台湾地区票券市场发展经验与启示

票券作为一种信用工具,在促进实体经济发展中具有重要的作用,而票券的信用价值需要通过票券市场交易实现.因此,建立健全票券市场是一个国家（地区）发展实体经济的重要金融支持.台湾地区票券市场积极的造市机制、完善的市场体系和有效的风险防控制度等成功的经验,能为大陆票据市场的发展提供有益的启迪.     

衍生工具使用行为对公司价值影响实证研究

文章选取机械、设备、仪表行业2008-2010年数据作为研究样本,研究我国衍生工具使用行为对公司价值影响,实证结果显示:在我国,使用衍生工具对代表公司价值的净资产收益率,总资产收益率及托宾Q均有显著提升效应。     

A Micro-Econometric Analysis of Determinants of Unsustainable Consumption in The Netherlands

Recently, much attention has been given to the notion of `sustainable consumption'. Whereas environmental economics traditionally has focused environmental policy analysis on producers, this new notion broadens the perspective to include environmental policies aimed at directly influencing consumer decisions regarding buying, using, and recycling products. This could suggest policies that link not only to price incentives, but also and especially to persuasive instruments, such as education and information provision. These policies might take into account certain characteristics of households, such as lifestyle and family size. This article presents a first econometric analysis of consumption in the context of environmental sustainability. Relationships between different types of household expenditures and a range of household characteristics are assessed, based on a large micro data set of households for the Netherlands. Use is made of various demand models and econometric techniques to adequately address theoretical and technical issues involved. The article ends with a discussion of the implications of the results for environmental policy directed at stimulating sustainable consumption.     

The choice of innovation policy instruments

The purpose of this article is to discuss the different types of instruments of innovation policy, to examine how governments and public agencies in different countries and different times have used these instruments differently, to explore the political nature of instrument choice and design (and associated issues), and to elaborate a set of criteria for the selection and design of the instruments in relation to the formulation of innovation policy. The article argues that innovation policy instruments must be designed and combined into mixes in ways that address the problems of the innovation system. These mixes are often called “policy mix”. The problem-oriented nature of the design of instrument mixes is what makes innovation policy instruments ‘systemic’.     

Testing Fama–French’s new five-factor asset pricing model: evidence from robust instruments

Fama and French (FF, 2015) propose a five-factor asset pricing model that captures size, value, profitability and investment patterns. The primary purpose here is to further investigate this new model using an improved GMM-based robust instrumental variables technique. A further purpose is to explore the relationship among the FF factors and the Pástor–Stambaugh (PS, 2003) liquidity factor. We conclude that except for the market factor, all of the factors including liquidity are not significant at even the 5% level using our GMM approach for almost all of the FF 12 sectors.     

从敦煌文书看唐五代私有土地的发展途径

唐中叶以后，随着均田制的瓦解，地主私有土地急剧发展，其发展途径主要是请射和买卖。请射的土地主要是绝户地、不办承料户地和官荒地。这时土地买卖已排除了交易双方之外的各种干预，不再受国家的制约，也不需要官府审核和裁决。买卖双方完全可以根据个人意志自由买卖土地，确认私契的决定作用。私契的公开和合法，正是土地私有化的反映。不仅如此，晚唐五代归义军时期，卖地契有关双方权利义务的文本形式，已和卖宅舍契、卖牛契的形式一样，表明此时土地已和宅舍、牛一样，成为人户的私有财产，土地拥有者可以根据自己的意志支配土地。     

Retail Payments in the Netherlands: Facts and Theory

Summary Over the last decade, the Netherlands observed a rapid shift from cash and paper-based payment instruments toward electronic payment instruments. Banks are well aware that transaction pricing can speed up the shift to low-cost electronic payments. But payment pricing is a complex matter, due to strong network externalities. Recent theory on two-sided markets has led to a better understanding of the payment industry, in terms of optimal payment pricing and payment network competition. Under two-sidedness, it is shown that payment pricing is not just a question of choosing the right price level but rather of choosing the right price structure.The author would like to thank Lex Hoogduin, Rein Kieviet, Carlo Winder and two anonymous referees for critical comments and valuable remarks. Obviously, the usual disclaimer applies. Views expressed are those of the author and do not necessarily reflect official positions of De Nederlandsche Bank or the European System of Central Banks.     

人民币升值压力下的国际营销策略

我国自2005年7月21日,开始实行以市场供求为基础、参考一篮子货币进行调节、有管理的浮动汇率制度。汇改以来,虽然人民币对美元大幅升值,而中国经济似乎并未受到太大的影响,但是升值对于我国部分行业的造成压力和经济的长远发展却是不可忽视的。本文阐述了汇率决定理论并以此为基础,研究了人民币币值逾30个月来的市场表现以及升值对于部分行业的压力,指出了在此情形下的国际营销策略,其中战略措施包括实施"走出去"战略、加快产品更新换代和企业转型以及进行多元化选择和全球化配置,战术措施包括运用金融工具和举借美元外债。     

高校公共体育设施资源在全民健身中价值研究

高校公共体育设施作为公共体育设施的重要成分,在全民健身需求中拥有着至关重要的价值。高校公共体育设施的对社会开放,符合时代对高校"直接为社会服务"的需求,它可以在一定程度上缓解社会体育资源的短缺问题。     

Another step towards full fair value accounting for financial instruments

The international Joint Working Group of Standard Setters (JWG) was established by the IASC (replaced by the IASB in 2001) and other national accounting standard setters for the purpose of developing a comprehensive set of principles for reporting financial instrument at fair value. In December 2000 the JWG issued a Draft Standard addressing the accounting for financial instruments and similar items. The proposals in the Draft Standard would affect existing accounting practice in many areas, including those related to the use of hedge accounting. This article states the main problems that could result from applying the provisions of that Draft Standard, offering some alternative approaches to overcome those problems.