The Informational Efficiency of the Equity Market As Compared to the Syndicated Bank Loan Market

The loan market is a hybrid between a public and a private market, comprised of financial institutions with access to private information about borrowing firms. We test whether this is reflected in informationally efficient price formation in the loan market vis-a-vis the equity markets, and reject this private information hypothesis. We also reject a liquidity hypothesis which suggests that equity markets always lead loan markets, despite bank lenders' access to private information, because of greater liquidity in equity markets. We further test, and reject, an asymmetric price reaction hypothesis that states that loan returns are more sensitive to negative information whereas equity returns respond symmetrically to both positive and negative information. We find evidence most consistent with an integrated markets hypothesis that suggests that both the equity and syndicated bank loan markets are highly integrated such that information flows freely across markets. This is particularly true when the equity market makers are also loan syndicate members.      

以"代建制"为契机加快工程项目管理公司的发展

建设部《关于培育发展工程总承包和工程项目管理企业的指导意见》的发布，以及全国大部分地区政府投资工程代建制的实行，为我国工程项目管理公司的发展创造了机遇。面对竞争日益激烈的国内外市场，如何抓住有利形势，加快我国工程项目管理公司的培育和发展，使之能与国外的工程项目管理公司相抗衡，已经成为一个非常紧迫的问题。     

建立和运行一体化管理体系的初步尝试

对质量管理体系、环境管理体系、职业健康安全管理体系进行合理整合，形成一个综合管理体系即QEO一体化管理体系。认为：QEO一体化管理体系是建立方针和目标并实现这些目标的相互关联或相互作用的一组要素、组织机构、管理、程序过程和资源，它比多个管理体系更能有效达到依据方针所制定的目标。详细介绍了建立QEO一体化管理体系的过程。     

Impact of sales force automation on technology-related stress, effort, and technology usage among salespeople

This study unveils factors affecting sales force automation (SFA) technology usage by salespeople. It differs from previous research by: (1) proposing a model that examines the consequences of task complexity on role perceptions and technology usage, and (2) understanding the negative repercussions of SFA technology on the user. The proposed model was tested using data from 150 salespeople employed by a national organization. The results suggest that integration of SFA technology induces adverse role perceptions in salespeople. However, controlling for extraneous variables, effort is significantly related to salespeople's usage of technology. Key managerial implications for theory and practice are discussed.     

中蒙俄经济走廊建设中内蒙古与蒙、俄产能一体化分析——以钢铁、水泥为例

在“一带一路”倡议背景下,内蒙古凭借地缘优势、人文优势正在积极参与中蒙俄经济走廊的建设,并发挥着重要作用。内蒙古通过对蒙、俄输出钢铁和水泥,对促进内蒙古的经济增长起到了一定的积极作用。本文利用TVP－VAＲ模型实证检验证实,内蒙古对蒙、俄在钢铁、水泥的产能输出,短期内对第二产业的增长影响较为显著,但中期影响减弱,长期影响不明显。因此,内蒙古应抓住机会,通过产能一体化进一步化解钢铁、水泥过剩产能,从而实现产业结构升级和创新发展。     

The determinants of FTA use in Southeast Asia: A firm-level analysis

The spread of free trade agreements (FTAs) in Southeast Asia has ignited a debate about their impact on enterprises including the business costs from the Asian ‘noodle bowl’ effect. This paper undertakes a comparative and firm-level analysis of the determinants of FTA use in Indonesia, Malaysia and the Philippines. The likelihood of firms using important ASEAN+1 FTAs (e.g. the ASEAN-China FTA, the ASEAN-Japan FTA and ASEAN-Korea FTA) is positively associated with acquiring knowledge about FTAs, building technological capabilities, and membership in industrial clusters. Non-use of FTAs is explained by a lack of information about FTAs and the absence of FTAs with major trading partners. Key policy implications are the need to improve business support for FTAs, to conclude FTAs with major trading partners, and to create a database on FTA preference use.     

A new assessment of economic integration in East Asia: Application of an industry-specific G-PPP model

It is well known that intra-industry trade and cross-border production networks have promoted economic growth and regional integration in East Asia. However, regional supply and production chains may have been formed differently across industries, reflecting different degrees and a different scope of regional economic linkages at an industry level. This paper makes a threefold contribution. First, to assess industry-level differences, this study adopts the generalized purchasing power parity (G-PPP) model using industry-specific producer prices. Second, the momentum threshold autoregressive (M-TAR) model is employed to allow for possible nonlinearity arising from the dynamic nature of regional economic growth and development. Third, the Granger causality test is also conducted to assess whether regional economies have autonomously integrated. The empirical results reveal that economic integration has progressed more autonomously in the electrical industry, as well as in the transportation equipment industry, as China and the ASEAN countries have become the final destination markets for finished products in these two industries.     

重大工程高层管理团队冲突、行为整合与工程绩效研究

为揭示重大工程高管团队冲突对工程绩效的作用机理,构建了以重大工程高管团队冲突为自变量、行为整合为中介变量、工程绩效为因变量的中介模型,并通过215位高管问卷样本进行实证研究,实证结果表明重大工程高管团队任务冲突对工程绩效有显著的正向影响,关系冲突对工程绩效有显著的负向影响。合作行为和信息交换和在团队冲突和工程绩效之间存在显著的部分中介效应。     

Fractional integration and cointegration in merger and acquisitions in the US petroleum industry

This article employs methodologies based on fractional integration and cointegration to analyse the time-series properties of merger and acquisitions (M&A) activity and crude oil prices in the US from 1980 to 2012. Our results indicate that an increase in the crude oil price produces a significant increase in the M&A data between 2 and 3 months after the initial shock.     

基于作业过程的园林绿化项目资源清单模型

结合生产要素六元理论，对园林绿化项目资源进行界定；以作业过程为信息关联节点，通过施工工序分解和资源特征匹配，构造园林绿化项目的“产出-作业”分配关系描述矩阵和“作业-资源”消耗关系描述矩阵。XX科技园林绿化企业的应用结果表明，项目资源清单模型解决了目前园林绿化企业资源信息分离使用的现状，是企业快速构建项目资源计划表、项目施工方案以及快速估算项目成本等的基础数据信息。