重大突发公共卫生事件背景下企业捐赠对股价的影响——基于企业异质性的分组检验

以2020年沪深A股上市公司为样本,探讨在重大突发公共卫生事件暴发后企业捐赠对股票价格的影响,并分别从公司自身性质（产权性质、行业性质）、内部特征（内部控制质量、信息披露质量）、外部环境（产品市场竞争、所在地区疫情严重程度）三个维度研究捐赠发挥的作用效果是否会因企业异质性而存在显著差异。实证结果显示,在重大突发公共卫生事件背景下,企业捐赠对股票价格有显著正向影响。进一步研究发现,此关系会受到企业异质性的影响。具体而言,国有企业、受疫情负面影响严重行业的企业、内部控制质量低的企业、信息披露质量低的企业、疫情严重地区所在企业、产品市场竞争度高的企业,捐赠对股价的提升作用不显著。     

同舟“共济”还是同舟“共挤”：供应链关系与成本行为

供应链关系既能发挥“协同效应”,也能发挥“侵占效应”,是影响企业成本管理决策的“双刃剑”。以2009—2020年沪深A股制造业上市公司为样本,探究供应链集中度与企业成本粘性之间的关系。实证结果发现,在供应链集中的三方关系下,制造商与供应商、客户之间更多地表现为“共济”效应,供应链集中能够通过信息机制和治理机制来抑制成本粘性。进一步研究表明,当外部宏观经济政策不确定性较低、区域发展环境较差时,供应链集中度表现出对成本粘性更强的抑制作用;此外企业财务柔性的增加也有益于促进供应链集中度对成本粘性的抑制效应;当企业为非国有企业时,供应链集中度对成本粘性的抑制效应更显著。研究结论肯定了供应链集中度发挥“共济”效应来降低成本粘性的积极作用,并进一步探讨了供应链集中度发挥“共济”作用的内外部条件,有助于企业发挥供应链关系的积极影响。     

工业用地配置、空间异质性与工业效率

本文基于2007—2012年中国2 408个区县样本的工业用地出让数据和工业企业数据,对城市工业用地配置过程中关键因素进行测度,并利用计量模型对其影响工业效率的作用路径加以验证。主要结论包括：(1)降低内生交易费用与外生交易费用,降低工业用地使用成本,提升城市工业用地配置市场化程度均能显著提升地区工业效率水平;(2)区县距城市中心距离对内生与外生交易费用、市场机制的作用均具有正向调节效应,对价格机制表现的集聚效应具有负向调节效应,并且在不同等级城市的效应不同;(3)开发区政策的实施对外生与内生交易费用的作用均具有负向调节效应。中国城市工业用地配置制度变革的核心在于发挥价格机制作用,政府在优化产权配置结构的同时,须注重优化工业用地的交易过程,从产权配置结构与产权交易结构两个方面保障工业效率最大化。     

道德型品牌危机事件的溢出效应及应对策略研究

本文聚焦于道德型品牌危机事件对品牌的负面影响以及对品牌群内其他品牌的溢出效应。文章基于挫折-攻击理论和情绪应对理论,通过问卷调查法构建道德型品牌危机事件对消费者反应(抵制态度、负面口碑传播、购买意愿)的影响机制模型,并通过实验方法分析受到波及的企业如何应对负向溢出效应。研究结果表明,消费者对此类危机事件的关注和其民族中心主义会引起消费者进攻型负面情绪和规避型负面情绪的双重变化,但是只有进攻型情绪能够导致消费者对事件品牌和其他关联品牌的系列反应;受到波及的品牌短期内宜采用沉默而非辩解策略来化解负向溢出效应。本文结论为有关道德型品牌危机事件的研究提供了新的视角,并为外国和本土品牌在此类危机事件中如何应对提供了有针对性的管理建议。     

公司违规与审计收费：违规公告异质性和作用机制

以审计定价模型为切入视角,探讨了违规公告内容与审计收费的关系,并进一步剖析违规诱增审计收费的作用机制。研究发现：违规公告异质性内容会对审计收费产生差异化影响,违规类型严重性和多样性、处罚措施严厉性均会显著诱增审计收费,而处罚措施多样性不会显著提高审计收费。进一步地,公司违规通过“审计成本”和“风险溢价”两条平行中介路径来诱增审计收费,且“审计成本”这条路径会受到事务所规模、任期长短、是否更换等变量的显著调节。研究说明违规公告文本内容能协助审计师评估风险,也表明不同情境下违规对审计收费的作用机理存在差异性。     

