Advertising Decision Makers' and Consumers' Perceptions of Media Substitutability

The purpose of this article is to assess the perceptions of advertising media substitutability among consumers, media planners, and media providers. Data were collected from three different samples using structured questionnaires and CATI interviewing. The results suggest that some degree of substitution does indeed exist in all three groups. This means that if first media choices are unavailable all groups are likely to consider others as possibly providing the best buying information. This study adds to the scarce literature that focuses on perceptions of media substitutability and provides results for both demand and supply side of the media market. It also suggests that such perceptual studies may be helpful in a re-examination of current policy and advertising management decisions.     

民间借贷政策规制的社会福利效应：一个分析框架

本文通过构建一个民间借贷规制模型来分析需求弹性和行政执法成本对规制效率的影响。模型表明：在民间借贷缺乏需求弹性时,由于高昂的禁令规制成本,对政府而言更为合适的手段是将民间借贷采取合法化、并加以征税的规制政策。在我国,除了通过“民间借贷服务中心”等机构创新来实现民间金融规范化以外,更主要地是打破金融机构市场准入高度管控的体制,允许民间资本进入金融业,使民间金融机构合法化。     

Why Greater Cash Holdings and Short-Term Debt Simultaneously Persist? The Case of Transition Economy

This study observes and explores a puzzle in Chinese firms whereby both cash holdings and short-term debt simultaneously account for more than 20% of total assets for at least two consecutive years over the sample period. This phenomenon conflicts with the principle of corporate value maximization, and is not clearly explained by the classical theories in corporate finance. Based on the implications in the extant literature and discussions of institutional constraints of the transition economy in China, this paper develops four hypotheses that are involved with agency conflicts between the largest shareholders and creditors and the formation of this puzzling financial structure. The empirical analyses suggest that the largest shareholders with tunneling motives seek to hold more cash to serve their private interests and/or the consequent operational deficit of the listed corporations. To the ends, these corporations tend to manage the timing of short term debt financing to increase cash reserves temporarily at the end of year. Essentially, greater cash holdings on the balance sheet of these corporations related with the puzzle become a misleading signal for potential creditors, possibly contributing to the refinancing of short-term debt of these listed firms for the following year. Hence, the puzzling financial structure is connected with the timing of debt financing and adverse selection of creditors. This study enriches the stream of literature on cash holdings and debt maturity, and provides new evidence on the impact of agency problems of the largest shareholders on the association between cash holdings and debt maturity in the context of a transition economy.     

货币政策的分配效应研究——基于异质性家庭视角

货币政策不仅是应对突发冲击、在短期内迅速实现经济复苏的政策工具,而且具有调节收入分配的功效。通过将异质性家庭和货币政策引入动态随机一般均衡分析框架,文章考察了扩张性货币政策的分配效应。研究发现,降息不仅能够促进李嘉图和经验规则式家庭的消费和就业,而且有助于降低消费不平等和收入不平等。与不考虑不平等因素的货币政策规则相比,考虑消费不平等和收入不平等的拓展规则引致的社会福利损失显著降低。因此,在制定和执行货币政策规则时,不仅应当考虑家庭的异质性,而且应当考虑可能的消费不平等与收入不平等。     

促进收入公平分配的财政政策取向

改革开放以来,我国城乡居民收入的总体水平得到了很大的提高的同时,收入分配领域存在的矛盾和问题也日益突出,对经济和社会发展产生越来越明显的不利影响。我国应大力推进农业和农村经济结构的战略性调整,发展高产优质高效农业,千方百计增加农民收入;切实提高劳动报酬在国民收入初次分配中的比重;充分运用税收手段调节居民收入;大力调整垄断行业的利润分配格局;进一步提高社会保障标准,从而切实解决收入分配问题,缩小收入差距。     

新形势下我国产融结合的实施路径与政策取向研究

产融结合随着宏观经济制度、金融制度变迁以及企业制度完善,其内涵不断丰富、调整与发展。当前形势下,我国产融结合面临新的机遇与挑战。应当紧跟不断发展变化的经济形势,努力克服产融结合的思想误区,突破产融结合障碍。适应产融结合规律的演化与变迁,选择与国情相符合的产融结合模式,探索产融结合的成长与实现路径。通过明晰政策方向,完善政策机制,促进产融有效结合。     

房地产调控政策失效的原因探究

"国六条"出台已经一年,我国房地产价格不跌反涨,中央政府稳定房价的调控目标并未实现。从我国房地产立法滞后、存在调控时滞、房地产宏观调控中地方政府与中央政府及开发商之间的博弈、房地产市场供求矛盾突出等四个方面分析了调控房价政策失效的深层次原因。     

上市公司会计政策选择分析

随着新企业会计准则的实施,上市公司会计政策有了较大的可选择空间。同时,也必须认识到,上市公司一方面可以根据其生产经营目标和特点选择更适宜的会计政策,以保证会计信息的真实与公允,另一方面,新会计准则增加了上市公司利用会计政策选择进行盈余管理、报表粉饰甚至利润操纵的可能性。应控制会计政策的滥用,使企业会计政策选择剩余权不宜过大;健全上市公司的内部监控机制;完善上市公司会计准则。     

中国流通理论创新、政府政策与发展方式转变——“中国流通创新与发展方式转变”学术研讨会综述

流通产业是带动经济发展的先导产业.国内流通产业发展滞后于国民经济总体发展水平,已经成为影响中国沿海地区经济二次腾飞的重要因素.国内流通理论研究滞后于流通实践工作,又进一步制约了我国流通产业的发展方式的转变.2007年12月16日在杭州召开的"中国流通创新与发展方式转变"学术研讨会在如下方面取得了共识:中国流通产业发展方式转变是中国经济发展方式转变的重要组成部分;中国流通产业发展方式转变需要创新的理论与创新的实践;流通实践呼唤流通理论在落实科学发展观、加强流通基础理论研究、促进理论与实践相结合等方面不断探索创新.     

梧州旅游购物市场发展策略探讨

旅游购物是旅游经济中最活跃、最具潜力的要素,对旅游目的地旅游收入的增长具有重要意义。本文基于实地调查的角度,针对梧州购物市场现存的主要问题,从突出旅游商品本土文化特色、完善购物市场基础设施、科学细分商品类别、建立旅游购物联盟网站、引入服务营销理念等方面,对促进梧州旅游购物市场的发展策略进行探讨。