境外战略投资者与国有商业银行在股权定价中的博弈

引进境外战略投资者是我国金融服务业进入全面开放后,国有商业银行改革的重要策略.其中的股权定价问题是这一改革过程中关注和讨论的重要问题,形成了多种不同的观点.在境外战略投资者与国有商业银行进行股权议价的过程中,存在着影响溢价和折价的多种因素,最终价格的确定正是双方通过多种因素博弈的结果.     

影响农产品加工类上市公司股价的因素分析——基于公司财务绩效的视角

以近五个季度沪深A股市场20家农产品加工类上市公司为分析样本,从公司披露的会计信息的角度出发,运用多元线性回归的研究方法分析了财务绩效对公司股价的影响。结果表明,农产品加工类上市公司的股价波动取决于公司的盈利能力和发展能力,其中影响最为显著的是每股净资产,并且公司的发展能力在对股价的影响中呈现越来越显著的趋势。     

When quality signals talk: Evidence from the Turin hotel industry

This study analyzes the relationship between quality signals and price setting through the application of hedonic price functions. The model proposals also include variables relating to land use policies and tourism development strategies. A simultaneous equation model endogenously estimates quality signals. This method is appropriate for analyzing emerging urban destinations, as characterized by the presence of an expanding hotel industry. The results are based on a dataset of 145 hotels in Turin, Italy. The empirical findings reveal that reputation-based quality signals help explain tariff levels. Price proposals also include a premium for quality assured hotels, defining some limits of the current hotel classification system. The empirical evidence has significant marketing implications for the hospitality industry’s competitiveness, since the results clarify the impact of quality signals on price level.     

Ecotourism as a conservation tool and its adoption by private protected areas in Brazil

Ecotourism in private reserves combines the establishment of protected areas with an incentive mechanism to conserve biodiversity. Brazil's private reserve system is well-established but little is known about its links to tourism. This study puts the global private protected area into context and quantifies the extent to which ecotourism has been adopted as a sustainable land-use practice on private reserves in Brazil. Our findings demonstrate that small reserves do contribute to conservation and are used for ecotourism. The belief that large reserves are necessary for ecotourism and conservation is challenged. Only 4% (n = 45) of the 1182 reserves are engaged in ecotourism, mainly those within the Atlantic Forest biome and these are generally small in size (<50 ha). Reserves provide modest to basic accommodation as well as education and economic opportunities that include adjacent communities. Hiking and bird watching are the most popular activities but many reserves are threatened by poaching and invasive species. The low adoption of ecotourism appears due to a combination of factors, including lack of landowner interest, constraints imposed by regulations, logistics and anthropogenic threats. Nonetheless, there is potential to expand ecotourism within private reserves as 143 further private reserves are located near those already engaged in ecotourism.     

Pricing-to-Market: Price Discrimination or Product Differentiation?

We employ a vertical differentiation model to examine the potential bias in pricing-to-market results when using export unit values aggregating differentiated products. Our results show that: (i) false evidence of pricing-to-market is always found when using unit values, whether the law of one price holds or not; and (ii) the size of the bias increases with the level of product differentiation. Our simulation results support those conceptual findings. Thus, some of the positive pricing-to-market results in the literature could be an artifact of the product heterogeneity embodied in unit values rather than evidence of imperfect competition.     

分税制改革、财政分权和房价水平

1998年房改以来,中国城镇房价持续快速上涨,引起了社会公众的广泛关注。本文发现,较高的房价水平总是与较高的财政分权度联系在一起的,而较高的财政分权度又与1994年的分税制改革密切相关。本文采用2000-2008年的分省面板数据,研究分税制改革背景下财政分权度对房价的影响机制,为上述假说提供实证证据。结果表明,分税制背景下逐年扩大的财政分权度是导致房价持续过快上涨的不可忽视的制度性因素。在使用了不同的计量方法、识别技术以及控制了其他潜在影响房价的因素后,本文的估计结果依然是稳健的。     

基于中国股市微观结构的流动性与执行成本分析

运用市场微观结构理论来分析中国股市的交易制度、流动性和执行成本后发现:(1)在佣金和交易税相等的条件下,B股的知情交易者执行成本普遍大于A股,导致B股的流动性小于A股,买卖价差显著大于A股,表明投资者对B股交易要求较高的风险报酬;(2)一旦控制住执行成本中普通交易者对知情交易者所要求的风险补偿,A、B股买卖价差的区别就消失了。因此,证券管理部门应在B股市场引入做市商制度并在微观结构理论的指导下,加强交易监管系统,从而提高B股的流动性并降低其执行成本。     

对我国CPI构成的探讨

消费物价指数是反映一国物价水平变动的重要指标,也是制定宏观经济政策的主要依据。本文主要从我国9月M1和CPI偏离出发,介绍了我国CPI构成,指出了我国CPI构成中存在的问题主要包括食品类权数过高和购房价格未包含入消费物价指数中,并有针对性提出相应的调整建议。     

RFID在库存管理中应用的研究综述

从运作业务、基础服务、管理决策三个方面详细综述了目前RFID在库存管理中应用的进展,并且对RFID在实施中存在的问题和未来的发展趋势进行了总结和展望。