The influence of international oil price fluctuation on the exchange rate of countries along the “Belt and Road”

In recent years, the international crude oil price has become increasingly volatile. It influences the exchange rate changes of relevant countries through economic growth, price level, international balance of payments, and other channels. Such exchange rate fluctuations have caused certain risks for the development of China’s “Belt and Road” Initiative. This article analyzes the impact of oil price changes on the exchange rates of countries. Because the fluctuation of oil prices and exchange rates has shown the characteristics of multiple time scales, this study used the empirical mode decomposition (EMD) method to obtain the long-cycle and short-cycle sequences of oil prices and the exchange rates of various countries, then analyzed the impact of oil price changes on exchange rates under different time scales. The results showed that oil price fluctuations have an impact on the exchange rate changes of countries along the “Belt and Road” under different time scales. However, this effect is asymmetric between oil-producing countries and non-oil-producing countries, and the transmission path of oil prices to exchange rates varies from cycle to cycle.     

Time-frequency causality and dependence structure between crude oil,EPU and Chinese industry stock: Evidence from multiscale quantile perspectives

This article investigates the time-frequency causality and dependence structure of Chinese industry stock returns on crude oil shocks and China's economic policy uncertainty (EPU) across quantiles over the period from January 2001 to June 2021. We use wavelet-based decomposition series to establish a multiscale causality-in-quantiles test and a quantile-on-quantile regression approach to reveal the complicated relationships involving crude oil, EPU and stock returns. Our empirical results are as follows: First, the predictability of crude oil and EPU on industry stock returns is significantly strong under extreme market conditions. Second, the explanatory ability of EPU on industry stock returns in the long term is stronger than EPU’s ability to explain short term returns. Third, the impacts of crude oil and EPU on industry stock returns remain remarkably asymmetric across quantile levels. Finally, nonenergy-intensive industries are also affected by crude oil shocks, but less than energy-intensive industries. Overall, these empirical findings can provide implications for policymakers to stabilize stock markets and investors to hedge the potential risks from crude oil and EPU.     

Jump dynamics,spillover effect and option valuation

In this paper, we propose an affine discrete-time model that incorporates the jump process and spillover effect for valuing the 50 ETF options in China. Based on the proposed model, a closed-form solution is also derived for the new dynamics of underlying asset, which facilitates option pricing. The empirical results show that the proposed model offers greater economic benefit with reduced pricing errors than the traditional benchmark models, including the popular HNGARCH model of Heston and Nandi (2000), GARV model of Christoffersen et al. (2014), and BPJVM model of Christoffersen et al. (2015). Our finding is important for financial risk management and investment in Chinese derivatives market.     

综艺晚会中舞台灯光的设计与技巧

伴随着科学技术的发展,我国电视台的舞台灯光技术也越来越出色。在我们日常看到的电视节目中,大部分的特殊效果都是由"光"来完成的,可以说"光"是完成一系列的技术条件的最重要的手段。从电视直播的角度来看,无论是技术上,还是直播的效果上,都离不开"光"的重要作用,它是电视以及其他视觉艺术的重要源泉。没有"光"的话,电视将失去很多绚丽而迷人的舞台效果。本文就针对电视台在进行综艺晚会中舞台灯光的设计与技巧进行了探讨与分析。     

营运能力财务信息的价值相关性分析——来自房地产类上市公司的经验证据

本文以我国2004～2007年房地产类上市公司为样本,分析了营运能力财务信息的价值相关性后发现,营运能力财务信息与股票价格并不存在直接正相关关系,对股票价格的解释力并不显著;营运能力财务信息与会计盈余具有显著正相关关系,并通过影响会计盈余与股票价格具有间接正相关关系。营运能力"较好"的房地产类上市公司会计盈余对股票价格的解释力比营运能力"较差"的房地产类上市公司会计盈余对股票价格的解释力强;营运能力财务信息还通过影响会计账面净资产价值与股票价格具有显著的相关。