济的公平高效发展具有重要意义。为此,选取2006—2017年全国31个地区的面板数据,以基础养老金省级统筹过渡到全国统筹后,不同地区及不同收入群体间的收入再分配效应为研究对象,从统支视域出发,采用渐进式计发办法预测2041年统筹层次提升后,各地区不同收入群体的基础养老金待遇水平,并结合泰尔指数和离散系数进行比较静态分析,结果发现：养老金统筹层次提升存在着显著的收入再分配效应,但各地区养老金待遇差距与其经济发展水平并无必然联系。     

境外人民币存量会弱化货币政策有效性吗?——基于2004-2017年境外人民币存量数据的实证研究

本文基于改进缺口法测算境外人民币存量,并研究境外人民币存量对货币政策产出效应和价格效应的影响。研究发现:境外人民币存量整体呈现上升趋势;无论从货币政策产出效应还是价格效应来看,境外人民币存量均弱化了货币政策有效性。对此,本文提出建立并完善人民币跨境流通的风险预警系统和风险防范机制,继续将货币供应量作为货币政策中间目标,拓宽人民币回流渠道,促使人民币跨国良性循环等政策建议。     

Is the Abnormal Post-IPO Underperformance Really Abnormal? The Evidence from CEE Emerging Markets

Using sorting procedures and cross-sectional tests, we investigate the long-run post-IPO performance and its sources in the Central and Eastern European (CEE) markets. We examine over 1100 stocks from 11 CEE countries for the period 2002–2014. We find that “old stocks” perform significantly better than “young stocks”, but only when the market beta is the sole risk factor considered. After accounting for the size and value effects, the IPO firms perform neither better nor worse than non-issuing companies. The sources of the initial low B/M ratios of debuting companies may lie in time-varying financial quality. The market newcomers are financially healthier than their older counterparts. However, over 2–5 years the fundamentals deteriorate and the financial standing regresses to the mean.