跨国公司在华战略演变及理论解释

随着中国经济的发展和改革开放的深入,跨国公司为适应新形势,对其在华投资战略迅速做了调整。本文首先简要回顾了跨国公司在华的发展阶段和发展形势,其次深入分析了跨国公司在华战略演变的内容和特点,最后运用产品生命周期理论和国际生产折衷理论对其新战略作了详细解释,期望能够把握战略演变的契机,为中国经济持续稳步发展打下坚实基础。     

对陕西省农村社会养老保险供求主体的分析与政府作用研究

陕西是西部的农业大省,农村社会养老保险制度发展缓慢,农村养老保险市场需要寻找供需双方的均衡点,政府作为制度的提供者和政策的制定者,必须在农村社会养老保险制度建立和运营中明确思路,发挥主导作用,以保证陕西省农村养老保险健康、有序地发展。     

建立农民工社会保障：理论基点、实践难点及政策切入点

农民工是我国现阶段在农村劳动力向城镇转移过程中出现的一个庞大的特殊群体,农民工的社会保障是一个日益尖锐的特殊问题,正视它的存在并积极求索化解之道势在必行。文章在农民工社会保障理论基点的基础上,重点剖析了建立农民工社会保障存在的问题和障碍因素,并提出建立农民工社会保障的政策选择。     

多中心理论视野下的农村公共产品供给创新

农村公共产品供给对于解决“三农”问题,全面建设小康社会至关重要。现阶段我国政府财政供给能力有限,市场行为也不能解决农村公共服务领域的许多问题。为改进现阶段我国农村公共产品的供给,满足农村居民不断增长的物质文化需要,本文立足于我国社会的实践背景,借鉴多中心理论对相关实践活动的经验总结,在政府供给和市场供给的基础上,从多中心治道的理论视野来探析农村公共产品的供给创新。     

基于博弈视角的供应链伙伴关系研究

科学技术的飞速发展、经济的全球化以及竞争的日益激烈,使得企业要想在市场上取得成功,就必须和供应商、客户建立紧密的伙伴关系,通过整体协作增强各节点企业的竞争力。对于供应链伙伴关系,可以从交易费用、资源观、博弈论等到不同视角进行研究,本文将从博弈的视角,通过企业间博弈的不同阶段,包括囚徒困境、鹿的陷阱以及单方承诺三个阶段,对供应链内企业间的伙伴关系进行探讨,揭示其内在规律。     

MONEY,OUTPUT AND INFLATION IN AFRICAN ECONOMIES1

This paper examines the long‐run money‐inflation relation for 36 African countries using cross‐section and panel data analysis. The focus is on the recent claim by De Grauwe and Polan that the common finding in multi‐country studies of a strong positive link typically reflects the presence of high‐inflation countries in the sample and on Nelson's criticisms of the data and methodology employed in that study. Adjusting the De Grauwe and Polan methodology to take account of many of Nelson's criticisms, I confirm a weak long‐run relation between money growth and inflation for countries when money growth and inflation are below 10%, but a strong relation when money growth and inflation move much above that number. This result is not dependent on the inclusion of high inflation countries in the cross‐section and panel data samples.     

Difference in degrees: CEO characteristics and firm environmental disclosure

We contribute to the literature on firms' responses to institutional pressures and environmental information disclosure. We hypothesize that CEO characteristics such as education and tenure will influence firms' likelihood to voluntarily disclose environmental information. We test our hypotheses by examining firms' responses to the Carbon Disclosure Project (CDP) and find that firms led by newly appointed CEOs and CEOs with MBA degrees are more likely to respond to the CDP, while those led by lawyers are less likely to respond. Our results have implications for research on strategic responses to institutional pressures and corporate environmental performance. Copyright © 2013 John Wiley & Sons, Ltd.     

Applying free random variables to random matrix analysis of financial data. Part I: The Gaussian case

We apply the concept of free random variables to doubly correlated (Gaussian) Wishart random matrix models, appearing, for example, in a multivariate analysis of financial time series, and displaying both inter-asset cross-covariances and temporal auto-covariances. We give a comprehensive introduction to the rich financial reality behind such models. We explain in an elementary way the main techniques of free random variables calculus, with a view to promoting them in the quantitative finance community. We apply our findings to tackle several financially relevant problems, such as a universe of assets displaying exponentially decaying temporal covariances, or the exponentially weighted moving average, both with an arbitrary structure of cross-covariances.     

全球化条件下的金融理论发展

上个世纪末,全球化的发展趋势越来越明显,世界经济环境出现了很大的变化。与国际金融市场日新月异的变化相比,金融理论的发展明显滞后于实践,在解释和指导金融活动时日显窘迫。金融理论在全球化的经济环境中,在货币政策、金融危机、货币同盟、汇率制度选择以及投资组合等多个理论层面都面临新的问题,需要进行系统的理论创新。     

Regret theory and the banking firm: The optimal bank interest margin

This paper examines the optimal bank interest margin, i.e., the spread between the loan rate and the deposit rate of a bank, when the bank is not only risk-averse but also regret-averse. Regret-averse preferences are characterized by a utility function that includes disutility from having chosen ex-post suboptimal alternatives. We show that the presence of regret aversion raises or lowers the optimal bank interest margin than the one chosen by the purely risk-averse bank, depending on whether the probability of default is below or above a threshold value, respectively. Regret aversion as such makes the bank less prudent and more prone to risk-taking when the probability of default is high, thereby adversely affecting the stability of the banking system.